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

Growth of Hypothetical 10,000

Performance chart data not available for display.
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  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 16.56 3.64 -1.17 3.69 12.50 -9.80 15.56 18.28 5.86 -14.60
Constraint Benchmark 1 (%) 13.67 4.17 -0.78 6.06 15.69 -4.68 18.79 13.34 10.13 -15.59
Comparator Benchmark 2 (%) 24.67 4.77 -1.37 8.65 24.09 -8.77 27.74 16.33 20.95 -17.54
Comparator Benchmark 3 (%) -4.00 -0.48 -3.57 1.60 7.49 -0.84 5.90 10.11 -6.97 -18.26
  1Y 3Y 5Y 10y Incept.
-14.60 2.26 2.20 4.50 4.98
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-15.59 1.76 3.59 5.57 6.12
Comparator Benchmark 2 (%)

as of Dec 31, 2022

-17.54 5.08 6.22 8.91 -
Comparator Benchmark 3 (%)

as of Dec 31, 2022

-18.26 -5.75 -2.54 -1.22 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-14.60 -0.85 6.39 2.64 -14.60 6.93 11.47 55.24 86.60
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-15.59 -2.31 7.90 0.89 -15.59 5.36 19.31 72.01 114.38
Comparator Benchmark 2 (%)

as of Dec 31, 2022

-17.54 -4.00 10.28 3.21 -17.54 16.02 35.21 134.84 -
Comparator Benchmark 3 (%)

as of Dec 31, 2022

-18.26 -0.17 3.82 -4.08 -18.26 -16.28 -12.08 -11.54 -
  From
31-Dec-2017
To
31-Dec-2018
From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
Total Return (%)

as of Dec 31, 2022

-9.80 15.56 18.28 5.86 -14.60
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-4.68 18.79 13.34 10.13 -15.59
Comparator Benchmark 2 (%)

as of Dec 31, 2022

-8.77 27.74 16.33 20.95 -17.54
Comparator Benchmark 3 (%)

as of Dec 31, 2022

-0.84 5.90 10.11 -6.97 -18.26
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Key Facts

Key Facts

Net Assets of Fund as of Feb 2, 2023 USD 15,476,929,642
Share Class Inception Date Mar 1, 2010
Fund Inception Date Jan 3, 1997
Share Class Currency PLN
Base Currency USD
Asset Class Multi Asset
Constraint Benchmark 1 36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI
Comparator Benchmark 2 FTSE World Index
Comparator Benchmark 3 FTSE World Government Bond Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 1.78%
Annual Management Fee 1.50%
Performance Fee 0.00%
Minimum Initial Investment PLN 5000
Minimum Subsequent Investment PLN 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Allocation
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGGA2PL
ISIN LU0480534592
SEDOL B6059Q5

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 971
P/E Ratio as of Dec 30, 2022 20.06
Average Market Cap (Millions) as of Dec 30, 2022 USD 264,367.5 M
Effective Duration as of Dec 30, 2022 1.63 yrs
Effective Duration Fixed Income as of Dec 30, 2022 4.86 yrs
Effective Duration Fixed Income and Cash as of Dec 30, 2022 3.36 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 Nov 21, 2022 A
MSCI ESG % Coverage as of Nov 21, 2022 92.32
MSCI ESG Quality Score (0-10) as of Nov 21, 2022 7.04
MSCI ESG Quality Score - Peer Percentile as of Nov 21, 2022 40.10
Fund Lipper Global Classification as of Nov 21, 2022 Mixed Asset USD Bal - Global
Funds in Peer Group as of Nov 21, 2022 192
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 21, 2022 172.13
MSCI Weighted Average Carbon Intensity % Coverage as of Nov 21, 2022 53.30
All data is from MSCI ESG Fund Ratings as of Nov 21, 2022, based on holdings as of Apr 30, 2022. 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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

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 Dec 30, 2022 0.01%
MSCI - UN Global Compact Violators as of Dec 30, 2022 0.66%
MSCI - Nuclear Weapons as of Dec 30, 2022 0.01%
MSCI - Thermal Coal as of Dec 30, 2022 0.13%
MSCI - Civilian Firearms as of Dec 30, 2022 0.01%
MSCI - Oil Sands as of Dec 30, 2022 0.03%
MSCI - Tobacco as of Dec 30, 2022 0.06%

Business Involvement Coverage as of Dec 30, 2022 58.83%
Percentage of Fund not covered as of Dec 30, 2022 41.17%
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 0.66% and for Oil Sands 1.99%.

