Fixed Income

BGF Euro Bond Fund

Overview

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.

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

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Performance

Performance

  • Returns

  From
31-Dec-2013
To
31-Dec-2014
From
31-Dec-2014
To
31-Dec-2015
From
31-Dec-2015
To
31-Dec-2016
From
31-Dec-2016
To
31-Dec-2017
From
31-Dec-2017
To
31-Dec-2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of 31-Dec-18

11.36 1.54 3.09 1.08 -0.70
Benchmark (%) Index: BBG Barc Euro Aggregate 500+<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

as of 31-Dec-18

11.11 1.00 3.31 0.67 0.42

The figures shown relate to past performance. Past performance is not a reliable indicator of 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 fund benchmark performance is displayed in EUR.

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

Chart

Performance chart data not available for display.
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Distributions

Record Date Ex-Date Payable Date
View full table

Key Facts

Key Facts

Size of Fund (Millions) as of 20-Feb-19 EUR 4,933.000
Base Currency Euro
Fund Launch Date 31-Mar-94
Share Class launch date 26-Jul-10
Asset Class Fixed Income
Morningstar Category EUR Diversified Bond
Benchmark Index BBG Barc Euro Aggregate 500+
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
ISIN LU0430265933
Bloomberg Ticker BGEBA4E
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B441NM9
Bloomberg Benchmark Ticker LEHEUR500P
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Modified Duration as of 31-Jan-19 6.33
3y Volatility - Benchmark as of 31-Jan-19 2.67
5y Volatility - Benchmark as of 31-Jan-19 3.07
5y Beta as of 31-Jan-19 0.944

Risk Indicator

Risk Indicator

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

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for BGF Euro Bond Fund, Class A4, as of 31-Jan-19 rated against 1161 EUR Diversified Bond Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective 27-Jul-18)

Holdings

Holdings

as of 31-Jan-19
Name Weight (%)
BELGIUM (KINGDOM OF) 1.6 06/22/2047 1.64
BELGIUM (KINGDOM OF) 0.8 06/22/2027 1.39
SPAIN (KINGDOM OF) 1.4 04/30/2028 1.36
ITALY (REPUBLIC OF) RegS 0.7 05/01/2020 1.32
FRANCE (REPUBLIC OF) 1.75 06/25/2039 1.25
Name Weight (%)
ITALY (REPUBLIC OF) RegS 0.05 04/15/2021 1.00
JAPAN (GOVERNMENT OF) 10YR #23 0.1 03/10/2028 0.94
KFW MTN 0.125 06/07/2023 0.90
UK CONV GILT RegS 5 03/07/2025 0.89
IRELAND (REPUBLIC OF) RegS 1.35 03/18/2031 0.86
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% 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 A4 EUR Annual 26.18 0.01 0.04 26.32 25.66 - LU0430265933 - -
Class I2 EUR None 14.42 0.00 0.00 14.42 14.11 - LU0368229703 - -
Class I4 EUR - 9.99 0.01 0.10 10.00 9.77 - LU1808491655 - -
Class A2 USD None 32.74 0.07 0.21 35.86 32.00 - LU0171279184 - -
Class D3 USD Monthly 22.17 0.05 0.23 24.33 21.68 - LU0827877639 - -
Class D2 EUR None 30.11 0.01 0.03 30.11 29.47 - LU0297941469 - -
Class A2 EUR None 28.87 0.01 0.03 28.95 28.29 - LU0050372472 - -
Class D4 GBP Annual 22.95 -0.02 -0.09 23.78 22.55 - LU0827877712 - -
Class D4 Hedged GBP Annual 10.51 0.00 0.00 10.51 10.25 - LU1376384365 - -
Class A4 GBP Annual 22.87 -0.02 -0.09 23.65 22.49 - LU0204069685 - -
Class A2 Hedged PLN None 104.31 0.05 0.05 104.31 101.46 - LU1499592381 - -
Class D3 EUR Monthly 19.55 0.01 0.05 19.64 19.17 - LU0827877555 - -
Class A3 EUR Monthly 19.52 0.01 0.05 19.61 19.14 - LU0172396516 - -
Class D4 EUR Annual 11.60 0.00 0.00 11.67 11.36 - LU0938162699 - -
Class I4 Hedged USD - 10.22 0.00 0.00 10.22 9.86 - LU1808491812 - -
Class I2 Hedged USD None 11.17 0.00 0.00 11.17 10.70 - LU1376384100 - -
Class A2 Hedged JPY None 1,010.00 1.00 0.10 1,012.00 990.00 - LU1668663914 - -
Class I2 Hedged JPY None 1,017.00 0.00 0.00 1,017.00 996.00 - LU1668661629 - -
Class I4 Hedged GBP Annual 10.54 0.01 0.09 10.54 10.26 - LU1376384282 - -
Class D2 USD None 34.14 0.07 0.21 37.28 33.34 - LU0827877472 - -
Class A1 USD Daily 22.13 0.04 0.18 24.29 21.64 - LU0171278889 - -
Class A1 EUR Daily 19.52 0.01 0.05 19.61 19.14 - LU0118259232 - -
Class A3 USD Monthly 22.13 0.04 0.18 24.29 21.65 - LU0172748641 - -
Class A2 Hedged USD None 12.90 0.01 0.08 12.90 12.41 - LU0869650977 - -
Class A2 CZK None 741.44 -0.50 -0.07 749.62 727.48 - LU1791174284 - -
Class D2 Hedged USD None 13.18 0.00 0.00 13.18 12.64 - LU0869640077 - -
Class D2 Hedged CHF None 11.68 0.00 0.00 11.73 11.45 - LU1266592374 - -

Portfolio Managers

Portfolio Managers

Michael Krautzberger
Head, BlackRock’s Pan-European Fixed Income Team

     

Literature

Literature