Fixed Income

BGF China Bond Fund

  • NAV as of 21-Nov-24 EUR 8.36
    52 WK: 8.03 - 8.38
  • 1 Day NAV Change as of 21-Nov-24 0.00 (0.00%)

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 globally at least 70% of its total assets in fixed income (FI) securities issued or distributed either inside or outside of the People’s Republic of China (PRC) and denominated in Renminbi or other non Chinese domestic currencies. These include bonds and money market instruments (i.e. debt securities with short term maturities) which may be issued by governments, government agencies, companies and supranationals (e.g. the Asian Development Bank).

The Fund may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.

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 4 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 4.03 -6.04 -7.42 1.68
Comparator Benchmark 1 (%) 0.84 1.94 1.50 1.50

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 (%) 8.35 -0.43 -0.38 - -0.19
Comparator Benchmark 1 (%) 1.50 1.50 1.50 - 1.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 6.25 0.36 2.11 3.71 8.35 -1.30 -1.88 - -1.00
Comparator Benchmark 1 (%) 1.26 0.13 0.38 0.75 1.50 4.58 7.74 - 8.02
  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

3.43 -0.91 -10.36 -0.53 7.42
Comparator Benchmark 1 (%)

as of 30-Sep-24

- 1.73 1.50 1.50 1.51

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

Key Facts

Key Facts

Net Assets of Fund
as of 21-Nov-24
RMB 17,687,656,650
Fund Launch Date
11-Nov-11
Base Currency
CNH
Comparator Benchmark 1
1 Year China Household Savings Deposit Rate
Initial Charge
3.00%
Management Fee
0.75%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGCBE5E
Inception Date
28-Aug-19
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
1.52%
ISIN
LU2038736463
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BKS3NG7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Oct-24
411
Standard Deviation (3y)
as of 31-Oct-24
3.08%
Yield to Maturity
as of 31-Oct-24
5.43
Weighted Average YTM
as of 31-Oct-24
5.41%
Weighted Avg Maturity
as of 31-Oct-24
4.14
12 Month Trailing Dividend Distribution Yield
as of 31-Oct-24
3.05
3y Beta
as of -
-
Modified Duration
as of 31-Oct-24
4.40
Effective Duration
as of 31-Oct-24
2.27
WAL to Worst
as of 31-Oct-24
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-Sep-24
BBB
MSCI ESG Quality Score (0-10)
as of 21-Sep-24
4.43
Fund Lipper Global Classification
as of 21-Sep-24
Bond Asia Pacific LC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Sep-24
340.35
MSCI ESG % Coverage
as of 21-Sep-24
65.83
MSCI ESG Quality Score - Peer Percentile
as of 21-Sep-24
11.94
Funds in Peer Group
as of 21-Sep-24
67
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Sep-24
56.82
All data is from MSCI ESG Fund Ratings as of 21-Sep-24, based on holdings as of 30-Apr-24. 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-24
0.00%
MSCI - Nuclear Weapons
as of 31-Oct-24
0.00%
MSCI - Civilian Firearms
as of 31-Oct-24
0.00%
MSCI - Tobacco
as of 31-Oct-24
0.00%
MSCI - UN Global Compact Violators
as of 31-Oct-24
0.20%
MSCI - Thermal Coal
as of 31-Oct-24
0.15%
MSCI - Oil Sands
as of 31-Oct-24
0.00%
Business Involvement Coverage
as of 31-Oct-24
49.27%
Percentage of Fund not covered
as of 31-Oct-24
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.

