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 (%) 8.81 14.80 8.37 5.99 -1.26 -4.90 18.45 8.97 14.37 -11.67
Constraint Benchmark 1 (%) 8.77 18.63 10.52 9.23 1.62 0.13 20.98 3.98 18.49 -10.06
Comparator Benchmark 2 (%) 16.26 16.36 7.19 8.98 6.39 -6.50 26.82 4.47 27.72 -14.09
Comparator Benchmark 3 (%) -8.15 13.33 7.41 4.64 -5.58 4.16 7.85 1.01 0.09 -12.91
  1Y 3Y 5Y 10y Incept.
-4.23 5.13 5.09 5.63 4.94
Constraint Benchmark 1 (%) -3.47 5.40 6.87 7.78 -
Comparator Benchmark 2 (%) -3.81 9.16 7.50 8.57 -
Comparator Benchmark 3 (%) -10.85 -5.54 -0.02 1.10 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
2.27 -0.82 -2.26 -5.88 -4.23 16.20 28.17 72.87 170.69
Constraint Benchmark 1 (%) 3.02 -0.41 -2.91 -3.07 -3.47 17.09 39.39 111.60 -
Comparator Benchmark 2 (%) 4.90 -0.31 -3.00 -1.98 -3.81 30.06 43.58 127.66 -
Comparator Benchmark 3 (%) 0.38 -1.01 -3.32 -6.81 -10.85 -15.71 -0.09 11.52 -
  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

-4.90 18.45 8.97 14.37 -11.67
Constraint Benchmark 1 (%)

as of Dec 31, 2022

0.13 20.98 3.98 18.49 -10.06
Comparator Benchmark 2 (%)

as of Dec 31, 2022

-6.50 26.82 4.47 27.72 -14.09
Comparator Benchmark 3 (%)

as of Dec 31, 2022

4.16 7.85 1.01 0.09 -12.91
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.

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 Mar 28, 2023 USD 14,504,122,858
Share Class Inception Date Jul 1, 2002
Fund Inception Date Jan 3, 1997
Share Class Currency EUR
Base Currency USD
Asset Class Multi Asset
Constraint Benchmark 1 36% SNP500EUR / 24% FTWXUS_EUR / ML5YREURU Index
Comparator Benchmark 2 FTSE World Price EUR index
Comparator Benchmark 3 FTSE World Government Bond Index in EUR
SFDR Classification Other
Initial Charge 3.00%
Ongoing Charge 2.28%
Annual Management Fee 2.00%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 10000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Moderate Allocation
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MGLOEEE
ISIN LU0171283533
SEDOL B4491Y1

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Feb 28, 2023 1001
P/E Ratio as of Feb 28, 2023 17.60
Average Market Cap (Millions) as of Feb 28, 2023 USD 282,957.0 M
Effective Duration as of Feb 28, 2023 1.95 yrs
Effective Duration Fixed Income as of Feb 28, 2023 6.30 yrs
Effective Duration Fixed Income and Cash as of Feb 28, 2023 4.33 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 Feb 7, 2023 A
MSCI ESG % Coverage as of Feb 7, 2023 87.09
MSCI ESG Quality Score (0-10) as of Feb 7, 2023 7.03
MSCI ESG Quality Score - Peer Percentile as of Feb 7, 2023 38.95
Fund Lipper Global Classification as of Feb 7, 2023 Mixed Asset USD Bal - Global
Funds in Peer Group as of Feb 7, 2023 190
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 7, 2023 165.51
MSCI Weighted Average Carbon Intensity % Coverage as of Feb 7, 2023 52.90
All data is from MSCI ESG Fund Ratings as of Feb 7, 2023, based on holdings as of Sep 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 Feb 28, 2023 0.01%
MSCI - UN Global Compact Violators as of Feb 28, 2023 0.59%
MSCI - Nuclear Weapons as of Feb 28, 2023 0.01%
MSCI - Thermal Coal as of Feb 28, 2023 0.11%
MSCI - Civilian Firearms as of Feb 28, 2023 0.01%
MSCI - Oil Sands as of Feb 28, 2023 0.19%
MSCI - Tobacco as of Feb 28, 2023 0.04%

Business Involvement Coverage as of Feb 28, 2023 54.27%
Percentage of Fund not covered as of Feb 28, 2023 45.68%
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 0.59% and for Oil Sands 1.90%.

