Equity

BGF Continental European Flexible 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. Other influential factors include political, economic news, company earnings and significant corporate events. The Fund may seek to exclude Funds which are not subject to ESG-related requirements. 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.

Loading

Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
View full chart

Reinvestments

This fund does not have any distributions data as of now.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 6.22 21.97 -1.71 21.20 -13.80 37.13 26.61 27.10 -23.61 20.28
Constraint Benchmark 1 (%) 7.38 10.92 3.35 13.01 -10.45 27.59 2.83 25.16 -11.97 18.46

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

  1Y 3Y 5Y 10y Incept.
18.49 5.32 12.77 11.02 11.77
Constraint Benchmark 1 (%) 12.49 8.06 9.24 8.04 9.13
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
9.69 -2.72 6.53 23.67 18.49 16.81 82.36 184.52 247.40
Constraint Benchmark 1 (%) 6.56 -1.60 4.57 18.78 12.49 26.19 55.57 116.78 165.86
  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

-3.56 60.97 5.22 -0.34 20.20
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-10.37 40.10 7.37 4.57 16.94
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 EUR.

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 17, 2024 EUR 5,997,277,509
Share Class Inception Date Feb 20, 2013
Fund Inception Date Nov 24, 1986
Share Class Currency EUR
Base Currency EUR
Asset Class Equity
Constraint Benchmark 1 FTSE World Europe x UK TR - in EUR
SFDR Classification Article 8
Initial Charge 0.00%
Ongoing Charge 0.80%
ISIN LU0888974473
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment EUR 10000000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Europe ex-UK Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGCEFI2
SEDOL B91Q1X9

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Apr 30, 2024 39
Standard Deviation (3y) as of Apr 30, 2024 19.41%
3y Beta as of Apr 30, 2024 1.195
P/E Ratio as of Apr 30, 2024 22.19
P/B Ratio as of Apr 30, 2024 3.65

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 AA
MSCI ESG % Coverage as of Apr 21, 2024 98.80
MSCI ESG Quality Score (0-10) as of Apr 21, 2024 7.87
MSCI ESG Quality Score - Peer Percentile as of Apr 21, 2024 52.13
Fund Lipper Global Classification as of Apr 21, 2024 Equity Europe ex UK
Funds in Peer Group as of Apr 21, 2024 445
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 21, 2024 78.37
MSCI Weighted Average Carbon Intensity % Coverage as of Apr 21, 2024 97.75
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 3.16%
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 99.75%
Percentage of Fund not covered as of Apr 30, 2024 0.09%
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

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF Continental European Flexible Fund, Class I2, as of Apr 30, 2024 rated against 576 Europe ex-UK Equity Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jun 28, 2023)

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 (%)
NOVO NORDISK A/S 9.96
ASML HOLDING NV 7.36
LVMH MOET HENNESSY LOUIS VUITTON SE 5.61
LINDE PLC 5.21
COMPAGNIE DE SAINT GOBAIN SA 3.80
Name Weight (%)
HERMES INTERNATIONAL SCA 3.52
PANDORA A/S 3.48
STMICROELECTRONICS NV 3.12
COMPAGNIE FINANCIERE RICHEMONT SA 3.12
SCHNEIDER ELECTRIC SE 3.02
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 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
I2 EUR 35.82 -0.15 -0.42 May 17, 2024 35.97 27.77 LU0888974473
A4 GBP 38.21 -0.24 -0.62 May 17, 2024 38.45 30.32 LU0071969892
Class I4 USD 33.74 -0.14 -0.41 May 17, 2024 33.88 28.81 LU2728923421
D4 GBP 39.49 -0.25 -0.63 May 17, 2024 39.74 31.21 LU0827876318
Class SR4 EUR 12.20 -0.05 -0.41 May 17, 2024 12.25 9.46 LU2319960014
I2 Hgd USD 27.66 -0.11 -0.40 May 17, 2024 27.77 21.23 LU1207311066
Class SR2 EUR 12.39 -0.05 -0.40 May 17, 2024 12.44 9.61 LU2319959941
D4 Hgd GBP 45.66 -0.18 -0.39 May 17, 2024 45.84 35.21 LU0827876409
Class SR2 Hedged USD 13.28 -0.05 -0.38 May 17, 2024 13.33 10.20 LU2319960360
D2 Hgd USD 75.39 -0.30 -0.40 May 17, 2024 75.69 57.95 LU0827876151
D4 Hgd USD 79.53 -0.32 -0.40 May 17, 2024 79.85 61.14 LU0669554353
Class SR4 GBP 10.45 -0.06 -0.57 May 17, 2024 10.51 8.25 LU2319960287
Class SR2 USD 13.45 -0.05 -0.37 May 17, 2024 13.50 10.16 LU2319960105
D2 USD 56.14 -0.23 -0.41 May 17, 2024 56.37 42.44 LU1984140423
I2 USD 38.89 -0.16 -0.41 May 17, 2024 39.05 29.35 LU2315844121
D4 EUR 46.11 -0.19 -0.41 May 17, 2024 46.30 35.80 LU1202926504
D2 Hgd GBP 48.54 -0.19 -0.39 May 17, 2024 48.73 37.43 LU0827876235
Class I4 EUR 31.08 -0.13 -0.42 May 17, 2024 31.21 24.10 LU1505937943
X4 GBP 40.01 -0.25 -0.62 May 17, 2024 40.26 31.44 LU0462858084
A2 EUR 46.05 -0.19 -0.41 May 17, 2024 46.24 35.91 LU0224105477
I4 Hgd USD 27.73 -0.11 -0.40 May 17, 2024 27.84 21.29 LU1505938164
A4 Hgd GBP 44.11 -0.18 -0.41 May 17, 2024 44.29 34.17 LU0534241806
D2 EUR 51.72 -0.21 -0.40 May 17, 2024 51.93 40.15 LU0406496546
X2 EUR 58.75 -0.24 -0.41 May 17, 2024 58.99 45.36 LU0224106442
E2 EUR 41.94 -0.17 -0.40 May 17, 2024 42.11 32.79 LU0224105980
A4 EUR 44.92 -0.19 -0.42 May 17, 2024 45.11 35.03 LU0628613803
A2 Hgd USD 26.54 -0.11 -0.41 May 17, 2024 26.65 20.49 LU1196525536
A2 USD 50.00 -0.20 -0.40 May 17, 2024 50.20 37.95 LU0769137737
Class AI2 EUR 18.68 -0.08 -0.43 May 17, 2024 18.76 14.57 LU1960219654
Class SR4 Hedged USD 13.05 -0.06 -0.46 May 17, 2024 13.11 10.04 LU2319960444
C2 EUR 36.70 -0.15 -0.41 May 17, 2024 36.85 28.81 LU0224105808
I2 Hgd GBP 10.92 -0.05 -0.46 May 17, 2024 10.97 8.41 LU2404648292
Class I4 GBP 26.62 -0.17 -0.63 May 17, 2024 26.79 21.01 LU1330249563

Portfolio Managers

Portfolio Managers

Giles Rothbarth
Giles Rothbarth

Literature

Literature