Equity

BGF European Special Situations Fund

Overview

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. 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 invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The Fund utilises derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk and volatility. The strategies utilised by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both ‘long’ and ‘synthetic short’ positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Fund. The Fund may be exposed to finance sector companies, as a service provider or as counterparty for financial contracts. Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent. This may have an adverse affect on the activities of the fund.
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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Reinvestments

This fund does not have any distributions data as of now.
  From
30-Sep-2015
To
30-Sep-2016
From
30-Sep-2016
To
30-Sep-2017
From
30-Sep-2017
To
30-Sep-2018
From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
Total Return (%)

as of Sep 30, 2020

1.16 18.76 4.82 10.48 11.15
Benchmark (%)

as of Sep 30, 2020

1.80 16.26 1.47 5.74 -7.76
  1Y 3Y 5Y 10y Incept.
10.33 10.99 7.91 - 11.08
Benchmark (%)

as of Nov 30, 2020

-3.61 2.38 2.66 - 5.16
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
7.86 10.10 6.62 10.33 36.72 46.32 - 112.60
Benchmark (%)

as of Nov 30, 2020

-5.56 13.95 6.71 -3.61 7.31 14.04 - 43.53
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

Size of Fund (Millions) as of Dec 4, 2020 EUR 1,245.552
12m Trailing Yield -
Number of Holdings as of Oct 30, 2020 53
Base Currency Euro
Fund Inception Date Mar 20, 2003
Share Class Inception Date Sep 25, 2013
Asset Class Equity
Morningstar Category Other Equity
Benchmark Index MSCI Europe Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.81%
ISIN LU0969580561
Bloomberg Ticker BEGA2HU
Annual Management Fee 1.50%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL BCZRQL2
Bloomberg Benchmark Ticker M7EU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

3y Volatility - Benchmark as of Nov 30, 2020 16.85
3y Beta as of Nov 30, 2020 0.894
5y Volatility - Benchmark as of Nov 30, 2020 14.48
5y Beta as of Nov 30, 2020 0.918

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Nov 1, 2020 AA
MSCI ESG Quality Score (0-10) as of Nov 1, 2020 7.52
MSCI ESG Quality Score - Peer Percentile as of Nov 1, 2020 23.61
MSCI ESG % Coverage as of Nov 1, 2020 99.45
Fund Lipper Global Classification as of Nov 1, 2020 Equity Europe
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 1, 2020 60.19
Funds in Peer Group as of Nov 1, 2020 1
All data is from MSCI ESG Fund Ratings as of Nov 1, 2020, based on holdings as of Apr 30, 2020. 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 covered 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 30, 2020 0.00%
MSCI - UN Global Compact Violators as of Oct 30, 2020 0.00%
MSCI - Nuclear Weapons as of Oct 30, 2020 0.00%
MSCI - Thermal Coal as of Oct 30, 2020 0.00%
MSCI - Civilian Firearms as of Oct 30, 2020 0.00%
MSCI - Oil Sands as of Oct 30, 2020 0.00%
MSCI - Tobacco as of Oct 30, 2020 0.00%

Business Involvement Coverage as of Oct 30, 2020 95.60%
Percentage of Fund not covered as of Oct 30, 2020 4.40%
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.

Ratings

Ratings

Risk Indicator

Risk Indicator

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4
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7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
ASML HOLDING NV 4.62
LVMH MOET HENNESSY LOUIS VUITTON SE 3.17
LONZA GROUP AG 3.09
SAP SE 2.96
DSV PANALPINA A/S 2.94
Name Weight (%)
AUTO TRADER GROUP PLC 2.89
ORSTED A/S 2.89
NOVO NORDISK A/S 2.83
FERRARI NV 2.66
LEG IMMOBILIEN AG 2.59
Holdings subject to change

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
A2 Hgd USD Accumulating 21.22 0.03 0.14 21.31 13.72 - LU0969580561 - -
E2 EUR Accumulating 49.38 0.06 0.12 49.61 32.29 - LU0154235443 - -
D2 Hgd USD Accumulating 20.12 0.03 0.15 20.20 12.94 - LU1078072763 - -
D2 EUR Accumulating 59.79 0.07 0.12 60.04 38.75 - LU0252965834 - -
A2 Hgd HKD Accumulating 139.03 0.16 0.12 139.64 89.89 - LU1355424745 - -
A2 Hgd GBP Accumulating 17.66 0.02 0.11 17.74 11.50 - LU1023063255 - -
A2 Hgd AUD Accumulating 19.34 0.02 0.10 19.62 12.64 - LU1023062109 - -
C2 EUR Accumulating 43.21 0.05 0.12 43.43 28.40 - LU0331283803 - -
I2 EUR Accumulating 16.10 0.01 0.06 16.17 10.42 - LU0369584999 - -
X2 USD Accumulating 19.33 0.02 0.10 19.33 11.12 - LU0462856112 - -
A2 USD Accumulating 65.02 0.06 0.09 65.02 37.88 - LU0171276677 - -
A2 EUR Accumulating 53.48 0.06 0.11 53.73 34.85 - LU0154234636 - -
X2 EUR Accumulating 15.90 0.02 0.13 15.96 10.23 - LU1003011217 - -
E2 USD Accumulating 60.03 0.06 0.10 60.03 35.10 - LU0171277139 - -
D2 USD Accumulating 72.68 0.06 0.08 72.68 42.12 - LU0827879171 - -
C2 USD Accumulating 52.53 0.05 0.10 52.53 30.88 - LU0331283985 - -
A2 Hgd CNH Accumulating 438.75 0.57 0.13 440.21 282.47 - LU1244156169 - -
A2 Hgd CAD Accumulating 18.66 0.03 0.16 18.74 12.13 - LU1023062521 - -

Portfolio Managers

Portfolio Managers

Michael Constantis
Michael Constantis

Literature

Literature