Multi Asset

BGF Global Allocation 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 fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

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

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
View full chart

  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 17.49 4.68 0.20 5.00 14.15 -8.84 16.34 18.03 6.31
Constraint Benchmark 1 (%) 13.67 4.17 -0.78 6.06 15.69 -4.68 18.79 13.34 10.13
Comparator Benchmark 2 (%) 24.67 4.77 -1.37 8.65 24.09 -8.77 27.74 16.33 20.95
Comparator Benchmark 3 (%) -4.00 -0.48 -3.57 1.60 7.49 -0.84 5.90 10.11 -6.97
  1Y 3Y 5Y 10y Incept.
-14.64 2.61 2.48 5.29 5.18
Constraint Benchmark 1 (%) -11.29 3.29 4.27 5.92 5.72
Comparator Benchmark 2 (%) -10.27 7.72 7.44 9.61 -
Comparator Benchmark 3 (%) -18.63 -5.61 -2.48 -1.29 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-15.71 3.97 -0.35 -4.90 -14.64 8.03 13.05 67.47 67.33
Constraint Benchmark 1 (%) -13.59 6.17 2.23 -3.28 -11.29 10.19 23.27 77.71 76.23
Comparator Benchmark 2 (%) -14.11 7.42 4.02 -2.07 -10.27 24.98 43.13 150.29 -
Comparator Benchmark 3 (%) -18.12 4.54 -1.30 -6.94 -18.63 -15.90 -11.79 -12.22 -
  From
30-Sep-2017
To
30-Sep-2018
From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
Total Return (%)

as of Sep 30, 2022

2.12 1.29 12.07 16.30 -19.84
Constraint Benchmark 1 (%)

as of Sep 30, 2022

6.24 4.98 9.05 15.73 -18.57
Comparator Benchmark 2 (%)

as of Sep 30, 2022

10.96 1.99 10.41 29.33 -19.70
Comparator Benchmark 3 (%)

as of Sep 30, 2022

-1.54 8.13 6.77 -3.33 -22.14
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 Dec 5, 2022 USD 15,057,257,169
Share Class Inception Date Sep 20, 2012
Fund Inception Date Jan 3, 1997
Share Class Currency AUD
Base Currency USD
Asset Class Multi Asset
Constraint Benchmark 1 36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI
Comparator Benchmark 2 FTSE World Index
Comparator Benchmark 3 FTSE World Government Bond Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 1.03%
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment AUD 100000
Minimum Subsequent Investment AUD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Allocation
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGGAD2A
ISIN LU0827880187
SEDOL B86LPJ6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 943
P/E Ratio as of Oct 31, 2022 19.78
Average Market Cap (Millions) as of Oct 31, 2022 USD 288,562.1 M
Effective Duration as of Oct 31, 2022 1.61 yrs
Effective Duration Fixed Income as of Oct 31, 2022 4.33 yrs
Effective Duration Fixed Income and Cash as of Oct 31, 2022 3.41 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 Sep 21, 2022 AA
MSCI ESG % Coverage as of Sep 21, 2022 92.26
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 7.20
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 52.02
Fund Lipper Global Classification as of Sep 21, 2022 Mixed Asset USD Bal - Global
Funds in Peer Group as of Sep 21, 2022 198
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 188.35
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 53.25
All data is from MSCI ESG Fund Ratings as of Sep 21, 2022, based on holdings as of Apr 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 Oct 31, 2022 0.02%
MSCI - UN Global Compact Violators as of Oct 31, 2022 0.49%
MSCI - Nuclear Weapons as of Oct 31, 2022 0.02%
MSCI - Thermal Coal as of Oct 31, 2022 0.01%
MSCI - Civilian Firearms as of Oct 31, 2022 0.06%
MSCI - Oil Sands as of Oct 31, 2022 0.02%
MSCI - Tobacco as of Oct 31, 2022 0.05%

Business Involvement Coverage as of Oct 31, 2022 54.54%
Percentage of Fund not covered as of Oct 31, 2022 45.45%
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 0.53% and for Oil Sands 1.96%.

