Equity

BGF Latin American 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.

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 (%) -14.25 -9.94 -30.91 23.97 24.68 -5.02 15.71 -19.76 -15.91 6.57
Constraint Benchmark 1 (%) -13.36 -12.30 -31.04 31.04 23.74 -6.57 17.46 -13.80 -8.09 9.04
  1Y 3Y 5Y 10y Incept.
6.57 -10.41 -4.60 -4.19 -5.11
Constraint Benchmark 1 (%)

as of Dec 31, 2022

9.04 -4.76 -1.06 -2.14 -2.48
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
6.57 -2.19 6.57 12.39 6.57 -28.09 -20.97 -34.84 -46.50
Constraint Benchmark 1 (%)

as of Dec 31, 2022

9.04 -4.22 5.66 9.63 9.04 -13.61 -5.19 -19.44 -25.91
  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

-5.02 15.71 -19.76 -15.91 6.57
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-6.57 17.46 -13.80 -8.09 9.04
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 Jan 30, 2023 USD 844,296,062
Share Class Inception Date Jan 28, 2011
Fund Inception Date Jan 8, 1997
Share Class Currency SGD
Base Currency USD
Asset Class Equity
Constraint Benchmark 1 MSCI Emerging Markets Latin America 10/40 Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 2.09%
Annual Management Fee 1.75%
Performance Fee 0.00%
Minimum Initial Investment SGD 5000
Minimum Subsequent Investment SGD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGLAA2S
ISIN LU0572108347
SEDOL B63MFZ4

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 44
Standard Deviation (3y) as of Dec 31, 2022 35.48%
3y Beta as of Dec 31, 2022 0.993
P/E Ratio as of Dec 30, 2022 7.87
P/B Ratio as of Dec 30, 2022 1.72

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 BBB
MSCI ESG % Coverage as of Nov 21, 2022 92.81
MSCI ESG Quality Score (0-10) as of Nov 21, 2022 5.16
MSCI ESG Quality Score - Peer Percentile as of Nov 21, 2022 47.32
Fund Lipper Global Classification as of Nov 21, 2022 Equity Emerging Mkts Latin Am
Funds in Peer Group as of Nov 21, 2022 112
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 21, 2022 281.18
MSCI Weighted Average Carbon Intensity % Coverage as of Nov 21, 2022 92.81
All data is from MSCI ESG Fund Ratings as of Nov 21, 2022, based on holdings as of Jun 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 0.00%
MSCI - UN Global Compact Violators as of Dec 30, 2022 5.00%
MSCI - Nuclear Weapons as of Dec 30, 2022 0.00%
MSCI - Thermal Coal as of Dec 30, 2022 0.00%
MSCI - Civilian Firearms as of Dec 30, 2022 0.00%
MSCI - Oil Sands as of Dec 30, 2022 0.00%
MSCI - Tobacco as of Dec 30, 2022 0.00%

Business Involvement Coverage as of Dec 30, 2022 99.91%
Percentage of Fund not covered as of Dec 30, 2022 0.08%
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 5.00% 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’s ongoing monitoring of the portfolio involves 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

