Fixed Income

BGF Emerging Markets Local Currency 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. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. 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 may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. 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.

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.

Loading

Performance

Performance

Chart

View full chart

Distributions

Ex-Date Total Distribution
View full table

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 (%) -6.5 -13.7 13.5 14.5 -11.8 12.4 2.6 -7.8 -8.5 16.0
Constraint Benchmark 1 (%) -5.7 -14.9 9.9 15.2 -6.2 13.5 2.7 -8.7 -11.7 12.7

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

  1y 3y 5y 10y Incept.
1.37 -1.08 0.07 -0.36 -0.24
Constraint Benchmark 1 (%) 0.67 -3.27 -1.29 -0.87 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-4.17 -1.23 -1.94 -4.17 1.37 -3.21 0.35 -3.52 -3.27
Constraint Benchmark 1 (%) -3.71 -1.08 -1.63 -3.71 0.67 -9.49 -6.27 -8.38 -
  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
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of 30/Jun/2024

-5.20 9.37 -18.23 16.78 1.37
Constraint Benchmark 1 (%)

as of 30/Jun/2024

-2.82 6.57 -19.28 11.38 0.67

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 15/Jul/2024
USD 1,620,104,367
Fund Launch Date
26/Jun/1997
Fund Base Currency
USD
Constraint Benchmark 1
J.P. Morgan GBI-EM Global Diversified Index
Initial Charge
5.00%
ISIN
LU0523291242
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGFLED3
Share Class launch date
09/Aug/2010
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.72%
Annual Management Fee
0.50%
Minimum Initial Investment
USD 100,000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond - Local Currency
Dealing Frequency
Daily, forward pricing basis
SEDOL
B40T0W6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28/Jun/2024
191
Standard Deviation (3y)
as of 30/Jun/2024
11.56%
Yield to Maturity
as of 28/Jun/2024
8.83
Weighted Average YTM
as of 28/Jun/2024
8.83%
Weighted Avg Maturity
as of 28/Jun/2024
7.94
12 Month Trailing Dividend Distribution Yield
as of 30/Jun/2024
6.94
3y Beta
as of 30/Jun/2024
1.072
Modified Duration
as of 28/Jun/2024
6.46
Effective Duration
as of 28/Jun/2024
6.49
WAL to Worst
as of 28/Jun/2024
7.94

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 Rating

4 stars
Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class D3, as of 30/Jun/2024 rated against 863 Global Emerging Markets Bond - Local Currency Funds.

