Equity

BSF Asia Pacific 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. 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. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. Investments in China are subject to certain additional risks, particularly regarding the ability to deal in equity securities in China due to issues relating to liquidity and the repatriation of capital. As a result, the Fund may choose to gain exposure to Chinese equities indirectly and may be unable to gain full exposure to the Chinese equity markets. 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 invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. The fund may invest in exchange traded funds which have exposure to property securities and commodities (through an index). Property investments are subject to adverse changes in economic conditions, adverse local market conditions and risks associated with the acquisition, financing and ownership and operation and disposal of real property. The underlying commodities index may concentrate investment on selected commodity futures of multinational markets. This makes the exchange traded fund extremely dependent on the performance of the commodity markets concerned. The Fund may invest more than 10% of its Net Asset Value in the units of UCITS and/or other UCIs.

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

View full chart

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -2.25 -6.92 0.92 7.93 7.09 2.51 3.23
Comparator Benchmark 1 (%) 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.
6.66 3.59 4.84 - 2.24
Comparator Benchmark 1 (%) 5.81 3.45 2.53 - 2.24
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
3.85 1.16 1.17 3.85 6.66 11.18 26.64 - 18.98
Comparator Benchmark 1 (%) 2.86 0.47 1.42 2.86 5.81 10.70 13.32 - 18.94
  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
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of Jun 30, 2024

2.47 11.17 4.26 -0.03 6.66
Comparator Benchmark 1 (%)

as of Jun 30, 2024

2.11 0.25 0.40 4.21 5.81
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 CHF, 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 Jul 12, 2024
USD 147,437,854
Fund Inception Date
Aug 31, 2016
Base Currency
USD
Comparator Benchmark 1
3 Month SOFR Compounded in Arrears plus 26.1 basis point spread
Initial Charge
0.00%
ISIN
LU1417814560
Performance Fee
15.00%
Minimum Subsequent Investment
-
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BSAPZ2C
Share Class Inception Date
Aug 31, 2016
Share Class Currency
CHF
Asset Class
Equity
SFDR Classification
Other
Ongoing Charge
0.97%
Annual Management Fee
0.55%
Minimum Initial Investment
CHF 10000000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Long/Short Equity - Other
Dealing Frequency
Daily, forward pricing basis
SEDOL
BZB1TT8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jun 28, 2024
80
3y Beta
as of Jun 30, 2024
0.058
P/B Ratio
as of Jun 28, 2024
12.20
Standard Deviation (3y)
as of Jun 30, 2024
5.96%
P/E Ratio
as of Jun 28, 2024
26.42

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 Jun 28, 2024
0.00%
MSCI - Nuclear Weapons
as of Jun 28, 2024
0.00%
MSCI - Civilian Firearms
as of Jun 28, 2024
0.00%
MSCI - Tobacco
as of Jun 28, 2024
0.00%
MSCI - UN Global Compact Violators
as of Jun 28, 2024
0.00%
MSCI - Thermal Coal
as of Jun 28, 2024
0.00%
MSCI - Oil Sands
as of Jun 28, 2024
0.00%

Business Involvement Coverage
as of Jun 28, 2024
90.57%
Percentage of Fund not covered
as of Jun 28, 2024
9.25%
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 Jun 28, 2024
Name Weight (%)
SAMSUNG ELECTRONICS CO LTD 3.24
FUYAO GLASS INDUSTRY GROUP CO LTD 2.84
ULTRATECH CEMENT LTD 2.84
HYUNDAI-ROTEM CO 2.83
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.68
Name Weight (%)
BANK OF THE PHILIPPINE ISLANDS 2.61
MAHINDRA AND MAHINDRA LTD 2.57
CP ALL PCL 2.48
TENCENT HOLDINGS LTD 2.40
ADVANCED INFO SERVICE PCL 2.37
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Jun 28, 2024

% of Market Value

Type Fund
as of Jun 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
Class Z2 Hedged CHF 117.92 -0.84 -0.71 Jul 12, 2024 119.31 107.15 LU1417814560
A4 Hgd EUR 116.65 -0.73 -0.62 Jul 12, 2024 117.85 104.30 LU1417813919
Class Z2 USD 143.04 -0.95 -0.66 Jul 12, 2024 144.57 125.38 LU1417814305
X2 USD 159.55 -1.21 -0.75 Jul 12, 2024 161.52 138.03 LU1417814214
D2 GBP 104.82 -1.04 -0.98 Jul 12, 2024 109.10 93.19 LU2615938151
D2 Hgd EUR 121.28 -0.77 -0.63 Jul 12, 2024 122.53 108.17 LU1495982511
D2 EUR 143.54 -1.02 -0.71 Jul 12, 2024 147.12 124.88 LU1495982602
A2 USD 111.43 -0.71 -0.63 Jul 12, 2024 112.57 99.71 LU2649165938
Class Z2 Hedged EUR 123.82 -0.80 -0.64 Jul 12, 2024 125.14 109.93 LU1417814487
Class Z2 GBP 109.32 -1.11 -1.01 Jul 12, 2024 113.69 96.80 LU2634581172
E2 EUR 133.34 -0.99 -0.74 Jul 12, 2024 136.75 116.65 LU1417814131
D2 Hgd GBP 129.39 -0.80 -0.61 Jul 12, 2024 130.68 114.01 LU1417814057
E2 Hgd EUR 114.24 -0.83 -0.72 Jul 12, 2024 115.53 102.52 LU1495982271
D2 USD 139.56 -0.88 -0.63 Jul 12, 2024 140.97 122.74 LU1495982438
X2 Hgd AUD 112.39 -0.84 -0.74 Jul 12, 2024 113.78 100.00 LU2649166076
Class Z2 Hedged GBP 108.86 -0.69 -0.63 Jul 12, 2024 109.99 95.58 LU2634581255
A2 GBP 128.91 -1.29 -0.99 Jul 12, 2024 134.31 114.92 LU1513020419
A2 EUR 137.65 -0.99 -0.71 Jul 12, 2024 141.12 120.04 LU1417813836

Portfolio Managers

Portfolio Managers

Samuel Vecht, CFA
Head of Emerging Europe & Frontier Markets

Samuel Vecht

Steve Wong
Steve Wong
Ada Zhang
Ada Zhang

Literature

Literature