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IMPORTANT:
• The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund may invest in non-investment grade and unrated bonds that may be subject to higher default, volatility and liquidity risks. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks.
• The Fund is subject to currency risk, foreign investments restrictions risk, liquidity risk, securities lending counterparty risk, currency conversion risk including Renminbi denominated Classes and contingent convertible bonds risk.
• Class 6 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Class 8 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion and include interest rate differentials arising from share class currency hedging. Negative interest rate differentials may decrease the dividends paid. Paying dividends gross of expenses may result in more income being available for distribution; however these shares may effectively pay dividends from capital –may amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex-dividend date.in an immediate reduction in the NAV price of the share class on the ex-dividend date.
• The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive. The Fund may suffer losses from its derivatives usage.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.
• The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund may invest in non-investment grade and unrated bonds that may be subject to higher default, volatility and liquidity risks. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks.
• The Fund is subject to currency risk, foreign investments restrictions risk, liquidity risk, securities lending counterparty risk, currency conversion risk including Renminbi denominated Classes and contingent convertible bonds risk.
• Class 6 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Class 8 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion and include interest rate differentials arising from share class currency hedging. Negative interest rate differentials may decrease the dividends paid. Paying dividends gross of expenses may result in more income being available for distribution; however these shares may effectively pay dividends from capital –may amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex-dividend date.in an immediate reduction in the NAV price of the share class on the ex-dividend date.
• The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive. The Fund may suffer losses from its derivatives usage.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.
Overview
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
Performance chart data not available for display.
Distributions
| Ex-Date | Distribution |
|---|
-
Returns
During this period performance was achieved under circumstances that no longer apply
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 5.63 | -1.68 | 12.58 | 7.34 | -7.06 | 12.20 | 6.04 | -2.97 | -16.77 | 15.31 |
| Benchmark (%) | 7.43 | 1.18 | 10.15 | 10.26 | -4.26 | 15.04 | 5.26 | -1.80 | -17.78 | 11.09 |
Past performance is not a guide to future performance. Investors may not get back the full amount invested.
If the share class of the fund has been launched for less than 5 years, please refer to the fund factsheet for the performance information calculated from the launch date to the end of launch year.
Performance is calculated based on the calendar year end, NAV-to-NAV with dividend reinvested.
These figures show by how much the Share Class of the Fund increased or decreased in value during the calendar year being shown. Performance is calculated in the relevant Share Class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.
Where no past performance is shown there was insufficient data available in that calendar year to provide performance.
Please refer to the Key Facts section on the right for the inception date of the Fund and the Share Class.
If the share class of the fund has been launched for less than 5 years, please refer to the fund factsheet for the performance information calculated from the launch date to the end of launch year.
Performance is calculated based on the calendar year end, NAV-to-NAV with dividend reinvested.
These figures show by how much the Share Class of the Fund increased or decreased in value during the calendar year being shown. Performance is calculated in the relevant Share Class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.
Where no past performance is shown there was insufficient data available in that calendar year to provide performance.
Please refer to the Key Facts section on the right for the inception date of the Fund and the Share Class.
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) | 18.73 | 0.82 | 1.88 | 2.70 | 3.72 |
| Benchmark (%) | 18.16 | -0.99 | 0.47 | 2.92 | - |
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 8.19 | -1.36 | 2.50 | 6.31 | 18.73 | 2.49 | 9.77 | 30.55 | 108.01 |
| Benchmark (%) | 6.78 | -1.72 | 2.42 | 6.86 | 18.16 | -2.93 | 2.35 | 33.40 | - |
Past performance is not a guide to future performance. Investors may not get back the full amount invested.
Performance is calculated based on the period NAV-to-NAV with dividend reinvested. Performance figures are calculated net of fees.
These figures show by how much the Share Class of the Fund increased or decreased in value during the period being shown. Performance is calculated in the relevant share class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.
Where no past performance is shown there was insufficient data available in that period to provide performance.
Please refer to the Key Facts section for the inception date of the Fund and the Share Class.
Performance is calculated based on the period NAV-to-NAV with dividend reinvested. Performance figures are calculated net of fees.
