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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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -3.68 15.75 -9.43 30.30 1.76 23.82 -9.50 13.23
Constraint Benchmark 1 (%) 2.58 10.24 -10.57 26.05 -3.32 25.13 -9.49 15.83

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

  1Y 3Y 5Y 10y Incept.
8.27 7.41 9.10 - 7.10
Constraint Benchmark 1 (%) 10.98 8.15 7.80 - 5.76
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
5.17 -0.54 4.48 17.89 8.27 23.92 54.58 - 83.74
Constraint Benchmark 1 (%) 6.65 -0.91 5.00 17.73 10.98 26.51 45.60 - 64.35
  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

-7.83 35.93 10.84 2.11 12.21
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-13.53 35.32 9.34 3.82 14.79
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 CNH, 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 May 24, 2024
EUR 1,549,884,490
Fund Inception Date
Dec 3, 2010
Base Currency
EUR
Constraint Benchmark 1
MSCI Europe Index
Initial Charge
5.00%
ISIN
LU1241525267
Performance Fee
0.00%
Minimum Subsequent Investment
RMB 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGEEA8H
Share Class Inception Date
Jun 17, 2015
Share Class Currency
CNH
Asset Class
Equity
SFDR Classification
Article 8
Ongoing Charge
1.82%
Annual Management Fee
1.50%
Minimum Initial Investment
RMB 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
BZ0D6F0

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Apr 30, 2024
44
Standard Deviation (3y)
as of Apr 30, 2024
13.56%
P/B Ratio
as of Apr 30, 2024
2.34
12m Trailing Yield
as of Apr 30, 2024
3.59%
P/E Ratio
as of Apr 30, 2024
17.62

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 May 19, 2024
AA
MSCI ESG Quality Score (0-10)
as of May 19, 2024
8.07
Fund Lipper Global Classification
as of May 19, 2024
Equity Europe Income
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of May 19, 2024
127.67
MSCI ESG % Coverage
as of May 19, 2024
98.17
MSCI ESG Quality Score - Peer Percentile
as of May 19, 2024
77.19
Funds in Peer Group
as of May 19, 2024
114
MSCI Weighted Average Carbon Intensity % Coverage
as of May 19, 2024
97.77
All data is from MSCI ESG Fund Ratings as of May 19, 2024, based on holdings as of Dec 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 Apr 30, 2024
0.00%
MSCI - Nuclear Weapons
as of Apr 30, 2024
0.00%
MSCI - Civilian Firearms
as of Apr 30, 2024
0.00%
MSCI - Tobacco
as of Apr 30, 2024
0.00%
MSCI - UN Global Compact Violators
as of Apr 30, 2024
0.00%
MSCI - Thermal Coal
as of Apr 30, 2024
0.00%
MSCI - Oil Sands
as of Apr 30, 2024
0.00%

Business Involvement Coverage
as of Apr 30, 2024
98.99%
Percentage of Fund not covered
as of Apr 30, 2024
0.73%
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

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 5.28
ENGIE SA 4.09
ASML HOLDING NV 3.71
VINCI SA 3.33
LVMH MOET HENNESSY LOUIS VUITTON SE 3.16
Name Weight (%)
TELE2 AB 3.09
UNICREDIT SPA 3.01
NORDEA BANK ABP 3.00
SANOFI SA 2.86
COMPAGNIE DE SAINT GOBAIN SA 2.85
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2024

