Equity

BSF UK Equity Absolute Return 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.

All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. The Fund uses derivatives as part of its investment strategy including the establishment of both ‘long’ and ‘synthetic short’ positions and the creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The Manager employs a risk management process to oversee and manage derivative exposure within the Fund. However, the use of derivatives in this manner may have the effect of increasing the overall risk profile of the Fund. Investors should understand that the Fund is not guaranteed to produce a positive return and as an absolute return product, performance may not move in line with general market trends or fully benefit from a positive market environment. The Fund utilises 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 and volatility. The strategies utilized by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both ‘long’ and ‘synthetic short’ positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Fund. Investors in this Fund should understand that the Fund is not guaranteed to produce a positive return and as an absolute return product, performance may not move in line with general market trends or fully benefit from a positive market environment. The Manager employs a risk management process to oversee and manage derivative exposure within the Fund. 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.

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 7 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 0.3 -6.5 8.2 -2.1 0.2 5.5 3.2
Comparator Benchmark 1 (%) 0.4 0.7 0.8 0.3 0.1 1.5 4.8

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

  1y 3y 5y 10y Incept.
4.35 4.66 2.38 - 1.82
Comparator Benchmark 1 (%) 5.37 3.74 2.32 - 1.63
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
4.30 0.86 2.01 2.77 4.35 14.63 12.49 - 16.15
Comparator Benchmark 1 (%) 4.90 0.40 1.26 2.60 5.37 11.65 12.13 - 14.34
  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

-2.31 1.86 4.22 5.32 2.25
Comparator Benchmark 1 (%)

as of 30-Sep-2024

0.48 0.06 0.83 4.18 5.43

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 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 13-Dec-2024
GBP 331,679,181
Fund Launch Date
18-Aug-2016
Fund Base Currency
GBP
Comparator Benchmark 1
3 Month SONIA Compounded in Arrears + 11.9 basis points spread
Ongoing Charges Figures
1.85%
ISIN
LU1430596343
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Equity Market Neutral EUR
Dealing Frequency
Daily, forward pricing basis
SEDOL
BZB1SP7
Share Class launch date
18-Aug-2016
Share Class Currency
EUR
Asset Class
Equity
Initial Charge
5.00%
Management Fee
1.50%
Performance Fee
20.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BSUAA4E

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
121
Standard Deviation (3y)
as of 30-Nov-2024
3.02%
P/E Ratio
as of 29-Nov-2024
22.27
12 Month Trailing Dividend Distribution Yield
as of 31-May-2018
0.57
3y Beta
as of 30-Nov-2024
-0.718
P/B Ratio
as of 29-Nov-2024
2.62

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.00%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
0.00%
MSCI - Thermal Coal
as of 29-Nov-2024
0.00%
MSCI - Oil Sands
as of 29-Nov-2024
0.00%

Business Involvement Coverage
as of 29-Nov-2024
79.68%
Percentage of Fund not covered
as of 29-Nov-2024
17.28%
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 0.00% and for Oil Sands 0.04%.

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

3 stars
Overall Morningstar Rating for BSF UK Equity Absolute Return Fund, Class A4 Hedged, as of 30-Nov-2024 rated against 180 Equity Market Neutral EUR Funds.

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
EXPERIAN PLC 2.52
LONDON STOCK EXCHANGE GROUP PLC 2.40
RELX PLC 2.40
DSV A/S 2.28
BREEDON GROUP PLC 2.19
Name Weight (%)
CRH PLC 2.17
GREAT PORTLAND ESTATES PLC 2.13
SHELL PLC 1.99
COMPASS GROUP PLC 1.95
TESCO PLC 1.89
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-2024

% of Market Value

Type Fund
as of 29-Nov-2024

% of Market Value

Type Fund
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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A4 Hedged EUR 115.73 -0.15 -0.13 13-Dec-2024 116.36 109.89 LU1430596343
Class A2 Hedged EUR 116.56 -0.16 -0.14 13-Dec-2024 117.19 110.69 LU1430596269
Class D2 Hedged USD 138.01 -0.17 -0.12 13-Dec-2024 138.53 128.10 LU1567864464
Class D2 Hedged EUR 122.05 -0.13 -0.11 13-Dec-2024 122.55 115.04 LU1430596699
Class D2 GBP 133.70 -0.14 -0.10 13-Dec-2024 134.17 124.35 LU1430596426
Class A2 GBP 126.57 -0.16 -0.13 13-Dec-2024 127.18 118.58 LU1430596186
Class D2 EUR 139.88 -0.92 -0.65 13-Dec-2024 141.33 125.40 LU1495982784

Portfolio Managers

Portfolio Managers

Dan Whitestone
Dan Whitestone
Oliver Dixon
Vice President, is a member of the UK Equity team

Oliver Dixon,Vice President, is a member of the UK Equity team within the Fundamental Equity division of Blackrock's Active Equities Group. 

Literature

Literature