Multi Asset

BGF Global Allocation 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. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

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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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 16.3 9.7 7.3 0.0 -3.7 20.0 10.3 15.8 -10.6 9.5
Constraint Benchmark 1 (%) 18.6 10.5 9.2 1.6 0.1 21.0 4.0 18.5 -10.1 11.8
Comparator Benchmark 2 (%) 16.4 7.2 9.0 6.4 -6.5 26.8 4.5 27.7 -14.1 17.3
Comparator Benchmark 3 (%) 13.3 7.4 4.6 -5.6 4.2 7.8 1.0 0.1 -12.9 1.6

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

  1y 3y 5y 10y Incept.
21.18 5.36 8.05 7.34 7.86
Constraint Benchmark 1 (%) 20.09 6.00 7.70 8.12 -
Comparator Benchmark 2 (%) 28.62 8.95 11.13 9.54 -
Comparator Benchmark 3 (%) 7.00 -3.27 -1.73 1.28 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
17.41 5.86 7.07 9.86 21.18 16.97 47.25 103.01 151.66
Constraint Benchmark 1 (%) 16.57 4.98 5.85 9.93 20.09 19.09 44.89 118.40 -
Comparator Benchmark 2 (%) 24.22 6.82 8.27 12.92 28.62 29.32 69.46 148.69 -
Comparator Benchmark 3 (%) 3.97 3.04 3.09 6.36 7.00 -9.48 -8.35 13.51 -
  From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
From
30-Sep-2022
To
30-Sep-2023
From
30-Sep-2023
To
30-Sep-2024
Total Return (%)

as of 30-Sep-2024

6.90 18.09 -3.47 1.27 15.25
Constraint Benchmark 1 (%)

as of 30-Sep-2024

1.38 17.10 -3.67 5.43 16.57
Comparator Benchmark 2 (%)

as of 30-Sep-2024

0.39 28.41 -7.03 10.97 23.21
Comparator Benchmark 3 (%)

as of 30-Sep-2024

-0.74 -2.19 -7.89 -6.51 5.32

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 13-Dec-2024
USD 15,391,056,379
Fund Launch Date
03-Jan-1997
Fund Base Currency
USD
Constraint Benchmark 1
36% SNP500EUR / 24% FTWXUS_EUR / ML5YREURU Index
Comparator Benchmark 3
FTSE World Government Bond Index in EUR
Ongoing Charges Figures
1.02%
ISIN
LU0827880005
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
USD Moderate Allocation
Dealing Frequency
Daily, forward pricing basis
SEDOL
B8JVZC6
Share Class launch date
20-Sep-2012
Share Class Currency
EUR
Asset Class
Multi Asset
Comparator Benchmark 2
FTSE World Price EUR index
Initial Charge
5.00%
Management Fee
0.75%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGGAD4E

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
1225
3y Beta
as of 30-Nov-2024
0.922
Average Market Cap (Millions)
as of 29-Nov-2024
USD 636,812.03
Effective Duration Fixed Income
as of 29-Nov-2024
7.16
12 Month Trailing Dividend Distribution Yield
as of 30-Nov-2024
1.65
Equity Price/Earnings (FY1)
as of 29-Nov-2024
20.89
Effective Duration
as of 29-Nov-2024
1.87
Effective Duration Fixed Income and Cash
as of 29-Nov-2024
5.19

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
A
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
6.76
Fund Lipper Global Classification
as of 21-Nov-2024
Mixed Asset USD Bal - Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
133.68
MSCI ESG % Coverage
as of 21-Nov-2024
87.99
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
79.25
Funds in Peer Group
as of 21-Nov-2024
241
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
69.79
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 29-Nov-2024
0.18%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.18%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.34%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
0.09%
MSCI - Thermal Coal
as of 29-Nov-2024
0.36%
MSCI - Oil Sands
as of 29-Nov-2024
0.37%

Business Involvement Coverage
as of 29-Nov-2024
71.53%
Percentage of Fund not covered
as of 29-Nov-2024
28.48%
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 0.73% and for Oil Sands 1.58%.