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

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF Global Allocation Fund, Class E2, as of Mar 31, 2012 rated against 229 USD Moderate Allocation Funds.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Feb 28, 2023
Name Weight (%)
MICROSOFT CORP 1.81
APPLE INC 1.56
ALPHABET INC CLASS C 1.36
AMAZON COM INC 1.01
UNITEDHEALTH GROUP INC 0.82
Name Weight (%)
LVMH 0.82
MASTERCARD INC CLASS A 0.77
ING GROEP NV 0.70
MARSH & MCLENNAN INC 0.69
ENBRIDGE INC 0.66
as of Feb 28, 2023
Name Weight (%)
UMBS 30YR TBA(REG A) 6.58
GERMANY (FEDERAL REPUBLIC OF) 1.7 08/15/2032 2.47
TREASURY NOTE 3.875 11/30/2027 2.02
TREASURY (CPI) NOTE 0.625 01/15/2024 1.53
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.33
Name Weight (%)
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.20
UK CONV GILT 1.25 07/22/2027 1.20
SPAIN (KINGDOM OF) 3.15 04/30/2033 0.95
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.88
TREASURY (CPI) NOTE 0.5 04/15/2024 0.88
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Feb 28, 2023

% of Net Assets

Type Fund
Allocations subject to change.
as of Feb 28, 2023

% of Net Assets

Type Fund
as of Feb 28, 2023

% of Market Value

Type Fund
as of Feb 28, 2023

% of Market Value

Type Fund
as of Feb 28, 2023

% 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
E2 EUR Accumulating 55.05 -0.28 -0.51 Mar 28, 2023 61.08 54.63 LU0171283533 -
A4 EUR Annual 59.43 -0.31 -0.52 Mar 28, 2023 65.74 58.91 LU0408221512 -
A2 Hgd SGD Accumulating 15.18 -0.02 -0.13 Mar 28, 2023 16.97 13.94 LU0308772762 -
A2 Hgd GBP Accumulating 32.37 -0.05 -0.15 Mar 28, 2023 36.59 29.83 LU0236177068 -
Class AI2 EUR - 12.19 -0.06 -0.49 Mar 28, 2023 13.48 12.08 LU1960222104 -
X2 Hgd JPY Accumulating 1,279.00 -2.00 -0.16 Mar 28, 2023 1,450.00 1,189.00 LU1445720094 -
X2 EUR Accumulating 79.44 -0.40 -0.50 Mar 28, 2023 86.95 78.22 LU0984173384 -
A2 Hgd EUR Accumulating 38.51 -0.06 -0.16 Mar 28, 2023 44.09 35.74 LU0212925753 -
J2 USD Accumulating 86.55 -0.12 -0.14 Mar 28, 2023 94.06 78.43 LU0304953069 -
X2 USD Accumulating 85.98 -0.11 -0.13 Mar 28, 2023 93.44 77.92 LU0328507826 -
D2 Hgd EUR Accumulating 43.22 -0.06 -0.14 Mar 28, 2023 49.12 39.98 LU0329591480 -
Class AI2 Hedged EUR - 10.71 -0.02 -0.19 Mar 28, 2023 12.27 9.94 LU1960222286 -
X4 USD Annual 14.44 -0.02 -0.14 Mar 28, 2023 15.98 13.09 LU0953392981 -
A4 Hgd EUR Annual 35.79 -0.05 -0.14 Mar 28, 2023 40.97 33.21 LU0240613025 -
