Equity

BGF Euro-Markets 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 value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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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Reinvestments

This fund does not have any distributions data as of now.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -2.71 23.91 0.92 16.22 -17.30 29.03 10.71 29.55 -17.97 17.32
Constraint Benchmark 1 (%) 4.32 9.81 4.37 12.49 -12.71 25.47 -1.02 22.16 -12.47 18.78

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

  1Y 3Y 5Y 10y Incept.
19.84 10.25 12.31 8.69 9.76
Constraint Benchmark 1 (%) 16.70 8.72 9.21 7.11 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
15.14 3.90 15.14 24.31 19.84 34.02 78.68 130.14 267.15
Constraint Benchmark 1 (%) 10.25 4.45 10.25 18.80 16.70 28.51 55.36 98.67 -
  From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
From
31-Mar-2021
To
31-Mar-2022
From
31-Mar-2022
To
31-Mar-2023
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of Mar 31, 2024

-11.85 51.25 6.96 4.55 19.84
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-16.02 43.96 1.83 8.14 16.70
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 EUR.

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 Apr 17, 2024 EUR 1,308,701,051
Share Class Inception Date Apr 12, 2010
Fund Inception Date Jan 4, 1999
Share Class Currency EUR
Base Currency EUR
Asset Class Equity
Constraint Benchmark 1 MSCI EMU Net TR Index
SFDR Classification Article 8
Initial Charge 0.00%
Ongoing Charge 0.06%
ISIN LU0147386659
Annual Management Fee 0.00%
Performance Fee 0.00%
Minimum Initial Investment EUR 10000000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Eurozone Large-Cap Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGEMX2E
SEDOL 7354175

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 42
Standard Deviation (3y) as of Mar 31, 2024 19.71%
3y Beta as of Mar 31, 2024 1.132
P/E Ratio as of Mar 28, 2024 18.75
P/B Ratio as of Mar 28, 2024 2.95

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 Mar 21, 2024 AA
MSCI ESG % Coverage as of Mar 21, 2024 98.88
MSCI ESG Quality Score (0-10) as of Mar 21, 2024 7.92
MSCI ESG Quality Score - Peer Percentile as of Mar 21, 2024 50.00
Fund Lipper Global Classification as of Mar 21, 2024 Equity EuroZone
Funds in Peer Group as of Mar 21, 2024 404
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 21, 2024 54.63
MSCI Weighted Average Carbon Intensity % Coverage as of Mar 21, 2024 98.51
All data is from MSCI ESG Fund Ratings as of Mar 21, 2024, based on holdings as of Oct 31, 2023. 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 Mar 28, 2024 0.00%
MSCI - UN Global Compact Violators as of Mar 28, 2024 0.00%
MSCI - Nuclear Weapons as of Mar 28, 2024 3.47%
MSCI - Thermal Coal as of Mar 28, 2024 0.00%
MSCI - Civilian Firearms as of Mar 28, 2024 0.00%
MSCI - Oil Sands as of Mar 28, 2024 0.00%
MSCI - Tobacco as of Mar 28, 2024 0.00%

Business Involvement Coverage as of Mar 28, 2024 99.18%
Percentage of Fund not covered as of Mar 28, 2024 0.79%
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 2.37%.

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 financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, 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

5 stars
Overall Morningstar Rating for BGF Euro-Markets Fund, Class X2, as of Mar 31, 2024 rated against 1198 Eurozone Large-Cap Equity Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jun 19, 2019)

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
ASML HOLDING NV 8.65
LVMH MOET HENNESSY LOUIS VUITTON SE 6.99
SCHNEIDER ELECTRIC SE 5.20
SAP SE 4.90
HERMES INTERNATIONAL SCA 4.05
Name Weight (%)
UNICREDIT SPA 3.91
SIEMENS AG 3.78
AIRBUS SE 3.45
MTU AERO ENGINES AG 3.31
SAFRAN SA 3.29
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

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.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
X2 EUR 56.87 0.29 0.51 Apr 17, 2024 58.34 44.37 LU0147386659
C2 EUR 32.59 0.16 0.49 Apr 17, 2024 33.49 25.81 LU0147386493
E2 USD 41.81 0.26 0.63 Apr 17, 2024 43.67 32.87 LU0171278376
E2 EUR 39.28 0.19 0.49 Apr 17, 2024 40.35 31.00 LU0093503141
D4 EUR 38.83 0.20 0.52 Apr 17, 2024 39.86 30.46 LU0827878363
D2 USD 54.17 0.34 0.63 Apr 17, 2024 56.52 42.34 LU0827878280
A2 Hgd GBP 21.13 0.10 0.48 Apr 17, 2024 21.69 16.54 LU0986743572
A2 Hgd USD 24.29 0.12 0.50 Apr 17, 2024 24.92 18.97 LU0969580488
Class S4 EUR 14.55 0.07 0.48 Apr 17, 2024 14.93 11.40 LU1706558340
A4 GBP 35.16 0.19 0.54 Apr 17, 2024 36.21 28.23 LU0204061948
Class AI2 EUR 15.57 0.07 0.45 Apr 17, 2024 15.99 12.26 LU1960221395
D2 EUR 50.90 0.26 0.51 Apr 17, 2024 52.24 39.92 LU0252966485
A2 USD 47.24 0.29 0.62 Apr 17, 2024 49.32 37.05 LU0171277485
A2 EUR 44.38 0.22 0.50 Apr 17, 2024 45.58 34.94 LU0093502762
A4 EUR 38.25 0.19 0.50 Apr 17, 2024 39.28 30.11 LU0162689763
I2 EUR 51.38 0.26 0.51 Apr 17, 2024 52.73 40.25 LU0368230206
A2 Hgd SGD 32.15 0.16 0.50 Apr 17, 2024 33.02 25.30 LU1270847343
D2 Hgd CHF 23.39 0.12 0.52 Apr 17, 2024 24.04 18.52 LU0906886691
A2 Hgd HKD 170.07 0.84 0.50 Apr 17, 2024 174.58 133.32 LU1791806182
D4 GBP 33.18 0.18 0.55 Apr 17, 2024 34.15 26.54 LU0827878447
Class S2 EUR 15.43 0.08 0.52 Apr 17, 2024 15.83 12.09 LU1706558266
Class I4 EUR 17.86 0.09 0.51 Apr 17, 2024 18.33 13.99 LU1414096542
D2 Hgd USD 22.93 0.11 0.48 Apr 17, 2024 23.52 17.84 LU1185942403
A2 Hgd CHF 25.91 0.13 0.50 Apr 17, 2024 26.65 20.59 LU0589470326
C2 USD 34.69 0.22 0.64 Apr 17, 2024 36.25 27.37 LU0331283555

Portfolio Managers

Portfolio Managers

Andreas Zoellinger
Andreas Zoellinger
Tom Joy
Tom Joy

Literature

Literature