Equity

BSF BlackRock Systematic US Equity Absolute Return 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 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 strategies utilized 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 Funds. Investors in this fund should understand that the Fund is not guaranteed to produce a positive return and as an absolute return product, performance may not move in line with general stock market trends as both positive and negative share movements affect the overall value of the fund. The Manager employs a risk management process to oversee and manage derivative exposure within 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 Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent.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.

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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Reinvestments

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

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -1.77 3.36 -1.33 0.02 -3.49 8.87 3.45 6.54
Comparator Benchmark 1 (%) 0.66 1.11 2.08 2.60 1.08 0.18 1.97 5.48

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

  1Y 3Y 5Y 10y Incept.
9.58 7.85 4.10 - 2.56
Comparator Benchmark 1 (%) 5.72 2.98 2.39 - 1.98
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
5.91 2.76 5.91 9.85 9.58 25.45 22.26 - 23.49
Comparator Benchmark 1 (%) 1.42 0.48 1.42 2.88 5.72 9.21 12.52 - 17.74
  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

-1.12 -1.44 8.18 5.82 9.58
Comparator Benchmark 1 (%)

as of Mar 31, 2024

2.38 0.64 0.20 3.09 5.72
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 EUR, hedged share class benchmark performance is displayed in USD.

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 Apr 23, 2024 USD 763,974,958
Share Class Inception Date Nov 25, 2015
Fund Inception Date Feb 17, 2012
Share Class Currency EUR
Base Currency USD
Asset Class Equity
Comparator Benchmark 1 3 Month SOFR Compounded in Arrears plus 26.1 basis point spread
SFDR Classification Article 8
Initial Charge 0.00%
Ongoing Charge 1.19%
ISIN LU1323999489
Annual Management Fee 1.00%
Performance Fee 20.00%
Minimum Initial Investment EUR 10000000
Minimum Subsequent Investment -
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Equity Market Neutral EUR
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSAI2EH
SEDOL BDB6NV9

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 3488
Standard Deviation (3y) as of Mar 31, 2024 5.55%
3y Beta as of Mar 31, 2024 0.890
P/E Ratio as of Mar 28, 2024 104.58
P/B Ratio as of Mar 28, 2024 2.64

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 may include ESG considerations in the research and decision phases of the investment process. Funds with ESG-related objectives may also include ESG considerations in the portfolio construction phase of the investment process. The research phase may include relevant, internal ESG research used to assess certain characteristics, including, but not limited to, economic and environmental transition, market structure, superior growth, management quality, and risk characteristics associated with environmental, social, and governance matters. ESG insights may be combined with other internal research views to inform active portfolio weighting versus a reference benchmark (or weighting implemented to achieve an absolute return outcome, if applicable). 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 metrics, and other factors.

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BSF BlackRock Systematic US Equity Absolute Return Fund, Class I2 Hedged, as of Mar 31, 2024 rated against 189 Equity Market Neutral EUR Funds.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
MASTERCARD INC 2.54
MARSH & MCLENNAN COMPANIES INC 2.19
EOG RESOURCES INC 2.14
MICROSOFT CORPORATION 2.14
DEVON ENERGY CORPORATION 2.11
Name Weight (%)
KIMBERLY-CLARK CORPORATION 2.07
TE CONNECTIVITY LTD 2.04
BOYD GAMING CORPORATION 1.95
MARATHON PETROLEUM CORP 1.91
FLOWSERVE CORPORATION 1.84
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% of Market Value

Type Fund
as of Mar 28, 2024

% of Market Value

Type Fund
as of Mar 28, 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
I2 Hgd EUR 125.24 -0.07 -0.06 Apr 23, 2024 125.54 106.52 LU1323999489
D2 Hgd EUR 151.76 -0.09 -0.06 Apr 23, 2024 152.14 129.52 LU0725892383
A2 EUR 132.88 -0.91 -0.68 Apr 23, 2024 133.80 109.60 LU1991022069
A2 Hgd EUR 145.13 -0.09 -0.06 Apr 23, 2024 145.53 124.11 LU0725892466
A2 USD 168.51 -0.07 -0.04 Apr 23, 2024 168.87 142.84 LU0725887540
I2 USD 140.59 -0.06 -0.04 Apr 23, 2024 140.86 118.31 LU1653088168
X2 Hgd AUD 117.98 -0.12 -0.10 Apr 23, 2024 118.35 99.93 LU2649166316
A2 Hgd SEK 149.58 -0.09 -0.06 Apr 23, 2024 150.00 127.62 LU0765562458
A2 GBP 215.53 -2.35 -1.08 Apr 23, 2024 217.88 177.28 LU0784324112
D2 USD 146.87 -0.07 -0.05 Apr 23, 2024 147.17 123.68 LU1238068321
D2 Hgd CHF 119.44 -0.08 -0.07 Apr 23, 2024 119.90 104.06 LU1238068594
A2 AUD 262.78 -2.22 -0.84 Apr 23, 2024 265.92 214.25 LU0840974975
E2 Hgd EUR 115.08 -0.06 -0.05 Apr 23, 2024 115.43 98.38 LU1266592614
I2 Hgd SEK 118.01 -0.07 -0.06 Apr 23, 2024 118.27 100.23 LU1873114208
X2 USD 222.77 -0.21 -0.09 Apr 23, 2024 223.35 181.57 LU0849781678
I2 Hgd JPY 11,563.22 -6.56 -0.06 Apr 23, 2024 11,609.67 10,197.20 LU1791183780
D2 Hgd GBP 139.57 -0.09 -0.06 Apr 23, 2024 139.87 117.66 LU1246651910

Portfolio Managers

Portfolio Managers

Raffaele Savi
Global Head of BlackRock Systematic and Co-Chief Investment Officer and Co-Head of BlackRock’s Systematic Equities

Raffaele Savi, Senior Managing Director, is Global Head of BlackRock Systematic (BSYS) and Co-CIO and Co-Head of Systematic Active Equity (SAE).

Travis Cooke
Travis Cooke

Literature

Literature