These figures show by how much the Share Class of the Fund increased or decreased in value during the period being shown. Performance is calculated in the relevant share class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.
Where no past performance is shown there was insufficient data available in that period to provide performance.
Please refer to the Key Facts section for the inception date of the Fund and the Share Class.
The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past
Share Class and Benchmark performance displayed in USD, 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 19-Nov-2024
USD 1,232,355,543
Fund Inception
01-Oct-2004
Fund Base Currency
USD
Benchmark
JP Morgan EMBI Global Diversified Index
Initial Charge
5.00%
ISIN
LU0200680782
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
MLEMUA3
SFC-authorised ESG fund
No
Share Class Inception Date
01-Oct-2004
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Management Fee
1.25%
Management Fee (incl Distribution Fee, if any)
1.25%
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B0346N3
For Fee details, please refer to the Fund Prospectus.
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 31-Oct-2024
281
Standard Deviation (3y)
as of 31-Oct-2024
11.93%
Yield to Maturity
as of 31-Oct-2024
6.82
Yield to Worst
as of 31-Oct-2024
6.81
Weighted Avg Maturity
as of 31-Oct-2024
9.70
12M Trailing Distribution
as of 31-Oct-2024
4.42%
3y Beta
as of 31-Oct-2024
1.032
Modified Duration
as of 31-Oct-2024
6.15 yrs
Effective Duration
as of 31-Oct-2024
6.18
WAL to Worst
as of 31-Oct-2024
9.70
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 21-Sept-2024
BB
MSCI ESG Quality Score (0-10)
as of 21-Sept-2024
3.83
Fund Lipper Global Classification
as of 21-Sept-2024
Bond Emerging Markets Global HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Sept-2024
800.65
MSCI ESG % Coverage
as of 21-Sept-2024
91.85
MSCI ESG Quality Score - Peer Percentile
as of 21-Sept-2024
18.18
Funds in Peer Group
as of 21-Sept-2024
418
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Sept-2024
15.75
All data is from MSCI ESG Fund Ratings as of 21-Sept-2024, based on holdings as of 30-Apr-2024. 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% (or 50% for bond funds and money market funds) 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.
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 31-Oct-2024
0.00%
MSCI - Nuclear Weapons
as of 31-Oct-2024
0.00%
MSCI - Civilian Firearms
as of 31-Oct-2024
0.00%
MSCI - Tobacco
as of 31-Oct-2024
0.00%
MSCI - UN Global Compact Violators
as of 31-Oct-2024
3.68%
MSCI - Thermal Coal
as of 31-Oct-2024
0.00%
MSCI - Oil Sands
as of 31-Oct-2024
0.00%
Business Involvement Coverage
as of 31-Oct-2024
13.97%
Percentage of Fund not covered
as of 31-Oct-2024
86.47%
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 0.12% 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
BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.
Ratings
Ratings
Holdings
Holdings
as of 31-Oct-2024
| Name | Weight (%) |
|---|---|
| PERU (REPUBLIC OF) 3 01/15/2034 | 1.33 |
| MDGH GMTN RSC LTD MTN RegS 5.875 05/01/2034 | 1.26 |
| MEXICO (UNITED MEXICAN STATES) (GO 4.875 05/19/2033 | 1.13 |
| TURKEY (REPUBLIC OF) 9.125 07/13/2030 | 1.07 |
| TURKEY (REPUBLIC OF) 7.625 04/26/2029 | 1.00 |
| Name | Weight (%) |
|---|---|
| GACI FIRST INVESTMENT CO MTN RegS 4.875 02/14/2035 | 0.98 |
| COLOMBIA (REPUBLIC OF) 7.5 02/02/2034 | 0.96 |
| DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 | 0.95 |
| PANAMA REPUBLIC OF (GOVERNMENT) 6.4 02/14/2035 | 0.90 |
| PETROLEOS MEXICANOS MTN 6.75 09/21/2047 | 0.89 |
The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.
Holdings subject to change.
Exposure Breakdowns
Exposure Breakdowns
Allocations are subject to change. Source: BlackRock
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.
