Fixed Income

BGF Emerging Markets Local Currency 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.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The fund may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held.

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: -10 to 20.
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  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total Return (%) -3.8 17.1 0.7 -7.5 14.5 -6.1 -0.2 -3.0 12.1 0.5
Constraint Benchmark 1 (%) -5.2 13.2 1.2 -1.5 15.6 -5.8 -1.8 -5.9 8.9 4.1

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

  1y 3y 5y 10y Incept.
0.54 3.00 0.47 2.08 2.13
Constraint Benchmark 1 (%)

as of 31/Dec/2024

4.14 2.19 -0.26 2.01 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.54 -0.94 -2.72 1.38 0.54 9.26 2.36 22.91 43.62
Constraint Benchmark 1 (%)

as of 31/Dec/2024

4.14 0.03 0.25 4.93 4.14 6.70 -1.30 22.03 -
  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/2024

-6.11 -0.22 -3.01 12.05 0.54
Constraint Benchmark 1 (%)

as of 31/Dec/2024

-5.79 -1.82 -5.90 8.89 4.14

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 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/2025
USD 1,506,939,712
Fund Launch Date
26/Jun/1997
Fund Base Currency
USD
Constraint Benchmark 1
J.P. Morgan GBI-EM Global Diversified Index
Initial Charge
5.00%
Management Fee
0.50%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MLLEED2
Share Class launch date
12/Nov/2007
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.74%
ISIN
LU0329592702
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond - Local Currency
Dealing Frequency
Daily, forward pricing basis
SEDOL
B43C312

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31/Dec/2024
181
3y Beta
as of 31/Dec/2024
1.111
Modified Duration
as of 31/Dec/2024
5.89
Effective Duration
as of 31/Dec/2024
5.91
WAL to Worst
as of 31/Dec/2024
7.47
Standard Deviation (3y)
as of 31/Dec/2024
7.49%
Yield to Maturity
as of 31/Dec/2024
8.79
Weighted Average YTM
as of 31/Dec/2024
8.79%
Weighted Avg Maturity
as of 31/Dec/2024
7.47

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

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class D2, as of 31/Dec/2024 rated against 862 Global Emerging Markets Bond - Local Currency Funds.

Holdings

Holdings

as of 31/Dec/2024
Name Weight (%)
PERU (REPUBLIC OF) 6.95 08/12/2031 2.90
COLOMBIA (REPUBLIC OF) 13.25 02/09/2033 2.26
COLOMBIA (REPUBLIC OF) 7 03/26/2031 2.09
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.06
SOUTH AFRICA (REPUBLIC OF) 8.875 02/28/2035 1.87
Name Weight (%)
POLAND (REPUBLIC OF) 6 10/25/2033 1.80
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.76
SOUTH AFRICA (REPUBLIC OF) 8.25 03/31/2032 1.74
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.71
TURKEY (REPUBLIC OF) 26.2 10/05/2033 1.58
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31/Dec/2024

% of Market Value

as of 31/Dec/2024

% of Market Value

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as of 31/Dec/2024

% of Market Value

as of 31/Dec/2024

% of Market Value

as of 31/Dec/2024

% 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

Laurent Develay
Laurent Develay
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.

Michal Wozniak
Michal Wozniak