Fixed Income

BGF Emerging Markets Local Currency Bond Fund

  • NAV as of 18-Oct-24 HKD 59.96
    52 WK: 58.21 - 65.09
  • 1 Day NAV Change as of 18-Oct-24 0.26 (0.44%)

Overview

Investment Approach


The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.

The Fund invests at least 70% of its total assets in fixed income (FI) securities denominated in local currencies of developing market countries and may include investments with a relatively low credit rating or which are unrated. These include bonds and money market instruments (i.e. debt securities with short term maturities) and may be issued by governments and government agencies of, and companies and supranationals (e.g. the Asian Development Bank) domiciled in, or the main business of which is in, emerging markets.

The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. This may generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).

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.

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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Distributions

Ex-Date Total Distribution
View full table
Ex-Date Total Distribution
For more information: +44 (0) 20 7743 3300 • www.blackrock.com • investor.services@blackrock.com

This chart shows the fund's performance as the percentage loss or gain per year over the last 7 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 12.86 -13.20 11.05 2.17 -8.40 -9.78 14.04
Constraint Benchmark 1 (%) 15.21 -6.21 13.47 2.69 -8.75 -11.69 12.70

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 (%) 13.98 1.25 0.87 - 1.25
Constraint Benchmark 1 (%) 13.42 0.60 0.59 - 2.45
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.87 3.95 8.29 5.69 13.98 3.78 4.45 - 10.94
Constraint Benchmark 1 (%) 4.95 3.39 8.99 7.21 13.42 1.81 2.98 - 22.44
  From
30-Sep-2019
To
30-Sep-2020		 From
30-Sep-2020
To
30-Sep-2021		 From
30-Sep-2021
To
30-Sep-2022		 From
30-Sep-2022
To
30-Sep-2023		 From
30-Sep-2023
To
30-Sep-2024
Total Return (%)

as of 30-Sep-24

-2.64 3.37 -19.15 12.62 13.98
Constraint Benchmark 1 (%)

as of 30-Sep-24

-1.45 2.63 -20.63 13.10 13.42

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 HKD, 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 18-Oct-24
USD 1,671,641,150
Fund Launch Date
26-Jun-97
Base Currency
USD
Constraint Benchmark 1
JP Morgan GBI-EM Global Diversified Index
Initial Charge
5.00%
Management Fee
1.00
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGELA6H
Inception Date
25-May-16
Share Class Currency
HKD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
1.23%
ISIN
LU1408528484
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BYVFFV7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30-Sep-24
186
Standard Deviation (3y)
as of 30-Sep-24
11.78%
Yield to Maturity
as of 30-Sep-24
8.05
Weighted Average YTM
as of 30-Sep-24
8.05%
Weighted Avg Maturity
as of 30-Sep-24
7.87
12 Month Trailing Dividend Distribution Yield
as of 30-Sep-24
7.31
3y Beta
as of 30-Sep-24
1.065
Modified Duration
as of 30-Sep-24
6.69
Effective Duration
as of 30-Sep-24
6.71
WAL to Worst
as of 30-Sep-24
7.87

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.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

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

Ratings

Holdings

Holdings

as of 30-Sep-24
Name Weight (%)
PERU (REPUBLIC OF) 6.95 08/12/2031 2.70
COLOMBIA (REPUBLIC OF) 13.25 02/09/2033 2.69
POLAND (REPUBLIC OF) 6 10/25/2033 2.66
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.29
SOUTH AFRICA (REPUBLIC OF) 8.875 02/28/2035 2.11
Name Weight (%)
COLOMBIA (REPUBLIC OF) 7 03/26/2031 2.02
SOUTH AFRICA (REPUBLIC OF) 8.25 03/31/2032 1.89
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.72
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.63
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.60
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Sep-24