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 Global Allocation Investment Team believes that a company’s ability to manage material environmental, social and governance (“ESG”) issues may be essential 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 our investment process. For long-term investors like Global Allocation, incorporating ESG information into its research and investment decisions has been, and remains, very important to our fundamental investment process and our goal of seeking to maximize risk-adjusted returns.


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 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 Oct 31, 2022
Name Weight (%)
MICROSOFT CORP 1.70
APPLE INC 1.68
ALPHABET INC CLASS C 1.20
CONOCOPHILLIPS 1.06
AMAZON COM INC 0.93
Name Weight (%)
HUMANA INC 0.92
UNITEDHEALTH GROUP INC 0.82
MASTERCARD INC CLASS A 0.73
MARSH & MCLENNAN INC 0.72
ENBRIDGE INC 0.72
as of Oct 31, 2022
Name Weight (%)
TREASURY NOTE 4.25 09/30/2024 11.16
TREASURY NOTE 4.375 10/31/2024 3.12
TREASURY (CPI) NOTE 0.625 01/15/2024 2.23
TREASURY NOTE 3.25 08/31/2024 1.67
TREASURY (CPI) NOTE 0.5 04/15/2024 1.24
Name Weight (%)
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.18
UMBS 30YR TBA(REG A) 1.04
TREASURY NOTE 1.375 09/30/2023 0.97
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.83
TREASURY BOND 3 08/15/2052 0.71
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Net Assets

Type Fund
Allocations subject to change.
as of Oct 31, 2022

% of Net Assets

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Net Assets

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.