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 31-Oct-24
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
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-24

% of Market Value

Type Fund
as of 31-Oct-24

% of Market Value

Type Fund
as of 31-Oct-24

% of Market Value

Type Fund
as of 31-Oct-24

% of Market Value

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.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class E5 Hedged EUR 8.36 0.00 0.00 21-Nov-24 8.38 8.03 LU2038736463
Class I3 USD 8.76 0.01 0.11 21-Nov-24 9.11 8.56 LU1648248299
Class A2 Hedged USD 10.95 0.00 0.00 21-Nov-24 10.97 10.00 LU2070343392
Class X2 Hedged USD 11.40 0.00 0.00 21-Nov-24 11.42 10.32 LU2092937064
Class I6 CNH 88.51 0.02 0.02 21-Nov-24 88.92 86.44 LU1940842344
Class D2 Hedged SGD 10.79 0.00 0.00 21-Nov-24 10.81 9.99 LU2631410243
Class D6 Hedged USD 8.48 0.00 0.00 21-Nov-24 8.49 8.09 LU2243824054
Class D6 Hedged SGD 8.44 0.00 0.00 21-Nov-24 8.47 8.21 LU2325727282
Class A2 EUR 13.94 0.02 0.14 21-Nov-24 13.96 12.63 LU2267099674
Class A6 Hedged GBP 8.12 0.00 0.00 21-Nov-24 8.13 7.80 LU2077746779
Class S2 Hedged USD 11.06 0.00 0.00 21-Nov-24 11.08 10.05 LU2624960667
Class E8 Hedged EUR 8.47 0.00 0.00 21-Nov-24 8.51 8.24 LU2252214130
Class A6 Hedged CAD 8.18 0.00 0.00 21-Nov-24 8.20 7.90 LU2077746696
Class I6 Hedged SGD 8.49 0.00 0.00 21-Nov-24 8.51 8.24 LU2325727365
Class A6 Hedged EUR 7.51 0.00 0.00 21-Nov-24 7.53 7.31 LU1847653224
Class A6 Hedged USD 8.51 0.00 0.00 21-Nov-24 8.52 8.14 LU1847653141
Class D2 CNH 108.03 0.03 0.03 21-Nov-24 108.31 100.77 LU0827885731
Class SR3 USD 8.04 0.01 0.12 21-Nov-24 8.36 7.85 LU2319961921
Class A6 Hedged AUD 8.08 0.00 0.00 21-Nov-24 8.10 7.83 LU1852331039
Class I2 EUR 17.89 0.02 0.11 21-Nov-24 17.92 16.14 LU2011139461
Class A2 Hedged SGD 10.73 0.00 0.00 21-Nov-24 10.76 9.98 LU2631410169
Class SR2 CNH 103.26 0.02 0.02 21-Nov-24 103.53 96.23 LU2319961681
Class SR2 Hedged USD 10.52 0.01 0.10 21-Nov-24 10.53 9.56 LU2319962069
Class A10 Hedged USD 10.27 0.00 0.00 21-Nov-24 10.31 9.99 LU2708802587
Class I5 Hedged EUR 8.45 0.00 0.00 21-Nov-24 8.47 8.10 LU2298320776
Class A3 CNH 65.39 0.01 0.02 21-Nov-24 65.63 63.39 LU0679941160
Class I4 Hedged GBP 8.82 0.01 0.11 21-Nov-24 8.97 8.36 LU2112291872
Class D2 Hedged USD 10.88 0.00 0.00 21-Nov-24 10.90 9.90 LU2112292250
Class A3 HKD 70.28 0.13 0.19 21-Nov-24 73.05 68.82 LU0690034276
Class I2 Hedged USD 10.97 0.01 0.09 21-Nov-24 10.98 9.96 LU2112291955
Class I2 CNH 136.54 0.03 0.02 21-Nov-24 136.89 127.17 LU1574463128
Class A8 Hedged HKD 101.83 0.00 0.00 21-Nov-24 102.09 98.93 LU2550100429
Class C2 USD 12.50 0.03 0.24 21-Nov-24 12.94 11.93 LU0683062482
Class S2 Hedged EUR 10.80 0.00 0.00 21-Nov-24 10.83 9.99 LU2624964065
Class A2 CHF 12.97 0.00 0.00 21-Nov-24 13.07 11.80 LU0969580058
Class A2 CNH 106.36 0.02 0.02 21-Nov-24 106.65 99.56 LU0679940949
