Fixed Income

iShares UK Credit Bond Index Fund (IE)

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  • NAV as of 01/Jun/2023 GBP 41.73
    52 WK: 38.75 - 46.94
  • 1 Day NAV Change as of 01/Jun/2023 0.12 (0.30%)

Overview

Investment Approach


The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which reflects the return of the iBoxx Sterling NonGilt Index, the Fund’s benchmark index.

The Fund invests predominantly in the fixed income (FI) securities (such as bonds) that make up the Fund’s benchmark index (which comprises Sterling denominated bonds excluding UK gilts). A gilt is a FI security such as a bond issued by the British Government.

The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled in countries both in and outside the European Union and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.

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

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Performance

Performance

Chart

Performance chart data not available for display.
View full chart
Share Class and Benchmark performance displayed in GBP. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested. Source: BlackRock. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution

This chart shows the fund's performance as the percentage loss or gain per year over the last 3 years.

  2018 2019 2020 2021 2022
Total Return (%) 8.0 -2.9 -17.6
Benchmark (%) 7.8 -3.1 -17.7

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

  From
31/Mar/2018
To
31/Mar/2019		 From
31/Mar/2019
To
31/Mar/2020		 From
31/Mar/2020
To
31/Mar/2021		 From
31/Mar/2021
To
31/Mar/2022		 From
31/Mar/2022
To
31/Mar/2023
Total Return (%)

as of 31/Mar/2023

- 1.70 7.03 -4.87 -10.22
Benchmark (%)

as of 31/Mar/2023

- 1.45 6.98 -5.20 -10.20
  1y 3y 5y 10y Incept.
Total Return (%) -7.71 -4.43 - - -0.85
Benchmark (%) -7.70 -4.54 - - -0.97
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.30 -0.02 -1.15 3.98 -7.71 -12.70 - - -3.63
Benchmark (%) 2.38 0.00 -1.13 4.06 -7.70 -13.02 - - -4.15

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 GBP hedged Share 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 as of 01/Jun/2023 GBP 43,304,772
Net Assets of Fund as of 01/Jun/2023 GBP 453,780,979
Share Class launch date 02/Jan/2019
Fund Launch Date 30/Sep/2000
Share Class Currency GBP
Fund Base Currency GBP
Asset Class Fixed Income
Benchmark Index iBoxx Sterling Non-Gilts Index
Index Ticker -
SFDR Classification Other
Initial Charge -
Ongoing Charges Figures 0.10%
Annual Management Fee -
Performance Fee -
Minimum Initial Investment GBP 100,000.00
Minimum Subsequent Investment GBP 5,000.00
Distribution Frequency -
Use of Income Distributing
Domicile Ireland
Regulatory Structure UCITS
Management Company BlackRock Asset Management Ireland Limited
Morningstar Category GBP Corporate Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
ISIN IE00BGWKS388
SEDOL BGWKS38

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 28/Apr/2023 1,224
12m Trailing Yield as of 31/May/2023 3.52%
Standard Deviation (3y) as of 30/Apr/2023 8.60%
3y Beta as of 30/Apr/2023 1.00
Yield to Maturity as of 28/Apr/2023 5.37%
Modified Duration as of 28/Apr/2023 5.85
Weighted Av YTM as of 28/Apr/2023 5.37%
Effective Duration as of 28/Apr/2023 5.93
Weighted Avg Maturity as of 28/Apr/2023 8.49 yrs
WAL to Worst as of 28/Apr/2023 8.49 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 19/May/2023 AA
MSCI ESG % Coverage as of 19/May/2023 89.56
MSCI ESG Quality Score (0-10) as of 19/May/2023 7.54
MSCI ESG Quality Score - Peer Percentile as of 19/May/2023 82.01
Fund Lipper Global Classification as of 19/May/2023 Bond GBP Corporates
Funds in Peer Group as of 19/May/2023 428
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 19/May/2023 73.94
MSCI Weighted Average Carbon Intensity % Coverage as of 19/May/2023 88.41
All data is from MSCI ESG Fund Ratings as of 19/May/2023, based on holdings as of 31/Jan/2023. 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 28/Apr/2023 0.00%
MSCI - UN Global Compact Violators as of 28/Apr/2023 1.11%
MSCI - Nuclear Weapons as of 28/Apr/2023 0.00%
MSCI - Thermal Coal as of 28/Apr/2023 0.25%
MSCI - Civilian Firearms as of 28/Apr/2023 0.00%
MSCI - Oil Sands as of 28/Apr/2023 0.00%
MSCI - Tobacco as of 28/Apr/2023 0.92%
Business Involvement Coverage as of 28/Apr/2023 89.09%
Percentage of Fund not covered as of 28/Apr/2023 10.91%
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 0.32% and for Oil Sands 1.00%.

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

Holdings

Holdings

as of 28/Apr/2023
Name Weight (%)
KFW BANKENGRUPPE MTN 6 12/07/2028 0.67
EUROPEAN INVESTMENT BANK 5.625 06/07/2032 0.53
KFW MTN RegS 1.375 12/09/2024 0.53
KFW MTN RegS 1.125 07/04/2025 0.50
EUROPEAN INVESTMENT BANK 6 12/07/2028 0.45
Name Weight (%)
KFW MTN RegS 0.875 07/18/2024 0.40
EUROPEAN INVESTMENT BANK MTN RegS 1.375 03/07/2025 0.38
INTER-AMERICAN DEVELOPMENT BANK 1.25 12/15/2025 0.34
ITALY (REPUBLIC OF) MTN RegS 6 08/04/2028 0.31
TESCO PROPERTY RegS 0.31
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28/Apr/2023

% of Market Value

Type Fund Benchmark Net
as of 28/Apr/2023

% of Market Value

Type Fund Benchmark Net
as of 28/Apr/2023

% 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 TIS
Class D GBP - 41.73 0.12 0.30 01/Jun/2023 46.94 38.75 IE00BGWKS388 -
Class Flex Dist GBP - 157.17 0.47 0.30 01/Jun/2023 176.46 143.32 IE00BMF59H33 -
Inst GBP Quarterly 9.90 0.03 0.30 01/Jun/2023 11.14 9.19 IE00B2RKYS27 -
Class D GBP None 9.53 0.03 0.30 01/Jun/2023 10.46 8.70 IE00BD0NC474 -
Inst GBP None 17.95 0.05 0.30 01/Jun/2023 19.70 16.38 IE00B1W4R618 -
Flex GBP None 27.87 0.08 0.30 01/Jun/2023 30.56 25.41 IE0000405013 -

Portfolio Managers

Portfolio Managers

Alvin Do, CFA, FRM
Alvin Do, CFA, FRM
PortSols CREDIT LON GFI - Group
PortSols CREDIT LON GFI - Group

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.
Recommended holding period : 3 years
Example Investment GBP 10,000.00
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
6,390 GBP
-36.1%
6,670 GBP
-12.6%

Unfavourable

What you might get back after costs
Average return each year
7,830 GBP
-21.7%
8,120 GBP
-6.7%

Moderate

What you might get back after costs
Average return each year
10,360 GBP
3.6%
11,420 GBP
4.5%

Favourable

What you might get back after costs
Average return each year
11,580 GBP
15.8%
13,070 GBP
9.3%

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



Literature

Literature