Equity

BGF European Equity Income 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. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. 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. This Share Class may pay dividends or take charges from capital.While this may allow more income to be distributed, it may reduce the value of your holdings and impact the potential for long term capital growth. 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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Distributions

Ex-Date Total Distribution
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  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 12.98 15.97 -6.92 11.90 -11.55 28.53 -0.08 21.52 -10.26
Constraint Benchmark 1 (%) 6.84 8.22 2.58 10.24 -10.57 26.05 -3.32 25.13 -9.49

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

  1Y 3Y 5Y 10y Incept.
11.04 8.94 6.64 7.49 7.27
Constraint Benchmark 1 (%) 13.50 11.00 6.35 7.04 6.98
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
9.76 -1.31 0.48 0.08 11.04 29.28 37.89 105.90 103.43
Constraint Benchmark 1 (%) 10.55 -2.45 1.88 1.72 13.50 36.77 36.02 97.42 97.84
  From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
Total Return (%)

as of Jun 30, 2023

4.90 0.71 22.79 -6.56 16.38
Constraint Benchmark 1 (%)

as of Jun 30, 2023

4.46 -5.48 27.94 -6.54 16.72
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 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

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Key Facts

Key Facts

Net Assets of Fund as of Sep 22, 2023 EUR 1,534,267,018
Share Class Inception Date Jul 17, 2013
Fund Inception Date Dec 3, 2010
Share Class Currency GBP
Base Currency EUR
Asset Class Equity
Constraint Benchmark 1 MSCI Europe Index
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charge 1.08%
ISIN LU0949170855
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment GBP 100000
Minimum Subsequent Investment GBP 1000
Distribution Frequency Quarterly
Use of Income Distributing
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 BGEED5G
SEDOL BBVHRJ4

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Aug 31, 2023 44
12m Trailing Yield as of Aug 31, 2023 4.31%
Standard Deviation (3y) as of Aug 31, 2023 14.97%
P/E Ratio as of Aug 31, 2023 18.32
P/B Ratio as of Aug 31, 2023 2.32

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 Aug 21, 2023 AA
MSCI ESG % Coverage as of Aug 21, 2023 99.46
MSCI ESG Quality Score (0-10) as of Aug 21, 2023 8.08
MSCI ESG Quality Score - Peer Percentile as of Aug 21, 2023 62.83
Fund Lipper Global Classification as of Aug 21, 2023 Equity Europe Income
Funds in Peer Group as of Aug 21, 2023 113
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Aug 21, 2023 114.10
MSCI Weighted Average Carbon Intensity % Coverage as of Aug 21, 2023 98.96
All data is from MSCI ESG Fund Ratings as of Aug 21, 2023, based on holdings as of Mar 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 Aug 31, 2023 0.00%
MSCI - UN Global Compact Violators as of Aug 31, 2023 0.00%
MSCI - Nuclear Weapons as of Aug 31, 2023 0.00%
MSCI - Thermal Coal as of Aug 31, 2023 0.00%
MSCI - Civilian Firearms as of Aug 31, 2023 0.00%
MSCI - Oil Sands as of Aug 31, 2023 0.00%
MSCI - Tobacco as of Aug 31, 2023 0.00%

Business Involvement Coverage as of Aug 31, 2023 99.47%
Percentage of Fund not covered as of Aug 31, 2023 0.33%
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 2.74%.

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 Aug 31, 2023
Name Weight (%)
NOVO NORDISK A/S 4.91
NESTLE SA 4.58
SANOFI SA 4.08
ASTRAZENECA PLC 4.07
VINCI SA 3.86
Name Weight (%)
SAMPO OYJ 3.79
TRYG A/S 3.38
ASML HOLDING NV 3.12
COMPAGNIE DE SAINT GOBAIN SA 2.91
ROCHE HOLDING AG 2.86
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Aug 31, 2023

