Fixed Income

iShares Emerging Markets Government Bond Index Fund (LU)

  • NAV as of 29/Nov/2024 EUR 106.08
    52 WK: 95.45 - 107.20
  • 1 Day NAV Change as of 29/Nov/2024 0.26 (0.25%)

Overview

Investment Approach


The Fund aims to match the performance of the JP Morgan EMBI Global Diversified Custom Defaults Index, the Fund’s benchmark index (Benchmark Index).

The Fund is passively managed and will invest in a portfolio of bonds/ fixed income (FI) securities that as far as possible and practicable consist of the component securities of the Benchmark Index. The Fund will strategically select a representative sample of the securities in the Benchmark Index to construct the portfolio.

The Benchmark Index is based on the long-established flagship J.P. Morgan EMBI Global Diversified and follows its methodology closely, while offering a more accessible universe by limiting the eligibility of non-performing issuers. The Benchmark Index measures the performance of US Dollar denominated bonds issued by governments and government agencies that are 100% guaranteed or owned by the governments and government agencies of emerging markets countries.

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

View full chart

This chart shows the fund's performance as the percentage loss or gain per year over the last 7 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 7.6 -6.9 11.5 3.2 -2.9 -19.8 8.2
Benchmark (%) 10.3 -4.3 15.0 5.3 -1.8 -17.8 11.1

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

  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

-1.15 3.38 -25.66 6.50 16.39
Benchmark (%)

as of 30/Sept/2024

1.29 4.36 -24.28 10.01 18.60
  1y 3y 5y 10y Incept.
Total Return (%) 15.82 -3.20 -1.52 - 0.58
Benchmark (%) 18.15 -0.99 0.46 - 2.83
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 5.30 -1.72 2.27 5.86 15.82 -9.31 -7.36 - 5.03
Benchmark (%) 6.76 -1.73 2.41 6.85 18.15 -2.94 2.34 - 26.93

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 29/Nov/2024
USD 2’653’332’296
Fund Launch Date
28/May/2013
Fund Base Currency
USD
Benchmark Index
JPM Emerging Markets Bond Index Global Diversified Custom Defaults
Initial Charge
0.00
Management Fee
0.20%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGEMI2H
Share Class launch date
13/Apr/2016
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.24%
ISIN
LU1373035663
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond - EUR Biased
Dealing Frequency
Daily, forward pricing basis
SEDOL
BYQ7217

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31/Oct/2024
961
3y Beta
as of 31/Oct/2024
0.97
Modified Duration
as of 31/Oct/2024
6.62
Effective Duration
as of 31/Oct/2024
6.66
WAL to Worst
as of 31/Oct/2024
11.03 yrs
Standard Deviation (3y)
as of 31/Oct/2024
10.74%
Yield to Maturity
as of 31/Oct/2024
6.72%
Weighted Av YTM
as of 31/Oct/2024
6.70%
Weighted Avg Maturity
as of 31/Oct/2024
11.03 yrs

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/Nov/2024
BB
MSCI ESG Quality Score (0-10)
as of 21/Nov/2024
3.85
Fund Lipper Global Classification
as of 21/Nov/2024
Bond Emerging Markets Global HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21/Nov/2024
977.78
MSCI ESG % Coverage
as of 21/Nov/2024
94.48
MSCI ESG Quality Score - Peer Percentile
as of 21/Nov/2024
19.35
Funds in Peer Group
as of 21/Nov/2024
398
MSCI Weighted Average Carbon Intensity % Coverage
as of 21/Nov/2024
12.69
All data is from MSCI ESG Fund Ratings as of 21/Nov/2024, based on holdings as of 30/Jun/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
2.23%
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
13.17%
Percentage of Fund not covered
as of 31/Oct/2024
87.50%
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 0.59% and for Oil Sands 0.66%.

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.

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 Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective 31/Dec/2023)
Analyst-Driven % as of 31/Dec/2023
100.00
Data Coverage % as of 31/Dec/2023
100.00

Holdings

Holdings

as of 31/Oct/2024
Name Weight (%)
ARGENTINA REPUBLIC OF GOVERNMENT 4.125 07/09/2035 0.70
ARGENTINA REPUBLIC OF GOVERNMENT 0.75 07/09/2030 0.63
KUWAIT STATE OF (GOVERNMENT) MTN RegS 3.5 03/20/2027 0.62
ECUADOR REPUBLIC OF (GOVERNMENT) RegS 5.5 07/31/2035 0.59
URUGUAY (ORIENTAL REPUBLIC OF) 5.1 06/18/2050 0.52
Name Weight (%)
ARGENTINA REPUBLIC OF GOVERNMENT 5 01/09/2038 0.42
QATAR (STATE OF) RegS 5.103 04/23/2048 0.41
POLAND (REPUBLIC OF) 5.5 03/18/2054 0.41
GHANA (REPUBLIC OF) RegS 5 07/03/2035 0.41
QATAR (STATE OF) RegS 4.817 03/14/2049 0.40
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31/Oct/2024

% of Market Value

Type Fund Benchmark Net
as of 31/Oct/2024

% of Market Value

Type Fund Benchmark Net
as of 31/Oct/2024

% of Market Value

Type Fund Benchmark Net
as of 31/Oct/2024

% of Market Value

Type Fund Benchmark Net
as of 31/Oct/2024

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class I2 Hedged EUR None 106.08 0.26 0.25 29/Nov/2024 107.20 95.45 LU1373035663
Class I2 USD None 139.80 0.34 0.24 29/Nov/2024 140.90 123.46 LU1064902957
Class A2 Hedged EUR None 103.54 0.25 0.24 29/Nov/2024 104.68 93.39 LU1373035580
Class I7 USD Semi-Annual 87.80 0.22 0.25 29/Nov/2024 90.85 82.16 LU1333800438
Class I2 Hedged GBP None 114.78 0.29 0.25 29/Nov/2024 115.67 101.92 LU1400680390
Class A2 USD None 138.51 0.33 0.24 29/Nov/2024 139.67 122.67 LU0836513696
Class D2 EUR - 133.48 0.33 0.25 29/Nov/2024 134.05 113.33 LU1811365292
Class D2 USD - 118.70 0.28 0.24 29/Nov/2024 119.65 104.86 LU1811365029

Portfolio Managers

Portfolio Managers

Vlad Borysenko
Vlad Borysenko

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
7’550 EUR
-24.5%
5’670 EUR
-17.2%

Unfavourable

What you might get back after costs
Average return each year
7’550 EUR
-24.5%
7’940 EUR
-7.4%

Moderate

What you might get back after costs
Average return each year
10’430 EUR
4.3%
11’230 EUR
3.9%

Favourable

What you might get back after costs
Average return each year
11’850 EUR
18.5%
12’200 EUR
6.9%

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



Literature

Literature