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-24

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-24

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-24

% of Market Value

Type Fund Benchmark Net
as of 30-Sep-24

% of Market Value

Type Fund Benchmark Net
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

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A6 Hedged HKD 59.96 0.26 0.44 18-Oct-24 65.09 58.21 LU1408528484
Class S2 Hedged EUR 10.23 0.04 0.39 18-Oct-24 10.75 9.27 LU2624963505
Class A2 Hedged EUR 6.92 0.03 0.44 18-Oct-24 7.27 6.31 LU0359002093
Class D2 USD 26.66 0.12 0.45 18-Oct-24 27.96 23.70 LU0383940458
Class S3 EUR 9.69 0.03 0.31 18-Oct-24 10.10 9.44 LU2624963687
Class X2 Hedged GBP 10.22 0.05 0.49 18-Oct-24 10.71 9.07 LU1505939139
Class A1 USD 3.03 0.02 0.66 18-Oct-24 3.21 2.88 LU0278477574
Class D3 Hedged GBP 5.07 0.02 0.40 18-Oct-24 5.41 4.85 LU0995345831
Class D2 CHF 23.07 0.13 0.57 18-Oct-24 24.08 21.14 LU1065150267
Class I5 USD 7.52 0.03 0.40 18-Oct-24 7.98 7.14 LU1495982867
Class X2 AUD 11.58 0.02 0.17 18-Oct-24 11.91 10.85 LU1554267051
Class I2 EUR 24.77 0.06 0.24 18-Oct-24 25.23 22.53 LU1559746307
Class X2 GBP 5.95 0.00 0.00 18-Oct-24 6.11 5.64 LU1688375267
Class S2 USD 10.52 0.05 0.48 18-Oct-24 11.03 9.34 LU2624963760
Class A2 CHF 21.20 0.12 0.57 18-Oct-24 22.17 19.52 LU0938162186
Class A2 Hedged SGD 8.09 0.04 0.50 18-Oct-24 8.49 7.37 LU0358998713
Class AI5 EUR 8.30 0.02 0.24 18-Oct-24 8.70 8.08 LU1960220660
Class A8 Hedged AUD 4.93 0.03 0.61 18-Oct-24 5.28 4.75 LU1133072774
Class S2 EUR 9.69 0.02 0.21 18-Oct-24 9.87 8.82 LU2624963927
Class D2 Hedged CHF 7.98 0.03 0.38 18-Oct-24 8.40 7.41 LU1688375184
Class C2 USD 19.63 0.09 0.46 18-Oct-24 20.61 17.75 LU0278476923
Class D2 Hedged EUR 7.25 0.03 0.42 18-Oct-24 7.61 6.57 LU0622213642
Class SR2 USD 10.24 0.05 0.49 18-Oct-24 10.74 9.10 LU2319963547
Class SR2 Hedged EUR 9.41 0.04 0.43 18-Oct-24 9.88 8.53 LU2319963380
Class I5 EUR 6.93 0.02 0.29 18-Oct-24 7.27 6.74 LU0995350831
Class SR3 Hedged GBP 8.01 0.04 0.50 18-Oct-24 8.55 7.66 LU2319963463
Class A1 EUR 2.79 0.01 0.36 18-Oct-24 2.91 2.71 LU0278461065
Class SR3 USD 8.31 0.03 0.36 18-Oct-24 8.84 7.91 LU2319963620
Class I2 GBP 20.61 0.01 0.05 18-Oct-24 21.21 19.62 LU1741217027
Class A3 HKD 23.72 0.10 0.42 18-Oct-24 25.36 22.71 LU0388349754
Class A3 USD 3.05 0.01 0.33 18-Oct-24 3.25 2.90 LU0278470132
Class A2 EUR 22.56 0.05 0.22 18-Oct-24 22.98 20.65 LU0278457204
Class A4 USD 12.12 0.05 0.41 18-Oct-24 13.13 11.52 LU0548402170
Class A3 EUR 2.81 0.01 0.36 18-Oct-24 2.93 2.74 LU0278457469
Class A6 Hedged SGD 5.38 0.02 0.37 18-Oct-24 5.88 5.24 LU1676225185
Class A2 Hedged SEK 81.97 0.37 0.45 18-Oct-24 86.11 74.97 LU1715605868
Class I2 CHF 23.28 0.13 0.56 18-Oct-24 24.28 21.30 LU1781817694
Class E5 Hedged EUR 4.54 0.02 0.44 18-Oct-24 4.88 4.40 LU1062843260
Class A2 USD 24.49 0.11 0.45 18-Oct-24 25.70 21.88 LU0278470058
Class A6 USD 6.24 0.03 0.48 18-Oct-24 6.70 6.01 LU1408528211
Class D3 EUR 11.63 0.03 0.26 18-Oct-24 12.13 11.33 LU0827884924
Class A4 EUR 11.17 0.03 0.27 18-Oct-24 11.85 10.87 LU0478974834
Class D3 Hedged AUD 4.72 0.02 0.43 18-Oct-24 5.08 4.56 LU0827884841
Class D5 GBP 6.84 0.01 0.15 18-Oct-24 7.42 6.77 LU1694209807
Class D3 USD 12.62 0.05 0.40 18-Oct-24 13.43 12.01 LU0523291242
Class C1 USD 3.02 0.01 0.33 18-Oct-24 3.21 2.88 LU0278478119
Class I2 Hedged EUR 7.53 0.03 0.40 18-Oct-24 7.91 6.82 LU0473186707
Class D2 Hedged GBP 14.29 0.06 0.42 18-Oct-24 14.99 12.78 LU0827885491
Class C2 EUR 18.08 0.04 0.22 18-Oct-24 18.43 16.75 LU0278457972
Class D4 EUR 11.18 0.02 0.18 18-Oct-24 11.89 10.89 LU0827885145
Class D2 EUR 24.55 0.05 0.20 18-Oct-24 25.01 22.36 LU0329592702
Class A3 Hedged AUD 4.72 0.02 0.43 18-Oct-24 5.08 4.56 LU0575500318
Class A2 Hedged CHF 6.51 0.03 0.46 18-Oct-24 6.85 6.07 LU0623004180
Class X5 Hedged GBP 7.36 0.03 0.41 18-Oct-24 7.85 7.03 LU1954752702
Class E2 EUR 20.64 0.04 0.19 18-Oct-24 21.04 18.99 LU0278459671
Class D2 Hedged PLN 10.69 0.05 0.47 18-Oct-24 11.21 9.56 LU0827884684
Class X2 EUR 7.16 0.02 0.28 18-Oct-24 7.29 6.48 LU0531082021
Class E2 USD 22.41 0.10 0.45 18-Oct-24 23.53 20.13 LU0374975414
Class X2 USD 7.77 0.04 0.52 18-Oct-24 8.15 6.86 LU0344905624
Class I2 USD 26.89 0.12 0.45 18-Oct-24 28.21 23.87 LU0520955575
Class D2 Hedged SGD 8.59 0.04 0.47 18-Oct-24 9.02 7.79 LU0827884767
Class D3 HKD 98.09 0.40 0.41 18-Oct-24 104.91 93.94 LU0827885061
Class A6 Hedged CAD 5.94 0.03 0.51 18-Oct-24 6.42 5.76 LU1408528641
Class E2 Hedged EUR 6.44 0.03 0.47 18-Oct-24 6.76 5.89 LU0474536231
Class A6 Hedged GBP 5.49 0.02 0.37 18-Oct-24 5.92 5.32 LU1408528302
Class AI2 EUR 10.91 0.03 0.28 18-Oct-24 11.11 9.98 LU1960220587
Class A2 Hedged PLN 10.07 0.05 0.50 18-Oct-24 10.56 9.04 LU0480535052
Class D4 USD 12.14 0.05 0.41 18-Oct-24 13.20 11.54 LU0827885228
Class A2 CZK 568.91 0.52 0.09 18-Oct-24 582.03 508.95 LU1791177113
Class A8 Hedged NZD 6.20 0.03 0.49 18-Oct-24 6.66 5.97 LU1408528724

