Fixed Income

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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 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 invests in fixed interest securities issued by companies. There is a risk of default where the issuing company may not pay income or repay capital to the Fund when due.

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

  From
31-Mar-2015
To
31-Mar-2016
From
31-Mar-2016
To
31-Mar-2017
From
31-Mar-2017
To
31-Mar-2018
From
31-Mar-2018
To
31-Mar-2019
From
31-Mar-2019
To
31-Mar-2020
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of 31-Mar-20

0.59 10.36 1.79 4.03 0.86
Benchmark (%) Index: iBoxx Sterling Non-Gilts Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

as of 31-Mar-20

0.45 9.24 1.26 3.68 1.45

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 GBP, hedged Share Class Benchmark performance is displayed in GBP.

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

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 29-May-20 GBP 784.769
Price Yield as of 29-May-20 2.33
Base Currency British Pound
Fund Launch Date 25-Jan-02
Share Class launch date 25-Jan-02
Asset Class Fixed Income
Benchmark Index iBoxx Sterling Non-Gilts Index
Investment Association Category -
Domicile United Kingdom
Regulatory Structure UCITS
Management Company BlackRock Fund Managers Ltd
ISIN GB0091280254
Bloomberg Ticker BRASCAI
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL 9128025
Bloomberg Benchmark Ticker -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment GBP 5000
Minimum Subsequent Investment GBP 100
Use of Income Distributing

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, material 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 Fund Ratings and, unless otherwise stated in Fund documentation and included within a Fund’s investment objective, ESG integration does not change a Fund’s investment objective or constrain the Investment Manager’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 Sustainability Characteristics, using links below.

MSCI ESG Quality Score - Peer Percentile The fund’s ESG Percentile compared to its Lipper peer group. as of 01-May-20 32.77
Fund Lipper Global Classification The fund peer group as defined by the Lipper Global Classification. as of 01-May-20 Bond GBP Corporates
All data is from MSCI ESG Fund Ratings as of 01-May-20, based on holdings as of 30-Nov-19. As such, the funds sustainable characteristics may differ from MSCI ESG ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s underlying holdings (excluding cash positions) must be covered by MSCI ESG Research, 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.


Transparency on Business Involvement metrics is not indicative of a fund’s investment objective, and, unless otherwise stated in Fund documentation and included within a Fund’s investment objective, ESG integration does not change a Fund’s investment objective or constrain the Investment Manager’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.


Business Involvement metrics are calculated using MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this research 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.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 30-Apr-20
Name Weight (%)
UK CONV GILT 4.25 12/07/2040 2.39
UK CONV GILT 1.75 09/07/2037 1.52
INNOGY FINANCE BV MTN RegS 6.25 06/03/2030 1.30
WESTERN POWER DISTRIBUTION PLC RegS 3.625 11/06/2023 1.26
SCOTTISH & SOUTHERN ENERGY PLC MTN RegS 8.375 11/20/2028 1.15
Name Weight (%)
LVMH MOET HENNESSY LOUIS VUITTON S RegS 1 02/11/2023 1.15
UK CONV GILT 6 12/07/2028 1.00
WELLS FARGO & COMPANY MTN RegS 2.125 12/20/2023 0.95
IMPERIAL BRANDS FINANCE PLC MTN RegS 5.5 09/28/2026 0.90
COVENTRY BUILDING SOCIETY MTN RegS 1.5 01/23/2023 0.88
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Apr-20

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-20

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-20

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Apr-20

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-20

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-20

% 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 TIS
Bond A GBP Daily 1.29 0.00 0.16 1.32 1.15 1.28 GB0091280254 -
Bond B GBP Daily 1.28 0.00 0.16 1.30 1.14 1.27 GB0091280262 -
Class B GBP None 1.12 0.00 0.09 1.14 1.00 1.11 GB009A1WJYY1 -
Class A GBP None 1.52 0.00 0.13 1.54 1.35 1.51 GB009A1WJWP3 -

Portfolio Managers

Portfolio Managers

Simon Blundell

Managing Director, is Head of Sterling Bond Portfolios within BlackRock's Fundamental Fixed Income.

 

Prior to joining BlackRock in 2011, Mr. Blundell was Head of Institutional Credit Portfolio Management at Aviva Investors where he oversaw 9 billion in assets across Euro, Sterling, and Global credit and aggregate products. Prior to joining Aviva in 2009, Mr. Blundell spent 10 years at ABN AMRO Asset Management (later acquired by Fortis Investments where he stayed on for a year), most recently as Head of Credit. He previously held positions at HSBC Asset Management and Morgan Grenfell Asset Management.

Ben Edwards

Ben Edwards, CFA, Managing Director, is a Portfolio Manager in the Sterling Bond Portfolio team within BlackRock's Global Fixed Income Group. Mr. Edwards is the lead fund manager of the BlackRock Corporate Bond Fund and co-manager of the BlackRock Sterling Strategic Bond Fund.

David Curtin
David Curtin
Robert Ryan
Robert Ryan
Demi Budwig
Demi Budwig

Literature

Literature