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.

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 Rating

4 stars
Overall Morningstar Rating for BGF Global Allocation Fund, Class D4, as of 30-Nov-2024 rated against 1121 USD Moderate Allocation Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective 16-May-2024)
Analyst-Driven % as of 16-May-2024
100.00
Data Coverage % as of 16-May-2024
100.00

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
MICROSOFT CORP 2.77
NVIDIA CORP 2.49
APPLE INC 2.03
AMAZON COM INC 1.98
ALPHABET INC CLASS C 1.53
Name Weight (%)
META PLATFORMS INC CLASS A 1.01
UNITEDHEALTH GROUP INC 0.89
MASTERCARD INC CLASS A 0.87
PROGRESSIVE CORP 0.86
JPMORGAN CHASE & CO 0.81
as of 29-Nov-2024
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 2.3 02/15/2033 1.89
TREASURY NOTE 4.125 07/31/2028 1.26
UK CONV GILT 1.25 07/22/2027 1.24
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.12
GERMANY (FEDERAL REPUBLIC OF) 1.7 08/15/2032 1.07
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.81
TREASURY NOTE 4 06/30/2028 0.78
TREASURY NOTE 4.875 10/31/2028 0.62
TREASURY NOTE 5 09/30/2025 0.47
TREASURY NOTE 5 10/31/2025 0.46
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-2024

% of Net Assets

Type Fund Benchmark Net
Allocations subject to change.
as of 29-Nov-2024

% of Net Assets

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Net Assets

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.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class D4 EUR 74.40 -0.22 -0.29 13-Dec-2024 74.78 63.33 LU0827880005
Class A10 USD 10.54 -0.06 -0.57 13-Dec-2024 10.71 9.74 LU2637965356
Class D2 EUR 88.04 -0.26 -0.29 13-Dec-2024 88.49 73.64 LU0523293024
Class AI2 EUR 15.45 -0.04 -0.26 13-Dec-2024 15.53 13.01 LU1960222104
Class D4 GBP 61.79 0.16 0.26 13-Dec-2024 61.82 54.62 LU1852330908
Class D2 Hedged GBP 43.05 -0.24 -0.55 13-Dec-2024 43.49 37.24 LU0827880344
Class A4 EUR 73.69 -0.22 -0.30 13-Dec-2024 74.07 62.73 LU0408221512
Class AI2 Hedged EUR 12.72 -0.07 -0.55 13-Dec-2024 12.86 11.24 LU1960222286
Class A2 USD 81.24 -0.46 -0.56 13-Dec-2024 82.08 70.53 LU0072462426
Class A4 Hedged EUR 41.56 -0.24 -0.57 13-Dec-2024 42.01 37.11 LU0240613025
Class D2 USD 92.35 -0.51 -0.55 13-Dec-2024 93.28 79.57 LU0329592538
Class A4 USD 77.30 -0.43 -0.55 13-Dec-2024 78.09 67.82 LU0724617625
Class A9 USD 9.68 -0.06 -0.62 13-Dec-2024 9.78 8.65 LU2354320561
Class A2 Hedged GBP 39.31 -0.22 -0.56 13-Dec-2024 39.72 34.27 LU0236177068
Class A2 Hedged EUR 45.72 -0.26 -0.57 13-Dec-2024 46.21 40.39 LU0212925753
Class D4 Hedged EUR 41.92 -0.24 -0.57 13-Dec-2024 42.37 37.41 LU0827880773
Class A2 EUR 77.46 -0.22 -0.28 13-Dec-2024 77.86 65.24 LU0171283459
Class D2 Hedged EUR 51.97 -0.30 -0.57 13-Dec-2024 52.52 45.57 LU0329591480
Class A10 Hedged EUR 10.45 -0.06 -0.57 13-Dec-2024 10.60 9.68 LU2637965786

Portfolio Managers

Portfolio Managers

Rick Rieder
Managing Director, CIO of Global Fixed Income

  

Russ Koesterich
Managing Director

Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios.

Literature

Literature