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Amer Bisat
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Read More

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee. In this role, he oversees the team managing the firm's EM portfolios across hard currency, local and corporate debt instruments. Mr. Bisat's service with the firm dates back to 2013. Prior to BlackRock, he was a partner in two macro hedge funds (Traxis and Rubicon), and held portfolio management responsibilities at Morgan Stanley and UBS. Between 1991 and 1998, he was a senior economist at the International Monetary Fund where he helped negotiate high profile programs with Russia, Ukraine, and Egypt.

 

Mr. Bisat taught graduate level economics courses at Columbia University, co-authored a book on globalization, and academic and policy papers on growth and financial sector development. He is a trustee of a number of cultural and art institutions, sits on the Advisory Council of the Carnegie Middle East Center, and is a member of the Council on Foreign Relations.

 

Mr. Bisat earned a BA in economics from the American University of Beirut and a PhD. in economics and finance from Columbia University.

Michal Wozniak
Michal Wozniak

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 HKD 100,000
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
70,910 HKD
-29.1%
50,760 HKD
-20.2%

Unfavourable

What you might get back after costs
Average return each year
76,280 HKD
-23.7%
75,970 HKD
-8.8%

Moderate

What you might get back after costs
Average return each year
97,220 HKD
-2.8%
93,590 HKD
-2.2%

Favourable

What you might get back after costs
Average return each year
112,690 HKD
12.7%
111,610 HKD
3.7%

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



Literature

Literature