Fixed Income

BGF Fixed Income Global Opportunities 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 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

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Performance

Performance

Chart

Performance chart data not available for display.
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Distributions

Record Date Ex-Date Payable Date
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Missing calendar year returns data
  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
From
30-Jun-2021
To
30-Jun-2022
Total Return (%)

as of 30-Jun-22

0.04 2.86 1.11 6.01 -6.28
  1y 3y 5y 10y Incept.
-5.03 0.46 0.81 - 1.31
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-4.58 1.33 -0.87 -3.58 -5.03 1.38 4.13 - 9.35

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 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 12-Aug-22 USD 9,258,124,173
Share Class launch date 23-Sep-15
Fund Launch Date 31-Jan-07
Share Class Currency GBP
Fund Base Currency USD
Asset Class Fixed Income
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 0.71%
Annual Management Fee 0.50%
Performance Fee 0.00%
Minimum Initial Investment GBP 100,000.00
Minimum Subsequent Investment -
Distribution Frequency Annual
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Flexible Bond - GBP Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGFID4G
ISIN LU1294567364
SEDOL BYRJS14

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 29-Jul-22 3096
12m Trailing Yield as of 31-Jul-22 2.13
Standard Deviation (3y) as of 31-Jul-22 5.83%
Yield to Maturity as of 29-Jul-22 3.79
Modified Duration as of 29-Jul-22 2.36
Weighted Average YTM as of 29-Jul-22 3.67%
Effective Duration as of 29-Jul-22 1.89
Weighted Avg Maturity as of 29-Jul-22 5.70
WAL to Worst as of 29-Jul-22 5.70

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

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Fixed Income Global Opportunities Fund, Class D4 Hedged, as of 31-Jul-22 rated against 569 Global Flexible Bond - GBP Hedged Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective 15-Mar-22)

Holdings

Holdings

as of 29-Jul-22
Name Weight (%)
TREASURY NOTE 1.25 11/30/2026 10.96
TREASURY NOTE 2.875 05/15/2032 5.00
TREASURY BOND 2.875 05/15/2052 2.71
TREASURY (CPI) NOTE 0.125 04/15/2027 2.50
FHLMC 30YR UMBS 1.83
Name Weight (%)
FNMA 30YR 2019 PRODUCTION 1.79
FNMA 30YR 2018 PRODUCTION 1.75
TREASURY (CPI) NOTE 0.5 04/15/2024 1.23
TREASURY NOTE 2.625 05/31/2027 1.21
TREASURY (CPI) NOTE 0.125 04/15/2026 0.95
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Jul-22

% of Market Value

Type Fund
Negative weightings may result from specific circumstances (including timing differences between trade and settlement 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.
as of 29-Jul-22

