Equity

BGF China 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. Shares in smaller companies typically trade in less volume and experience greater price variations than larger companies. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related or regulatory events. 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. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. 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

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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 (%) 15.92 -1.29 4.89 36.27 -21.22 14.19 44.80 -14.65 -32.69 -12.50
Constraint Benchmark 1 (%) 8.38 -8.01 0.43 49.33 -18.25 22.18 30.75 -20.14 -21.53 -10.97

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

  1Y 3Y 5Y 10y Incept.
4.30 -19.76 -2.62 1.77 3.09
Constraint Benchmark 1 (%) 3.54 -16.66 -2.07 1.77 2.91
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
6.97 2.33 7.59 5.86 4.30 -48.35 -12.45 19.15 42.79
Constraint Benchmark 1 (%) 5.70 2.21 8.93 3.67 3.54 -42.11 -9.91 19.24 39.99
  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

-14.33 70.79 -31.99 -14.65 -16.10
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-7.46 46.11 -30.76 -4.92 -16.66
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 GBP, hedged share class benchmark performance is displayed in USD.

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 19, 2024
USD 932,895,641
Fund Inception Date
Jun 24, 2008
Base Currency
USD
Constraint Benchmark 1
MSCI EM China 10/40 Net TR Index (USD)
Initial Charge
5.00%
ISIN
LU0827876078
Performance Fee
0.00%
Minimum Subsequent Investment
GBP 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGCD2RF
Share Class Inception Date
Sep 13, 2012
Share Class Currency
GBP
Asset Class
Equity
SFDR Classification
Article 8
Ongoing Charge
1.08%
Annual Management Fee
0.75%
Minimum Initial Investment
GBP 100000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Other Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
B8DV3C8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of May 31, 2024
48
3y Beta
as of May 31, 2024
0.860
P/B Ratio
as of May 31, 2024
1.77
Standard Deviation (3y)
as of May 31, 2024
26.63%
P/E Ratio
as of May 31, 2024
15.11

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
BBB
MSCI ESG Quality Score (0-10)
as of May 19, 2024
5.29
Fund Lipper Global Classification
as of May 19, 2024
Equity China
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of May 19, 2024
54.59
MSCI ESG % Coverage
as of May 19, 2024
95.91
MSCI ESG Quality Score - Peer Percentile
as of May 19, 2024
92.59
Funds in Peer Group
as of May 19, 2024
1,242
MSCI Weighted Average Carbon Intensity % Coverage
as of May 19, 2024
94.01
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
0.00%
MSCI - Nuclear Weapons
as of May 31, 2024
0.00%
MSCI - Civilian Firearms
as of May 31, 2024
0.00%
MSCI - Tobacco
as of May 31, 2024
0.00%
MSCI - UN Global Compact Violators
as of May 31, 2024
0.00%
MSCI - Thermal Coal
as of May 31, 2024
0.00%
MSCI - Oil Sands
as of May 31, 2024
0.00%

Business Involvement Coverage
as of May 31, 2024
97.11%
Percentage of Fund not covered
as of May 31, 2024
2.80%
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 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

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 (%)
TENCENT HOLDINGS LTD 9.51
PDD HOLDINGS INC 6.67
CHINA CONSTRUCTION BANK CORP 6.34
ALIBABA GROUP HOLDING LTD 5.68
MEITUAN 5.03
Name Weight (%)
NETEASE INC 4.43
TRIP.COM GROUP LTD 4.08
CHINA PETROLEUM & CHEMICAL CORP 3.74
POSTAL SAVINGS BANK OF CHINA CO LTD 3.10
CHINA MERCHANTS BANK CO LTD 3.08
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of May 31, 2024

% of Market Value

Type Fund Benchmark Net
as of May 31, 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
D2 Hgd GBP 9.48 0.17 1.83 Jun 19, 2024 9.88 7.91 LU0827876078
A2 USD 15.82 0.29 1.87 Jun 19, 2024 16.50 13.22 LU0359201612
A2 HKD 16.14 0.29 1.83 Jun 19, 2024 16.82 13.51 LU0359201885
I2 SGD 24.71 0.42 1.73 Jun 19, 2024 25.67 20.43 LU1634772203
D2 Hgd SGD 14.44 0.26 1.83 Jun 19, 2024 15.16 12.12 LU0827875856
A2 Hgd SGD 13.22 0.23 1.77 Jun 19, 2024 13.98 11.13 LU0359202008
A2 Hgd EUR 11.86 0.22 1.89 Jun 19, 2024 12.51 9.96 LU0359201455
X2 USD 18.28 0.33 1.84 Jun 19, 2024 19.03 15.17 LU0528100869
D2 HKD 137.44 2.44 1.81 Jun 19, 2024 143.18 114.69 LU0827875773
A2 Hgd CNH 101.45 1.82 1.83 Jun 19, 2024 107.92 85.66 LU1244155948
A4 Hgd GBP 12.56 0.22 1.78 Jun 19, 2024 13.12 10.51 LU0359201026
A2 EUR 14.72 0.27 1.87 Jun 19, 2024 15.20 12.14 LU1216661543
E2 Hgd EUR 10.98 0.20 1.86 Jun 19, 2024 11.64 9.24 LU0359204632
D2 USD 17.67 0.32 1.84 Jun 19, 2024 18.41 14.72 LU0359204475
I2 USD 18.30 0.33 1.84 Jun 19, 2024 19.07 15.23 LU0474536744
Class AI2 Hedged EUR 7.04 0.13 1.88 Jun 19, 2024 7.43 5.92 LU2183145460
Class A10 USD 10.41 0.19 1.86 Jun 19, 2024 11.65 8.98 LU2533723891
A2 Hgd AUD 11.79 0.21 1.81 Jun 19, 2024 12.44 9.90 LU1023057109
I2 Hgd EUR 7.34 0.13 1.80 Jun 19, 2024 7.67 6.14 LU2183145544
D2 Hgd EUR 12.95 0.23 1.81 Jun 19, 2024 13.58 10.85 LU0359204129
D4 Hgd GBP 12.86 0.23 1.82 Jun 19, 2024 13.45 10.73 LU0827875930
C2 USD 12.92 0.23 1.81 Jun 19, 2024 13.57 10.85 LU0359203402

Portfolio Managers

Portfolio Managers

Lucy Liu
Director, is a research analyst within the Asian Equities team

Lucy Liu

Ada Zhang
Ada Zhang

Literature

Literature