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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.
Two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to repay the principal and make interest payments. The Fund uses derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk. The Fund’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Performance
Performance
Chart
Performance chart data not available for display.
Distributions
| Ex-Date | Total Distribution |
|---|
-
Returns
This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.
During this period performance was achieved under circumstances that no longer apply
*On , the Fund changed its name and/or investment objective and policy..
*Prior to 30/Sept/2015, the Fund used a different benchmark which is reflected in the benchmark data.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 12.7 | 1.1 | 8.3 | 2.7 | -0.5 | 6.8 | 6.8 | -3.7 | -17.6 | 6.0 |
| Constraint Benchmark 1 (%) | 13.9 | 1.4 | 8.3 | 2.6 | 0.1 | 6.4 | 6.6 | -3.4 | -17.7 | 5.8 |
Missing calendar year returns data
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 (%) | 6.55 | -4.40 | -2.34 | 1.15 | - |
| Constraint Benchmark 1 (%) | 6.65 | -4.47 | -2.38 | 1.20 | - |
Missing average annual returns data
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | -0.18 | -1.58 | -0.75 | 2.55 | 6.55 | -12.63 | -11.16 | 12.10 | - |
| Constraint Benchmark 1 (%) | -0.13 | -1.64 | -0.91 | 2.46 | 6.65 | -12.81 | -11.36 | 12.72 | - |
Missing cumulative returns data
| From 30-Sept-2019 To 30-Sept-2020 |
From 30-Sept-2020 To 30-Sept-2021 |
From 30-Sept-2021 To 30-Sept-2022 |
From 30-Sept-2022 To 30-Sept-2023 |
From 30-Sept-2023 To 30-Sept-2024 |
|
|---|---|---|---|---|---|
|
Total Return (%)
as of 30/Sept/2024 |
3.65 | -3.22 | -20.12 | 2.74 | 8.63 |
|
Constraint Benchmark 1 (%)
as of 30/Sept/2024 |
3.14 | -3.12 | -19.61 | 2.48 | 8.39 |
Previously, the performance history as at 31 October 2022 was quoted on the basis of closing prices. The full performance history is now shown based on dealing prices.
The figures shown relate to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product.
The Fund was previously structured as Common Investment Fund (‘CIF’). On 06 12 2019, the CIF closed and the assets were transferred to a Charity Authorised Investment Fund (‘CAIF’). The CAIF is being run with the same investment objective and policy. Please note that the historical performance shown before 06 12 2019 is indicative and is provided when the fund was run as a CIF.
Unit Class and Benchmark performance displayed in GBP, hedged Unit Class Benchmark performance is displayed in GBP.
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
The Fund was previously structured as Common Investment Fund (‘CIF’). On 06 12 2019, the CIF closed and the assets were transferred to a Charity Authorised Investment Fund (‘CAIF’). The CAIF is being run with the same investment objective and policy. Please note that the historical performance shown before 06 12 2019 is indicative and is provided when the fund was run as a CIF.
Unit Class and Benchmark performance displayed in GBP, hedged Unit Class Benchmark performance is displayed in GBP.
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 22/Nov/2024
GBP 45,166,573
Fund Launch Date
24/Nov/1987
Fund Base Currency
GBP
Constraint Benchmark 1
50% All Stocks Gilt (gov bonds) / 50% iBoxx Sterling Non-Gilt 1-10 Yr
Initial Charge
0.00%
Management Fee
0.35%
Performance Fee
0.00%
Use of Income
Distributing
Regulatory Structure
PRIIPs KID Required
Morningstar Category
GBP Diversified Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BFBFWK2
Share Class launch date
03/Dec/1975
Share Class Currency
GBP
Asset Class
Fixed Income
Investment Association Category
£ Strategic Bond
Ongoing Charges Figures
0.41%
ISIN
GB00BFBFWK23
Distribution Frequency
Quarterly
Domicile
United Kingdom
Management Company
BlackRock Fund Managers Ltd
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BRCUBAI
Ongoing Charges Figure ex. Discount
0.41%
The Ongoing Charge may be discounted depending on the size of the fund.
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 31/Oct/2024
118
Standard Deviation (3y)
as of 31/Oct/2024
8.96%
Yield to Maturity
as of 31/Oct/2024
4.95
Weighted Average YTM
as of 31/Oct/2024
4.86%
Weighted Avg Maturity
as of 31/Oct/2024
7.11
12 Month Trailing Dividend Distribution Yield
as of 31/Oct/2024
4.22
3y Beta
as of 31/Oct/2024
1.053
Modified Duration
as of 31/Oct/2024
6.06
Effective Duration
as of 31/Oct/2024
6.04
WAL to Worst
as of 31/Oct/2024
7.11
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
Ratings
Morningstar Medalist Rating
Morningstar has awarded the Fund a Bronze medal. (Effective 31/Dec/2023)
Analyst-Driven %
as of 31/Dec/2023
10.00
Data Coverage %
as of 31/Dec/2023
55.00
Holdings
Holdings
as of 31/Oct/2024
| Name | Weight (%) |
|---|---|
| UK CONV GILT 6 12/07/2028 | 4.46 |
| UK CONV GILT 4.25 07/31/2034 | 3.36 |
| UK CONV GILT 0.375 10/22/2030 | 3.30 |
| UK CONV GILT 4.25 12/07/2049 | 2.42 |
| JPMORGAN CHASE & CO MTN RegS 0.991 04/28/2026 | 2.36 |
| Name | Weight (%) |
|---|---|
| UK CONV GILT 4 10/22/2031 | 2.24 |
| BNP PARIBAS SA MTN RegS 3.375 01/23/2026 | 2.01 |
| UK CONV GILT 0.125 01/31/2028 | 2.00 |
| UK CONV GILT 0.5 01/31/2029 | 2.00 |
| GOLDMAN SACHS GROUP INC 7.125 08/07/2025 | 1.86 |
Holdings subject to change
Exposure Breakdowns
Exposure Breakdowns
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.
Portfolio Managers
Portfolio Managers
Managing Director, is Head of the Fundamental Sterling Team within BlackRock's Global Fixed Income (GFI) Group.
