Fixed Income

BGF Global Government 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.

Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. The Fund may seek to exclude Funds which are not subject to ESG-related requirements. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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

Chart

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Distributions

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

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 7.7 -0.4 1.3 0.3 -2.3 4.3 5.4 -3.7 -16.0 3.4
Constraint Benchmark 1 (%) 8.4 1.3 3.8 2.1 2.6 7.6 6.1 -2.3 -12.9 6.4

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

  1y 3y 5y 10y Incept.
7.51 -4.35 -2.63 -0.59 1.31
Constraint Benchmark 1 (%) 9.52 -1.33 -0.39 1.93 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.44 0.80 3.23 2.59 7.51 -12.50 -12.49 -5.74 31.34
Constraint Benchmark 1 (%) 3.51 1.09 4.10 3.82 9.52 -3.94 -1.92 21.09 -
  From
30-Sept-2019
To
30-Sept-2020
From
30-Sept-2020
To
30-Sept-2021
From
30-Sept-2021
To
30-Sept-2022
From
30-Sept-2022
To
30-Sept-2023
From
30-Sept-2023
To
30-Sept-2024
Total Return (%)

as of 30/Sept/2024

2.33 -2.26 -15.70 -3.45 7.51
Constraint Benchmark 1 (%)

as of 30/Sept/2024

4.31 -2.12 -12.50 0.24 9.52

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 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

Net Assets of Fund
as of 10/Oct/2024
USD 931,957,181
Fund Launch Date
14/May/1987
Fund Base Currency
USD
Constraint Benchmark 1
FTSE World Government Bond USD Hedged Index
Ongoing Charges Figures
0.96%
ISIN
LU0297943168
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Bond - EUR Hedged
Dealing Frequency
Daily, forward pricing basis
SEDOL
B43LQ54
Share Class launch date
02/Jun/2003
Share Class Currency
EUR
Asset Class
Fixed Income
Initial Charge
5.00%
Management Fee
0.75
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MISGSHG

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30/Sept/2024
1010
Standard Deviation (3y)
as of 30/Sept/2024
6.22%
Yield to Maturity
as of 30/Sept/2024
3.29
Weighted Average YTM
as of 30/Sept/2024
3.28%
Weighted Avg Maturity
as of 30/Sept/2024
7.06
12 Month Trailing Dividend Distribution Yield
as of 30/Sept/2024
2.58
3y Beta
as of 30/Sept/2024
1.030
Modified Duration
as of 30/Sept/2024
7.20
Effective Duration
as of 30/Sept/2024
7.11
WAL to Worst
as of 30/Sept/2024
7.06

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

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective 31/Aug/2024)
Analyst-Driven % as of 31/Aug/2024
55.00
Data Coverage % as of 31/Aug/2024
100.00

Holdings

Holdings

as of 30/Sept/2024
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 1.3 10/15/2027 8.81
TREASURY NOTE 4.625 06/30/2026 4.38
UK CONV GILT 4.125 07/22/2029 2.56
SPAIN (KINGDOM OF) 3.5 05/31/2029 1.76
TREASURY NOTE 4.25 06/30/2029 1.54
Name Weight (%)
JAPAN (GOVERNMENT OF) 10YR #369 0.5 12/20/2032 1.31
SPAIN (KINGDOM OF) 0 01/31/2027 1.26
JAPAN (GOVERNMENT OF) 20YR #182 1.1 09/20/2042 1.23
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.75 02/17/2032 1.15
JAPAN (GOVERNMENT OF) 5YR #157 0.2 03/20/2028 1.12
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30/Sept/2024

% of Market Value

Type Fund Benchmark Net
as of 30/Sept/2024

% of Market Value

Type Fund Benchmark Net
as of 30/Sept/2024

% of Market Value

Type Fund Benchmark Net
as of 30/Sept/2024

% of Market Value

Type Fund Benchmark Net
as of 30/Sept/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 A3 Hedged EUR 15.57 -0.02 -0.13 10/Oct/2024 15.92 14.81 LU0297943168
Class D3 USD 19.71 -0.03 -0.15 10/Oct/2024 20.08 18.43 LU0827882043
Class A2 USD 29.66 -0.04 -0.13 10/Oct/2024 30.13 27.00 LU0006061385
Class D2 Hedged EUR 24.80 -0.03 -0.12 10/Oct/2024 25.22 22.90 LU0329591563
Class I4 Hedged EUR 8.50 -0.02 -0.23 10/Oct/2024 8.86 8.08 LU1811366183
Class A3 Hedged HKD 89.73 -0.16 -0.18 10/Oct/2024 91.50 84.83 LU1484781478
Class A3 Hedged GBP 8.78 -0.01 -0.11 10/Oct/2024 8.94 8.24 LU1484781395
Class A3 USD 19.70 -0.02 -0.10 10/Oct/2024 20.06 18.41 LU0172412149
Class A2 Hedged EUR 23.29 -0.04 -0.17 10/Oct/2024 23.69 21.58 LU0297942863
Class D2 USD 31.18 -0.05 -0.16 10/Oct/2024 31.67 28.29 LU0540001038
Class A1 Hedged EUR 15.69 -0.03 -0.19 10/Oct/2024 16.03 14.91 LU0297940495
Class A1 USD 19.66 -0.03 -0.15 10/Oct/2024 20.01 18.36 LU0118256485
Class X2 USD 11.28 -0.01 -0.09 10/Oct/2024 11.45 10.18 LU0462857607
Class D3 Hedged EUR 15.39 -0.03 -0.19 10/Oct/2024 15.89 14.82 LU0827881821
Class I2 Hedged EUR 8.72 -0.01 -0.11 10/Oct/2024 8.86 8.04 LU0368232830

Portfolio Managers

Portfolio Managers

Russell Brownback
Managing Director, Head of Global Macro Positioning for Fixed-Income

  

Chi Chen
Director, Portfolio Manager

  

Aidan Doyle, CFA
Managing Director, Portfolio Manager

  

Dylan Price
Dylan Price
Sam Summers
Director, Portfolio Manager

   

Literature

Literature