Morningstar Fund Report  | 05/04/2025Print

BlackRock Global Funds - Emerging Markets Bond Fund D2

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
BlackRock Global Funds - Emerging Markets Bond Fund D2
Fund-1.5-5.89.410.7-0.7
+/-Cat1.4-0.15.24.0-0.2
+/-B’mrk0.30.05.36.5-0.3
 
Category: Global Emerging Markets Bond
Category Benchmark: Morningstar EM Sov Bd GR USD
Key Stats
NAV
04/04/2025		 USD 22.88
Day Change 0.75%
Morningstar Category™ Global Emerging Markets Bond
ISIN LU0297941386
Fund Size (Mil)
31/03/2025		 USD 1248.62
Share Class Size (Mil)
03/04/2025		 USD 60.29
Max Initial Charge 5.26%
Ongoing Charge
04/02/2025		  0.85%
Morningstar Research
Analyst Report05/03/2025
Elbie Louw, Senior Analyst
Morningstar, Inc

The dust is still settling on some recent personnel changes at BGF Emerging Markets Bond. Its cheaper share classes retain their Morningstar Analyst Rating at Neutral, while its more-expensive share classes are rated Negative. BlackRock’s head of...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent24
Process23
Performance
Price
Investment Objective: BlackRock Global Funds - Emerging Markets Bond Fund D2
The Fund seeks to maximise total return. The Fund invests at least 70% of its total assets in the fixed income transferable securities of governments and agencies of, and companies domiciled or exercising the predominant part of their economic activity in, emerging markets. The Fund may invest in the full spectrum of available securities, including non-investment grade. Currency exposure is flexibly managed.
Returns
Trailing Returns (GBP)04/04/2025
YTD-1.84
3 Years Annualised5.08
5 Years Annualised4.55
10 Years Annualised4.68
12 Month Yield 0.00
Management
Manager Name
Start Date
Silvio Zanardini
06/12/2024
Michel Aubenas
27/07/2012
Inception Date
08/06/2007

Category Benchmark
Fund BenchmarkMorningstar Benchmark
JPM EMBI Global Diversified TR USDMorningstar EM Sov Bd GR USD
Portfolio Profile for  BlackRock Global Funds - Emerging Markets Bond Fund D228/02/2025
Fixed Income
Effective Maturity10.15
Effective Duration6.19
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock0.000.000.00
Bond94.352.6991.67
Property0.000.000.00
Cash87.6979.388.31
Other0.020.000.02
Growth Of 1000 (GBP) 31/03/2025
Fund:  BlackRock Global Funds - Emerging Markets Bond Fund D2
Category:  Global Emerging Markets Bond
Category Index:  Morningstar EM Sov Bd GR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-0.678.513.43-1.47-5.789.4510.67-0.74
+/- Category-0.350.810.771.40-0.135.244.00-0.15
+/- Category Index-2.90-1.490.370.34-0.015.326.54-0.29
% Rank in Category565135334971645
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.75   2.182.26
1 Week-1.15   0.10-0.31
1 Month-2.70   0.941.13
3 Months-3.12   0.06-0.19
6 Months1.57   1.482.97
YTD-1.84   0.240.12
1 Year4.43   2.132.62
3 Years Annualised5.08   1.453.12
5 Years Annualised4.55   1.923.14
10 Years Annualised4.68   0.960.86
 
Category: Global Emerging Markets Bond
Category Index: Morningstar EM Sov Bd GR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-0.74---
20244.270.82-0.365.65
2023-1.24-0.333.777.16
2022-3.58-6.301.952.29
2021-4.594.181.62-2.46
2020-11.9116.84-1.512.03
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighAbove Average4 star
5-YearAbove AverageAbove Average4 star
10-YearAbove AverageAverage4 star
OverallAbove AverageAbove Average4 star
 
Category :  Global Emerging Markets BondClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev7.44 %
3-Yr Mean Return5.80 %
 
3-Yr Sharpe Ratio0.23
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM Sov Bd GR USD  JPM EMBI Plus TR USD
3-Yr Beta0.950.87
3-Yr Alpha2.801.63
 
Fixed Income Style28/02/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)USD 1272
Maturity Distribution %
1 to 39.60
3 to 513.82
5 to 710.90
7 to 1031.86
10 to 1511.06
15 to 203.45
20 to 3017.33
Over 301.69
Effective Maturity10.15
Effective Duration6.19
Credit Quality Breakdown %     %
AAA0.00   BB30.72
AA3.75   B14.32
A11.51   Below B11.94
BBB26.29   Not Rated1.47
 
Category: Global Emerging Markets Bond
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock0.000.000.00
Bond94.352.6991.67
Property0.000.000.00
Cash87.6979.388.31
Other0.020.000.02
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings283
Assets in Top 10 Holdings13.21
NameSectorCountry% of Assets
BGF Emerging Markets Corp Bd X2 USDLuxembourg4.24
Mdgh Gmtn (Rsc) LtdUnited Arab Emirates1.20
Mexico (United Mexican States)Mexico1.13
GACI First Investment Co.Saudi Arabia1.11
Turkey (Republic of)Turkey1.10
Ukraine (Republic of)Ukraine0.99
Colombia (Republic Of)Colombia0.87
Turkey (Republic of)Turkey0.86
Oman (Sultanate Of)Oman0.85
Ukraine (Republic of)Ukraine0.85
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Bond
 
Management
Name of CompanyBlackRock (Luxembourg) SA
Phone+44 20 77433000
Websitewww.blackrock.com
Address35 A, avenue J.F. Kennedy,
 Luxembourg   L-1855
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date08/06/2007
Fund Advisor(s)
BlackRock Investment Management (UK) Ltd.
Blackrock Financial Management, Inc
BlackRock (Singapore) Ltd
Fund ManagerSilvio Zanardini
Manager Start Date06/12/2024
Fund ManagerMichel Aubenas
Manager Start Date27/07/2012
Education
1998, Paris IX Dauphine University, B.S.
Paris IX Dauphine University, M.S.
1999, Paris IX Dauphine University, M.S.
 
Biography
Michel Aubenas, CFA, is a Managing Director of BlackRock, Inc. since 2016, Head of EM Hard Currency Sovereign Debt and Director from 2012 to 2015 and portfolio manager for the Emerging Markets Debt team within BlackRock's Portfolio Management Group. He has responsibilities for managing sovereign debt strategies and local rates. Prior to joining BlackRock in June 2012, Mr Aubenas was a portfolio manager for the Emerging Markets Debt team at Fischer Francis Trees and Watts (FFTW, part of the BNP-Paribas group) for two years, where he was managing sovereign debt strategies and shared regional coverage of Eastern Europe and frontier markets. At FFTW, Michel had responsibility for supervising the team's innovative investment process which he helped enhance. Prior to that, Mr Aubenas worked as an EM portfolio manager at Caisse de Depots in Canada, Fortis Investments in London, and Axa Investment Managers in France. He has cross-assets investment experience in external debt (sovereign and quasi-sovereign), local rates and currencies. Michel studied at Dauphine University in Paris, where he earned a Masters in Banking and Finance in 1999, and an MSc in Economics and a BSc in Applied Mathematics in 1998.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.26%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.65%
Ongoing Charge0.85%
Purchase Details
Minimum Investments
Initial100000  USD
Additional1000  USD
Savings-
Tax Free Savings Schemes
ISAsYes