Fixed Income

BGF Global Inflation Linked 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 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. Inflation linked bonds are fixed interest securities where the coupon payments increase and decrease with changes in official inflation rates. Such bonds offer investors some protection against rising levels of inflation, since rising official inflation data automatically feeds through into coupon payments. However, Investors should be aware that inflation linked bonds may, under certain circumstances, offer a slightly lower coupon payment compared to other types of fixed interest securities. Also, given that these securities are not exposed to inflation rate risk, should inflation rates decrease, the value of an inflation linked bond may not increase in price as might be expected for some other sorts of bond. 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

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Performance

Performance

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Reinvestments

This product does not have any distributions data as of now.
  From
31-Mar-2016
To
31-Mar-2017
From
31-Mar-2017
To
31-Mar-2018
From
31-Mar-2018
To
31-Mar-2019
From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
Total Return (%)

as of 31-Mar-21

4.87 0.57 -0.14 -1.49 6.85
Benchmark (%)

as of 31-Mar-21

6.60 2.25 3.38 3.71 6.59
  1y 3y 5y 10y Incept.
5.98 1.86 2.35 2.79 3.22
Benchmark (%)

as of 30-Apr-21

5.69 4.80 4.76 4.24 4.63
  YTD 1m 3m 1y 3y 5y 10y Incept.
0.00 0.54 -0.33 5.98 5.68 12.29 31.65 44.56
Benchmark (%)

as of 30-Apr-21

0.25 0.64 0.00 5.69 15.09 26.20 51.50 69.30

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Share Class and Benchmark performance displayed in EUR, 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

Size of Fund (Millions) as of 10-May-21 USD 287.009
12m Trailing Yield -
Number of Holdings as of 30-Apr-21 140
Base Currency U.S. Dollar
Fund Launch Date 19-Jun-09
Share Class launch date 08-Sep-09
Asset Class Fixed Income
Morningstar Category Global Inflation-Linked Bond - EUR Hedged
Benchmark Index Bloomberg Barclays World Government Inflation-Linked 1-20yr Index USD Hedged
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 0.61%
ISIN LU0448666502
Bloomberg Ticker BGFFLDH
Annual Management Fee 0.40%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B41P733
Bloomberg Benchmark Ticker BCLYILUSDH
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

Weighted Average YTM as of 30-Apr-21 -1.34%
Modified Duration as of 30-Apr-21 6.31
Effective Duration as of 30-Apr-21 6.30
Weighted Avg Maturity as of 30-Apr-21 7.37
3y Volatility - Benchmark as of 30-Apr-21 2.92
3y Beta as of 30-Apr-21 1.124
5y Volatility - Benchmark as of 30-Apr-21 3.80
5y Beta as of 30-Apr-21 1.025
WAL to Worst as of 30-Apr-21 7.37

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-Apr-21 A
MSCI ESG Quality Score (0-10) as of 07-Apr-21 6.03
MSCI ESG Quality Score - Peer Percentile as of 07-Apr-21 50.00
MSCI ESG % Coverage as of 07-Apr-21 97.27
Fund Lipper Global Classification as of 07-Apr-21 Bond Global Inflation Linked
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-Apr-21 4.91
Funds in Peer Group as of 07-Apr-21 56
All data is from MSCI ESG Fund Ratings as of 07-Apr-21, based on holdings as of 31-Oct-20. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion 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

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2
3
4
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7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for BGF Global Inflation Linked Bond Fund, Class D2 Hedged, as of 30-Apr-21 rated against 181 Global Inflation-Linked Bond - EUR Hedged Funds.

Holdings

Holdings

as of 30-Apr-21
Name Weight (%)
TREASURY (CPI) NOTE 0.875 01/15/2029 3.30
TREASURY (CPI) NOTE 0.375 07/15/2023 2.49
TREASURY (CPI) NOTE 0.125 01/15/2023 2.46
TREASURY (CPI) NOTE 0.5 01/15/2028 2.41
TREASURY (CPI) NOTE 0.625 04/15/2023 2.09
Name Weight (%)
UK I/L GILT 0.75 03/22/2034 2.09
TREASURY (CPI) NOTE 0.125 07/15/2026 2.08
TREASURY (CPI) NOTE 0.25 07/15/2029 2.02
TREASURY (CPI) NOTE 0.375 01/15/2027 2.02
TREASURY (CPI) NOTE 0.75 07/15/2028 1.90
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% 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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
Class D2 Hedged EUR None 14.99 0.02 0.13 14.99 14.02 - LU0448666502 - -
Class I2 USD - 10.20 0.01 0.10 10.20 9.96 - LU2298379822 - -
Class A2 USD None 16.50 0.02 0.12 16.50 15.34 - LU0425308086 - -
Class A3 USD Monthly 16.01 0.02 0.13 16.01 14.89 - LU0425308243 - -
Class D3 USD Monthly 16.12 0.02 0.12 16.12 14.94 - LU0827882555 - -
Class A2 Hedged EUR None 14.37 0.02 0.14 14.37 13.49 - LU0425308169 - -
Class D2 USD None 17.20 0.02 0.12 17.20 15.93 - LU0448666684 - -

Portfolio Managers

Portfolio Managers

Christopher Allen
Christopher Allen
Emanuella Enenajor
Emanuella Enenajor

Literature

Literature