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Dec 30, 2022
Name Weight (%)
PETROLEO BRASILEIRO SA PETROBRAS 7.13
BANCO BRADESCO SA 6.31
AMBEV SA 6.09
GRUPO FINANCIERO BANORTE SAB DE CV 5.69
FOMENTO ECONOMICO MEXICANO SAB DE CV 5.57
Name Weight (%)
B3 SA BRASIL BOLSA BALCAO 5.45
VALE SA 4.91
ITAU UNIBANCO HOLDING SA 4.60
LOCALIZA RENT A CAR SA 3.37
HAPVIDA PARTICIPACOES E INVESTIMENTOS SA 3.01
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Dec 30, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
A2 Hgd SGD Accumulating 5.71 -0.04 -0.70 Jan 30, 2023 6.36 4.46 LU0572108347 -
C2 USD Accumulating 45.49 -0.28 -0.61 Jan 30, 2023 50.80 35.63 LU0147409378 -
A2 Hgd PLN Accumulating 7.70 -0.04 -0.52 Jan 30, 2023 8.40 5.89 LU0480534832 -
A2 Hgd CHF Accumulating 5.25 -0.03 -0.57 Jan 30, 2023 5.98 4.17 LU0521028802 -
A4 EUR Annual 49.57 -0.42 -0.84 Jan 30, 2023 58.10 44.68 LU0408221785 -
A4 GBP Annual 42.95 -0.23 -0.53 Jan 30, 2023 48.76 37.48 LU0204063647 -
I2 EUR - 9.84 -0.08 -0.81 Jan 30, 2023 11.18 8.29 LU0368234455 -
A2 EUR Accumulating 57.09 -0.49 -0.85 Jan 30, 2023 65.00 48.37 LU0171289498 -
X4 GBP Annual 42.57 -0.22 -0.51 Jan 30, 2023 48.09 37.36 LU0462858670 -
D2 Hgd CHF Accumulating 5.66 -0.04 -0.70 Jan 30, 2023 6.41 4.48 LU0827884171 -
D2 Hgd EUR Accumulating 45.10 -0.27 -0.60 Jan 30, 2023 51.24 35.73 LU0827884254 -
X2 USD Accumulating 81.09 -0.47 -0.58 Jan 30, 2023 88.14 62.39 LU0462856542 -
D2 GBP Accumulating 56.74 -0.30 -0.53 Jan 30, 2023 64.30 46.09 LU0827883876 -
D2 USD Accumulating 70.22 -0.42 -0.59 Jan 30, 2023 77.13 54.40 LU0252970081 -
D2 Hgd GBP Accumulating 38.79 -0.23 -0.59 Jan 30, 2023 43.55 30.40 LU0827884411 -
E2 USD Accumulating 56.13 -0.34 -0.60 Jan 30, 2023 62.28 43.78 LU0147409709 -
D4 GBP Annual 42.94 -0.23 -0.53 Jan 30, 2023 48.66 37.61 LU0827884098 -
D2 Hgd PLN Accumulating 8.32 -0.05 -0.60 Jan 30, 2023 9.02 6.34 LU0827884338 -
D4 EUR Annual 49.59 -0.42 -0.84 Jan 30, 2023 58.22 44.65 LU0827883959 -
A2 USD Accumulating 62.19 -0.37 -0.59 Jan 30, 2023 68.72 48.37 LU0072463663 -
A2 GBP Accumulating 50.25 -0.27 -0.53 Jan 30, 2023 57.04 40.99 LU0171289738 -
A2 Hgd HKD Accumulating 8.21 -0.05 -0.61 Jan 30, 2023 9.15 6.42 LU0788109048 -
E2 GBP Accumulating 45.35 -0.25 -0.55 Jan 30, 2023 51.55 37.09 LU0171289811 -
I2 USD - 10.72 -0.06 -0.56 Jan 30, 2023 11.75 8.29 LU1847653067 -
E2 EUR Accumulating 51.53 -0.44 -0.85 Jan 30, 2023 58.74 43.77 LU0171289571 -
D2 EUR Accumulating 64.47 -0.54 -0.83 Jan 30, 2023 73.27 54.40 LU0252965164 -
A2 Hgd AUD Accumulating 8.69 -0.05 -0.57 Jan 30, 2023 9.80 6.84 LU1023057877 -
J2 USD Accumulating 86.84 -0.51 -0.58 Jan 30, 2023 94.39 66.81 LU0245446215 -
C2 EUR Accumulating 41.77 -0.35 -0.83 Jan 30, 2023 47.70 35.63 LU0331286228 -
D2 Hgd SGD Accumulating 6.17 -0.04 -0.64 Jan 30, 2023 6.83 4.80 LU0827884502 -
D2 Hgd SGD Accumulating - - - - - - - -

Portfolio Managers

Portfolio Managers

Samuel Vecht, CFA
Head of Emerging Europe & Frontier Markets

Samuel Vecht

Gabriela Benjamin
Gabriela Benjamin
Christoph Brinkmann
Christoph Brinkmann

Literature

Literature