Multi Asset

BGF Dynamic High Income Fund

  • NAV as of 21-Nov-24 CHF 10.24
    52 WK: 9.89 - 10.41
  • 1 Day NAV Change as of 21-Nov-24 0.03 (0.29%)

Overview

Investment Approach


The Fund aims to generate a high income on your investment.

The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income (FI) securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).

The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. In selecting these, the IA may take into consideration a composite benchmark comprising MSCI World Net Index (70%) and the Bloomberg Global Aggregate Bond Index USD Hedged (30%) (the “Index”) when constructing the Fund’s portfolio, and for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. Whilst the Index is used by the IA in constructing the portfolio of the Fund, the IA is not bound by its components or weighting when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The components of the Index (i.e. MSCI World Index and Bloomberg Global Aggregate Bond Index US Hedged) may be quoted separately in marketing material related to the Fund.

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.

Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Derivatives are 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.

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 0 years.

  2019 2020 2021 2022 2023
Total Return (%)
Constraint Benchmark 1 (%)

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 (%) 16.22 - - - 9.23
Constraint Benchmark 1 (%) 26.17 - - - 17.27
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 5.68 -1.14 1.44 4.77 16.22 - - - 10.68
Constraint Benchmark 1 (%) 12.33 -1.79 1.98 9.16 26.17 - - - 20.11
  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

- - - - 14.21
Constraint Benchmark 1 (%)

as of 30-Sep-24

- - - - 25.59

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 CHF, 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 21-Nov-24
USD 2,799,457,815
Fund Launch Date
06-Feb-18
Base Currency
USD
Constraint Benchmark 1
70%MSCIWLDNET / 30%LGAINXUSDH Index (USD)
Initial Charge
5.00%
Management Fee
1.50%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGDINA6
Inception Date
06-Sep-23
Share Class Currency
CHF
Asset Class
Multi Asset
SFDR Classification
Other
Ongoing Charges Figures
1.74%
ISIN
LU2655523319
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BP83N62

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Oct-24
1836
Standard Deviation (3y)
as of -
-
P/E Ratio
as of 31-Oct-24
18.38
Yield to Maturity
as of 31-Oct-24
14.16
Effective Duration
as of 31-Oct-24
1.14
12 Month Trailing Dividend Distribution Yield
as of 31-Oct-24
7.39
3y Beta
as of -
-
P/B Ratio
as of 31-Oct-24
2.15
Modified Duration
as of 31-Oct-24
1.58
Weighted Avg Maturity
as of 31-Oct-24
1.51

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-Oct-24
0.08%
MSCI - Nuclear Weapons
as of 31-Oct-24
0.40%
MSCI - Civilian Firearms
as of 31-Oct-24
0.04%
MSCI - Tobacco
as of 31-Oct-24
0.59%
MSCI - UN Global Compact Violators
as of 31-Oct-24
0.28%
MSCI - Thermal Coal
as of 31-Oct-24
0.00%
MSCI - Oil Sands
as of 31-Oct-24
0.07%
Business Involvement Coverage
as of 31-Oct-24
66.61%
Percentage of Fund not covered
as of 31-Oct-24
34.14%
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 0.07% and for Oil Sands 1.05%.

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 (%)
ISH MSCI USA Qty Div ESG UCITS ETF 6.52
ISHARES $ HIGH YIELD CRP BND ETF $ 1.71
ISHARES CORE S&P 500 UCITS ETF (DI 1.50
AAPL CITIGROUP INC 10.6610/30/2024 1.15
MSFT SOCIETE GENERALE SA 13.6312/12/2024 0.99
Name Weight (%)
MICROSOFT CORP 0.97
NVDA BMO CAPITAL MARKETS CORP 29.0411/20/2024 0.76
GOOGL BARCLAYS BANK PLC 15.812/11/2024 0.60
TAIWAN SEMICONDUCTOR MANUFACTURING 0.47
UNITEDHEALTH GROUP INC 0.39
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

Sorry, sectors are not available at this time.
Sorry, geographic exposures are not available at this time.
as of 31-Oct-24