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

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


The Global Allocation Investment Team believes that a company’s ability to manage material environmental, social and governance (“ESG”) issues may be essential to the company’s ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of our investment process. For long-term investors like Global Allocation, incorporating ESG information into its research and investment decisions has been, and remains, very important to our fundamental investment process and our goal of seeking to maximize risk-adjusted returns.


The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Risk Indicator

Risk Indicator

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2
3
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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Dec 30, 2022
Name Weight (%)
MICROSOFT CORP 1.72
APPLE INC 1.37
ALPHABET INC CLASS C 1.12
AMAZON COM INC 0.84
CONOCOPHILLIPS 0.84
Name Weight (%)
UNITEDHEALTH GROUP INC 0.80
LVMH 0.77
MASTERCARD INC CLASS A 0.75
MARSH & MCLENNAN INC 0.71
ENBRIDGE INC 0.69
as of Dec 30, 2022
Name Weight (%)
TREASURY NOTE 3.875 11/30/2027 5.95
UMBS 30YR TBA(REG A) 4.56
TREASURY (CPI) NOTE 0.625 01/15/2024 1.53
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.19
TREASURY NOTE 4.5 11/30/2024 1.16
Name Weight (%)
TREASURY NOTE 4.25 09/30/2024 1.11
TREASURY (CPI) NOTE 0.5 04/15/2024 0.87
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.85
TREASURY BOND 3 08/15/2052 0.57
CANADA (GOVERNMENT OF) 0.25 03/01/2026 0.47
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Dec 30, 2022

