Multi Asset

ESG Multi-Asset 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. Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. 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. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. The Fund may seek to exclude Funds which are not subject to ESG-related requirements. 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

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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 (%) 10.00 0.80 1.49 8.20 -2.24 17.82 11.45 15.74 -12.41 7.54
Constraint Benchmark 1 (%) 13.84 5.97 6.63 3.88 -1.92 16.87 6.29 12.92 -13.27 11.99

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

  1Y 3Y 5Y 10y Incept.
5.56 1.97 6.24 5.45 5.00
Constraint Benchmark 1 (%) 11.63 3.44 5.78 6.01 6.41
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
2.37 0.84 1.17 6.41 5.56 6.01 35.37 69.96 99.31
Constraint Benchmark 1 (%) 4.90 1.82 1.62 8.39 11.63 10.69 32.44 79.30 140.54
  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

2.13 22.91 7.54 -6.82 7.75
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-0.88 19.19 5.37 -6.02 13.49
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 USD, 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 Jun 21, 2024
EUR 4,897,119,803
Fund Inception Date
Jan 4, 1999
Base Currency
EUR
Constraint Benchmark 1
50% MSCI World Index and 50% Bloomberg Global Aggregate Bond Index hedged to EUR
Initial Charge
5.00%
ISIN
LU0494093205
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGFSAA2
Share Class Inception Date
Apr 16, 2010
Share Class Currency
USD
Asset Class
Multi Asset
SFDR Classification
Article 8
Ongoing Charge
1.44%
Annual Management Fee
1.20%
Minimum Initial Investment
USD 5000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
USD Moderate Allocation
Dealing Frequency
Daily, forward pricing basis
SEDOL
B4XC1J6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of May 31, 2024
680
3y Beta
as of May 31, 2024
0.906
P/B Ratio
as of May 31, 2024
3.06
Modified Duration
as of May 31, 2024
2.09 yrs
Weighted Avg Maturity
as of May 31, 2024
1.85 yrs
Standard Deviation (3y)
as of May 31, 2024
8.98%
P/E Ratio
as of May 31, 2024
23.82
Yield to Maturity
as of May 31, 2024
1.11%
Effective Duration
as of May 31, 2024
2.11 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 May 19, 2024
AA
MSCI ESG Quality Score (0-10)
as of May 19, 2024
7.67
Fund Lipper Global Classification
as of May 19, 2024
Mixed Asset EUR Bal - Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of May 19, 2024
98.58
MSCI ESG % Coverage
as of May 19, 2024
80.01
MSCI ESG Quality Score - Peer Percentile
as of May 19, 2024
93.49
Funds in Peer Group
as of May 19, 2024
784
MSCI Weighted Average Carbon Intensity % Coverage
as of May 19, 2024
70.13
All data is from MSCI ESG Fund Ratings as of May 19, 2024, based on holdings as of Dec 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 May 31, 2024
0.01%
MSCI - Nuclear Weapons
as of May 31, 2024
0.01%
MSCI - Civilian Firearms
as of May 31, 2024
0.00%
MSCI - Tobacco
as of May 31, 2024
0.01%
MSCI - UN Global Compact Violators
as of May 31, 2024
0.00%
MSCI - Thermal Coal
as of May 31, 2024
0.01%
MSCI - Oil Sands
as of May 31, 2024
0.00%

Business Involvement Coverage
as of May 31, 2024
75.25%
Percentage of Fund not covered
as of May 31, 2024
24.75%
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 0.15% and for Oil Sands 0.27%.

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 incorporates ESG considerations throughout the investment process' macro outlook, idea generation, implementation tools, portfolio construction, risk management, ongoing monitoring and reporting. All research ideas generated for the Fund consider the potential impact from ESG-associated risks when appropriate, and these are documented as part of the investment process. Idea implementation uses a wide range of building blocks, including active mutual funds, index funds, ETFs, direct securities, derivatives, and third-party funds. The Fund manager reviews research ideas and asset allocation on a regular basis and reassesses the building blocks utilized to access research ideas. The choice of building block may be informed by ESG considerations. For strategies with an explicit ESG objective, certain building blocks are used to comply with those guidelines. Where an ESG focused building block becomes available, it may be considered as a replacement for standard market exposure when appropriate. Both the extent and impact of screens and integration may be considered in the context of the investment objective / investment style of particular strategies. The Fund manager may also build bespoke thematic baskets of securities, which are subject to BlackRock baseline screens in the first instance and where appropriate, additional screening criteria. The Fund manager may use E, S, and G criteria such as headline ESG and carbon footprint during the reporting phase. These are sourced from Aladdin or directly from third-party data providers, where available. The Fund manager conducts regular risk reviews between the investment team and BlackRock's Risk and Quantitative Analysis group as well as portfolio reviews with Chief Investment Officers. Where appropriate, 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

