Fixed Income

BGF US Dollar High Yield 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.

Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

Chart

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Chart
Bar chart with 2 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Range: -20 to 20.
End of interactive chart.
During this period performance was achieved under circumstances that no longer apply
*On 30-Aug-22, the Fund changed its name and/or investment objective and policy..
  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total Return (%) -4.33 13.42 6.41 -4.32 13.47 4.76 4.23 -12.49 10.58 5.49
Constraint Benchmark 1 (%) -4.43 17.13 7.50 -2.08 14.32 7.05 5.26 -11.18 13.44 8.19

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

  1y 3y 5y 10y Incept.
5.49 0.69 2.20 3.40 3.96
Constraint Benchmark 1 (%)

as of 31-Dec-24

8.19 2.92 4.20 5.16 5.64
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
5.49 -0.58 -0.47 3.39 5.49 2.09 11.48 39.74 70.90
Constraint Benchmark 1 (%)

as of 31-Dec-24

8.19 -0.43 0.17 5.47 8.19 9.01 22.84 65.46 113.23
  From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
From
31-Dec-2022
To
31-Dec-2023
From
31-Dec-2023
To
31-Dec-2024
Total Return (%)

as of 31-Dec-24

4.76 4.23 -12.49 10.58 5.49
Constraint Benchmark 1 (%)

as of 31-Dec-24

7.05 5.26 -11.18 13.44 8.19

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 SGD, 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 17-Jan-25
USD 2,468,622,474
Fund Launch Date
29-Oct-93
Base Currency
USD
Constraint Benchmark 1
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Initial Charge
5.00%
Management Fee
1.25%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGUA2SH
Inception Date
09-Mar-11
Share Class Currency
SGD
Asset Class
Fixed Income
SFDR Classification
Article 8
Ongoing Charges Figures
1.44%
ISIN
LU0578945809
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B3SB629

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Dec-24
1173
3y Beta
as of 31-Dec-24
0.965
Modified Duration
as of 31-Dec-24
3.92
Effective Duration
as of 31-Dec-24
3.17
WAL to Worst
as of 31-Dec-24
4.09
Standard Deviation (3y)
as of 31-Dec-24
8.29%
Yield to Maturity
as of 31-Dec-24
7.33
Weighted Average YTM
as of 31-Dec-24
7.09%
Weighted Avg Maturity
as of 31-Dec-24
4.09

Sustainability Characteristics

Sustainability Characteristics

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. 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 31-Dec-24
0.00%
MSCI - Nuclear Weapons
as of 31-Dec-24
0.00%
MSCI - Civilian Firearms
as of 31-Dec-24
0.02%
MSCI - Tobacco
as of 31-Dec-24
0.00%
MSCI - UN Global Compact Violators
as of 31-Dec-24
0.01%
MSCI - Thermal Coal
as of 31-Dec-24
0.00%
MSCI - Oil Sands
as of 31-Dec-24
0.00%

Business Involvement Coverage
as of 31-Dec-24
37.19%
Percentage of Fund not covered
as of 31-Dec-24
63.28%
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 0.01%.

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.

Sustainability-related Disclosure

Sustainability-related Disclosure

This section provides sustainability-related information about the Fund, pursuant to Article 10 SFDR.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - Silver
Morningstar has awarded the Fund a Silver medal. (Effective 09-Oct-19)
Analyst-Driven % as of -
-
Data Coverage % as of -
-

Holdings

Holdings

as of 31-Dec-24
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 1.85
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 1.19
ATHENAHEALTH GROUP INC 144A 6.5 02/15/2030 0.97
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 04/15/2027 0.97
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 0.93
Name Weight (%)
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 0.83
UKG INC 144A 6.875 02/01/2031 0.83
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.79
CLOUD SOFTWARE GROUP INC 144A 9 09/30/2029 0.74
ALLIED UNIVERSAL HOLDCO LLC 144A 7.875 02/15/2031 0.71
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Dec-24

% of Market Value

as of 31-Dec-24

% of Market Value

as of 31-Dec-24

% of Market Value

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

Pricing & Exchange

Portfolio Managers

Portfolio Managers

David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

PRIIPs Performance Scenarios

PRIIPs Performance Scenarios

The EU Packaged Retail and Insurance-Based Products Regulation (PRIIPs) prescribes the calculation methodology, and publication of the outcomes, of four hypothetical performance scenarios regarding how the product may perform under certain conditions and for such to be published on a monthly basis. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product, which may include input from benchmark(s) / proxy, over the last ten years.
Recommended holding period : 3 years
Example Investment SGD 15,000
Scenario
If you exit after 1 year
If you exit after 3 years

Minimum

There is no minimum guaranteed return. You could lose some or all of your investment.

Stress

What you might get back after costs
Average return each year
12,060 SGD
-19.6%
8,890 SGD
-16.0%

Unfavourable

What you might get back after costs
Average return each year
12,060 SGD
-19.6%
13,400 SGD
-3.7%

Moderate

What you might get back after costs
Average return each year
14,900 SGD
-0.7%
15,870 SGD
1.9%

Favourable

What you might get back after costs
Average return each year
17,070 SGD
13.8%
17,660 SGD
5.6%

The stress scenario shows what you might get back in extreme market circumstances.