Fixed Income

BGF US Dollar High Yield 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. 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 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

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Distributions

Record Date Ex-Date Payable Date
View full table
  From
30-Jun-2016
To
30-Jun-2017
From
30-Jun-2017
To
30-Jun-2018
From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
Total Return (%)

as of 30-Jun-21

11.92 2.58 5.47 -0.64 14.67
  1y 3y 5y 10y Incept.
8.93 5.96 5.78 - 5.40
  YTD 1m 3m 1y 3y 5y 10y Incept.
4.03 0.36 2.01 8.93 18.95 32.46 - 59.22

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 SGD, 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

Size of Fund (Millions) as of 24-Sep-21 USD 3,608.979
12m Trailing Yield as of 31-Aug-21 4.44
Number of Holdings as of 31-Aug-21 1352
Base Currency U.S. Dollar
Fund Launch Date 29-Oct-93
Share Class launch date 25-Oct-12
Asset Class Fixed Income
Morningstar Category Other Bond
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 0.76%
ISIN LU0827886978
Bloomberg Ticker BGUHD3S
Annual Management Fee 0.55%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B8L2K66
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment SGD 100,000.00
Minimum Subsequent Investment SGD 1,000.00
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 31-Aug-21 4.54
Modified Duration as of 31-Aug-21 5.44
Effective Duration as of 31-Aug-21 4.13
Weighted Avg Maturity as of 31-Aug-21 4.56
WAL to Worst as of 31-Aug-21 4.56

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-Sep-21 BB
MSCI ESG Quality Score (0-10) as of 07-Sep-21 4.27
MSCI ESG Quality Score - Peer Percentile as of 07-Sep-21 56.81
MSCI ESG % Coverage as of 07-Sep-21 76.05
Fund Lipper Global Classification as of 07-Sep-21 Bond USD High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-Sep-21 259.52
Funds in Peer Group as of 07-Sep-21 389
All data is from MSCI ESG Fund Ratings as of 07-Sep-21, based on holdings as of 31-Mar-21. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of 31-Aug-21 0.32%
MSCI - UN Global Compact Violators as of 31-Aug-21 0.86%
MSCI - Nuclear Weapons as of 31-Aug-21 0.32%
MSCI - Thermal Coal as of 31-Aug-21 0.00%
MSCI - Civilian Firearms as of 31-Aug-21 0.00%
MSCI - Oil Sands as of 31-Aug-21 0.00%
MSCI - Tobacco as of 31-Aug-21 0.00%

Business Involvement Coverage as of 31-Aug-21 42.13%
Percentage of Fund not covered as of 31-Aug-21 57.91%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.01% and for Oil Sands 0.01%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

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 Analyst Rating

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

Holdings

Holdings

as of 31-Aug-21
Name Weight (%)
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.71
PANTHER BF AGGREGATOR 2 LP 144A 8.5 05/15/2027 0.63
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.63
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.58
RADIATE HOLDCO LLC / RADIATE FINAN 144A 6.5 09/15/2028 0.57
Name Weight (%)
SPRINT CAPITAL CORPORATION 8.75 03/15/2032 0.53
KRAFT HEINZ FOODS CO 5.5 06/01/2050 0.51
TRIVIUM PACKAGING FINANCE BV 144A 8.5 08/15/2027 0.50
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.49
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.625 02/15/2025 0.49
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% of Market Value

Type Fund
Allocations subject to change.
as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% of Market Value

