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

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
View full chart
  From
30-Sep-2017
To
30-Sep-2018
From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
Total Return (%)

as of Sep 30, 2022

-4.86 0.13 4.82 9.59 4.21
Comparator Benchmark 1 (%)

as of Sep 30, 2022

1.79 2.64 1.57 0.21 0.98
  1Y 3Y 5Y 10y Incept.
1.96 5.66 2.23 - 1.82
Comparator Benchmark 1 (%) 1.26 0.94 1.47 - 1.38
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
3.23 -1.10 -0.12 -1.37 1.96 17.96 11.64 - 11.76
Comparator Benchmark 1 (%) 1.24 0.28 0.74 1.10 1.26 2.85 7.56 - 8.85
  2017 2018 2019 2020 2021
Total Return (%) -2.25 -6.92 0.92 7.93 7.09
Comparator Benchmark 1 (%) 1.11 2.08 2.60 1.08 0.18
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 Nov 25, 2022 USD 63,530,236
Share Class Inception Date Aug 31, 2016
Fund Inception Date Aug 31, 2016
Share Class Currency CHF
Base Currency USD
Asset Class Equity
Comparator Benchmark 1 3 Month SOFR Compounded in Arrears plus 26.1 basis point spread
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 1.06%
Annual Management Fee 0.75%
Performance Fee 20.00%
Minimum Initial Investment CHF 10000000
Minimum Subsequent Investment -
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Long/Short Equity - Other
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSAPZ2C
ISIN LU1417814560
SEDOL BZB1TT8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 82
Standard Deviation (3y) as of Oct 31, 2022 5.96%
3y Beta as of Oct 31, 2022 -3.287
P/E Ratio as of Oct 31, 2022 5.57
P/B Ratio as of Oct 31, 2022 1.60

Sustainability Characteristics

Sustainability Characteristics

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. 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 Oct 31, 2022 0.00%
MSCI - UN Global Compact Violators as of Oct 31, 2022 1.54%
MSCI - Nuclear Weapons as of Oct 31, 2022 0.00%
MSCI - Thermal Coal as of Oct 31, 2022 2.24%
MSCI - Civilian Firearms as of Oct 31, 2022 0.00%
MSCI - Oil Sands as of Oct 31, 2022 0.00%
MSCI - Tobacco as of Oct 31, 2022 0.00%

Business Involvement Coverage as of Oct 31, 2022 90.17%
Percentage of Fund not covered as of Oct 31, 2022 4.10%
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 2.24% and for Oil Sands 1.96%.

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’s ongoing monitoring of the portfolio involves 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

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Oct 31, 2022
Name Weight (%)
OVERSEA-CHINESE BANKING CORPORATION LTD 4.33
CHINA OILFIELD SERVICES LTD 4.04
ALIBABA GROUP HOLDING LTD 3.72
CHINA RESOURCES BEER HOLDINGS CO LTD 2.78
SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO LTD 2.59
Name Weight (%)
SAMSUNG ELECTRONICS CO LTD 2.57
BANK NEGARA INDONESIA PERSERO TBK PT 2.48
BOC HONG KONG HOLDINGS LTD 2.47
HANA FINANCIAL GROUP INC 2.47
PRESIDENT CHAIN STORE CORP 2.35
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class Z2 Hedged CHF Accumulating 110.56 -0.05 -0.05 Nov 25, 2022 114.48 107.77 LU1417814560 -
D2 Hgd EUR Accumulating 110.70 -0.05 -0.05 Nov 25, 2022 114.65 108.32 LU1495982511 -
D2 EUR Accumulating 133.60 0.46 0.35 Nov 25, 2022 145.16 118.23 LU1495982602 -
Class Z2 Hedged EUR Accumulating 112.27 -0.05 -0.04 Nov 25, 2022 115.99 109.19 LU1417814487 -
D2 Hgd GBP Accumulating 115.45 -0.06 -0.05 Nov 25, 2022 118.34 111.39 LU1417814057 -
D2 USD Accumulating 123.81 -0.05 -0.04 Nov 25, 2022 126.42 119.02 LU1495982438 -
A2 EUR Accumulating 128.83 0.44 0.34 Nov 25, 2022 140.09 114.18 LU1417813836 -
E2 Hgd EUR Accumulating 105.71 -0.05 -0.05 Nov 25, 2022 109.92 104.25 LU1495982271 -
E2 EUR Accumulating 125.63 0.42 0.34 Nov 25, 2022 136.73 111.79 LU1417814131 -
Class Z2 USD Accumulating 126.05 -0.05 -0.04 Nov 25, 2022 128.53 120.54 LU1417814305 -
A2 GBP Accumulating 123.40 0.56 0.46 Nov 25, 2022 140.03 106.62 LU1513020419 -
A4 Hgd EUR Annual 107.13 -0.05 -0.05 Nov 25, 2022 111.12 105.17 LU1417813919 -
X2 USD Accumulating 137.85 -0.06 -0.04 Nov 25, 2022 140.36 129.86 LU1417814214 -

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