Multi Asset

Tactical Opportunities 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.

Equities and equity-related securities can be affected by daily stock market movements. Fixed Income securities can be affected by changes to interest rates, credit risk and potential or actual credit rating downgrades. Noninvestment grade FI securities can be more sensitive to these events. ABS and MBS may have high levels of borrowing and not fully reflect the value of underlying assets. FDIs are highly sensitive to changes in the value of the asset they are based on. The impact is greater where FDIs are used in an extensive or complex way. Due to its investment strategy an 'Absolute Return' fund may not move in line with market trends or fully benefit from a positive market environment.

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

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This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 7.0 0.2 5.6 2.9
Comparator Benchmark 1 (%) 0.7 0.0 1.5 5.0

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

  1y 3y 5y 10y Incept.
9.68 7.51 5.33 - 5.44
Comparator Benchmark 1 (%) 5.32 3.76 2.41 - 2.39
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
11.89 3.95 5.25 4.77 9.68 24.26 29.66 - 32.74
Comparator Benchmark 1 (%) 4.83 0.38 1.20 2.56 5.32 11.69 12.65 - 13.48
  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

4.84 6.03 -1.46 11.17 3.85
Comparator Benchmark 1 (%)

as of 30-Sep-2024

- 0.07 0.62 4.47 5.46

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 USD, 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 11-Dec-2024
USD 316,910,777
Fund Launch Date
25-Jul-2019
Fund Base Currency
USD
Comparator Benchmark 1
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Ongoing Charges Figures
0.75%
ISIN
IE00BK4PZV64
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Macro Trading USD
Dealing Frequency
Daily, forward pricing basis
SEDOL
BK4PZV6
Share Class launch date
25-Jul-2019
Share Class Currency
USD
Asset Class
Multi Asset
Initial Charge
-
Management Fee
0.75%
Performance Fee
-
Domicile
Ireland
Management Company
BlackRock Asset Management Ireland Limited
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BRTOUSA

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
752
3y Beta
as of 30-Nov-2024
0.937
P/B Ratio
as of 29-Nov-2024
3.60
Modified Duration
as of 29-Nov-2024
0.58
Weighted Avg Maturity
as of 29-Nov-2024
0.06
Standard Deviation (3y)
as of 30-Nov-2024
5.33%
P/E Ratio
as of 29-Nov-2024
25.01
Yield to Maturity
as of 29-Nov-2024
2.47
Effective Duration
as of 29-Nov-2024
0.41

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
6.86
Fund Lipper Global Classification
as of 21-Nov-2024
Absolute Return USD Medium
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
55.52
MSCI ESG % Coverage
as of 21-Nov-2024
95.46
MSCI ESG Quality Score - Peer Percentile
as of 07-Oct-2021
44.94
Funds in Peer Group
as of 21-Nov-2024
19
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
63.43
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
0.00%
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
70.20%
Percentage of Fund not covered
as of 29-Nov-2024
21.27%
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 0.31% and for Oil Sands 1.01%.

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 Tactical Opportunities Fund, Class D, as of 30-Nov-2024 rated against 137 Macro Trading USD Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective 10-May-2024)
Analyst-Driven % as of 10-May-2024
100.00
Data Coverage % as of 10-May-2024
100.00

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
TRSWAP: FTZ4 FUTURE 18-DEC-2024 7.14
APPLE INC 3.43
MICROSOFT CORP 3.28
NVIDIA CORP 3.20
TRSWAP: RU10VATR INDEX 2.90
Name Weight (%)
AMAZON COM INC 2.19
META PLATFORMS INC CLASS A 1.38
ALPHABET INC CLASS A 1.22
ALPHABET INC CLASS C 0.94
BERKSHIRE HATHAWAY INC CLASS B 0.88
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
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 D USD 132.41 -0.12 -0.09 11-Dec-2024 133.61 118.55 IE00BK4PZV64
Class D Hedged GBP 128.43 -0.12 -0.09 11-Dec-2024 129.60 114.97 IE00BK4PZT43
Class X Hedged AUD 132.10 -0.13 -0.10 11-Dec-2024 133.32 118.10 IE00BK4PZY95
Class X Hedged GBP 134.07 -0.12 -0.09 11-Dec-2024 135.27 119.37 IE00BK4Q0038
Class X Hedged EUR 126.59 -0.12 -0.10 11-Dec-2024 127.77 113.68 IE00BK4PZZ03
Class D Hedged CHF 115.96 -0.12 -0.11 11-Dec-2024 117.11 105.44 IE00BK4PZX88
Class D Hedged EUR 121.66 -0.12 -0.10 11-Dec-2024 122.80 109.51 IE00BK4PZW71
Class X Hedged JPY 11,451.16 -12.07 -0.11 11-Dec-2024 11,562.50 10,430.72 IE00BK5C1858
Class X USD 137.99 -0.13 -0.09 11-Dec-2024 139.22 122.68 IE00BK4Q0145
Class X Hedged NZD 125.80 -0.12 -0.09 11-Dec-2024 126.94 111.95 IE000183UGY9
Class A USD 127.27 -0.12 -0.10 11-Dec-2024 128.44 114.25 IE00BK4PZR29
Class A Hedged SGD 123.55 -0.12 -0.10 11-Dec-2024 124.74 111.63 IE00BK4PZS36

Portfolio Managers

Portfolio Managers

Philip Green
Philip Green
Tom Becker
Portfolio Manager, Global Tactical Asset Allocation Team

Tom Becker, PhD, Managing Director, is a portfolio manager on the Global Tactical Asset Allocation (GTAA) team within BlackRock's Multi-Asset Strategies & Solutions group. The GTAA team manages multi-asset macro investment strategies including the Tactical Opportunities Fund and custom mandates for institutional clients around the world.

Richard Murrall
Richard Murrall
Michael Pensky
Michael Pensky

Literature

Literature