Fixed Income

BGF Emerging Markets Corporate 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.

Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund may invest in securities whereby the issuing company has a high risk of defaulting on their interest payments, capital repayment or both. In the event of default, the value of the investment may reduce. 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 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 may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. The Fund utilises derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk and volatility. The strategies utilised by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both ‘long’ and ‘synthetic short’ positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Fund. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

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
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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 USD, 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 11/Dec/2024
USD 914,460,949
Fund Launch Date
18/Feb/2013
Fund Base Currency
USD
Constraint Benchmark 1
J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified
Initial Charge
5.00%
Management Fee
1.40%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGEMCAU
Share Class launch date
10/Jan/2024
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
1.59%
ISIN
LU2728924155
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BMXX582

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29/Nov/2024
157
Standard Deviation (3y)
as of -
-
Yield to Maturity
as of 29/Nov/2024
7.22
Weighted Average YTM
as of 29/Nov/2024
7.10%
Weighted Avg Maturity
as of 29/Nov/2024
7.09
12 Month Trailing Dividend Distribution Yield
as of 31/Dec/2024
-
3y Beta
as of -
-
Modified Duration
as of 29/Nov/2024
5.13
Effective Duration
as of 29/Nov/2024
4.12
WAL to Worst
as of 29/Nov/2024
7.09

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Risk Indicator

Risk Indicator

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

Ratings

Ratings

Holdings

Holdings

as of 29/Nov/2024
Name Weight (%)
SAMARCO MINERACAO SA RegS 9 06/30/2031 1.50
BANCO DE CREDITO E INVERSIONES RegS 8.75 12/31/2079 1.40
WOMCHI CONVERTS 5 01/31/2032 1.38
YPF SA RegS 9.5 01/17/2031 1.36
VEON HOLDINGS BV MTN RegS 3.375 11/25/2027 1.28
Name Weight (%)
PAMPA ENERGIA SA RegS 7.95 09/10/2031 1.27
BBVA MEXICO SA INSTITUCION DE BANC MTN RegS 5.25 09/10/2029 1.23
PUMA INTERNATIONAL FINANCING SA RegS 5 01/24/2026 1.20
MELCO RESORTS FINANCE LTD RegS 7.625 04/17/2032 1.13
MVM ENERGETIKA ZRT RegS 7.5 06/09/2028 1.12
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/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 A6 USD 10.27 0.00 0.00 11/Dec/2024 10.48 9.99 LU2728924155
Class D6 Hedged SGD 10.17 0.01 0.10 11/Dec/2024 10.40 9.97 LU2728924312
Class SR3 Hedged GBP 8.38 0.01 0.12 11/Dec/2024 8.52 7.99 LU2319962226
Class A6 Hedged SGD 10.11 0.01 0.10 11/Dec/2024 10.35 9.95 LU2728924239
Class SR3 USD 10.47 0.00 0.00 11/Dec/2024 10.65 9.95 LU2518861054
Class I5 Hedged EUR 8.09 0.00 0.00 11/Dec/2024 8.23 7.83 LU2323324769
Class D2 Hedged EUR 10.57 0.01 0.09 11/Dec/2024 10.65 9.59 LU1728038495
Class I2 Hedged EUR 13.05 0.00 0.00 11/Dec/2024 13.16 11.83 LU0995332854
Class I2 Hedged CHF 11.14 0.00 0.00 11/Dec/2024 11.28 10.34 LU2491188269
Class I2 USD 15.64 0.01 0.06 11/Dec/2024 15.72 13.93 LU0843232686
Class A2 USD 14.07 0.01 0.07 11/Dec/2024 14.16 12.64 LU0843229542
Class SR2 USD 10.36 0.00 0.00 11/Dec/2024 10.42 9.23 LU2319962499
Class SR2 Hedged EUR 9.63 0.01 0.10 11/Dec/2024 9.71 8.73 LU2319962143
Class I4 Hedged EUR 7.88 0.01 0.13 11/Dec/2024 8.33 7.61 LU2259865686
Class D2 USD 15.39 0.01 0.07 11/Dec/2024 15.47 13.73 LU0843231795
Class A2 Hedged SGD 10.48 0.00 0.00 11/Dec/2024 10.59 9.89 LU2776000999
Class A2 Hedged EUR 11.54 0.00 0.00 11/Dec/2024 11.66 10.55 LU0843229971
Class D3 Hedged GBP 8.89 0.01 0.11 11/Dec/2024 9.04 8.48 LU0995319919
Class D6 USD 10.14 0.01 0.10 11/Dec/2024 10.32 9.99 LU2845160360

Portfolio Managers

Portfolio Managers

Celina Merrill
Celina Merrill
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Jane Yu
Jane Yu
Mark Yu
Mark Yu

Literature

Literature