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Fixed Income

BGF Emerging Markets Local Currency 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. 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

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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 HKD, 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 18-Oct-19 USD 3,855.615
Base Currency U.S. Dollar
Fund Launch Date 26-Jun-97
Share Class launch date 04-Oct-12
Asset Class Fixed Income
Morningstar Category Global Emerging Markets Bond - Local Currency
Benchmark Index JP Morgan GBI-EM Global Diversified Index in HKD
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
ISIN LU0827885061
Bloomberg Ticker BGLED3H
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B8FPQD0
Bloomberg Benchmark Ticker ELMIPLUS
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment HKD 100000
Minimum Subsequent Investment -
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Modified Duration as of 30-Sep-19 6.40
3y Volatility - Benchmark as of 30-Sep-19 9.96
5y Volatility - Benchmark as of 30-Sep-19 10.91
5y Beta as of 30-Sep-19 1.050

Risk Indicator

Risk Indicator

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3
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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class D3, as of 28-Feb-19 rated against 654 Global Emerging Markets Bond - Local Currency Funds.

Holdings

Holdings

as of 30-Sep-19
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 4.54
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 1.89
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.73
HUNGARY (REPUBLIC OF) 3 06/26/2024 1.72
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.71
Name Weight (%)
RUSSIAN FEDERATION 7.7 03/23/2033 1.69
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2022 1.60
MEXICO (UNITED MEXICAN STATES) 10 12/05/2024 1.52
PERU (REPUBLIC OF) 6.35 08/12/2028 1.52
PERU (REPUBLIC OF) 6.95 08/12/2031 1.52
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 D3 HKD Monthly 127.14 0.24 0.19 129.46 117.15 - LU0827885061 - -
Class S3 Hedged GBP - 10.48 0.02 0.19 10.78 10.00 - LU1911699996 - -
Class D2 CHF None 25.49 0.05 0.20 25.69 22.77 - LU1065150267 - -
Class I3 Hedged GBP Monthly 6.94 0.01 0.14 7.14 6.53 - LU0995336418 - -
Class A8 Hedged AUD Monthly 7.04 0.02 0.28 7.26 6.70 - LU1133072774 - -
Class A2 Hedged SGD None 8.49 0.02 0.24 8.59 7.55 - LU0358998713 - -
Class A3 HKD Monthly 30.74 0.06 0.20 31.29 28.33 - LU0388349754 - -
Class I5 EUR Quarterly 8.69 0.01 0.12 8.86 7.91 - LU0995350831 - -
Class A2 CHF None 24.01 0.05 0.21 24.23 21.55 - LU0938162186 - -
Class I2 CHF - 25.52 0.05 0.20 25.71 22.76 - LU1781817694 - -
Class A3 EUR Monthly 3.52 0.00 0.00 3.59 3.19 - LU0278457469 - -
Class D3 Hedged GBP Monthly 6.91 0.01 0.14 7.11 6.50 - LU0995345831 - -
Class D2 Hedged EUR None 7.87 0.02 0.25 8.00 7.12 - LU0622213642 - -
Class I5 USD Quarterly 9.68 0.02 0.21 9.89 8.96 - LU1495982867 - -
Class D2 USD None 25.81 0.06 0.23 26.03 22.64 - LU0383940458 - -
Class A1 EUR Daily 3.49 0.00 0.00 3.56 3.17 - LU0278461065 - -
Class D2 Hedged CHF None 9.01 0.01 0.11 9.16 8.19 - LU1688375184 - -
Class A1 USD Daily 3.89 0.01 0.26 3.97 3.59 - LU0278477574 - -
Class A2 Hedged EUR None 7.71 0.02 0.26 7.84 7.01 - LU0359002093 - -
Class A2 Hedged SEK None 91.53 0.18 0.20 93.09 83.26 - LU1715605868 - -
Class A2 EUR None 21.82 0.01 0.05 21.99 18.93 - LU0278457204 - -
Class A2 USD None 24.31 0.05 0.21 24.55 21.43 - LU0278470058 - -
Class A4 USD Annual 15.60 0.03 0.19 16.55 14.45 - LU0548402170 - -
Class D3 EUR Monthly 14.55 0.01 0.07 14.85 13.19 - LU0827884924 - -
Class A4 EUR Annual 14.00 0.01 0.07 14.82 12.76 - LU0478974834 - -
Class D5 GBP Quarterly 8.90 -0.02 -0.22 9.53 8.28 - LU1694209807 - -
Class A6 USD Monthly 8.70 0.01 0.12 8.94 8.22 - LU1408528211 - -
Class I2 GBP - 20.04 -0.04 -0.20 21.15 17.62 - LU1741217027 - -
Class D3 Hedged AUD Monthly 6.55 0.01 0.15 6.72 6.10 - LU0827884841 - -
Class A6 Hedged SGD Monthly 7.97 0.01 0.13 8.22 7.60 - LU1676225185 - -
Class A3 USD Monthly 3.92 0.01 0.26 4.01 3.61 - LU0278470132 - -
Class D4 EUR Annual 14.03 0.01 0.07 14.91 12.79 - LU0827885145 - -
Class D3 USD Monthly 16.21 0.03 0.19 16.58 14.94 - LU0523291242 - -
Class I2 USD None 25.84 0.06 0.23 26.05 22.63 - LU0520955575 - -
Class D2 EUR None 23.16 0.01 0.04 23.32 20.00 - LU0329592702 - -
Class I2 Hedged EUR None 8.11 0.01 0.12 8.24 7.33 - LU0473186707 - -
Class A6 Hedged GBP Monthly 8.19 0.02 0.24 8.52 7.90 - LU1408528302 - -
Class A2 Hedged PLN None 10.01 0.02 0.20 10.14 8.93 - LU0480535052 - -
Class D2 Hedged SGD None 8.81 0.02 0.23 8.90 7.80 - LU0827884767 - -
Class D2 Hedged PLN None 10.37 0.02 0.19 10.49 9.21 - LU0827884684 - -
Class D2 Hedged GBP None 14.70 0.03 0.20 14.91 13.17 - LU0827885491 - -
Class D4 USD Annual 15.63 0.03 0.19 16.65 14.48 - LU0827885228 - -
Class A3 Hedged AUD Monthly 6.55 0.01 0.15 6.73 6.10 - LU0575500318 - -
Class A6 Hedged HKD Monthly 86.69 0.17 0.20 89.42 82.64 - LU1408528484 - -
Class A2 Hedged CHF None 7.53 0.01 0.13 7.67 6.88 - LU0623004180 - -
Class A6 Hedged CAD Monthly 8.65 0.02 0.23 8.94 8.26 - LU1408528641 - -
Class A2 CZK None 560.11 0.12 0.02 566.91 489.84 - LU1791177113 - -
Class A8 Hedged NZD Monthly 8.75 0.02 0.23 9.02 8.33 - LU1408528724 - -

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Literature

Literature