% of Market Value

Type Fund
as of Apr 30, 2024

% of Market Value

Type Fund
as of Apr 30, 2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A8 Hgd CNH 106.94 -0.45 -0.42 May 24, 2024 107.92 88.89 LU1241525267
Class SR2 USD 13.73 -0.04 -0.29 May 24, 2024 13.83 10.80 LU2319963208
A8 Hgd CAD 10.10 -0.04 -0.39 May 24, 2024 10.19 8.38 LU1220229436
X2 EUR 21.11 -0.09 -0.42 May 24, 2024 21.29 16.94 LU0563471787
X5G GBP 15.64 -0.06 -0.38 May 24, 2024 15.89 12.93 LU1015435362
A6 Hgd HKD 218.71 -0.92 -0.42 May 24, 2024 220.69 180.81 LU1051770623
D4G EUR 16.69 -0.07 -0.42 May 24, 2024 16.83 13.46 LU0875160912
A2 EUR 28.23 -0.12 -0.42 May 24, 2024 28.48 22.87 LU0562822386
A5G Hgd USD 26.09 -0.11 -0.42 May 24, 2024 26.31 21.10 LU1003076772
A6 Hgd SGD 13.60 -0.06 -0.44 May 24, 2024 13.72 11.29 LU1019634622
A8 Hgd NZD 10.09 -0.04 -0.39 May 24, 2024 10.18 8.39 LU1220229196
A6 Hgd USD 14.49 -0.06 -0.41 May 24, 2024 14.62 11.91 LU1019632923
D2 EUR 30.98 -0.12 -0.39 May 24, 2024 31.24 24.99 LU0579997130
A8 Hgd AUD 12.37 -0.05 -0.40 May 24, 2024 12.48 10.27 LU1019636163
I4G EUR 16.96 -0.07 -0.41 May 24, 2024 17.10 13.66 LU0883524240
A6 Hgd GBP 15.87 -0.06 -0.38 May 24, 2024 16.00 13.08 LU1051771274
A4G EUR 17.38 -0.08 -0.46 May 24, 2024 17.54 14.09 LU0619515397
D5G EUR 16.49 -0.07 -0.42 May 24, 2024 16.63 13.41 LU0871639463
E2 EUR 26.47 -0.11 -0.41 May 24, 2024 26.70 21.51 LU0628612748
E5G EUR 15.36 -0.06 -0.39 May 24, 2024 15.50 12.58 LU0579995191
A5G EUR 16.34 -0.07 -0.43 May 24, 2024 16.48 13.35 LU0561744862
Class D3G SGD 15.22 -0.05 -0.33 May 24, 2024 15.33 12.39 LU2589087597
D2 USD 33.59 -0.12 -0.36 May 24, 2024 33.85 26.45 LU1984140779
Class D3G USD 11.27 -0.04 -0.35 May 24, 2024 11.36 9.05 LU2589087670
Class D6 Hedged USD 12.49 -0.05 -0.40 May 24, 2024 12.59 10.22 LU1200839964
A8 Hgd USD 11.31 -0.05 -0.44 May 24, 2024 11.41 9.38 LU2114397693
Class SR4G GBP 9.75 -0.04 -0.41 May 24, 2024 9.91 8.04 LU2319963117
Class D6 Hedged SGD 10.94 -0.04 -0.36 May 24, 2024 11.03 9.04 LU2357541858
D5G Hgd GBP 15.67 -0.06 -0.38 May 24, 2024 15.80 12.66 LU0949170855
D4G GBP 14.22 -0.06 -0.42 May 24, 2024 14.45 11.74 LU2091194550
A6 EUR 12.06 -0.05 -0.41 May 24, 2024 12.16 10.01 LU1051768569
X5G EUR 18.35 -0.08 -0.43 May 24, 2024 18.50 14.84 LU1834329150
Class SR2 EUR 12.66 -0.05 -0.39 May 24, 2024 12.77 10.20 LU2319962903
Class AI2 EUR 15.04 -0.06 -0.40 May 24, 2024 15.17 12.18 LU1960221478
D2 Hgd USD 18.87 -0.07 -0.37 May 24, 2024 19.02 15.07 LU1185942585
Class AI5G EUR 12.37 -0.05 -0.40 May 24, 2024 12.48 10.10 LU1960221551
A2 USD 30.61 -0.11 -0.36 May 24, 2024 30.86 24.21 LU2091194634
A2 Hgd USD 20.69 -0.09 -0.43 May 24, 2024 20.87 16.60 LU1153584641
I2 EUR 16.17 -0.06 -0.37 May 24, 2024 16.30 13.02 LU1222728690
Class SR4G EUR 11.44 -0.05 -0.44 May 24, 2024 11.54 9.22 LU2319963034
I2 USD 17.53 -0.06 -0.34 May 24, 2024 17.67 13.78 LU2091194477
I4G GBP 14.45 -0.06 -0.41 May 24, 2024 14.69 11.91 LU2091194394

Portfolio Managers

Portfolio Managers

Andreas Zoellinger
Andreas Zoellinger
Brian Hall
Brian Hall

Literature

Literature