Fixed Income

BGF China 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. 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 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

Distributions

Record Date Ex-Date Payable Date
View full table
Returns not available as there is less than one year’s performance data.
Returns not available as there is less than one year’s performance data.
Returns not available as there is less than one year’s performance data.

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 CNH.

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 26-Nov-21 RMB 53,390.392
Number of Holdings as of 29-Oct-21 715
Base Currency China OffShore Renminbi
Fund Launch Date 11-Nov-11
Share Class launch date 03-Mar-21
Asset Class Fixed Income
Morningstar Category -
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 0.47%
ISIN LU2298320776
Bloomberg Ticker BGCBIHE
Annual Management Fee 0.40%
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL BMZ5LJ9
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 10,000,000.00
Minimum Subsequent Investment EUR 1,000.00
Use of Income Distributing

Sustainability Characteristics

Sustainability Characteristics

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. 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.

MSCI - Controversial Weapons as of 29-Oct-21 0.00%
MSCI - UN Global Compact Violators as of 29-Oct-21 0.00%
MSCI - Nuclear Weapons as of 29-Oct-21 0.00%
MSCI - Thermal Coal as of 29-Oct-21 0.56%
MSCI - Civilian Firearms as of 29-Oct-21 0.00%
MSCI - Oil Sands as of 29-Oct-21 0.00%
MSCI - Tobacco as of 29-Oct-21 0.00%

Business Involvement Coverage as of 29-Oct-21 51.09%
Percentage of Fund not covered as of 29-Oct-21 48.94%
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 1.03% and for Oil Sands 0.00%.

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 environmental, social and governance considerations across all steps of the investment process. In the initial idea generation and credit research process this includes an assessment of each company’s positive ESG attributes or material risks and the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, the Fund manager also reviews ESG aggregate portfolio metrics through BlackRock’s Aladdin system. The Fund manager also considers environmental, social and governance criteria during portfolio monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 29-Oct-21
Name Weight (%)
CHINA NATIONAL PETROLEUM CORP MTN 2.99 03/23/2025 2.23
CHINA CONSTRUCTION BANK CORP RegS 3.45 08/10/2031 2.17
CHINA DEVELOPMENT BANK 3.65 05/21/2029 1.70
CHINA DEVELOPMENT BANK 3.48 01/08/2029 1.61
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 11/16/2030 1.55
Name Weight (%)
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 01/21/2031 1.15
BANK OF CHINA LTD RegS 4.2 09/21/2030 0.94
CHINA DEVELOPMENT BANK 3.45 09/20/2029 0.90
BANK OF CHINA LTD RegS 4.15 03/19/2031 0.86
CHINA DEVELOPMENT BANK 3.07 03/10/2030 0.84
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Oct-21

