Equity

BGF World Mining 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 (%) -27.97 -13.73 -35.47 55.24 13.62 -14.09 20.40 20.40 24.05 5.87
Constraint Benchmark 1 (%) -28.30 -5.23 -34.35 71.82 15.28 -9.23 30.36 22.90 22.75 5.52
  1Y 3Y 5Y 10y Incept.
5.87 16.50 10.34 1.47 5.78
Constraint Benchmark 1 (%)

as of Dec 31, 2022

5.52 16.76 13.50 5.23 8.87
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
5.87 -4.25 12.03 11.77 5.87 58.13 63.56 15.68 216.52
Constraint Benchmark 1 (%)

as of Dec 31, 2022

5.52 -3.98 13.26 13.08 5.52 59.18 88.35 66.43 470.91
  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

-14.09 20.40 20.40 24.05 5.87
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-9.23 30.36 22.90 22.75 5.52
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 27, 2023 USD 6,718,534,580
Share Class Inception Date Jul 1, 2002
Fund Inception Date Mar 21, 1997
Share Class Currency EUR
Base Currency USD
Asset Class Equity
Constraint Benchmark 1 MSCI ACWI Metals & Mining 30% Buffer 10/40 (1994) EUR Net TR Currency
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 3.32%
Annual Management Fee 3.00%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Sector Equity Natural Resources
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MWORMCA
ISIN LU0331290337
SEDOL B43GSC0

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 56
Standard Deviation (3y) as of Dec 31, 2022 28.73%
3y Beta as of Dec 31, 2022 1.014
P/E Ratio as of Dec 30, 2022 8.02
P/B Ratio as of Dec 30, 2022 2.12

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 AA
MSCI ESG % Coverage as of Nov 21, 2022 96.64
MSCI ESG Quality Score (0-10) as of Nov 21, 2022 7.68
MSCI ESG Quality Score - Peer Percentile as of Nov 21, 2022 64.22
Fund Lipper Global Classification as of Nov 21, 2022 Equity Sector Materials
Funds in Peer Group as of Nov 21, 2022 109
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 21, 2022 385.53
MSCI Weighted Average Carbon Intensity % Coverage as of Nov 21, 2022 96.05
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 28.29%
MSCI - Nuclear Weapons as of Dec 30, 2022 0.00%
MSCI - Thermal Coal as of Dec 30, 2022 9.14%
MSCI - Civilian Firearms as of Dec 30, 2022 0.00%
MSCI - Oil Sands as of Dec 30, 2022 3.87%
MSCI - Tobacco as of Dec 30, 2022 0.00%

Business Involvement Coverage as of Dec 30, 2022 97.71%
Percentage of Fund not covered as of Dec 30, 2022 2.25%
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 26.23% and for Oil Sands 3.87%.

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 considers ESG criteria in combination with other information during the idea generation, company research, portfolio construction and ongoing monitoring phases of the investment process. ESG information may be sourced from third-party vendors, as well as internal engagement commentary and site visits and input from BlackRock Investment Stewardship. 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 Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jun 21, 2017)