Type Fund
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 Hedged SGD Monthly 10.16 0.00 0.00 10.17 9.49 - LU0827886978 - -
Class A3 Hedged GBP Monthly 9.90 0.00 0.00 9.92 9.27 - LU0580330818 - -
Class A3 Hedged AUD Monthly 11.63 0.01 0.09 11.64 10.89 - LU0578942376 - -
Class SR4 Hedged GBP Annual 10.15 0.00 0.00 10.26 9.98 - LU2319962655 - -
Class A3 Hedged EUR Monthly 9.35 0.00 0.00 9.37 8.81 - LU0578943853 - -
Class A6 USD Monthly 5.08 0.00 0.00 5.11 4.85 - LU0738912566 - -
Class I4 Hedged GBP Annual 9.30 0.00 0.00 9.67 8.70 - LU1111085442 - -
Class A1 USD Daily 6.05 0.00 0.00 6.06 5.65 - LU0046675905 - -
Class D2 Hedged EUR None 247.30 0.06 0.02 247.57 222.67 - LU0532707519 - -
Class D2 Hedged AUD None 20.39 0.00 0.00 20.41 18.25 - LU0827886895 - -
Class I2 Hedged EUR None 12.75 0.00 0.00 12.77 11.47 - LU1111085798 - -
Class SR2 Hedged EUR - 10.30 0.01 0.10 10.31 9.98 - LU2319962572 - -
Class A2 Hedged EUR None 230.66 0.04 0.02 230.95 209.14 - LU0330917963 - -
Class SR3 USD Monthly 10.16 0.01 0.10 10.17 9.98 - LU2319962812 - -
Class A3 Hedged CAD Monthly 10.40 0.00 0.00 10.41 9.73 - LU0803751741 - -
Class SR2 USD - 10.33 0.00 0.00 10.34 9.98 - LU2319962739 - -
Class A2 Hedged CHF None 11.82 0.01 0.08 11.83 10.74 - LU1090155554 - -
Class A2 Hedged SGD None 16.72 0.00 0.00 16.74 15.04 - LU0578945809 - -
Class A8 Hedged CNH Monthly 106.50 0.04 0.04 106.57 100.56 - LU1919856218 - -
Class A2 USD None 39.24 0.00 0.00 39.29 35.28 - LU0046676465 - -
Class A3 Hedged NZD Monthly 11.40 0.00 0.00 11.42 10.66 - LU0803752046 - -
Class I2 Hedged GBP - 10.94 0.00 0.00 10.95 9.93 - LU2242188931 - -
Class D3 USD Monthly 10.49 0.00 0.00 10.50 9.80 - LU0592702061 - -
Class A3 Hedged SGD Monthly 10.13 0.01 0.10 10.14 9.46 - LU0578937376 - -
Class D2 Hedged CHF None 12.38 0.01 0.08 12.39 11.17 - LU1090156289 - -
Class D2 USD None 42.07 0.01 0.02 42.10 37.55 - LU0552552704 - -
Class A4 Hedged GBP Annual 10.76 0.00 0.00 11.11 10.07 - LU0706698544 - -
Class D4 Hedged GBP Annual 10.72 0.00 0.00 11.13 10.03 - LU0681219902 - -
Class A8 Hedged ZAR Monthly 91.75 0.02 0.02 91.75 86.32 - LU1023056127 - -
Class A6 Hedged SGD Monthly 9.30 0.01 0.11 9.35 8.87 - LU1314333441 - -
Class I2 USD None 17.11 0.00 0.00 17.12 15.25 - LU0822668108 - -
Class A6 Hedged HKD Monthly 37.89 0.01 0.03 38.15 36.18 - LU0764619531 - -
Class A8 Hedged AUD Monthly 9.22 0.00 0.00 9.25 8.74 - LU0871640396 - -
Class A2 Hedged AUD None 19.22 0.01 0.05 19.24 17.32 - LU0578947334 - -
Class I2 Hedged CHF - 10.18 0.00 0.00 10.19 10.00 - LU2344713685 - -
Class A3 USD Monthly 6.12 0.00 0.00 6.13 5.72 - LU0172419151 - -
Class I3 USD Monthly 9.88 0.00 0.00 9.89 9.23 - LU0764821012 - -
Class D2 Hedged SGD None 17.70 0.01 0.06 17.71 15.80 - LU0827887273 - -

Portfolio Managers

Portfolio Managers

James Keenan
James Keenan
David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Literature

Literature