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

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

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Reinvestments

This product does not have any distributions data as of now.

This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -5.3 8.6 -1.3 9.2 3.2 0.5 6.5 6.0 4.6 -8.9
Constraint Benchmark 1 (%) -5.5 9.0 -1.1 10.2 3.1 1.0 6.9 6.4 5.5 -8.5

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
-2.41 -0.30 1.76 2.88 3.06
Constraint Benchmark 1 (%) -1.62 0.07 2.42 3.30 3.73
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.28 -0.54 -0.18 1.53 -2.41 -0.89 9.13 32.77 52.39
Constraint Benchmark 1 (%) 2.37 -0.34 0.08 1.72 -1.62 0.20 12.69 38.34 66.96
  From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
Total Return (%)

as of 30/Jun/2023

4.22 3.61 5.43 -3.13 -0.78
Constraint Benchmark 1 (%)

as of 30/Jun/2023

5.54 4.52 4.90 -2.23 -0.54

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 03/Oct/2023 USD 248,581,116
Share Class launch date 01/Sep/2009
Fund Launch Date 19/Jun/2009
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 Bloomberg World Government Inflation-Linked 1-20yr Index USD Hedged
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 0.62%
ISIN LU0448666684
Annual Management Fee 0.40%
Performance Fee 0.00%
Minimum Initial Investment USD 100,000.00
Minimum Subsequent Investment USD 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Inflation-Linked Bond - USD Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGFFLD2
SEDOL B41P6J2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31/Aug/2023 137
Standard Deviation (3y) as of 31/Aug/2023 5.94%
3y Beta as of 31/Aug/2023 0.982
Yield to Maturity as of 31/Aug/2023 3.91
Modified Duration as of 31/Aug/2023 6.60
Weighted Average YTM as of 31/Aug/2023 1.65%
Effective Duration as of 31/Aug/2023 6.47
Weighted Avg Maturity as of 31/Aug/2023 7.51
WAL to Worst as of 31/Aug/2023 7.51

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

Ratings

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for BGF Global Inflation Linked Bond Fund, Class D2, as of 30/Sep/2023 rated against 69 Global Inflation-Linked Bond - USD Hedged Funds.

Holdings

Holdings

as of 31/Aug/2023
Name Weight (%)
UMBS 30YR TBA(REG A) 7.76
TREASURY (CPI) NOTE 0.625 01/15/2026 2.00
TREASURY (CPI) NOTE 0.25 01/15/2025 1.95
TREASURY (CPI) NOTE 0.375 07/15/2025 1.94
TREASURY (CPI) NOTE 0.125 01/15/2032 1.83
Name Weight (%)
TREASURY (CPI) NOTE 1.125 01/15/2033 1.79
TREASURY (CPI) NOTE 0.625 07/15/2032 1.76
TREASURY (CPI) NOTE 0.125 07/15/2031 1.76
TREASURY (CPI) NOTE 0.375 01/15/2027 1.75
TREASURY (CPI) NOTE 0.125 07/15/2030 1.74
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31/Aug/2023

% of Market Value

Type Fund Benchmark Net
as of 31/Aug/2023

% of Market Value

Type Fund Benchmark Net
as of 31/Aug/2023

% of Market Value

Type Fund Benchmark Net
as of 31/Aug/2023

% of Market Value

Type Fund Benchmark Net
as of 31/Aug/2023

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class D2 USD None 16.23 -0.06 -0.37 03/Oct/2023 16.96 15.71 LU0448666684
Class I2 USD - 9.66 -0.04 -0.41 03/Oct/2023 10.09 9.34 LU2298379822
Class D3 USD Monthly 15.13 -0.06 -0.39 03/Oct/2023 15.85 14.70 LU0827882555
Class A3 USD Monthly 14.97 -0.06 -0.40 03/Oct/2023 15.68 14.55 LU0425308243
Class A2 Hedged EUR None 12.83 -0.05 -0.39 03/Oct/2023 13.58 12.78 LU0425308169
Class D2 Hedged EUR None 13.50 -0.05 -0.37 03/Oct/2023 14.26 13.40 LU0448666502
Class A2 USD None 15.43 -0.06 -0.39 03/Oct/2023 16.15 14.99 LU0425308086

Portfolio Managers

Portfolio Managers

Christopher Allen
Christopher Allen
David Rogal
Managing Director, Portfolio Manager

  

Literature

Literature