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 (%)
GLENCORE PLC 9.46
BHP GROUP LTD 9.14
VALE SA 7.62
ANGLO AMERICAN PLC 4.88
FREEPORT-MCMORAN INC 4.75
Name Weight (%)
RIO TINTO PLC 4.25
TECK RESOURCES LTD 3.87
FRANCO-NEVADA CORP 3.44
WHEATON PRECIOUS METALS CORP 3.32
ARCELORMITTAL SA 2.90
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
Sorry, countries/regions are not available at this time.
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
C2 EUR Accumulating 49.25 0.16 0.33 Jan 27, 2023 54.54 36.42 LU0331290337 -
C2 Hgd EUR Accumulating 4.48 0.00 0.00 Jan 27, 2023 5.18 3.15 LU0326424974 -
C2 USD Accumulating 53.51 0.08 0.15 Jan 27, 2023 59.35 36.66 LU0147405384 -
Class AI2 Hedged EUR - 16.27 0.02 0.12 Jan 27, 2023 18.61 11.37 LU1960224738 -
D2 Hgd PLN Accumulating 11.24 0.02 0.18 Jan 27, 2023 12.28 7.58 LU0827890061 -
A4 EUR Annual 60.11 0.20 0.33 Jan 27, 2023 68.08 45.60 LU0408222593 -
A4 GBP Annual 51.31 0.03 0.06 Jan 27, 2023 55.05 37.69 LU0204068877 -
A2 USD Accumulating 71.77 0.11 0.15 Jan 27, 2023 78.80 48.84 LU0075056555 -
D2 Hgd EUR Accumulating 6.05 0.01 0.17 Jan 27, 2023 6.88 4.21 LU0326425278 -
Class X10 USD Monthly 11.07 0.02 0.18 Jan 27, 2023 11.10 7.66 LU2471418983 -
A2 Hgd EUR Accumulating 5.42 0.01 0.18 Jan 27, 2023 6.20 3.78 LU0326424115 -
D2 Hgd CHF Accumulating 9.69 0.01 0.10 Jan 27, 2023 10.98 6.74 LU0827889998 -
D2 Hgd GBP Accumulating 41.24 0.06 0.15 Jan 27, 2023 46.87 28.58 LU0827890145 -
Class I4 GBP Annual 12.37 0.01 0.08 Jan 27, 2023 12.37 9.71 LU2527846328 -
Class AI2 EUR - 19.66 0.06 0.31 Jan 27, 2023 21.56 14.44 LU1960219498 -
A2 EUR Accumulating 66.05 0.22 0.33 Jan 27, 2023 72.44 48.53 LU0172157280 -
I2 GBP - 65.93 0.04 0.06 Jan 27, 2023 65.93 51.76 LU2527846245 -
Class S2 EUR - 16.91 0.06 0.36 Jan 27, 2023 18.41 12.36 LU2459103805 -
E2 EUR Accumulating 58.80 0.20 0.34 Jan 27, 2023 64.73 43.31 LU0172157363 -
A2 Hgd CHF Accumulating 8.96 0.01 0.11 Jan 27, 2023 10.21 6.26 LU0521028554 -
X2 USD Accumulating 101.88 0.16 0.16 Jan 27, 2023 110.04 68.59 LU0147406192 -
D2 EUR Accumulating 75.02 0.25 0.33 Jan 27, 2023 81.80 54.89 LU0252963383 -
A2 Hgd AUD Accumulating 13.30 0.02 0.15 Jan 27, 2023 15.18 9.25 LU1023059493 -
D4 GBP Annual 51.60 0.03 0.06 Jan 27, 2023 55.53 38.08 LU0827889725 -
X2 Hgd EUR Accumulating 7.01 0.01 0.14 Jan 27, 2023 7.89 4.85 LU0485065857 -
I2 Hgd EUR Accumulating 6.28 0.01 0.16 Jan 27, 2023 7.12 4.36 LU0368236740 -
D2 USD Accumulating 81.51 0.12 0.15 Jan 27, 2023 88.95 55.25 LU0252968341 -
E2 Hgd EUR Accumulating 5.02 0.01 0.20 Jan 27, 2023 5.77 3.52 LU0326425351 -
I2 USD Accumulating 81.64 0.12 0.15 Jan 27, 2023 88.90 55.26 LU0368260294 -
A2 Hgd HKD Accumulating 12.46 0.01 0.08 Jan 27, 2023 13.79 8.51 LU0788109121 -
E2 USD Accumulating 63.88 0.09 0.14 Jan 27, 2023 70.42 43.59 LU0090845842 -
I2 EUR Accumulating 75.14 0.25 0.33 Jan 27, 2023 81.76 54.90 LU0368236583 -
D2 Hgd SGD Accumulating 9.94 0.02 0.20 Jan 27, 2023 11.03 6.80 LU0827890228 -
A2 Hgd SGD Accumulating 6.34 0.01 0.16 Jan 27, 2023 7.08 4.36 LU0330918003 -
Class A10 USD Monthly 12.79 0.01 0.08 Jan 27, 2023 12.79 9.66 LU2533724279 -
A2 Hgd PLN Accumulating 10.41 0.02 0.19 Jan 27, 2023 11.45 7.05 LU0480534758 -

Portfolio Managers

Portfolio Managers

Evy Hambro
Managing Director, Global Head of Thematic and Sector based Investing, Fundamental Equity

Stephanie Lee

Olivia Markham
Olivia Markham

Literature

Literature