% of Market Value

Type Fund
as of 29-Jul-22

% of Market Value

Type Fund
Allocations subject to change.
as of 29-Jul-22

% of Market Value

Type Fund
as of 29-Jul-22

% of Market Value

Type Fund
as of 29-Jul-22

% 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

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class D4 Hedged GBP Annual 4.59 0.00 0.00 12-Aug-22 4.94 4.51 LU1294567364 -
Class I3 Hedged CAD Monthly 9.38 0.00 0.00 12-Aug-22 10.05 9.24 LU1234671672 -
Class D5 USD Quarterly 10.43 0.00 0.00 12-Aug-22 11.16 10.25 LU0737136415 -
Class A5 USD Quarterly 9.92 -0.01 -0.10 12-Aug-22 10.62 9.75 LU0280465617 -
Class D4 Hedged EUR Annual 8.90 -0.01 -0.11 12-Aug-22 9.67 8.77 LU1340096590 -
Class D2 Hedged PLN None 17.17 -0.01 -0.06 12-Aug-22 17.70 16.79 LU0827879684 -
Class D4 EUR Annual 13.08 0.11 0.85 12-Aug-22 13.25 11.88 LU1085283973 -
Class I2 Hedged JPY None 1,096.00 0.00 0.00 12-Aug-22 1,162.00 1,080.00 LU1005243172 -
Class I5 Hedged JPY Quarterly 913.00 0.00 0.00 12-Aug-22 986.00 899.00 LU1791183194 -
Class A5 Hedged EUR Quarterly 6.44 0.00 0.00 12-Aug-22 6.99 6.35 LU0280467159 -
Class A2 Hedged EUR None 9.75 0.00 0.00 12-Aug-22 10.44 9.61 LU0278453476 -
Class I2 Hedged CHF None 11.31 -0.01 -0.09 12-Aug-22 12.05 11.14 LU1270847004 -
Class A2 Hedged SGD None 21.31 -0.01 -0.05 12-Aug-22 22.54 20.96 LU0278465488 -
Class A5 Hedged SGD Quarterly 14.12 0.00 0.00 12-Aug-22 15.12 13.88 LU0280468637 -
Class I2 Hedged EUR None 10.86 0.00 0.00 12-Aug-22 11.56 10.70 LU0368231436 -
Class A2 Hedged JPY None 1,035.00 0.00 0.00 12-Aug-22 1,104.00 1,020.00 LU1005243099 -
Class D4 Hedged CAD Annual 9.64 -0.01 -0.10 12-Aug-22 10.35 9.48 LU1270847186 -
Class A2 Hedged PLN None 16.34 -0.01 -0.06 12-Aug-22 16.93 15.99 LU0480534915 -
Class I2 Hedged AUD - 10.59 0.00 0.00 12-Aug-22 11.18 10.41 LU1786038098 -
Class D2 Hedged EUR None 10.49 0.00 0.00 12-Aug-22 11.18 10.34 LU0278456651 -
Class A2 USD None 14.96 0.00 0.00 12-Aug-22 15.80 14.70 LU0278466700 -
Class D5 Hedged CHF Quarterly 8.73 0.00 0.00 12-Aug-22 9.48 8.60 LU1681056062 -
Class D5 Hedged EUR Quarterly 6.46 0.00 0.00 12-Aug-22 7.01 6.36 LU0827879841 -
Class S5 USD Quarterly 9.99 0.00 0.00 12-Aug-22 10.69 9.81 LU1992159068 -
Class A2 Hedged GBP None 10.47 0.00 0.00 12-Aug-22 11.10 10.30 LU1181257202 -
Class A6 USD Monthly 11.32 -0.01 -0.09 12-Aug-22 12.31 11.16 LU1051767835 -
Class D2 Hedged SGD None 22.38 0.00 0.00 12-Aug-22 23.56 21.99 LU0827879767 -
Class D2 USD None 15.69 0.00 0.00 12-Aug-22 16.50 15.41 LU0278469043 -
Class A1 EUR Monthly 9.65 0.08 0.84 12-Aug-22 9.80 8.92 LU1005244220 -
Class A8 Hedged CNH Monthly 90.85 -0.03 -0.03 12-Aug-22 98.82 89.69 LU1165523371 -
Class D2 Hedged GBP None 11.49 -0.01 -0.09 12-Aug-22 12.13 11.30 LU0278463947 -
Class I5 JPY Quarterly 1,298.00 15.00 1.17 12-Aug-22 1,329.00 1,127.00 LU1926936912 -
Class S2 Hedged EUR - 10.13 -0.01 -0.10 12-Aug-22 10.79 9.98 LU1992159654 -
Class A1 USD Monthly 9.91 -0.01 -0.10 12-Aug-22 10.60 9.77 LU1003076855 -
Class A3 USD Monthly 9.91 -0.01 -0.10 12-Aug-22 10.60 9.76 LU1003076939 -
Class I2 USD None 12.53 -0.01 -0.08 12-Aug-22 13.17 12.31 LU0986736956 -
Class A2 EUR None 14.56 0.12 0.83 12-Aug-22 14.76 13.29 LU1005243255 -
Class S2 Hedged CHF - 10.06 0.00 0.00 12-Aug-22 10.73 9.91 LU1992159902 -
Class I2 Hedged GBP None 11.64 -0.01 -0.09 12-Aug-22 12.27 11.45 LU0999670564 -
Class D2 EUR None 15.27 0.12 0.79 12-Aug-22 15.48 13.87 LU1005243503 -
Class A3 EUR Monthly 9.65 0.08 0.84 12-Aug-22 9.80 8.91 LU1005243339 -
Class S4 Hedged EUR Annual 9.59 -0.01 -0.10 12-Aug-22 10.43 9.45 LU1992161049 -
Class A4 Hedged EUR Annual 8.87 0.00 0.00 12-Aug-22 9.63 8.74 LU0973708182 -
Class S2 USD - 10.69 0.00 0.00 12-Aug-22 11.23 10.50 LU1992160157 -
Class I5 USD Quarterly 9.71 0.00 0.00 12-Aug-22 10.39 9.54 LU1083819141 -
Class A2 Hedged SEK None 100.22 -0.01 -0.01 12-Aug-22 106.92 98.71 LU1121320748 -
Class D2 Hedged CHF None 10.56 -0.01 -0.09 12-Aug-22 11.27 10.41 LU0972027022 -
Class A6 Hedged HKD Monthly 84.85 -0.03 -0.04 12-Aug-22 92.69 83.76 LU1051769021 -
Class I5 GBP Hedged GBP Quarterly 9.62 0.00 0.00 12-Aug-22 10.33 9.46 LU1877503935 -
Class A2 Hedged CHF None 9.70 0.00 0.00 12-Aug-22 10.40 9.56 LU1121327164 -
Class I5 Hedged EUR Quarterly 8.56 0.00 0.00 12-Aug-22 9.28 8.43 LU1129992308 -
Class A8 Hedged AUD Monthly 8.60 0.00 0.00 12-Aug-22 9.37 8.48 LU1165522480 -
Class A4 USD Annual 9.88 0.00 0.00 12-Aug-22 10.59 9.71 LU1153584997 -

Portfolio Managers

Portfolio Managers

Rick Rieder
Portfolio Manager, BlackRock’s Green Bond Mandates

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income.

Aidan Doyle
CFA, Director

Aidan Doyle, CFA, Director, is a portfolio manager within the Global Bond Team.

Bob Miller
Managing Director

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.

Literature

Literature