Fixed Income

BlackRock China Bond Fund

IMPORTANT:
• The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. 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 may invest in urban investment bonds issued by Chinese local government financing vehicles (“LGFVs”) that are subject to default risk of the LGFVs.
• The Fund is subject to restrictions and requirements applicable to the Renminbi Qualified Foreign Institutional Investor (“RQFII”) investments, which may adversely affect the fund’s value due to regulatory uncertainties. The Fund is subject to risks associated with investment in the China Interbank Bond Market.
• The Fund's investments are concentrated in People’s Republic of China (PRC). This may result in greater volatility than more broad-based investments. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks.
• The Fund is subject to PRC tax risks, currency risks, securities lending counterparty risks, foreign investments restrictions risks, currency control/ conversion risks and currency hedging risk.
Class 6 Shares and Class 10 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.
• 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

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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

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  2019 2020 2021 2022 2023
Total Return (%) 8.35 -6.59 -4.50
Benchmark (%) 12.06 -0.85 -3.88

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
8.45 -0.43 - - 1.00
Benchmark (%) 1.50 1.50 - - 1.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
7.86 1.18 2.92 3.62 8.45 -1.29 - - 3.94
Benchmark (%) 1.26 0.13 0.38 0.75 1.50 4.58 - - 5.97
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.

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 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

BlackRock China Bond Fund

Unleash the potential of China bonds
BlackRock China Bond Fund

Key Facts

Key Facts

Net Assets of Fund
as of 20-Nov-2024
RMB 17,715,288,351
Fund Inception
11-Nov-2011
Fund Base Currency
CNH
Benchmark
(USD)
Initial Charge
5.00%
ISIN
LU2267099674
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGBCBAE
SFC-authorised ESG fund
No
Share Class Inception Date
09-Dec-2020
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Management Fee
0.75%
Management Fee (incl Distribution Fee, if any)
0.75%
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BN7J5M7
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Oct-2024
411
3y Beta
as of -
-
Modified Duration
as of 31-Oct-2024
4.40 yrs
Effective Duration
as of 31-Oct-2024
2.27
WAL to Worst
as of 31-Oct-2024
4.14
Standard Deviation (3y)
as of 31-Oct-2024
6.02%
Yield to Maturity
as of 31-Oct-2024
5.43
Yield to Worst
as of 31-Oct-2024
5.41
Weighted Avg Maturity
as of 31-Oct-2024
4.14

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
BBB
MSCI ESG Quality Score (0-10)
as of 21-Sept-2024
4.43
Fund Lipper Global Classification
as of 21-Sept-2024
Bond Asia Pacific LC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Sept-2024
340.35
MSCI ESG % Coverage
as of 21-Sept-2024
65.83
MSCI ESG Quality Score - Peer Percentile
as of 21-Sept-2024
11.94
Funds in Peer Group
as of 21-Sept-2024
67
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Sept-2024
56.82
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
0.20%
MSCI - Thermal Coal
as of 31-Oct-2024
0.15%
MSCI - Oil Sands
as of 31-Oct-2024
0.00%

Business Involvement Coverage
as of 31-Oct-2024
49.27%
Percentage of Fund not covered
as of 31-Oct-2024
50.72%
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 1.84% 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

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-Oct-2024
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.12 06/25/2031 3.64
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 3.37
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.35 02/25/2034 1.92
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.79
MEITUAN RegS 4.625 10/02/2029 1.22
Name Weight (%)
INDUSTRIAL AND COMMERCIAL BANK OF RegS 2.25 05/17/2028 1.19
BANK OF CHINA LTD RegS 2.25 05/20/2028 1.13
DBS BANK CHINA LTD RegS 4.7 03/24/2031 1.13
HUAFA 2024 I COMPANY LTD RegS 6 12/31/2079 1.11
AGRICULTURAL BANK OF CHINA LTD RegS 2.24 08/30/2030 1.00
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