Holdings

Holdings

as of 28/Jun/2024
Name Weight (%)
POLAND (REPUBLIC OF) 6 10/25/2033 3.06
PERU (REPUBLIC OF) 6.95 08/12/2031 2.84
COLOMBIA (REPUBLIC OF) 13.25 02/09/2033 2.50
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.43
COLOMBIA (REPUBLIC OF) 7 03/26/2031 1.90
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.84
SOUTH AFRICA (REPUBLIC OF) 8.875 02/28/2035 1.81
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.74
TURKEY (REPUBLIC OF) 26.2 10/05/2033 1.66
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.63
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/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 D3 USD 12.61 -0.03 -0.24 15/Jul/2024 13.47 11.89 LU0523291242
Class A2 CHF 21.51 -0.05 -0.23 15/Jul/2024 22.17 19.52 LU0938162186
Class D2 USD 26.15 -0.04 -0.15 15/Jul/2024 26.78 23.46 LU0383940458
Class D2 Hedged CHF 7.93 -0.01 -0.13 15/Jul/2024 8.30 7.35 LU1688375184
Class A1 USD 3.02 -0.01 -0.33 15/Jul/2024 3.22 2.86 LU0278477574
Class SR2 Hedged EUR 9.28 -0.02 -0.22 15/Jul/2024 9.60 8.45 LU2319963380
Class A2 Hedged EUR 6.83 -0.01 -0.15 15/Jul/2024 7.08 6.25 LU0359002093
Class D3 Hedged GBP 5.07 -0.01 -0.20 15/Jul/2024 5.45 4.80 LU0995345831
Class A8 Hedged AUD 4.93 0.00 0.00 15/Jul/2024 5.33 4.70 LU1133072774
Class SR3 Hedged GBP 8.01 -0.02 -0.25 15/Jul/2024 8.61 7.58 LU2319963463
Class A2 Hedged SGD 7.99 -0.01 -0.13 15/Jul/2024 8.29 7.31 LU0358998713
Class A1 EUR 2.77 -0.01 -0.36 15/Jul/2024 2.92 2.71 LU0278461065
Class D2 CHF 23.38 -0.06 -0.26 15/Jul/2024 24.08 21.14 LU1065150267
Class SR2 USD 10.04 -0.02 -0.20 15/Jul/2024 10.28 9.00 LU2319963547
Class D2 Hedged EUR 7.15 -0.01 -0.14 15/Jul/2024 7.39 6.51 LU0622213642
Class A3 EUR 2.79 -0.01 -0.36 15/Jul/2024 2.95 2.73 LU0278457469
Class A3 HKD 23.81 -0.04 -0.17 15/Jul/2024 25.42 22.51 LU0388349754
Class I2 GBP 20.29 -0.07 -0.34 15/Jul/2024 21.21 19.44 LU1741217027
Class A2 Hedged SEK 81.02 -0.14 -0.17 15/Jul/2024 84.12 74.28 LU1715605868
Class A2 EUR 22.04 -0.07 -0.32 15/Jul/2024 22.50 20.61 LU0278457204
Class A2 USD 24.05 -0.05 -0.21 15/Jul/2024 24.71 21.66 LU0278470058
Class A4 USD 12.67 -0.02 -0.16 15/Jul/2024 13.45 11.41 LU0548402170
Class A4 EUR 11.61 -0.04 -0.34 15/Jul/2024 12.19 10.85 LU0478974834
Class A3 USD 3.05 -0.01 -0.33 15/Jul/2024 3.26 2.87 LU0278470132
Class D5 GBP 6.85 -0.02 -0.29 15/Jul/2024 7.42 6.78 LU1694209807
Class A6 Hedged SGD 5.42 -0.01 -0.18 15/Jul/2024 5.97 5.24 LU1676225185
Class D3 EUR 11.56 -0.04 -0.34 15/Jul/2024 12.21 11.31 LU0827884924
Class A6 USD 6.25 -0.01 -0.16 15/Jul/2024 6.74 5.95 LU1408528211
Class D2 EUR 23.95 -0.09 -0.37 15/Jul/2024 24.40 22.32 LU0329592702
Class D2 Hedged GBP 14.04 -0.02 -0.14 15/Jul/2024 14.41 12.65 LU0827885491
Class D3 Hedged AUD 4.73 -0.01 -0.21 15/Jul/2024 5.14 4.52 LU0827884841
Class D4 EUR 11.66 -0.05 -0.43 15/Jul/2024 12.25 10.87 LU0827885145
Class D2 Hedged SGD 8.48 -0.01 -0.12 15/Jul/2024 8.77 7.72 LU0827884767
Class A6 Hedged GBP 5.51 -0.01 -0.18 15/Jul/2024 5.98 5.27 LU1408528302
Class I2 USD 26.37 -0.04 -0.15 15/Jul/2024 26.99 23.63 LU0520955575
Class D2 Hedged PLN 10.49 -0.01 -0.10 15/Jul/2024 10.76 9.46 LU0827884684
Class A2 Hedged PLN 9.89 -0.01 -0.10 15/Jul/2024 10.17 8.95 LU0480535052
Class A3 Hedged AUD 4.73 -0.01 -0.21 15/Jul/2024 5.15 4.52 LU0575500318
Class I2 Hedged EUR 7.43 -0.01 -0.13 15/Jul/2024 7.67 6.76 LU0473186707
Class D3 HKD 98.46 -0.19 -0.19 15/Jul/2024 105.15 93.09 LU0827885061
Class D4 USD 12.73 -0.02 -0.16 15/Jul/2024 13.51 11.42 LU0827885228
Class A2 Hedged CHF 6.47 -0.01 -0.15 15/Jul/2024 6.79 6.02 LU0623004180
Class A2 CZK 560.23 0.04 0.01 15/Jul/2024 569.28 504.92 LU1791177113
Class A6 Hedged CAD 5.96 -0.01 -0.17 15/Jul/2024 6.49 5.71 LU1408528641
Class A6 Hedged HKD 60.25 -0.11 -0.18 15/Jul/2024 65.68 57.86 LU1408528484
Class I5 EUR 6.88 -0.02 -0.29 15/Jul/2024 7.27 6.73 LU0995350831
Class I5 USD 7.51 -0.01 -0.13 15/Jul/2024 8.02 7.07 LU1495982867
Class I2 CHF 23.58 -0.06 -0.25 15/Jul/2024 24.28 21.30 LU1781817694
Class SR3 USD 8.31 -0.01 -0.12 15/Jul/2024 8.87 7.83 LU2319963620
Class A8 Hedged NZD 6.21 -0.01 -0.16 15/Jul/2024 6.71 5.92 LU1408528724

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Literature

Literature