Fixed Income

BEHKX

BlackRock Sustainable Emerging Markets Bond Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y Incept.
-25.08 -6.53 -2.99 - -2.66
Benchmark (%) -24.28 -7.15 -2.62 - -2.19
Morningstar Category Avg. (%) -22.06 -5.84 -2.68 - -
Morningstar Ranking 203/271 154/249 118/217 - -
Morningstar Quartile 3 3 3 - -
Lipper Ranking 190/256 147/235 117/213 - -
Lipper Quartile 3 3 3 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-24.36 -6.60 -5.50 -25.08 -18.34 -14.06 - -13.01
Benchmark (%) -23.95 -6.36 -4.57 -24.28 -19.96 -12.42 - -10.85
Morningstar Category Avg. (%) -20.68 -5.60 -3.88 -22.06 -16.51 -12.70 - -
  2017 2018 2019 2020 2021
Total Return (%) - -5.76 14.16 7.17 -1.77
Benchmark (%) - -4.26 15.04 5.26 -1.80
Morningstar Category Avg. (%) - -4.93 12.59 5.09 -2.80
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

The Fund’s returns between September 17, 2018 and October 14, 2021 are the returns of the Fund when it followed a different investment objective and different investment strategies and investment process under the name “BlackRock Emerging Markets Bond Fund.” The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund, “BlackRock Emerging Markets Bond Fund”, that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization.

Key Facts

Key Facts

Size of Class (Millions) as of Dec 05, 2022 $18.0 M
Size of Fund (Millions) as of Dec 05, 2022 $18.2 M
Share Class launch date Jul 12, 2017
Asset Class Fixed Income
Morningstar Category Emerging Markets Bond
Lipper Classification Emerging Mkts Debt Funds
Benchmark Index JP Morgan EMBI Global Diversified Index
CUSIP 09260B853
Distribution Frequency None
Number of Holdings as of Nov 30, 2022 115
Max Offer Price as of Dec 05, 2022 $7.23
Open to New Investors Yes
Turnover Percent in the Annual Report 55%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Nov 30, 2022 0.15
R-Squared (3y) as of Nov 30, 2022 97.92
Beta (3y) as of Nov 30, 2022 1.11
30 Day SEC Yield as of Oct 31, 2022 7.80%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2022 4.43%
Yield to Maturity as of Nov 30, 2022 7.90%
Yield to Worst as of Nov 30, 2022 7.90%
Effective Duration as of Nov 30, 2022 5.37 yrs
Nominal WAL as of Nov 30, 2022 11.65 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 15.92%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -15.39%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more


This fund seeks to follow a sustainable, impact or ESG investment strategy, as disclosed in its prospectus. For more information regarding the fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of Sep 21, 2022 BB
MSCI ESG % Coverage as of Sep 21, 2022 87.39%
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 3.7
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 54.22%
Fund Lipper Global Classification as of Sep 21, 2022 Bond Emerging Markets Global HC
Funds in Peer Group as of Sep 21, 2022 415
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 902.49
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 3.14%
All data is from MSCI ESG Fund Ratings as of Sep 21, 2022, based on holdings as of Mar 31, 2022. 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 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.

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. 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 Nov 30, 2022 0.00%
MSCI - UN Global Compact Violators as of Nov 30, 2022 0.00%
MSCI - Nuclear Weapons as of Nov 30, 2022 0.00%
MSCI - Thermal Coal as of Nov 30, 2022 0.00%
MSCI - Civilian Firearms as of Nov 30, 2022 0.00%
MSCI - Oil Sands as of Nov 30, 2022 0.00%
MSCI - Tobacco as of Nov 30, 2022 0.00%

Business Involvement Coverage as of Nov 30, 2022 4.17%
Percentage of Fund not covered as of Nov 30, 2022 95.83%
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 0.00% 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 ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager 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, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.67%
Net Expense Ratio 0.59%

Net Expense Ratio excluding Investment Related Expenses is 0.59%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%

Ratings

Ratings

Lipper Leader

 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Oct 31, 2022 out of 235, 6,284, 235, 448 and 235 Funds, respectively in Lipper's Emerging Mkts Debt Funds classification.

Holdings

Holdings

as of Nov 30, 2022
Name Weight (%)
SOUTH AFRICA (REPUBLIC OF) 4.91
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 4.78
OMAN SULTANATE OF (GOVERNMENT) 4.50
COLOMBIA (REPUBLIC OF) 4.26
DOMINICAN REPUBLIC (GOVERNMENT) 4.12
Name Weight (%)
SAUDI ARABIA (KINGDOM OF) 3.81
EGYPT (ARAB REPUBLIC OF) 3.67
CHILE (REPUBLIC OF) 3.59
PANAMA REPUBLIC OF (GOVERNMENT) 3.53
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 3.36

Exposure Breakdowns

Exposure Breakdowns

as of Nov 30, 2022

% of Market Value

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as of Nov 30, 2022

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as of Nov 30, 2022

% of Market Value

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as of Nov 30, 2022

% of Market Value

Type Fund
Allocations subject to change.
as of Nov 30, 2022

% of Market Value

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as of Nov 30, 2022

% of Market Value

Type Fund
as of Nov 30, 2022

% of Market Value

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

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. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Michel Aubenas
Michel Aubenas
Amer Bisat
Emerging Markets Portfolio Manager

   

Pablo Goldberg
Portfolio Manager, Emerging Market Debt

    

Kirill Veretinskii
Kirill Veretinskii
Portfolio Manager

Literature

Literature

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