% of Market Value

Type Fund
as of 29-Oct-21

% of Market Value

Type Fund
as of 29-Oct-21

% of Market Value

Type Fund
Allocations subject to change.
as of 29-Oct-21

% of Market Value

Type Fund
as of 29-Oct-21

% of Market Value

Type Fund
as of 29-Oct-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 I5 Hedged EUR Quarterly 9.37 -0.02 -0.21 10.00 9.18 - LU2298320776 - -
Class D6 Hedged USD Monthly 9.23 -0.01 -0.11 10.09 9.04 - LU2243824054 - -
Class SR4 Hedged GBP Annual 9.56 -0.02 -0.21 10.13 9.37 - LU2319961848 - -
Class I6 CNH Monthly 99.37 -0.18 -0.18 105.73 97.21 - LU1940842344 - -
Class A6 Hedged SGD Monthly 9.31 -0.01 -0.11 10.21 9.12 - LU1847653497 - -
Class SR2 Hedged USD - 9.72 -0.02 -0.21 10.14 9.52 - LU2319962069 - -
Class D2 Hedged EUR None 9.91 -0.02 -0.20 10.42 9.71 - LU2112292417 - -
Class I3 USD Monthly 10.77 -0.04 -0.37 11.28 10.55 - LU1648248299 - -
Class D2 EUR None 14.37 -0.15 -1.03 14.53 13.37 - LU2290526164 - -
Class A6 Hedged EUR Monthly 8.75 -0.02 -0.23 9.67 8.58 - LU1847653224 - -
Class A6 Hedged USD Monthly 9.35 -0.01 -0.11 10.26 9.16 - LU1847653141 - -
Class A6 Hedged GBP Monthly 9.07 -0.02 -0.22 9.97 8.89 - LU2077746779 - -
Class A2 EUR None 14.30 -0.15 -1.04 14.46 13.10 - LU2267099674 - -
Class A6 Hedged CAD Monthly 9.14 -0.02 -0.22 10.03 8.95 - LU2077746696 - -
Class A3 CNH Monthly 70.99 -0.13 -0.18 74.75 69.47 - LU0679941160 - -
Class A6 Hedged AUD Monthly 9.19 -0.02 -0.22 10.10 9.00 - LU1852331039 - -
Class I2 USD None 20.42 -0.07 -0.34 21.02 19.89 - LU1588882974 - -
Class A3 USD Monthly 11.10 -0.04 -0.36 11.62 10.87 - LU0679941673 - -
Class SR3 USD Monthly 9.88 -0.04 -0.40 10.35 9.68 - LU2319961921 - -
Class A2 CHF None 14.94 -0.21 -1.39 15.31 14.18 - LU0969580058 - -
Class I6 Hedged SGD Monthly 9.47 -0.02 -0.21 10.05 9.28 - LU2325727365 - -
Class I2 EUR - 18.08 -0.19 -1.04 18.28 16.49 - LU2011139461 - -
Class D6 Hedged SGD Monthly 9.46 -0.02 -0.21 10.05 9.27 - LU2325727282 - -
Class SR2 Hedged EUR - 9.67 -0.02 -0.21 10.11 9.48 - LU2319961764 - -
Class SR2 CNH - 98.94 -0.18 -0.18 102.41 96.80 - LU2319961681 - -
Class A6 Hedged NZD Monthly 9.14 -0.01 -0.11 10.02 8.95 - LU2077746340 - -
Class I2 Hedged EUR - 9.93 -0.01 -0.10 10.43 9.72 - LU2112292094 - -
Class D2 CNH None 103.83 -0.19 -0.18 107.47 101.58 - LU0827885731 - -
Class A2 Hedged USD None 10.27 -0.02 -0.19 10.76 10.06 - LU2070343392 - -
Class SR6 Hedged SGD - 9.86 -0.02 -0.20 10.01 9.66 - LU2391915415 - -
Class A2 Hedged JPY - 963.00 -1.00 -0.10 1,007.00 943.00 - LU2367605297 - -
Class A2 CNH None 103.30 -0.19 -0.18 107.01 101.08 - LU0679940949 - -
Class I2 Hedged USD - 10.12 -0.02 -0.20 10.57 9.92 - LU2112291955 - -
Class D2 USD None 16.23 -0.06 -0.37 16.72 15.83 - LU0719319435 - -
Class D4 Hedged GBP Annual 9.39 -0.01 -0.11 10.21 9.19 - LU2112292177 - -
Class SR6 Hedged USD - 9.86 -0.01 -0.10 10.01 9.66 - LU2391915761 - -
Class A3 HKD Monthly 86.54 -0.27 -0.31 90.18 84.68 - LU0690034276 - -
Class D2 Hedged USD None 10.10 -0.01 -0.10 10.55 9.89 - LU2112292250 - -
Class I4 Hedged GBP Annual 9.39 -0.02 -0.21 10.22 9.20 - LU2112291872 - -
Class A3 SGD Monthly 15.21 -0.02 -0.13 15.63 14.64 - LU2298379152 - -
Class A2 USD None 16.15 -0.05 -0.31 16.64 15.81 - LU0679941327 - -
Class SR6 Hedged HKD - 98.54 -0.18 -0.18 100.09 96.53 - LU2391915332 - -
Class I6 USD Hedged USD Monthly 9.73 -0.01 -0.10 10.61 9.53 - LU2134542930 - -
Class D6 CNH Monthly 95.32 -0.17 -0.18 101.31 93.26 - LU2243823916 - -
Class D3 USD Monthly 11.15 -0.04 -0.36 11.67 10.92 - LU0683067952 - -
Class SR6 Hedged EUR - 9.85 -0.02 -0.20 10.01 9.65 - LU2391915506 - -
Class SR2 USD - 15.46 -0.06 -0.39 15.61 15.15 - LU2391915928 - -
Class A6 CNH Monthly 99.29 -0.18 -0.18 106.21 97.16 - LU1852330734 - -
Class A6 Hedged HKD Monthly 91.72 -0.17 -0.19 100.78 89.87 - LU1963769176 - -
Class SR6 CNH - 99.00 -0.18 -0.18 100.11 96.85 - LU2391915688 - -

Portfolio Managers

Portfolio Managers

Artur Piasecki
Artur Piasecki
Eric Liu
Eric Liu
Suanjin Tan
Suanjin Tan
Yii Hui Wong
Yii Hui Wong

Literature

Literature