% 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.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
D2 Hgd AUD Accumulating 20.44 -0.01 -0.05 Dec 5, 2022 24.03 18.54 LU0827880187 -
A2 Hgd EUR Accumulating 39.22 -0.03 -0.08 Dec 5, 2022 47.08 35.74 LU0212925753 -
Class AI2 EUR - 12.64 -0.06 -0.47 Dec 5, 2022 13.73 12.16 LU1960222104 -
D4 GBP Annual 53.56 -0.01 -0.02 Dec 5, 2022 57.23 51.60 LU1852330908 -
J2 USD Accumulating 86.77 -0.05 -0.06 Dec 5, 2022 99.54 78.43 LU0304953069 -
A2 EUR Accumulating 63.38 -0.33 -0.52 Dec 5, 2022 68.85 60.99 LU0171283459 -
D2 USD Accumulating 74.66 -0.04 -0.05 Dec 5, 2022 86.41 67.58 LU0329592538 -
A4 EUR Annual 61.62 -0.32 -0.52 Dec 5, 2022 66.94 59.29 LU0408221512 -
A2 Hgd CHF Accumulating 12.80 -0.01 -0.08 Dec 5, 2022 15.33 11.68 LU0343169966 -
A2 Hgd AUD Accumulating 18.93 -0.02 -0.11 Dec 5, 2022 22.42 17.20 LU0468326631 -
A2 Hgd PLN Accumulating 19.10 0.00 0.00 Dec 5, 2022 21.94 17.27 LU0480534592 -
A2 HUF Accumulating 26,111.24 -53.54 -0.20 Dec 5, 2022 27,678.23 22,855.92 LU0566074125 -
X4 USD Annual 14.48 -0.01 -0.07 Dec 5, 2022 16.92 13.09 LU0953392981 -
C2 Hgd EUR Accumulating 28.96 -0.02 -0.07 Dec 5, 2022 35.16 26.44 LU0212926058 -
E2 Hgd PLN Accumulating 17.98 -0.01 -0.06 Dec 5, 2022 20.75 16.28 LU0530192003 -
X2 Hgd AUD Accumulating 23.37 -0.01 -0.04 Dec 5, 2022 27.24 21.18 LU0525289509 -
D2 Hgd CHF Accumulating 13.83 -0.01 -0.07 Dec 5, 2022 16.45 12.61 LU0827880260 -
C2 EUR Accumulating 46.76 -0.25 -0.53 Dec 5, 2022 51.39 45.26 LU0331284793 -
D2 Hgd SGD Accumulating 16.67 -0.01 -0.06 Dec 5, 2022 19.45 15.11 LU0827880690 -
D2 Hgd PLN Accumulating 20.62 -0.01 -0.05 Dec 5, 2022 23.53 18.63 LU0827880427 -
E2 Hgd EUR Accumulating 36.86 -0.03 -0.08 Dec 5, 2022 44.45 33.62 LU0212926132 -
X2 Hgd EUR Accumulating 12.97 -0.01 -0.08 Dec 5, 2022 15.33 11.79 LU0260352280 -
X2 EUR Accumulating 81.92 -0.42 -0.51 Dec 5, 2022 87.61 78.22 LU0984173384 -
D4 Hgd EUR Annual 36.73 -0.03 -0.08 Dec 5, 2022 44.14 33.44 LU0827880773 -
A2 Hgd HKD Accumulating 15.75 -0.01 -0.06 Dec 5, 2022 18.52 14.30 LU0788109477 -
I2 USD Accumulating 74.95 -0.05 -0.07 Dec 5, 2022 86.58 67.82 LU0368249560 -
A2 Hgd CNH Accumulating 156.83 -0.11 -0.07 Dec 5, 2022 182.76 142.57 LU1062906877 -
I2 Hgd EUR Accumulating 43.65 -0.03 -0.07 Dec 5, 2022 51.94 39.72 LU0368231949 -
A2 USD Accumulating 66.69 -0.04 -0.06 Dec 5, 2022 77.71 60.43 LU0072462426 -
I2 Hgd SGD Accumulating 16.73 -0.01 -0.06 Dec 5, 2022 19.52 15.16 LU0810842038 -
A4 USD Annual 64.83 -0.05 -0.08 Dec 5, 2022 75.55 58.75 LU0724617625 -
E2 EUR Accumulating 57.16 -0.31 -0.54 Dec 5, 2022 62.38 55.13 LU0171283533 -
D4 EUR Annual 62.15 -0.32 -0.51 Dec 5, 2022 67.57 60.06 LU0827880005 -
E2 USD Accumulating 60.15 -0.04 -0.07 Dec 5, 2022 70.41 54.54 LU0147396450 -
C2 USD Accumulating 49.20 -0.04 -0.08 Dec 5, 2022 58.00 44.67 LU0147395726 -
I2 EUR Accumulating 71.23 -0.38 -0.53 Dec 5, 2022 76.71 68.25 LU1653088838 -
D2 EUR Accumulating 70.95 -0.37 -0.52 Dec 5, 2022 76.55 68.04 LU0523293024 -
A2 Hgd SGD Accumulating 15.36 -0.01 -0.07 Dec 5, 2022 18.05 13.94 LU0308772762 -
Class AI2 Hedged EUR - 10.91 -0.01 -0.09 Dec 5, 2022 13.10 9.94 LU1960222286 -
X2 USD Accumulating 86.20 -0.04 -0.05 Dec 5, 2022 98.89 77.92 LU0328507826 -
D2 Hgd EUR Accumulating 43.92 -0.02 -0.05 Dec 5, 2022 52.35 39.98 LU0329591480 -
A4 Hgd EUR Annual 36.45 -0.02 -0.05 Dec 5, 2022 43.75 33.21 LU0240613025 -
A2 Hgd GBP Accumulating 32.80 -0.02 -0.06 Dec 5, 2022 38.91 29.83 LU0236177068 -
X2 Hgd JPY Accumulating 1,307.00 0.00 0.00 Dec 5, 2022 1,535.00 1,189.00 LU1445720094 -
D2 Hgd GBP Accumulating 35.38 -0.02 -0.06 Dec 5, 2022 41.68 32.14 LU0827880344 -

Portfolio Managers

Portfolio Managers

Rick Rieder
Chief Investment Officer, Global Fixed Income

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Global Allocation Investment Team in the Multi-Asset Strategies Group, a member of BlackRock's Global Operating Committee and Chairman of the firm-wide BlackRock Investment Council.

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.

 

 

Literature

Literature