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 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 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
Performance
Performance
Chart
Distributions
| Record Date | Ex-Date | Payable Date |
|---|
-
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 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
Sustainability Characteristics
Sustainability Characteristics
To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities with ESG coverage 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. MSCI Ratings are currently unavailable for this fund.
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.
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 combination with other information in the research and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion 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
Ratings
Ratings
Morningstar Analyst Rating
Holdings
Holdings
| Name | Weight (%) |
|---|---|
| TREASURY NOTE 1.25 11/30/2026 | 9.73 |
| FNMA 30YR 2019 PRODUCTION | 5.08 |
| FNMA 30YR 2018 PRODUCTION | 1.68 |
| FHLMC 30YR UMBS SUPER | 1.64 |
| TREASURY (CPI) NOTE 0.5 04/15/2024 | 1.10 |
| Name | Weight (%) |
|---|---|
| FHLMC 30YR UMBS | 1.00 |
| TREASURY (CPI) NOTE 0.125 04/15/2026 | 0.84 |
| FNMA 30YR 3% MLB 110K 2021 | 0.44 |
| TREASURY NOTE 0.625 05/15/2030 | 0.43 |
| TREASURY NOTE 1.25 12/31/2026 | 0.42 |
Exposure Breakdowns
Exposure Breakdowns
% of Market Value
Pricing & Exchange
| Investor Class | Currency | Distribution Frequency | NAV | NAV Amount Change | NAV % Change | 52wk High | 52wk Low | Bid Price | ISIN | Offer Price | TIS |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Class D4 | EUR | Annual | 12.69 | -0.06 | -0.47 | 12.94 | 11.66 | - | LU1085283973 | - | - |
| Class A5 Hedged | SGD | Quarterly | 14.16 | -0.01 | -0.07 | 15.14 | 14.16 | - | LU0280468637 | - | - |
| Class D4 Hedged | EUR | Annual | 8.93 | -0.01 | -0.11 | 9.67 | 8.93 | - | LU1340096590 | - | - |
| Class I5 Hedged | JPY | Quarterly | 920.00 | -1.00 | -0.11 | 989.00 | 920.00 | - | LU1791183194 | - | - |
| Class I2 Hedged | JPY | None | 1,099.00 | 0.00 | 0.00 | 1,162.00 | 1,099.00 | - | LU1005243172 | - | - |
| Class I2 Hedged | EUR | None | 10.89 | -0.01 | -0.09 | 11.56 | 10.89 | - | LU0368231436 | - | - |
| Class D2 | USD | None | 15.65 | -0.01 | -0.06 | 16.50 | 15.65 | - | LU0278469043 | - | - |
| Class D5 Hedged | CHF | Quarterly | 8.80 | -0.01 | -0.11 | 9.52 | 8.80 | - | LU1681056062 | - | - |
| Class A2 Hedged | JPY | None | 1,039.00 | -1.00 | -0.10 | 1,104.00 | 1,039.00 | - | LU1005243099 | - | - |
| Class A6 | USD | Monthly | 11.39 | -0.01 | -0.09 | 12.36 | 11.39 | - | LU1051767835 | - | - |
| Class I2 Hedged | CHF | None | 11.35 | 0.00 | 0.00 | 12.05 | 11.35 | - | LU1270847004 | - | - |
| Class I2 Hedged | AUD | - | 10.59 | 0.00 | 0.00 | 11.18 | 10.59 | - | LU1786038098 | - | - |
| Class D2 Hedged | GBP | None | 11.49 | 0.00 | 0.00 | 12.13 | 11.49 | - | LU0278463947 | - | - |
| Class A2 Hedged | SGD | None | 21.30 | -0.01 | -0.05 | 22.54 | 21.30 | - | LU0278465488 | - | - |
| Class D5 Hedged | EUR | Quarterly | 6.51 | -0.01 | -0.15 | 7.03 | 6.51 | - | LU0827879841 | - | - |
| Class D2 Hedged | SGD | None | 22.34 | -0.01 | -0.04 | 23.56 | 22.34 | - | LU0827879767 | - | - |
| Class D5 | USD | Quarterly | 10.46 | 0.00 | 0.00 | 11.18 | 10.46 | - | LU0737136415 | - | - |
| Class A2 Hedged | GBP | None | 10.48 | 0.00 | 0.00 | 11.10 | 10.48 | - | LU1181257202 | - | - |
| Class I3 Hedged | CAD | Monthly | 9.42 | -0.01 | -0.11 | 10.07 | 9.42 | - | LU1234671672 | - | - |