5 stars
Overall Morningstar Rating for ESG Multi-Asset Fund, Class A2 Hedged, as of May 31, 2024 rated against 1077 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 May 31, 2024
Name Weight (%)
GREENCOAT UK WIND PLC 4.05
NVIDIA CORP 2.88
ISHARES PHYSICAL GOLD ETC 2.58
MICROSOFT CORP 2.15
NOVO NORDISK CLASS B 1.98
Name Weight (%)
APPLE INC 1.87
SYNCONA LIMITED - LTDINARY SHARES 1.58
GNMA2 30YR 1.42
ASML HOLDING NV 1.27
GREENCOAT RENEWABLES PLC 1.18
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

Sorry, sectors are not available at this time.
Sorry, countries/regions are not available at this time.
Sorry, countries/regions are not available at this time.
as of May 31, 2024

% of Market Value

Type Fund Benchmark Net
Due to the use of derivatives, reported asset allocation may not be fully reflective of the risk profile of the fund’s market exposure. Allocations subject to change.
Sorry, maturities are not available at this time.
Sorry, ratings are not available at this time.
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
A2 Hgd USD 53.21 -0.15 -0.28 Jun 21, 2024 53.36 45.89 LU0494093205
I2 Hgd USD 10.89 -0.03 -0.27 Jun 21, 2024 10.92 9.35 LU2349430145
E2 EUR 17.01 -0.05 -0.29 Jun 21, 2024 17.06 14.89 LU0093503737
Class B10 Hedged USD 10.11 -0.03 -0.30 Jun 21, 2024 10.14 9.76 LU2776653953
Class A10 Hedged CNH 88.77 -0.25 -0.28 Jun 21, 2024 89.02 80.44 LU2452424687
A2 Hgd ZAR 131.01 -0.34 -0.26 Jun 21, 2024 131.35 111.17 LU2250418576
Class A10 Hedged USD 9.35 -0.03 -0.32 Jun 21, 2024 9.38 8.32 LU2452424414
Class I2 BRL Hedged (EUR) EUR 15.39 -0.04 -0.26 Jun 21, 2024 16.16 13.86 LU2310090357
A4 EUR 10.85 -0.03 -0.28 Jun 21, 2024 10.88 9.46 LU2256991352
C2 Hgd USD 38.80 -0.10 -0.26 Jun 21, 2024 38.90 33.73 LU0494093544
D2 EUR 21.27 -0.06 -0.28 Jun 21, 2024 21.33 18.49 LU0473185139
E2 Hgd USD 46.90 -0.13 -0.28 Jun 21, 2024 47.03 40.58 LU0494093627
A8 Hgd SGD 11.00 -0.03 -0.27 Jun 21, 2024 11.03 9.76 LU2092937148
A8 Hgd USD 11.25 -0.03 -0.27 Jun 21, 2024 11.28 9.94 LU2092627202
Class AI2 EUR 12.49 -0.04 -0.32 Jun 21, 2024 12.53 10.90 LU1978682364
I2 EUR 13.58 -0.04 -0.29 Jun 21, 2024 13.62 11.79 LU1822773989
A2 EUR 19.29 -0.06 -0.31 Jun 21, 2024 19.35 16.83 LU0093503497
A2 Hgd SGD 12.33 -0.04 -0.32 Jun 21, 2024 12.37 10.77 LU2077746001
C2 EUR 15.38 -0.04 -0.26 Jun 21, 2024 15.42 13.52 LU0147384282
D2 Hgd USD 57.42 -0.16 -0.28 Jun 21, 2024 57.58 49.35 LU0827879924
Class A10 Hedged SGD 9.11 -0.03 -0.33 Jun 21, 2024 9.14 8.17 LU2452424505
A2 Hgd AUD 11.15 -0.03 -0.27 Jun 21, 2024 11.18 9.71 LU2250418493

Portfolio Managers

Portfolio Managers

Jason Byrom
Jason Byrom
Conan McKenzie, CFA
Portfolio Manager, Diversified Strategies Team

Conan McKenzie, CFA, Director

Lamiaa Chaabi
Lamiaa Chaabi

Literature

Literature