Fixed Income

BEHIX

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.
-6.23 0.62 - - 1.07
Benchmark (%) -7.44 0.01 - - 1.15
Morningstar Category Avg. (%) -12.96 -1.43 - - -
Morningstar Ranking 181/279 131/262 - - -
Morningstar Quartile 3 3 - - -
Lipper Ranking 72/267 105/250 - - -
Lipper Quartile 2 2 - - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-8.30 1.38 -8.30 -6.23 1.87 - - 5.08
Benchmark (%) -10.02 -0.90 -10.02 -7.44 0.04 - - 5.48
Morningstar Category Avg. (%) -11.97 -4.13 -9.96 -12.96 0.28 - - -
  2017 2018 2019 2020 2021
Total Return (%) - -5.84 14.06 7.09 -1.86
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 prior to September 17, 2018 are the returns of a predecessor 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. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

Key Facts

Key Facts

Size of Class (Millions) as of Jun 24, 2022 $0.2 M
Size of Fund (Millions) as of Jun 24, 2022 $18.3 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 JPM EMBI Global Diversified Index
CUSIP 09260B861
Distribution Frequency None
Number of Holdings as of May 31, 2022 114
Max Offer Price as of Jun 24, 2022 $7.26
Open to New Investors Yes
Turnover Percent in the Annual Report 55%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of May 31, 2022 0.09
R-Squared (3y) as of May 31, 2022 96.47
Beta (3y) as of May 31, 2022 1.08
30 Day SEC Yield as of May 31, 2022 6.25%
Unsubsidized 30-Day SEC Yield as of May 31, 2022 4.10%
Yield to Maturity as of May 31, 2022 7.56%
Yield to Worst as of May 31, 2022 7.56%
Nominal WAL as of May 31, 2022 11.44 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 15.90%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -15.41%
Modified Duration 6.86 yrs
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.


The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics 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 methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of May 06, 2022 BB
MSCI ESG % Coverage as of May 06, 2022 83.96%
MSCI ESG Quality Score (0-10) as of May 06, 2022 3.2
MSCI ESG Quality Score - Peer Percentile as of May 06, 2022 45.15%
Fund Lipper Global Classification as of May 06, 2022 Bond Emerging Markets Global HC
Funds in Peer Group as of May 06, 2022 423
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of May 06, 2022 529.61
MSCI Weighted Average Carbon Intensity % Coverage as of May 06, 2022 3.41%
All data is from MSCI ESG Fund Ratings as of May 06, 2022, based on holdings as of Oct 31, 2021. 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, 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 May 31, 2022 0.00%
MSCI - UN Global Compact Violators as of May 31, 2022 0.00%
MSCI - Nuclear Weapons as of May 31, 2022 0.00%
MSCI - Thermal Coal as of May 31, 2022 0.00%
MSCI - Civilian Firearms as of May 31, 2022 0.00%
MSCI - Oil Sands as of May 31, 2022 0.00%
MSCI - Tobacco as of May 31, 2022 0.00%

Business Involvement Coverage as of May 31, 2022 4.48%
Percentage of Fund not covered as of May 31, 2022 95.52%
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 1.63%
Net Expense Ratio 0.68%

Net Expense Ratio excluding Investment Related Expenses is 0.68%

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

Ratings

Ratings

Holdings

Holdings

as of May 31, 2022
Name Weight (%)
OMAN SULTANATE OF (GOVERNMENT) 5.29
DOMINICAN REPUBLIC (GOVERNMENT) 4.02
SAUDI ARABIA (KINGDOM OF) 3.83
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 3.80
SOUTH AFRICA (REPUBLIC OF) 3.79
Name Weight (%)
GHANA (REPUBLIC OF) 3.77
PANAMA REPUBLIC OF (GOVERNMENT) 3.76
EGYPT (ARAB REPUBLIC OF) 3.61
COLOMBIA (REPUBLIC OF) 3.59
CHILE (REPUBLIC OF) 3.55

Exposure Breakdowns

Exposure Breakdowns

as of May 31, 2022

% of Market Value

Type Fund
as of May 31, 2022

% of Market Value

Type Fund
as of May 31, 2022

% of Market Value

Type Fund
as of May 31, 2022

% of Market Value

Type Fund
Allocations subject to change.
as of May 31, 2022

% of Market Value

Type Fund
as of May 31, 2022

% of Market Value

Type Fund
as of May 31, 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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