Equity

BGF European Special Situations Fund

Overview

Important Information: Capital at Risk. 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. 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 invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. 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 utilised 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. The Fund may be exposed to finance sector companies, as a service provider or as counterparty for financial contracts. Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent. This may have an adverse affect on the activities of the fund.
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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.
  From
31-Dec-2015
To
31-Dec-2016
From
31-Dec-2016
To
31-Dec-2017
From
31-Dec-2017
To
31-Dec-2018
From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
Total Return (%)

as of Dec 31, 2020

-6.42 18.10 -13.43 38.99 10.80
Benchmark (%)

as of Dec 31, 2020

2.58 10.24 -10.57 26.05 -3.32
  1Y 3Y 5Y 10y Incept.
20.15 10.27 10.16 10.95 9.06
Benchmark (%)

as of Feb 28, 2021

8.87 4.33 6.46 6.33 4.68
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
-0.28 2.70 2.80 20.15 34.09 62.19 182.70 260.23
Benchmark (%)

as of Feb 28, 2021

1.77 2.54 4.18 8.87 13.55 36.75 84.75 96.70
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.

Key Facts

Key Facts

Size of Fund (Millions) as of Mar 5, 2021 EUR 1,229.904
12m Trailing Yield -
Number of Holdings as of Feb 26, 2021 52
Base Currency Euro
Fund Inception Date Mar 20, 2003
Share Class Inception Date May 19, 2006
Asset Class Equity
Morningstar Category Europe Large-Cap Growth Equity
Benchmark Index MSCI Europe Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.07%
ISIN LU0252965834
Bloomberg Ticker MEREGDE
Annual Management Fee 0.75%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B3K7X24
Bloomberg Benchmark Ticker M7EU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

3y Volatility - Benchmark as of Feb 28, 2021 16.75
3y Beta as of Feb 28, 2021 0.894
5y Volatility - Benchmark as of Feb 28, 2021 13.94
5y Beta as of Feb 28, 2021 0.919

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Feb 5, 2021 AA
MSCI ESG Quality Score (0-10) as of Feb 5, 2021 7.93
MSCI ESG Quality Score - Peer Percentile as of Feb 5, 2021 66.98
MSCI ESG % Coverage as of Feb 5, 2021 99.28
Fund Lipper Global Classification as of Feb 5, 2021 Equity Europe
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 5, 2021 67.09
Funds in Peer Group as of Feb 5, 2021 1
All data is from MSCI ESG Fund Ratings as of Feb 5, 2021, based on holdings as of Aug 31, 2020. 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 covered 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 26, 2021 0.00%
MSCI - UN Global Compact Violators as of Feb 26, 2021 0.00%
MSCI - Nuclear Weapons as of Feb 26, 2021 0.00%
MSCI - Thermal Coal as of Feb 26, 2021 0.00%
MSCI - Civilian Firearms as of Feb 26, 2021 0.00%
MSCI - Oil Sands as of Feb 26, 2021 0.00%
MSCI - Tobacco as of Feb 26, 2021 0.00%

Business Involvement Coverage as of Feb 26, 2021 96.29%
Percentage of Fund not covered as of Feb 26, 2021 3.71%
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 0.00%.

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 Fund manager includes ESG considerations in combination with other information in the research and decision phases 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 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
Overall Morningstar Rating for BGF European Special Situations Fund, Class D2, as of Feb 28, 2021 rated against 364 Europe Large-Cap Growth Equity Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jun 24, 2020)

Risk Indicator

Risk Indicator

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7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Feb 26, 2021
Name Weight (%)
ASML HOLDING NV 5.91
LVMH MOET HENNESSY LOUIS VUITTON SE 4.90
LONZA GROUP AG 3.69
DSV PANALPINA A/S 3.46
LONDON STOCK EXCHANGE GROUP PLC 2.92
Name Weight (%)
AUTO TRADER GROUP PLC 2.66
ROYAL UNIBREW A/S 2.65
NOVO NORDISK A/S 2.62
KERING SA 2.62
WORLDLINE SA 2.49
Holdings subject to change

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
D2 EUR Accumulating 60.47 -0.55 -0.90 64.60 38.75 - LU0252965834 - -
C2 EUR Accumulating 43.48 -0.40 -0.91 46.50 28.40 - LU0331283803 - -
A2 Hgd CAD Accumulating 18.88 -0.17 -0.89 20.17 12.13 - LU1023062521 - -
X2 USD Accumulating 19.20 -0.38 -1.94 20.85 11.12 - LU0462856112 - -
I2 EUR Accumulating 16.30 -0.15 -0.91 17.41 10.42 - LU0369584999 - -
A2 Hgd AUD Accumulating 19.57 -0.17 -0.86 20.89 12.64 - LU1023062109 - -
A2 Hgd USD Accumulating 21.47 -0.19 -0.88 22.95 13.72 - LU0969580561 - -
D2 USD Accumulating 72.03 -1.42 -1.93 78.24 42.12 - LU0827879171 - -
D2 Hgd USD Accumulating 20.39 -0.19 -0.92 21.79 12.94 - LU1078072763 - -
A2 Hgd CNH Accumulating 445.96 -4.04 -0.90 476.05 282.47 - LU1244156169 - -
X2 EUR Accumulating 16.12 -0.15 -0.92 17.21 10.23 - LU1003011217 - -
A2 USD Accumulating 64.31 -1.27 -1.94 69.89 37.88 - LU0171276677 - -
E2 USD Accumulating 59.30 -1.17 -1.93 64.46 35.10 - LU0171277139 - -
A2 EUR Accumulating 53.99 -0.49 -0.90 57.70 34.85 - LU0154234636 - -
E2 EUR Accumulating 49.78 -0.46 -0.92 53.21 32.29 - LU0154235443 - -
C2 USD Accumulating 51.80 -1.02 -1.93 56.32 30.88 - LU0331283985 - -
A2 Hgd GBP Accumulating 17.86 -0.16 -0.89 19.06 11.50 - LU1023063255 - -
A2 Hgd HKD Accumulating 140.65 -1.26 -0.89 150.34 89.89 - LU1355424745 - -

Portfolio Managers

Portfolio Managers

Stefan Gries
Stefan Gries

Literature

Literature