| Class S5 | USD | Quarterly | 10.02 | 0.00 | 0.00 | 10.71 | 10.02 | - | LU1992159068 | - | - |
| Class I5 | JPY | Quarterly | 1,239.00 | -14.00 | -1.12 | 1,284.00 | 1,123.00 | - | LU1926936912 | - | - |
| Class A3 | EUR | Monthly | 9.42 | -0.04 | -0.42 | 9.60 | 8.62 | - | LU1005243339 | - | - |
| Class I2 | USD | None | 12.50 | -0.01 | -0.08 | 13.17 | 12.50 | - | LU0986736956 | - | - |
| Class A3 | USD | Monthly | 9.95 | 0.00 | 0.00 | 10.62 | 9.95 | - | LU1003076939 | - | - |
| Class I2 Hedged | GBP | None | 11.63 | -0.01 | -0.09 | 12.27 | 11.63 | - | LU0999670564 | - | - |
| Class D4 Hedged | GBP | Annual | 4.59 | 0.00 | 0.00 | 4.94 | 4.59 | - | LU1294567364 | - | - |
| Class A2 | EUR | None | 14.15 | -0.06 | -0.42 | 14.42 | 12.80 | - | LU1005243255 | - | - |
| Class S2 Hedged | CHF | - | 10.09 | -0.01 | -0.10 | 10.73 | 10.09 | - | LU1992159902 | - | - |
| Class A4 Hedged | EUR | Annual | 8.90 | -0.01 | -0.11 | 9.64 | 8.90 | - | LU0973708182 | - | - |
| Class A2 Hedged | PLN | None | 16.18 | 0.00 | 0.00 | 16.93 | 16.16 | - | LU0480534915 | - | - |
| Class D2 Hedged | CHF | None | 10.60 | -0.01 | -0.09 | 11.27 | 10.60 | - | LU0972027022 | - | - |
| Class A6 Hedged | HKD | Monthly | 85.63 | -0.06 | -0.07 | 93.15 | 85.63 | - | LU1051769021 | - | - |
| Class I5 | USD | Quarterly | 9.74 | 0.00 | 0.00 | 10.41 | 9.74 | - | LU1083819141 | - | - |
| Class S2 | USD | - | 10.66 | -0.01 | -0.09 | 11.23 | 10.66 | - | LU1992160157 | - | - |
| Class A2 Hedged | SEK | None | 100.51 | -0.07 | -0.07 | 106.92 | 100.51 | - | LU1121320748 | - | - |
| Class D4 Hedged | CAD | Annual | 9.63 | 0.00 | 0.00 | 10.35 | 9.63 | - | LU1270847186 | - | - |
| Class S4 Hedged | EUR | Annual | 9.62 | -0.01 | -0.10 | 10.43 | 9.62 | - | LU1992161049 | - | - |
| Class I5 Hedged | EUR | Quarterly | 8.63 | -0.01 | -0.12 | 9.32 | 8.63 | - | LU1129992308 | - | - |
| Class A5 Hedged | EUR | Quarterly | 6.49 | -0.01 | -0.15 | 7.01 | 6.49 | - | LU0280467159 | - | - |
| Class D2 Hedged | PLN | None | 16.97 | -0.01 | -0.06 | 17.70 | 16.95 | - | LU0827879684 | - | - |
| Class A2 | USD | None | 14.94 | -0.01 | -0.07 | 15.80 | 14.94 | - | LU0278466700 | - | - |
| Class A2 Hedged | EUR | None | 9.79 | -0.01 | -0.10 | 10.44 | 9.79 | - | LU0278453476 | - | - |
| Class A5 | USD | Quarterly | 9.95 | 0.00 | 0.00 | 10.64 | 9.95 | - | LU0280465617 | - | - |
| Class D2 Hedged | EUR | None | 10.53 | 0.00 | 0.00 | 11.18 | 10.53 | - | LU0278456651 | - | - |
| Class A2 Hedged | CHF | None | 9.74 | -0.01 | -0.10 | 10.41 | 9.74 | - | LU1121327164 | - | - |
| Class I5 GBP Hedged | GBP | Quarterly | 9.66 | -0.01 | -0.10 | 10.35 | 9.66 | - | LU1877503935 | - | - |
| Class D2 | EUR | None | 14.82 | -0.07 | -0.47 | 15.11 | 13.34 | - | LU1005243503 | - | - |
| Class A1 | EUR | Monthly | 9.42 | -0.04 | -0.42 | 9.60 | 8.62 | - | LU1005244220 | - | - |
| Class A1 | USD | Monthly | 9.95 | 0.00 | 0.00 | 10.62 | 9.95 | - | LU1003076855 | - | - |
| Class A8 Hedged | CNH | Monthly | 91.71 | -0.04 | -0.04 | 99.07 | 91.69 | - | LU1165523371 | - | - |
| Class S2 Hedged | EUR | - | 10.16 | -0.01 | -0.10 | 10.79 | 10.16 | - | LU1992159654 | - | - |
| Class A4 | USD | Annual | 9.87 | 0.00 | 0.00 | 10.59 | 9.87 | - | LU1153584997 | - | - |
| Class A8 Hedged | AUD | Monthly | 8.66 | -0.01 | -0.12 | 9.41 | 8.66 | - | LU1165522480 | - | - |
Portfolio Managers
Portfolio Managers
Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income.
Aidan Doyle, CFA, Director, is a portfolio manager within the Global Bond Team.
Bob Miller, Managing Director, is head of Americas Fundamental Fixed Income within BlackRock's Global Fixed Income group and a member of the Global Fixed Income Executive Committee.