% of Market Value

Type Fund
as of Aug 31, 2023

% of Market Value

Type Fund
as of Aug 31, 2023

% 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.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
D5G Hgd GBP Quarterly 13.28 -0.08 -0.60 Sep 22, 2023 14.36 11.69 LU0949170855
A8 Hgd NZD Monthly Stable with IRD 8.86 -0.05 -0.56 Sep 22, 2023 9.46 7.92 LU1220229196
A8 Hgd CAD Monthly Stable with IRD 8.85 -0.04 -0.45 Sep 22, 2023 9.47 7.93 LU1220229436
A4G EUR Annual 14.80 -0.09 -0.60 Sep 22, 2023 16.27 13.31 LU0619515397
A6 Hgd HKD Monthly Stable 190.48 -1.07 -0.56 Sep 22, 2023 202.44 168.65 LU1051770623
X2 EUR Accumulating 17.76 -0.10 -0.56 Sep 22, 2023 18.61 15.05 LU0563471787
D2 EUR Accumulating 26.24 -0.15 -0.57 Sep 22, 2023 27.58 22.46 LU0579997130
A6 Hgd SGD Monthly Stable 11.92 -0.06 -0.50 Sep 22, 2023 12.71 10.58 LU1019634622
X5G GBP Daily 13.52 -0.06 -0.44 Sep 22, 2023 14.77 11.94 LU1015435362
A2 EUR Accumulating 24.04 -0.13 -0.54 Sep 22, 2023 25.33 20.72 LU0562822386
Class SR2 USD - 11.42 -0.04 -0.35 Sep 22, 2023 12.28 8.90 LU2319963208
D5G EUR Quarterly 14.08 -0.08 -0.56 Sep 22, 2023 15.31 12.57 LU0871639463
E5G EUR Quarterly 13.23 -0.07 -0.53 Sep 22, 2023 14.44 11.96 LU0579995191
A5G Hgd USD Quarterly 22.14 -0.12 -0.54 Sep 22, 2023 23.95 19.37 LU1003076772
A6 Hgd GBP Monthly Stable 13.79 -0.07 -0.51 Sep 22, 2023 14.65 12.21 LU1051771274
I4G EUR Annual 14.34 -0.08 -0.55 Sep 22, 2023 15.70 12.76 LU0883524240
E2 EUR Accumulating 22.61 -0.13 -0.57 Sep 22, 2023 23.87 19.59 LU0628612748
D4G EUR Annual 14.14 -0.08 -0.56 Sep 22, 2023 15.49 12.61 LU0875160912
A5G EUR Quarterly 14.03 -0.07 -0.50 Sep 22, 2023 15.28 12.61 LU0561744862
A8 Hgd AUD Monthly Stable with IRD 10.85 -0.06 -0.55 Sep 22, 2023 11.62 9.75 LU1019636163
A6 Hgd USD Monthly Stable 12.54 -0.07 -0.56 Sep 22, 2023 13.29 10.96 LU1019632923
Class SR2 EUR - 10.71 -0.06 -0.56 Sep 22, 2023 11.25 9.15 LU2319962903
A6 EUR Monthly Stable 10.56 -0.06 -0.56 Sep 22, 2023 11.27 9.48 LU1051768569
Class D6 Hedged SGD Monthly 9.53 -0.06 -0.63 Sep 22, 2023 10.14 8.40 LU2357541858
Class AI5G EUR Quarterly 10.62 -0.06 -0.56 Sep 22, 2023 11.57 9.55 LU1960221551
Class SR4G EUR Annual 9.68 -0.06 -0.62 Sep 22, 2023 10.60 8.62 LU2319963034
A8 Hgd USD Monthly 9.89 -0.06 -0.60 Sep 22, 2023 10.56 8.81 LU2114397693
Class D3G SGD Monthly 13.08 -0.10 -0.76 Sep 22, 2023 14.15 12.68 LU2589087597
D2 USD Accumulating 27.98 -0.11 -0.39 Sep 22, 2023 30.11 21.83 LU1984140779
A8 Hgd CNH Monthly Stable with IRD 93.59 -0.53 -0.56 Sep 22, 2023 100.54 85.11 LU1241525267
Class SR4G GBP Annual 8.41 -0.04 -0.47 Sep 22, 2023 9.30 7.48 LU2319963117
Class D6 Hedged USD Monthly Stable 10.75 -0.06 -0.56 Sep 22, 2023 11.36 9.33 LU1200839964
I2 EUR Accumulating 13.67 -0.08 -0.58 Sep 22, 2023 14.36 11.67 LU1222728690
A2 USD - 25.63 -0.09 -0.35 Sep 22, 2023 27.66 20.13 LU2091194634
D2 Hgd USD Accumulating 15.80 -0.09 -0.57 Sep 22, 2023 16.49 13.16 LU1185942585
A2 Hgd USD Accumulating 17.42 -0.09 -0.51 Sep 22, 2023 18.22 14.61 LU1153584641
D4G GBP Annual 12.28 -0.06 -0.49 Sep 22, 2023 13.59 10.94 LU2091194550
I2 USD - 14.58 -0.05 -0.34 Sep 22, 2023 15.67 11.34 LU2091194477
Class AI2 EUR - 12.80 -0.07 -0.54 Sep 22, 2023 13.49 11.04 LU1960221478
X5G EUR Quarterly 15.57 -0.08 -0.51 Sep 22, 2023 16.86 13.76 LU1834329150
I4G GBP Annual 12.46 -0.06 -0.48 Sep 22, 2023 13.77 11.07 LU2091194394
Class D3G USD Monthly 9.59 -0.04 -0.42 Sep 22, 2023 10.61 9.43 LU2589087670

Portfolio Managers

Portfolio Managers

Andreas Zoellinger
Andreas Zoellinger
Brian Hall
Brian Hall

Literature

Literature