Due to rounding, the total may not be equal to 100%
Due to rounding, the total may not be equal to 100%
Pricing & Exchange
Pricing & Exchange
| Share Class | Currency | NAV | NAV Amount Change | NAV % Change | NAV As Of | 52wk High | 52wk Low | ISIN |
|---|---|---|---|---|---|---|---|---|
| A3 | USD | 8.96 | -0.03 | -0.33 | 18-Nov-2024 | 9.21 | 8.19 | LU0200680782 |
| C1 | USD | 8.66 | -0.03 | -0.35 | 18-Nov-2024 | 8.91 | 7.91 | LU0200681327 |
| A6 Hedged | GBP | 6.98 | -0.02 | -0.29 | 18-Nov-2024 | 7.18 | 6.49 | LU1408527916 |
| A1 | USD | 8.65 | -0.04 | -0.46 | 18-Nov-2024 | 8.91 | 7.91 | LU0200680436 |
| A2 | EUR | 19.17 | 0.01 | 0.05 | 19-Nov-2024 | 19.30 | 16.17 | LU0200683885 |
| D3 | USD | 8.99 | -0.02 | -0.22 | 18-Nov-2024 | 9.23 | 8.21 | LU0827876821 |
| A2 Hedged | EUR | 16.04 | -0.05 | -0.31 | 18-Nov-2024 | 16.45 | 14.27 | LU0413376566 |
| D2 Hedged | EUR | 17.23 | -0.06 | -0.35 | 18-Nov-2024 | 17.66 | 15.23 | LU0827877399 |
| A3 | EUR | 8.48 | -0.06 | -0.70 | 18-Nov-2024 | 8.54 | 7.49 | LU0200684008 |
| C2 | USD | 15.75 | -0.05 | -0.32 | 18-Nov-2024 | 16.14 | 13.93 | LU0200681673 |
| A2 Hedged | GBP | 12.01 | -0.04 | -0.33 | 18-Nov-2024 | 12.29 | 10.55 | LU1057296771 |
| A8 Hedged | ZAR | 76.69 | -0.25 | -0.32 | 18-Nov-2024 | 78.92 | 70.73 | LU1109561420 |
| D2 | USD | 22.46 | -0.07 | -0.31 | 18-Nov-2024 | 22.96 | 19.50 | LU0297941386 |
| A8 Hedged | AUD | 6.80 | -0.02 | -0.29 | 18-Nov-2024 | 6.99 | 6.31 | LU0871639893 |
| D3 | EUR | 8.50 | -0.06 | -0.70 | 18-Nov-2024 | 8.56 | 7.50 | LU0827877126 |
| D2 | EUR | 21.25 | -0.15 | -0.70 | 18-Nov-2024 | 21.40 | 17.82 | LU0827877043 |
| A4 | EUR | 11.64 | -0.08 | -0.68 | 18-Nov-2024 | 11.72 | 10.25 | LU1072326561 |
| A8 Hedged | CNH | 83.48 | -0.30 | -0.36 | 18-Nov-2024 | 86.08 | 77.75 | LU1919856051 |
| A6 Hedged | HKD | 51.57 | -0.18 | -0.35 | 18-Nov-2024 | 53.17 | 48.24 | LU0764619960 |
| A6 | USD | 7.18 | 0.01 | 0.14 | 19-Nov-2024 | 7.38 | 6.63 | LU0764617162 |
| A1 | EUR | 8.19 | -0.06 | -0.73 | 18-Nov-2024 | 8.25 | 7.23 | LU0200683703 |
| A2 | USD | 20.25 | -0.07 | -0.34 | 18-Nov-2024 | 20.72 | 17.69 | LU0200680600 |
| A2 | CZK | 484.42 | -3.26 | -0.67 | 18-Nov-2024 | 488.87 | 396.17 | LU1791181735 |
| A8 Hedged | NZD | 7.58 | -0.03 | -0.39 | 18-Nov-2024 | 7.81 | 7.03 | LU1408528138 |
| A6 Hedged | CAD | 7.38 | -0.03 | -0.40 | 18-Nov-2024 | 7.61 | 6.89 | LU1408528054 |
Unless otherwise specified, all information as of the month end.
Portfolio Managers
Portfolio Managers
Michel Aubenas
Amer Bisat
