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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. 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.
Overview
Performance
Performance
Chart
Performance chart data not available for display.
Distributions
| Ex-Date | Distribution |
|---|
-
Returns
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) | 4.95 | 0.67 | 0.24 | 0.37 | 0.81 |
| Total Return – Max. IC applied (%) | -0.30 | -1.03 | -0.78 | -0.15 | 0.38 |
| Benchmark (%) | 4.81 | 0.55 | 0.22 | 0.27 | 0.59 |
Missing average annual returns data
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 2.75 | -0.19 | 0.92 | 2.75 | 4.95 | 2.04 | 1.21 | 3.72 | 10.24 |
| Total Return – Max. IC applied (%) | -2.38 | -5.18 | -4.13 | -2.39 | -0.30 | -3.06 | -3.85 | -1.47 | 4.73 |
| Benchmark (%) | 2.82 | -0.09 | 1.22 | 2.88 | 4.81 | 1.66 | 1.10 | 2.74 | 7.43 |
Missing cumulative returns data
During this period performance was achieved under circumstances that no longer apply
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 2.71 | 1.10 | 0.91 | 0.67 | -1.20 | 0.89 | 0.65 | -1.14 | -5.18 | 4.55 |
| Benchmark (%) | 1.79 | 0.58 | 0.58 | -0.13 | -0.15 | 0.43 | 0.16 | -0.54 | -4.96 | 3.99 |
Missing calendar year returns data
Performance of the Fund is calculated on NAV to NAV basis on the assumption that all dividends and distributions are reinvested, taking into account all charges which would have been payable upon such reinvestment.
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 EUR.
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
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
Key Facts
Key Facts
Net Assets of Fund
as of 21-Nov-2024
EUR 2,124,109,266
Fund Inception
04-Jan-1999
Fund Base Currency
EUR
Benchmark
Bar Cap Eur-Agg 500m 1-3 Yrs
Initial Charge
5.00%
ISIN
LU0827878017
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGESD3E
MAS ESG Fund
No
Share Class Inception Date
20-Sept-2012
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Article 8
Management Fee
0.40%
Management Fee (incl. Distribution Fee, if any)
0.40%
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
EUR Diversified Bond - Short Term
Dealing Frequency
Daily, forward pricing basis
SEDOL
B7TVR45
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 31-Oct-2024
445
3y Beta
as of 31-Oct-2024
1.137
Modified Duration
as of 31-Oct-2024
2.48
Weighted Avg Maturity
as of 31-Oct-2024
2.86
5Y Annualised Volatility
as of 31-Oct-2024
2.44
Standard Deviation (3y)
as of 31-Oct-2024
2.55%
Yield to Maturity
as of 31-Oct-2024
3.40
Effective Duration
as of 31-Oct-2024
2.39yrs
WAL to Worst
as of 31-Oct-2024
2.86
Since Share Inception – Annualised Volatility
as of 31-Oct-2024
1.70
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
A
MSCI ESG Quality Score (0-10)
as of 21-Sept-2024
7.00
Fund Lipper Global Classification
as of 21-Sept-2024
Bond EUR Short Term
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Sept-2024
74.89
MSCI ESG % Coverage
as of 21-Sept-2024
90.97
MSCI ESG Quality Score - Peer Percentile
as of 21-Sept-2024
44.34
Funds in Peer Group
as of 21-Sept-2024
203
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Sept-2024
39.73
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
0.00%
MSCI - Thermal Coal
as of 31-Oct-2024
0.00%
MSCI - Oil Sands
as of 31-Oct-2024
0.00%
Business Involvement Coverage
as of 31-Oct-2024
39.77%
Percentage of Fund not covered
as of 31-Oct-2024
60.21%
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 0.48% and for Oil Sands 0.30%.
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
Ratings
Holdings
Holdings
as of 31-Oct-2024
| Name | Weight (%) |
|---|---|
| FRANCE (REPUBLIC OF) 0 02/25/2025 | 6.83 |
| SPAIN (KINGDOM OF) 0 05/31/2025 | 6.80 |
| FRANCE (REPUBLIC OF) 2.5 09/24/2026 | 3.97 |
| SPAIN (KINGDOM OF) 0 01/31/2026 | 3.50 |
| CYPRUS (REPUBLIC OF) 0.625 12/03/2024 | 2.30 |
| Name | Weight (%) |
|---|---|
| FRANCE (REPUBLIC OF) 0 02/25/2027 | 2.07 |
| FRANCE (REPUBLIC OF) 0 03/25/2025 | 1.86 |
| SPAIN (KINGDOM OF) 2.8 05/31/2026 | 1.85 |
| FRANCE (REPUBLIC OF) 2.5 09/24/2027 | 1.17 |
| NETHERLANDS (KINGDOM OF) 0.25 07/15/2025 | 1.16 |
Exposure Breakdowns
Exposure Breakdowns
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
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%
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 |
|---|---|---|---|---|---|---|---|---|
| D3 | EUR | 12.00 | 0.01 | 0.08 | 21-Nov-2024 | 12.03 | 11.70 | LU0827878017 |
| D4 | EUR | 14.70 | 0.01 | 0.07 | 21-Nov-2024 | 14.88 | 14.31 | LU0827878108 |
| A3 | EUR | 11.82 | 0.01 | 0.08 | 21-Nov-2024 | 11.84 | 11.52 | LU0172403825 |
| D2 Hedged | CHF | 10.55 | 0.01 | 0.09 | 21-Nov-2024 | 10.57 | 10.30 | LU0827877985 |
| D3 Hedged | GBP | 10.54 | 0.01 | 0.09 | 21-Nov-2024 | 10.55 | 10.15 | LU0827891978 |
| D2 Hedged | USD | 12.16 | 0.01 | 0.08 | 21-Nov-2024 | 12.16 | 11.40 | LU1202926330 |
| A2 | EUR | 15.85 | 0.02 | 0.13 | 21-Nov-2024 | 15.85 | 15.14 | LU0093503810 |
| A1 | EUR | 11.79 | 0.01 | 0.08 | 21-Nov-2024 | 11.82 | 11.50 | LU0118255248 |
| A2 Hedged | USD | 13.41 | 0.01 | 0.07 | 21-Nov-2024 | 13.41 | 12.61 | LU0456865749 |
| D2 | EUR | 16.82 | 0.02 | 0.12 | 21-Nov-2024 | 16.82 | 16.01 | LU0329592371 |
| A4 Hedged | USD | 12.24 | 0.01 | 0.08 | 21-Nov-2024 | 12.31 | 11.74 | LU0448387703 |
| D4 Hedged | USD | 11.94 | 0.01 | 0.08 | 21-Nov-2024 | 12.04 | 11.45 | LU0903533064 |
| A4 | EUR | 14.48 | 0.01 | 0.07 | 21-Nov-2024 | 14.62 | 14.09 | LU0448386994 |
| A4 Hedged | GBP | 11.39 | 0.01 | 0.09 | 21-Nov-2024 | 11.46 | 10.95 | LU0448387455 |
| A2 Hedged | CHF | 10.11 | 0.01 | 0.10 | 21-Nov-2024 | 10.14 | 9.91 | LU0521028638 |
| D4 Hedged | GBP | 11.62 | 0.01 | 0.09 | 21-Nov-2024 | 11.72 | 11.17 | LU0555993434 |
Portfolio Managers
Portfolio Managers
Johan Sjogren
Giulia Artolli
Georgie Merson