% of Market Value

Type Fund Benchmark Net
as of 31-Oct-24

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
Sorry, maturities are not available at this time.
as of 31-Oct-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 CHF 10.24 0.03 0.29 21-Nov-24 10.41 9.89 LU2655523319
Class A6 Hedged HKD 76.52 0.18 0.24 21-Nov-24 77.58 71.81 LU1697837992
Class AI2 Hedged EUR 11.14 0.03 0.27 21-Nov-24 11.28 9.77 LU1960219738
Class A6 Hedged EUR 6.81 0.01 0.15 21-Nov-24 6.91 6.44 LU1706154686
Class A6 Hedged SGD 7.46 0.02 0.27 21-Nov-24 7.57 7.05 LU1564329461
Class A8 Hedged AUD 7.68 0.02 0.26 21-Nov-24 7.78 7.12 LU1564329545
Class D2 USD 13.54 0.03 0.22 21-Nov-24 13.70 11.59 LU1564329206
Class E2 Hedged EUR 10.60 0.02 0.19 21-Nov-24 10.74 9.35 LU1728558658
Class A8 Hedged EUR 8.72 0.02 0.23 21-Nov-24 8.84 8.00 LU2127174873
Class D2 Hedged CHF 10.98 0.03 0.27 21-Nov-24 11.12 9.78 LU1800013010
Class X2 USD 14.45 0.03 0.21 21-Nov-24 14.62 12.25 LU1564329891
Class D5G Hedged GBP 8.67 0.02 0.23 21-Nov-24 8.78 8.00 LU1940842427
Class A2 Hedged CHF 10.45 0.02 0.19 21-Nov-24 10.59 9.38 LU1800012988
Class D6 USD 8.54 0.03 0.35 21-Nov-24 8.64 7.83 LU1564329388
Class E2 EUR 14.65 0.03 0.21 21-Nov-24 14.70 12.20 LU1728558575
Class I6 USD 8.85 0.03 0.34 21-Nov-24 8.95 8.10 LU1873113655
Class A2 USD 12.87 0.03 0.23 21-Nov-24 13.02 11.09 LU1564329032
Class E5G Hedged EUR 7.12 0.02 0.28 21-Nov-24 7.21 6.73 LU1728558732
Class I2 BRL Hedged USD 10.51 -0.05 -0.47 21-Nov-24 11.23 9.75 LU2008661188
Class A8 Hedged CNH 78.57 0.19 0.24 21-Nov-24 79.67 73.00 LU1733225004
Class A2 Hedged SGD 11.95 0.02 0.17 21-Nov-24 12.10 10.50 LU1564329628
Class A6 USD 8.06 0.02 0.25 21-Nov-24 8.17 7.47 LU1564329115
Class D2 EUR 12.85 0.02 0.16 21-Nov-24 12.90 10.58 LU1811365615
Class AI5G Hedged EUR 7.84 0.02 0.26 21-Nov-24 7.94 7.38 LU1960219811
Class I3 Hedged EUR 10.08 0.03 0.30 21-Nov-24 10.22 9.89 LU2861738883
Class A6 Hedged JPY 1,007.00 2.00 0.20 21-Nov-24 1,029.00 978.00 LU2655523236
Class A6 Hedged CAD 7.75 0.02 0.26 21-Nov-24 7.86 7.25 LU1811366001
Class A6 Hedged GBP 7.27 0.02 0.28 21-Nov-24 7.36 6.78 LU1733224965
Class I2 EUR 13.15 0.02 0.15 21-Nov-24 13.19 10.80 LU1811365532
Class A8 Hedged NZD 8.11 0.02 0.25 21-Nov-24 8.21 7.50 LU1811365961
Class I2 USD 13.85 0.03 0.22 21-Nov-24 14.02 11.83 LU1811365458
Class D2 Hedged EUR 11.68 0.03 0.26 21-Nov-24 11.83 10.17 LU1811365888
Class I2 Hedged EUR 11.85 0.03 0.25 21-Nov-24 12.00 10.29 LU1811365706

Portfolio Managers

Portfolio Managers

Justin Christofel
Justin Christofel
CFA, CAIA, Managing Director

  

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Justin Christofel, CFA, CAIA, Managing Director, is the Co-Head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions (MASS) group. The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally. Mr. Christofel is a member of the MASS Executive Committee and Blackrock’s Global Human Capital Committee.

 

Prior to the launch of the Income strategies, Mr. Christofel managed customized asset allocation portfolios for institutional investors. He also managed volatility control strategies, and a multi-asset real return portfolio. Mr. Christofel joined Blackrock in 2007 from Oliver Wyman, a consulting firm specializing in financial services. His projects spanned from retail banking to structured finance.

 

Mr. Christofel graduated from Yale University with a BA degree, with honors, in economics and mathematics.

Alex Shingler
Alex Shingler
CFA, Managing Director

  

Read More

Alex Shingler, CFA, Managing Director, is the Co-Head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions (MASS) group. The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally. Mr. Shingler is a member of the MASS Executive Committee.

 

Mr. Shingler has spent his career investing across equity and fixed income markets. Prior to his current role, he served as a portfolio manager and research analyst within BlackRock's European and US credit businesses. Before joining BlackRock in 2009 in London, Mr. Shingler focused on special situation equity investments.

 

Mr. Shingler earned an AB degree, summa cum laude, in philosophy from Princeton University. He grew up in Montreal, Canada and resides in the New York City area with his wife and daughter.

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 : 5 years
Example Investment CHF 10,000
Scenario
If you exit after 1 year
If you exit after 5 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
7,630 CHF
-23.7%
4,490 CHF
-14.8%

Unfavourable

What you might get back after costs
Average return each year
7,630 CHF
-23.7%
9,320 CHF
-1.4%

Moderate

What you might get back after costs
Average return each year
10,060 CHF
0.6%
12,110 CHF
3.9%

Favourable

What you might get back after costs
Average return each year
12,660 CHF
26.6%
15,010 CHF
8.5%

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



Literature

Literature