as of 31-Oct-2024

% of Weight

Type Fund
Allocations are subject to change. Source: BlackRock
as of 31-Oct-2024

% of Weight

Type Fund
as of 31-Oct-2024

% of Weight

Type Fund
as of 31-Oct-2024

% of Weight

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.
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
A2 EUR 13.92 0.03 0.22 20-Nov-2024 13.96 12.63 LU2267099674
D2 CNH 108.00 0.02 0.02 20-Nov-2024 108.31 100.61 LU0827885731
D2 Hedged SGD 10.79 0.00 0.00 20-Nov-2024 10.81 9.98 LU2631410243
A6 Hedged AUD 8.08 0.00 0.00 20-Nov-2024 8.10 7.83 LU1852331039
A6 Hedged NZD 8.29 0.00 0.00 20-Nov-2024 8.30 7.94 LU2077746340
A2 Hedged SGD 10.73 0.00 0.00 20-Nov-2024 10.76 9.96 LU2631410169
D2 Hedged EUR 10.09 0.00 0.00 20-Nov-2024 10.11 9.31 LU2112292417
A2 Hedged USD 10.95 0.00 0.00 20-Nov-2024 10.97 9.98 LU2070343392
A10 Hedged USD 10.27 0.00 0.00 20-Nov-2024 10.31 9.99 LU2708802587
D6 Hedged USD 8.48 0.00 0.00 20-Nov-2024 8.49 8.09 LU2243824054
A6 Hedged SGD 8.19 0.00 0.00 20-Nov-2024 8.22 7.99 LU1847653497
A6 Hedged CAD 8.18 0.00 0.00 20-Nov-2024 8.20 7.90 LU2077746696
A6 Hedged USD 8.51 0.00 0.00 20-Nov-2024 8.52 8.14 LU1847653141
A3 CNH 65.38 0.01 0.02 20-Nov-2024 65.63 63.39 LU0679941160
A8 Hedged USD 10.22 0.00 0.00 20-Nov-2024 10.25 9.91 LU2550100692
A6 Hedged EUR 7.51 0.00 0.00 20-Nov-2024 7.53 7.31 LU1847653224
A2 CHF 12.97 0.02 0.15 20-Nov-2024 13.07 11.80 LU0969580058
A8 Hedged HKD 101.83 0.00 0.00 20-Nov-2024 102.09 98.93 LU2550100429
A6 Hedged GBP 8.12 0.00 0.00 20-Nov-2024 8.13 7.80 LU2077746779
D6 Hedged SGD 8.44 0.00 0.00 20-Nov-2024 8.47 8.21 LU2325727282
D2 Hedged USD 10.88 0.00 0.00 20-Nov-2024 10.90 9.88 LU2112292250
D2 USD 14.89 -0.02 -0.13 20-Nov-2024 15.41 14.03 LU0719319435
D2 EUR 14.14 0.03 0.21 20-Nov-2024 14.18 12.79 LU2290526164
A3 SGD 12.11 0.02 0.17 20-Nov-2024 12.16 11.79 LU2298379152
D4 Hedged GBP 8.81 0.00 0.00 20-Nov-2024 8.96 8.34 LU2112292177
D6 CNH 84.73 0.02 0.02 20-Nov-2024 85.16 82.90 LU2243823916
A3 HKD 70.15 -0.11 -0.16 20-Nov-2024 73.05 68.82 LU0690034276
A3 USD 9.01 -0.02 -0.22 20-Nov-2024 9.39 8.82 LU0679941673
A2 CNH 106.34 0.02 0.02 20-Nov-2024 106.65 99.40 LU0679940949
A6 Hedged HKD 80.83 -0.01 -0.01 20-Nov-2024 81.03 78.33 LU1963769176
D3 USD 9.05 -0.02 -0.22 20-Nov-2024 9.43 8.86 LU0683067952
A6 CNH 87.23 0.01 0.01 20-Nov-2024 87.71 85.58 LU1852330734
A2 USD 14.66 -0.02 -0.14 20-Nov-2024 15.18 13.85 LU0679941327
A2 Hedged JPY 904.00 0.00 0.00 20-Nov-2024 907.00 871.00 LU2367605297
C2 USD 12.47 -0.03 -0.24 20-Nov-2024 12.94 11.93 LU0683062482
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Documents

Documents