Equity

BGF European 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 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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  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 11.83 -4.23 9.48 -12.78 34.33 18.09 29.36 -23.97
Constraint Benchmark 1 (%) 8.22 2.58 10.24 -10.57 26.05 -3.32 25.13 -9.49
  1Y 3Y 5Y 10y Incept.
-6.47 7.32 7.38 - 6.46
Constraint Benchmark 1 (%) -0.15 5.80 5.34 - 5.95
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
8.10 8.10 11.83 3.19 -6.47 23.60 42.78 - 74.90
Constraint Benchmark 1 (%) 6.79 6.79 10.14 4.25 -0.15 18.42 29.73 - 67.53
  From
31-Dec-2017
To
31-Dec-2018
From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
Total Return (%)

as of Dec 31, 2022

-12.78 34.33 18.09 29.36 -23.97
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-10.57 26.05 -3.32 25.13 -9.49
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 Feb 8, 2023 EUR 1,275,246,404
Share Class Inception Date Feb 26, 2014
Fund Inception Date Nov 30, 1993
Share Class Currency AUD
Base Currency EUR
Asset Class Equity
Constraint Benchmark 1 MSCI Europe Index
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charge 1.82%
Annual Management Fee 1.50%
Performance Fee 0.00%
Minimum Initial Investment AUD 5000
Minimum Subsequent Investment AUD 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 BGEUA2A
ISIN LU1023059733
SEDOL BJMZF99

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Jan 31, 2023 41
Standard Deviation (3y) as of Jan 31, 2023 22.38%
3y Beta as of Jan 31, 2023 1.063
P/E Ratio as of Jan 31, 2023 27.63
P/B Ratio as of Jan 31, 2023 4.42

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 Nov 21, 2022 AAA
MSCI ESG % Coverage as of Nov 21, 2022 98.55
MSCI ESG Quality Score (0-10) as of Nov 21, 2022 9.47
MSCI ESG Quality Score - Peer Percentile as of Nov 21, 2022 67.72
Fund Lipper Global Classification as of Nov 21, 2022 Equity Europe
Funds in Peer Group as of Nov 21, 2022 1,078
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 21, 2022 92.81
MSCI Weighted Average Carbon Intensity % Coverage as of Nov 21, 2022 99.02
All data is from MSCI ESG Fund Ratings as of Nov 21, 2022, based on holdings as of Jul 31, 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 Jan 31, 2023 0.00%
MSCI - UN Global Compact Violators as of Jan 31, 2023 0.00%
MSCI - Nuclear Weapons as of Jan 31, 2023 0.00%
MSCI - Thermal Coal as of Jan 31, 2023 0.00%
MSCI - Civilian Firearms as of Jan 31, 2023 0.00%
MSCI - Oil Sands as of Jan 31, 2023 0.00%
MSCI - Tobacco as of Jan 31, 2023 0.00%

Business Involvement Coverage as of Jan 31, 2023 100.11%
Percentage of Fund not covered as of Jan 31, 2023 0.00%
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 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 Fund manager includes ESG considerations in combination with other information in the research and decision phases 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 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 European Fund, Class A2 Hedged, as of Jul 31, 2018 rated against 228 Other Equity Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jul 6, 2015)

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Jan 31, 2023
Name Weight (%)
LVMH MOET HENNESSY LOUIS VUITTON SE 7.95
NOVO NORDISK A/S 5.78
LONZA GROUP AG 4.38
ASML HOLDING NV 4.36
ASTRAZENECA PLC 3.81
Name Weight (%)
RELX PLC 3.79
LINDE PLC 3.60
LOREAL SA 3.46
STMICROELECTRONICS NV 3.25
CAIXABANK SA 3.18
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jan 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Jan 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Jan 31, 2023

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
A2 Hgd AUD Accumulating 18.13 0.10 0.55 Feb 8, 2023 19.01 14.45 LU1023059733 -
A4 GBP Annual 138.73 0.36 0.26 Feb 8, 2023 139.88 108.35 LU0204061864 -
A2 Hgd SGD Accumulating 20.01 0.11 0.55 Feb 8, 2023 20.77 15.93 LU0963555726 -
I2 Hgd USD Accumulating 20.71 0.12 0.58 Feb 8, 2023 21.04 16.30 LU1438596576 -
A4 EUR Annual 155.32 0.89 0.58 Feb 8, 2023 164.30 124.66 LU0408221439 -
A2 USD Accumulating 179.16 1.73 0.98 Feb 8, 2023 197.68 129.95 LU0171280430 -
D2 EUR Accumulating 189.90 1.10 0.58 Feb 8, 2023 199.57 152.00 LU0252966055 -
D2 Hgd USD Accumulating 25.80 0.15 0.58 Feb 8, 2023 26.27 20.33 LU0827890574 -
E2 EUR Accumulating 148.36 0.86 0.58 Feb 8, 2023 157.61 119.26 LU0090830901 -
C2 EUR Accumulating 123.38 0.71 0.58 Feb 8, 2023 131.93 99.42 LU0147391493 -
D2 USD Accumulating 203.66 1.97 0.98 Feb 8, 2023 223.04 147.37 LU0411709727 -
X2 EUR Accumulating 210.78 1.23 0.59 Feb 8, 2023 219.59 168.09 LU0147392624 -
I2 EUR Accumulating 192.02 1.11 0.58 Feb 8, 2023 201.35 153.55 LU0368230461 -
A2 EUR Accumulating 167.05 0.96 0.58 Feb 8, 2023 176.71 134.07 LU0011846440 -
A2 Hgd HKD Accumulating 25.98 0.15 0.58 Feb 8, 2023 26.85 20.59 LU0788108743 -
C2 USD Accumulating 132.32 1.27 0.97 Feb 8, 2023 147.83 96.36 LU0338175176 -
A2 Hgd USD Accumulating 27.10 0.15 0.56 Feb 8, 2023 27.78 21.42 LU0526926950 -
D4 GBP Annual 141.86 0.37 0.26 Feb 8, 2023 142.94 110.53 LU0827879098 -
A2 Hgd CAD Accumulating 17.73 0.10 0.57 Feb 8, 2023 18.35 14.06 LU1023060079 -
Class S2 EUR Accumulating 15.37 0.09 0.59 Feb 8, 2023 16.13 12.29 LU1722863302 -
A2 Hgd CNH Accumulating 170.04 0.98 0.58 Feb 8, 2023 176.84 135.78 LU1210724834 -
D4 EUR Annual 159.58 0.92 0.58 Feb 8, 2023 168.11 127.73 LU1852330817 -
A2 Hgd GBP Accumulating 16.73 0.10 0.60 Feb 8, 2023 17.55 13.34 LU1023060665 -
A2 Hgd NZD Accumulating 18.95 0.11 0.58 Feb 8, 2023 19.83 15.07 LU1023060319 -
X2 JPY Accumulating 29,705.00 163.00 0.55 Feb 8, 2023 29,958.00 23,587.00 LU1165522308 -

Portfolio Managers

Portfolio Managers

Stefan Gries
Stefan Gries

Literature

Literature