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Fixed Income

BGF Global High Yield 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 high yielding bonds. Companies who issue higher yield bonds typically have an increased risk of defaulting on repayments. In the event of default, the value of your investment may reduce. Economic conditions and interest rate levels may also impact significantly the values of high yield bonds. 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

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 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. Performance data is based on the net asset value (NAV) of the ETF which may not be the same as the market price of the ETF. Individual shareholders may realize returns that are different to the NAV performance.

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
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Key Facts

Key Facts

Size of Fund (Millions) as of 22-Oct-19 USD 1,243.050
Base Currency U.S. Dollar
Fund Launch Date 22-Dec-98
Share Class launch date 05-Apr-12
Asset Class Fixed Income
Morningstar Category Global High Yield Bond
Benchmark Index ICE BofAML Global High Yield Constrained (HW0C) 100% USD Hedged Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
ISIN LU0764819032
Bloomberg Ticker BGGHI3U
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL B468PT9
Bloomberg Benchmark Ticker MLGHYCUSH
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 10000000
Minimum Subsequent Investment USD 1000
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Modified Duration as of 30-Sep-19 4.62
3y Volatility - Benchmark as of 30-Sep-19 3.78
5y Volatility - Benchmark as of 30-Sep-19 5.04
5y Beta as of 30-Sep-19 0.996

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 Global High Yield Bond Fund, Class I3, as of 30-Sep-19 rated against 510 Global High Yield Bond Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 09-Oct-19)

Holdings

Holdings

as of 30-Sep-19
Name Weight (%)
ALLY FINANCIAL INC 8 11/01/2031 0.73
PETROBRAS GLOBAL FINANCE BV 6.85 06/05/2115 0.70
PETROBRAS GLOBAL FINANCE BV 144A 5.093 01/15/2030 0.66
BOMBARDIER INC 144A 7.875 04/15/2027 0.50
GMAC CAPITAL TRUST I 0.49
Name Weight (%)
BWAY HOLDING CO RegS 4.75 04/15/2024 0.47
CENTENE CORPORATION 144A 5.375 06/01/2026 0.47
SBA COMMUNICATIONS CORP 4.875 09/01/2024 0.46
FREEPORT-MCMORAN COPPER & GOLD INC 5.45 03/15/2043 0.44
ALTICE FRANCE SA (FRANCE) 144A 7.375 05/01/2026 0.44
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Sep-19

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-19

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-19

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Sep-19

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-19

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-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 I3 USD Monthly 10.53 0.01 0.10 10.55 9.74 - LU0764819032 - -
Class I2 Hedged EUR - 10.53 0.01 0.10 10.53 9.57 - LU1791806000 - -
Class A1 USD Daily 8.02 0.00 0.00 8.04 7.43 - LU0171284770 - -
Class A5 EUR Quarterly 11.20 0.03 0.27 11.41 10.06 - LU1125545993 - -
Class D2 Hedged EUR None 18.20 0.01 0.05 18.21 16.57 - LU0368267034 - -
Class I2 USD None 28.27 0.02 0.07 28.27 25.07 - LU0369584726 - -
Class A6 USD Monthly 6.99 0.00 0.00 7.02 6.56 - LU0764618640 - -
Class A6 Hedged HKD Monthly 52.68 0.03 0.06 52.89 49.70 - LU0784402520 - -
Class D3 USD Monthly 8.13 0.01 0.12 8.14 7.52 - LU0827882126 - -
Class A8 Hedged ZAR Monthly 91.24 0.08 0.09 91.46 84.88 - LU1023055319 - -
Class D2 Hedged GBP None 19.75 0.01 0.05 19.75 17.83 - LU0372548783 - -
Class A1 EUR Daily 5.24 0.00 0.00 5.26 4.98 - LU0118259661 - -
Class A8 Hedged CNH - 105.30 0.08 0.08 105.60 98.71 - LU1919856135 - -
Class D5 Hedged GBP Quarterly 9.12 0.00 0.00 9.22 8.56 - LU1072327023 - -
Class A8 Hedged AUD Monthly 6.81 0.01 0.15 6.84 6.42 - LU0871640040 - -
Class A2 Hedged SEK None 13.55 0.01 0.07 13.56 12.39 - LU0797429023 - -
Class A2 Hedged EUR None 17.13 0.01 0.06 17.14 15.68 - LU0093504206 - -
Class A6 Hedged SGD Monthly 9.91 0.01 0.10 9.95 9.34 - LU1830001522 - -
Class D2 USD None 28.08 0.03 0.11 28.08 24.93 - LU0297941899 - -
Class D3 Hedged EUR Monthly 5.22 0.00 0.00 5.25 4.95 - LU0827882472 - -
Class A2 Hedged PLN None 14.50 0.01 0.07 14.50 13.05 - LU0849758007 - -
Class A2 USD None 26.33 0.02 0.08 26.33 23.51 - LU0171284937 - -
Class A3 Hedged EUR Monthly 5.19 0.00 0.00 5.22 4.93 - LU0172401704 - -
Class A3 USD Monthly 8.08 0.00 0.00 8.10 7.48 - LU0172401969 - -
Class A2 Hedged GBP None 18.72 0.02 0.11 18.72 16.99 - LU0567554463 - -

Portfolio Managers

Portfolio Managers

James Keenan
James Keenan
Jose Aguilar
Jose Aguilar
David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin
James Turner
James Turner

Literature

Literature