Equity

BGF Sustainable Global Dynamic Equity 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. The value of equities and equity-related securities can be affected by daily stock market movements, political factors, economic news, company earnings and significant corporate events. 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. 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. 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.

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 (%) 4.60 -1.69 5.59 17.36 -14.38 23.11 23.06 14.40 -22.18 14.79
Constraint Benchmark 1 (%) 6.44 -0.82 9.13 23.74 -8.17 27.91 15.08 21.72 -16.52 23.45

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

  1Y 3Y 5Y 10y Incept.
15.43 -0.62 7.48 6.07 7.24
Constraint Benchmark 1 (%) 17.77 5.98 10.71 9.45 10.58
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
6.18 -2.64 4.59 19.45 15.43 -1.84 43.45 80.34 125.22
Constraint Benchmark 1 (%) 4.56 -3.30 3.68 20.09 17.77 19.03 66.31 146.60 221.43
  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

-13.51 64.78 2.31 -12.88 19.72
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-10.36 54.34 10.50 -6.12 24.07
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 EUR, 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 May 21, 2024 USD 453,473,032
Share Class Inception Date Sep 20, 2012
Fund Inception Date Jul 31, 2006
Share Class Currency EUR
Base Currency USD
Asset Class Equity
Constraint Benchmark 1 MSCI All Country World Net TR Index
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charge 1.04%
ISIN LU0326425609
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment EUR 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 MERGDHD
SEDOL B84JQ88

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Apr 30, 2024 121
P/E Ratio 20.79
Average Market Cap (Millions) as of Apr 30, 2024 USD 558,392.0 M
Effective Duration Fixed Income as of Apr 30, 2024 0.00 yrs
Effective Duration Fixed Income and Cash as of Apr 30, 2024 0.00 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 Apr 21, 2024 A
MSCI ESG % Coverage as of Apr 21, 2024 96.48
MSCI ESG Quality Score (0-10) as of Apr 21, 2024 6.95
MSCI ESG Quality Score - Peer Percentile as of Apr 21, 2024 44.00
Fund Lipper Global Classification as of Apr 21, 2024 Equity Global
Funds in Peer Group as of Apr 21, 2024 5,545
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 21, 2024 104.74
MSCI Weighted Average Carbon Intensity % Coverage as of Apr 21, 2024 87.89
All data is from MSCI ESG Fund Ratings as of Apr 21, 2024, based on holdings as of Nov 30, 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 Apr 30, 2024 0.00%
MSCI - UN Global Compact Violators as of Apr 30, 2024 0.00%
MSCI - Nuclear Weapons as of Apr 30, 2024 0.00%
MSCI - Thermal Coal as of Apr 30, 2024 0.00%
MSCI - Civilian Firearms as of Apr 30, 2024 0.00%
MSCI - Oil Sands as of Apr 30, 2024 0.00%
MSCI - Tobacco as of Apr 30, 2024 0.00%

Business Involvement Coverage as of Apr 30, 2024 97.88%
Percentage of Fund not covered as of Apr 30, 2024 2.12%
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 Global Allocation Investment Team believes that a company's ability to manage material environmental, social and governance (ESG) issues may be relevant to the company's ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of the investment process. The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team's ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. 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 Apr 30, 2024
Name Weight (%)
MICROSOFT CORP 5.19
NVIDIA CORP 4.52
ELI LILLY 3.16
MASTERCARD INC CLASS A 2.93
ASML HOLDING NV 2.47
Name Weight (%)
ALPHABET INC CLASS C 2.23
MERCK & CO INC 1.94
AMAZON COM INC 1.86
APPLE INC 1.78
UNITEDHEALTH GROUP INC 1.75
as of Mar 29, 2024
Name Weight (%)
REI AGRO LTD RegS 5.5 11/13/2014 0.00
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2024

% of Net Assets

Type Fund
Allocations subject to change.
as of Apr 30, 2024

% of Net Assets

Type Fund
as of Apr 30, 2024

% of Market Value

Type Fund
as of Apr 30, 2024

% of Market Value

Type Fund
as of Apr 30, 2024

% of Net Assets

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market Value

Type Fund

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.

% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds. On a market value basis the Fund is comprised of 89% equities, 2% fixed income, 9% cash equivalents. The Funds will not use borrowing to purchase additional investments but may be expected, via derivative positions, to obtain market exposure in excess of net asset value.



Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
D2 Hgd EUR 21.06 0.03 0.14 May 21, 2024 21.09 16.87 LU0326425609
E2 Hgd EUR 17.98 0.03 0.17 May 21, 2024 18.01 14.50 LU0238690985
X2 USD 45.20 0.07 0.16 May 21, 2024 45.26 35.61 LU0331284876
I2 EUR 12.33 0.02 0.16 May 21, 2024 12.34 9.98 LU2337443100
E2 USD 30.52 0.04 0.13 May 21, 2024 30.57 24.36 LU0238689201
E2 EUR 28.13 0.05 0.18 May 21, 2024 28.16 22.96 LU0238689896
A4 EUR 30.73 0.06 0.20 May 21, 2024 30.76 25.01 LU0408221603
D4 EUR 28.31 0.05 0.18 May 21, 2024 28.34 22.95 LU0938162772
A2 Hgd CNH 205.80 0.24 0.12 May 21, 2024 206.17 166.13 LU1254117549
C2 USD 26.65 0.03 0.11 May 21, 2024 26.69 21.35 LU0238688146
A2 EUR 30.82 0.06 0.20 May 21, 2024 30.85 25.08 LU0238689623
A2 USD 33.44 0.05 0.15 May 21, 2024 33.48 26.61 LU0238689110
D2 USD 37.70 0.05 0.13 May 21, 2024 37.75 29.88 LU0368268198
D2 EUR 34.75 0.07 0.20 May 21, 2024 34.78 28.17 LU0827880856
A2 Hgd EUR 19.30 0.02 0.10 May 21, 2024 19.33 15.52 LU0238690555
C2 Hgd EUR 15.70 0.02 0.13 May 21, 2024 15.73 12.72 LU0326425435
C2 EUR 24.56 0.04 0.16 May 21, 2024 24.59 20.13 LU0331285097

Portfolio Managers

Portfolio Managers

David Clayton, CFA, JD
Portfolio Manager, Global Allocation

David Clayton

Russ Koesterich
Managing Director, Portfolio Manager and member of the Global Allocation team

Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock's Multi-Asset Strategies Group.

 

 

Rick Rieder
Managing Director, CIO of Global Fixed Income, Head of Fundamental Fixed Income, Head of Global Allocation Investment Team

Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.

Literature

Literature