% of Net Assets

Type Fund
Allocations subject to change.
as of Dec 30, 2022

% of Net Assets

Type Fund
as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
A2 Hgd PLN Accumulating 19.87 0.16 0.81 Feb 2, 2023 21.28 17.27 LU0480534592 -
X2 Hgd JPY Accumulating 1,339.00 9.00 0.68 Feb 2, 2023 1,488.00 1,189.00 LU1445720094 -
A4 Hgd EUR Annual 37.42 0.29 0.78 Feb 2, 2023 42.30 33.21 LU0240613025 -
A2 Hgd EUR Accumulating 40.27 0.31 0.78 Feb 2, 2023 45.52 35.74 LU0212925753 -
A2 Hgd GBP Accumulating 33.78 0.26 0.78 Feb 2, 2023 37.67 29.83 LU0236177068 -
X2 EUR Accumulating 81.85 0.61 0.75 Feb 2, 2023 86.95 78.22 LU0984173384 -
A2 EUR Accumulating 63.15 0.47 0.75 Feb 2, 2023 67.61 60.59 LU0171283459 -
J2 USD Accumulating 89.87 0.71 0.80 Feb 2, 2023 96.52 78.43 LU0304953069 -
X4 USD Annual 15.00 0.12 0.81 Feb 2, 2023 16.40 13.09 LU0953392981 -
Class AI2 EUR - 12.59 0.09 0.72 Feb 2, 2023 13.48 12.08 LU1960222104 -
D4 GBP Annual 55.10 0.69 1.27 Feb 2, 2023 56.54 51.60 LU1852330908 -
D2 Hgd EUR Accumulating 45.14 0.34 0.76 Feb 2, 2023 50.66 39.98 LU0329591480 -
D2 USD Accumulating 77.21 0.61 0.80 Feb 2, 2023 83.70 67.58 LU0329592538 -
A2 Hgd SGD Accumulating 15.84 0.13 0.83 Feb 2, 2023 17.47 13.94 LU0308772762 -
X2 USD Accumulating 89.28 0.71 0.80 Feb 2, 2023 95.89 77.92 LU0328507826 -
A4 EUR Annual 61.40 0.46 0.75 Feb 2, 2023 65.74 58.91 LU0408221512 -
Class AI2 Hedged EUR - 11.20 0.08 0.72 Feb 2, 2023 12.66 9.94 LU1960222286 -
C2 Hgd EUR Accumulating 29.67 0.22 0.75 Feb 2, 2023 33.95 26.44 LU0212926058 -
A2 Hgd CHF Accumulating 13.12 0.10 0.77 Feb 2, 2023 14.82 11.68 LU0343169966 -
A2 Hgd AUD Accumulating 19.46 0.14 0.72 Feb 2, 2023 21.69 17.20 LU0468326631 -
A2 HUF Accumulating 24,408.64 -51.51 -0.21 Feb 2, 2023 27,678.23 22,855.92 LU0566074125 -
X2 Hgd AUD Accumulating 24.09 0.18 0.75 Feb 2, 2023 26.39 21.18 LU0525289509 -
E2 Hgd PLN Accumulating 18.69 0.15 0.81 Feb 2, 2023 20.11 16.28 LU0530192003 -
D2 Hgd CHF Accumulating 14.19 0.11 0.78 Feb 2, 2023 15.92 12.61 LU0827880260 -
D2 EUR Accumulating 70.78 0.52 0.74 Feb 2, 2023 75.52 67.87 LU0523293024 -
C2 USD Accumulating 50.72 0.40 0.79 Feb 2, 2023 56.07 44.67 LU0147395726 -
D2 Hgd AUD Accumulating 21.03 0.16 0.77 Feb 2, 2023 23.26 18.54 LU0827880187 -
I2 EUR Accumulating 71.09 0.53 0.75 Feb 2, 2023 75.77 68.15 LU1653088838 -
E2 USD Accumulating 62.07 0.49 0.80 Feb 2, 2023 68.12 54.54 LU0147396450 -
D4 EUR Annual 62.00 0.46 0.75 Feb 2, 2023 66.67 59.45 LU0827880005 -
D2 Hgd SGD Accumulating 17.21 0.13 0.76 Feb 2, 2023 18.84 15.11 LU0827880690 -
E2 EUR Accumulating 56.91 0.42 0.74 Feb 2, 2023 61.08 54.63 LU0171283533 -
C2 EUR Accumulating 46.50 0.34 0.74 Feb 2, 2023 50.08 44.67 LU0331284793 -
D2 Hgd PLN Accumulating 21.48 0.17 0.80 Feb 2, 2023 22.83 18.63 LU0827880427 -
E2 Hgd EUR Accumulating 37.81 0.28 0.75 Feb 2, 2023 42.96 33.62 LU0212926132 -
A4 USD Annual 66.97 0.53 0.80 Feb 2, 2023 73.13 58.75 LU0724617625 -
I2 USD Accumulating 77.54 0.61 0.79 Feb 2, 2023 83.89 67.82 LU0368249560 -
X2 Hgd EUR Accumulating 13.35 0.10 0.75 Feb 2, 2023 14.84 11.79 LU0260352280 -
A2 Hgd HKD Accumulating 16.27 0.12 0.74 Feb 2, 2023 17.92 14.30 LU0788109477 -
D4 Hgd EUR Annual 37.75 0.28 0.75 Feb 2, 2023 42.71 33.44 LU0827880773 -
A2 Hgd CNH Accumulating 161.07 1.23 0.77 Feb 2, 2023 177.17 142.57 LU1062906877 -
I2 Hgd EUR Accumulating 44.88 0.34 0.76 Feb 2, 2023 50.26 39.72 LU0368231949 -
D2 Hgd GBP Accumulating 36.48 0.28 0.77 Feb 2, 2023 40.38 32.14 LU0827880344 -
I2 Hgd SGD Accumulating 17.28 0.13 0.76 Feb 2, 2023 18.91 15.16 LU0810842038 -
A2 USD Accumulating 68.88 0.55 0.80 Feb 2, 2023 75.22 60.43 LU0072462426 -

Portfolio Managers

Portfolio Managers

Rick Rieder
Managing Director, CIO of Global Fixed Income, Head of Fundamental Fixed Income, Head of Global Allocation Investment Team

  

David Clayton, CFA, JD
Portfolio Manager, Global Allocation

David Clayton

Russ Koesterich
Managing Director, Portfolio Manager and member of the Global Allocation team

Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock's Multi-Asset Strategies Group.

 

 

Literature

Literature