Equity

BGF European Value 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. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related or regulatory events. 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

Performance chart data not available for display.
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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 (%) -18.42 22.43 4.24 22.53 -3.76 14.94
Constraint Benchmark 1 (%) -11.64 19.56 -12.91 21.82 -1.08 15.60

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

  1Y 3Y 5Y 10y Incept.
9.49 11.34 10.42 - 5.42
Constraint Benchmark 1 (%) 8.53 12.04 6.46 - 4.16
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.33 0.33 10.95 3.53 9.49 38.01 64.16 - 39.18
Constraint Benchmark 1 (%) 0.08 0.08 8.99 3.77 8.53 40.63 36.72 - 29.11
  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
From
31-Dec-2022
To
31-Dec-2023
Total Return (%)

as of Dec 31, 2023

22.43 4.24 22.53 -3.76 14.94
Constraint Benchmark 1 (%)

as of Dec 31, 2023

19.56 -12.91 21.82 -1.08 15.60
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 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

Key Facts

Key Facts

Net Assets of Fund as of Feb 23, 2024 EUR 696,405,624
Share Class Inception Date Oct 25, 2017
Fund Inception Date Jan 8, 1997
Share Class Currency EUR
Base Currency EUR
Asset Class Equity
Constraint Benchmark 1 MSCI Europe Value Index
SFDR Classification Article 8
Initial Charge 0.00%
Ongoing Charge 0.91%
ISIN LU1706558696
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment EUR 50000000
Minimum Subsequent Investment EUR 1000
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Europe Large-Cap Value Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGEVS4E
SEDOL BD3RPX6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Jan 31, 2024 47
12m Trailing Yield as of Jan 31, 2024 2.31%
Standard Deviation (3y) as of Jan 31, 2024 13.93%
3y Beta as of Jan 31, 2024 0.929
P/E Ratio as of Jan 31, 2024 14.53
P/B Ratio as of Jan 31, 2024 1.68

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 Feb 21, 2024 AA
MSCI ESG % Coverage as of Feb 21, 2024 99.73
MSCI ESG Quality Score (0-10) as of Feb 21, 2024 7.75
MSCI ESG Quality Score - Peer Percentile as of Feb 21, 2024 30.33
Fund Lipper Global Classification as of Feb 21, 2024 Equity Europe
Funds in Peer Group as of Feb 21, 2024 1,022
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 21, 2024 181.23
MSCI Weighted Average Carbon Intensity % Coverage as of Feb 21, 2024 99.28
All data is from MSCI ESG Fund Ratings as of Feb 21, 2024, based on holdings as of Sep 30, 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 Jan 31, 2024 0.00%
MSCI - UN Global Compact Violators as of Jan 31, 2024 0.00%
MSCI - Nuclear Weapons as of Jan 31, 2024 0.00%
MSCI - Thermal Coal as of Jan 31, 2024 0.00%
MSCI - Civilian Firearms as of Jan 31, 2024 0.00%
MSCI - Oil Sands as of Jan 31, 2024 0.00%
MSCI - Tobacco as of Jan 31, 2024 0.00%

Business Involvement Coverage as of Jan 31, 2024 99.59%
Percentage of Fund not covered as of Jan 31, 2024 0.36%
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 6.13%.

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

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF European Value Fund, Class S4, as of Jan 31, 2023 rated against 305 Europe Large-Cap Value Equity Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jun 28, 2023)

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Jan 31, 2024
Name Weight (%)
SANOFI SA 4.14
BP PLC 4.09
NOVARTIS AG 3.82
HSBC HOLDINGS PLC 3.41
SIEMENS AG 3.39
Name Weight (%)
UNICREDIT SPA 3.26
VINCI SA 3.21
RWE AG 3.05
NORDEA BANK ABP 2.94
COMPAGNIE DE SAINT GOBAIN SA 2.88
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jan 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Jan 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Jan 31, 2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class S4 EUR 12.27 0.09 0.74 Feb 23, 2024 12.27 10.74 LU1706558696
A4 EUR 67.08 0.46 0.69 Feb 23, 2024 67.08 58.73 LU0162690340
A2 Hgd USD 19.01 0.13 0.69 Feb 23, 2024 19.01 16.07 LU1023061473
A2 USD 101.30 0.77 0.77 Feb 23, 2024 101.90 85.82 LU0171281750
C2 EUR 65.52 0.45 0.69 Feb 23, 2024 65.52 57.16 LU0147394240
A2 GBP 79.83 0.23 0.29 Feb 23, 2024 79.83 70.63 LU0171282212
A2 EUR 93.58 0.63 0.68 Feb 23, 2024 93.58 80.70 LU0072462186
A4 GBP 61.13 0.18 0.30 Feb 23, 2024 61.49 54.91 LU0204062672
E2 EUR 84.37 0.57 0.68 Feb 23, 2024 84.37 73.09 LU0147394679
D2 EUR 105.73 0.72 0.69 Feb 23, 2024 105.73 90.53 LU0329592454
E2 USD 91.32 0.69 0.76 Feb 23, 2024 91.93 77.73 LU0171281834
C2 USD 70.92 0.54 0.77 Feb 23, 2024 71.47 60.78 LU0213373748
D4 GBP 61.35 0.18 0.29 Feb 23, 2024 61.71 55.12 LU0827879502
I2 EUR 22.61 0.15 0.67 Feb 23, 2024 22.61 19.31 LU0949170939
A2 Hgd HKD 179.94 1.23 0.69 Feb 23, 2024 179.94 153.68 LU1023061713
D2 GBP 90.19 0.26 0.29 Feb 23, 2024 90.19 79.23 LU0827879338
A2 Hgd AUD 18.05 0.12 0.67 Feb 23, 2024 18.05 15.54 LU1023061044
X2 EUR 15.60 0.11 0.71 Feb 23, 2024 15.60 13.23 LU1333799911
A2 Hgd CNH 186.14 1.24 0.67 Feb 23, 2024 186.14 161.67 LU1333800198
D2 USD 114.45 0.87 0.77 Feb 23, 2024 114.98 96.27 LU0827879411
D2 Hgd USD 20.81 0.15 0.73 Feb 23, 2024 20.81 17.46 LU1153585531

Portfolio Managers

Portfolio Managers

Brian Hall
Brian Hall
Peter Hopkins
Peter Hopkins

Literature

Literature