A2 EUR Accumulating 61.13 -0.31 -0.50 Mar 28, 2023 67.61 60.59 LU0171283459 -
C2 Hgd EUR Accumulating 28.32 -0.05 -0.18 Mar 28, 2023 32.83 26.44 LU0212926058 -
D2 USD Accumulating 74.25 -0.10 -0.13 Mar 28, 2023 81.46 67.58 LU0329592538 -
D4 GBP Annual 52.83 -0.22 -0.41 Mar 28, 2023 56.54 51.60 LU1852330908 -
A2 Hgd CHF Accumulating 12.52 -0.02 -0.16 Mar 28, 2023 14.40 11.68 LU0343169966 -
D2 Hgd AUD Accumulating 20.16 -0.03 -0.15 Mar 28, 2023 22.62 18.54 LU0827880187 -
D2 EUR Accumulating 68.59 -0.35 -0.51 Mar 28, 2023 75.52 67.87 LU0523293024 -
A2 HUF Accumulating 23,330.66 -384.10 -1.62 Mar 28, 2023 27,678.23 23,162.43 LU0566074125 -
D2 Hgd CHF Accumulating 13.56 -0.02 -0.15 Mar 28, 2023 15.47 12.61 LU0827880260 -
E2 Hgd PLN Accumulating 17.98 -0.02 -0.11 Mar 28, 2023 19.48 16.28 LU0530192003 -
A2 Hgd AUD Accumulating 18.63 -0.03 -0.16 Mar 28, 2023 21.06 17.20 LU0468326631 -
D2 Hgd SGD Accumulating 16.51 -0.02 -0.12 Mar 28, 2023 18.32 15.11 LU0827880690 -
D2 Hgd PLN Accumulating 20.70 -0.03 -0.14 Mar 28, 2023 22.15 18.63 LU0827880427 -
C2 EUR Accumulating 44.93 -0.23 -0.51 Mar 28, 2023 50.08 44.67 LU0331284793 -
I2 EUR Accumulating 68.91 -0.35 -0.51 Mar 28, 2023 75.77 68.15 LU1653088838 -
D4 EUR Annual 60.08 -0.31 -0.51 Mar 28, 2023 66.67 59.45 LU0827880005 -
X2 Hgd EUR Accumulating 12.81 -0.01 -0.08 Mar 28, 2023 14.41 11.79 LU0260352280 -
X2 Hgd AUD Accumulating 23.12 -0.03 -0.13 Mar 28, 2023 25.70 21.18 LU0525289509 -
E2 USD Accumulating 59.58 -0.09 -0.15 Mar 28, 2023 66.19 54.54 LU0147396450 -
E2 Hgd EUR Accumulating 36.14 -0.05 -0.14 Mar 28, 2023 41.58 33.62 LU0212926132 -
C2 USD Accumulating 48.63 -0.07 -0.14 Mar 28, 2023 54.43 44.67 LU0147395726 -
A2 Hgd PLN Accumulating 19.13 -0.02 -0.10 Mar 28, 2023 20.61 17.27 LU0480534592 -
A4 USD Annual 64.33 -0.09 -0.14 Mar 28, 2023 71.11 58.75 LU0724617625 -
D2 Hgd GBP Accumulating 35.00 -0.05 -0.14 Mar 28, 2023 39.27 32.14 LU0827880344 -
I2 Hgd EUR Accumulating 42.99 -0.06 -0.14 Mar 28, 2023 48.75 39.72 LU0368231949 -
A2 USD Accumulating 66.16 -0.10 -0.15 Mar 28, 2023 73.14 60.43 LU0072462426 -
I2 USD Accumulating 74.59 -0.10 -0.13 Mar 28, 2023 81.67 67.82 LU0368249560 -
A2 Hgd HKD Accumulating 15.58 -0.02 -0.13 Mar 28, 2023 17.42 14.30 LU0788109477 -
D4 Hgd EUR Annual 36.15 -0.05 -0.14 Mar 28, 2023 41.41 33.44 LU0827880773 -
A2 Hgd CNH Accumulating 154.08 -0.23 -0.15 Mar 28, 2023 172.85 142.57 LU1062906877 -
I2 Hgd SGD Accumulating 16.57 -0.02 -0.12 Mar 28, 2023 18.37 15.16 LU0810842038 -

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