Class E5 EUR 9.63 0.01 0.10 21-Nov-24 9.65 8.98 LU2038736380
Class I2 USD 18.85 0.03 0.16 21-Nov-24 19.47 17.70 LU1588882974
Class D4 Hedged GBP 8.81 0.00 0.00 21-Nov-24 8.96 8.36 LU2112292177
Class A2 USD 14.69 0.03 0.20 21-Nov-24 15.18 13.85 LU0679941327
Class D2 Hedged EUR 10.09 0.00 0.00 21-Nov-24 10.11 9.33 LU2112292417
Class SR2 Hedged EUR 9.87 0.00 0.00 21-Nov-24 9.89 9.12 LU2319961764
Class I2 Hedged EUR 10.15 0.00 0.00 21-Nov-24 10.18 9.37 LU2112292094
Class AI2 Hedged EUR 10.30 0.00 0.00 21-Nov-24 10.33 9.56 LU2131808789
Class A8 Hedged USD 10.22 0.00 0.00 21-Nov-24 10.25 9.91 LU2550100692
Class D2 EUR 14.16 0.02 0.14 21-Nov-24 14.18 12.79 LU2290526164
Class SR4 Hedged GBP 8.98 0.00 0.00 21-Nov-24 9.13 8.51 LU2319961848
Class X3 USD 8.95 0.02 0.22 21-Nov-24 9.31 8.74 LU2469414325
Class A6 Hedged SGD 8.19 0.00 0.00 21-Nov-24 8.22 7.99 LU1847653497
Class A6 Hedged NZD 8.29 0.00 0.00 21-Nov-24 8.30 7.94 LU2077746340
Class A3 USD 9.03 0.02 0.22 21-Nov-24 9.39 8.82 LU0679941673
Class A2 Hedged JPY 904.00 0.00 0.00 21-Nov-24 907.00 872.00 LU2367605297
Class AI2 EUR 11.12 0.01 0.09 21-Nov-24 11.14 10.08 LU2131808516
Class E2 Hedged EUR 10.36 0.00 0.00 21-Nov-24 10.38 9.66 LU0803752129
Class SR6 Hedged USD 9.18 0.00 0.00 21-Nov-24 9.19 8.74 LU2391915761
Class D2 USD 14.92 0.03 0.20 21-Nov-24 15.41 14.03 LU0719319435
Class SR6 Hedged SGD 8.88 0.00 0.00 21-Nov-24 8.90 8.61 LU2391915415
Class X2 USD 11.99 0.02 0.17 21-Nov-24 12.38 11.22 LU1733225855
Class D6 CNH 84.75 0.02 0.02 21-Nov-24 85.16 82.90 LU2243823916
Class A6 CNH 87.25 0.02 0.02 21-Nov-24 87.71 85.58 LU1852330734
Class E2 EUR 16.93 0.02 0.12 21-Nov-24 16.96 15.41 LU0764816798
Class I6 USD Hedged USD 8.99 0.00 0.00 21-Nov-24 9.00 8.55 LU2134542930
Class A3 SGD 12.13 0.02 0.17 21-Nov-24 12.16 11.79 LU2298379152
Class SR2 USD 14.26 0.03 0.21 21-Nov-24 14.73 13.40 LU2391915928
Class SR6 Hedged EUR 8.63 0.00 0.00 21-Nov-24 8.65 8.37 LU2391915506
Class SR6 CNH 88.90 0.02 0.02 21-Nov-24 89.32 86.87 LU2391915688
Class D3 USD 9.07 0.02 0.22 21-Nov-24 9.43 8.86 LU0683067952
Class SR6 Hedged HKD 88.79 0.01 0.01 21-Nov-24 88.95 85.65 LU2391915332
Class A6 Hedged HKD 80.84 0.01 0.01 21-Nov-24 81.03 78.33 LU1963769176

Portfolio Managers

Portfolio Managers

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

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 EUR 10,000
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
8,690 EUR
-13.1%
8,470 EUR
-5.4%

Unfavourable

What you might get back after costs
Average return each year
8,690 EUR
-13.1%
8,470 EUR
-5.4%

Moderate

What you might get back after costs
Average return each year
10,050 EUR
0.5%
10,990 EUR
3.2%

Favourable

What you might get back after costs
Average return each year
10,680 EUR
6.8%
11,760 EUR
5.5%

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



Literature

Literature