Fixed Income

BGF US Dollar Short Duration Bond Fund

Overview

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund(s) may invest in structured credit products such as asset backed securities (‘ABS’) which pool together mortgages and other debts into single or multiple series credit products which are then passed on to investors, normally in return for interest payments based on the cash flows from the underlying assets. These securities have similar characteristics to corporate bonds but carry greater risk as the details of the underlying loans is unknown, although loans with similar terms are typically packaged together. The stability of returns from ABS are not only dependent on changes in interest-rates but also changes in the repayments of the underlying loans as a result of changes in economic conditions or the circumstances of the holder of the loan. These securities can therefore be more sensitive to economic events, may be subject to severe price movements and can be more difficult and/or more expensive to sell in difficult markets.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

Distributions

Ex-Date Total Distribution
View full table
This chart has been left intentionally blank as there is less than one year's performance data.
Returns not available as there is less than one year’s performance data.
Returns not available as there is less than one year’s performance data.
Returns not available as there is less than one year’s performance data.

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in CNH, hedged share class benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Key Facts

Key Facts

Net Assets of Fund
as of 12/Jul/2024
USD 1,595,557,858
Fund Launch Date
31/Oct/2002
Fund Base Currency
USD
Constraint Benchmark 1
ICE BofAML 1-3 Year U.S. Government/Corporate Index
Initial Charge
5.00%
ISIN
LU2708803551
Performance Fee
0.00%
Minimum Subsequent Investment
RMB 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGUDACH
Share Class launch date
15/Nov/2023
Share Class Currency
CNH
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.88%
Annual Management Fee
0.75%
Minimum Initial Investment
RMB 5,000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BQ80PF3

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28/Jun/2024
801
Standard Deviation (3y)
as of -
-
Yield to Maturity
as of 28/Jun/2024
5.33
Weighted Average YTM
as of 28/Jun/2024
5.30%
Weighted Avg Maturity
as of 28/Jun/2024
2.76
12 Month Trailing Dividend Distribution Yield
as of 30/Jun/2024
-
3y Beta
as of -
-
Modified Duration
as of 28/Jun/2024
1.84
Effective Duration
as of 28/Jun/2024
1.78
WAL to Worst
as of 28/Jun/2024
2.76

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 28/Jun/2024
Name Weight (%)
TREASURY NOTE 3.75 04/15/2026 3.83
TREASURY NOTE 4.5 04/15/2027 3.63
TREASURY NOTE 4.5 07/15/2026 3.28
TREASURY NOTE 4.625 10/15/2026 3.02
TREASURY NOTE 4.625 09/15/2026 2.98
Name Weight (%)
TREASURY NOTE 4.5 05/15/2027 2.95
TREASURY NOTE 4.25 03/15/2027 2.65
TREASURY NOTE 4.125 02/15/2027 2.64
TREASURY NOTE 4 01/15/2027 2.60
TREASURY NOTE 4.375 12/15/2026 2.26
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
¹Allocations are subject to change. Source: BlackRock
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A10 Hedged CNH 99.82 0.06 0.06 12/Jul/2024 101.29 99.18 LU2708803551
Class A2 EUR 13.21 0.00 0.00 12/Jul/2024 13.40 13.08 LU2812466584
Class A2 Hedged EUR 9.64 0.00 0.00 12/Jul/2024 9.64 9.24 LU0839485744
Class I2 Hedged EUR 9.83 0.01 0.10 12/Jul/2024 9.83 9.38 LU1423762613
Class A10 USD 10.02 0.01 0.10 12/Jul/2024 10.14 9.92 LU2708803478
Class D2 Hedged EUR 9.74 0.00 0.00 12/Jul/2024 9.74 9.31 LU1423762027
Class A2 USD 14.39 0.01 0.07 12/Jul/2024 14.39 13.63 LU0154237225
Class A3 Hedged SGD 8.83 0.01 0.11 12/Jul/2024 8.92 8.72 LU1062843773
Class A3 EUR 7.42 0.00 0.00 12/Jul/2024 7.55 7.10 LU0172420597
Class A1 USD 8.08 0.00 0.00 12/Jul/2024 8.09 7.87 LU0155445546
Class A2 Hedged SGD 10.12 0.00 0.00 12/Jul/2024 10.12 9.96 LU2776001294
Class A3G USD 10.05 0.00 0.00 12/Jul/2024 10.11 9.86 LU2621334783
Class A3 USD 8.09 0.01 0.12 12/Jul/2024 8.10 7.88 LU0172419748
Class D3 USD 9.29 0.01 0.11 12/Jul/2024 9.30 9.05 LU0592702228
Class D2 USD 14.99 0.01 0.07 12/Jul/2024 14.99 14.15 LU0827887356
Class I5 USD USD 9.65 0.01 0.10 12/Jul/2024 9.69 9.40 LU1883300532
Class I2 USD 11.46 0.01 0.09 12/Jul/2024 11.46 10.81 LU1479925726
Class A3 Hedged CNH 99.51 0.07 0.07 12/Jul/2024 100.92 98.74 LU2641782409
Class A10 Hedged SGD 10.03 0.01 0.10 12/Jul/2024 10.16 9.94 LU2667125459

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Akiva Dickstein
Scott MacLellan, CFA, CMT
Scott MacLellan, CFA, CMT
Amanda Liu, CFA
Amanda Liu, CFA
Sam Summers
Director, Portfolio Manager

   

Literature

Literature