Real Estate

BSF Global Real Asset Securities 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 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.

Loading

Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
View full chart

Reinvestments

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

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -6.34 25.18 6.51 13.20 -24.63 10.58
Constraint Benchmark 1 (%) -6.46 21.79 -6.80 13.75 -17.13 9.39

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

  1Y 3Y 5Y 10y Incept.
-0.72 -2.96 2.30 - 2.40
Constraint Benchmark 1 (%) -2.08 0.63 0.67 - 0.99
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-3.13 -3.13 10.84 -2.14 -0.72 -8.61 12.02 - 15.74
Constraint Benchmark 1 (%) -3.54 -3.54 14.68 0.16 -2.08 1.89 3.41 - 6.29
  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

25.18 6.51 13.20 -24.63 10.58
Constraint Benchmark 1 (%)

as of Dec 31, 2023

21.79 -6.80 13.75 -17.13 9.39
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 USD, 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 Feb 23, 2024 USD 1,047,245,786
Share Class Inception Date Nov 30, 2017
Fund Inception Date Nov 30, 2017
Share Class Currency USD
Base Currency USD
Asset Class Real Estate
Constraint Benchmark 1 FTSE Custom Dev Core Infrast 50/50 EPRA Nareit Dev Dividend+ NET Index (USD)
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charge 1.53%
ISIN LU1669035997
Annual Management Fee 1.20%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSGRA2U
SEDOL BF51WX9

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Jan 31, 2024 54
Standard Deviation (3y) as of Jan 31, 2024 16.34%
3y Beta as of Jan 31, 2024 0.886
P/CF Ratio as of Jan 31, 2024 10.43
P/B Ratio as of Jan 31, 2024 1.25

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 93.85
MSCI ESG Quality Score (0-10) as of Feb 21, 2024 7.46
MSCI ESG Quality Score - Peer Percentile as of Feb 21, 2024 79.32
Fund Lipper Global Classification as of Feb 21, 2024 Equity Global
Funds in Peer Group as of Feb 21, 2024 5,518
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 21, 2024 275.70
MSCI Weighted Average Carbon Intensity % Coverage as of Feb 21, 2024 93.25
All data is from MSCI ESG Fund Ratings as of Feb 21, 2024, based on holdings as of Oct 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 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 93.78%
Percentage of Fund not covered as of Jan 31, 2024 5.07%
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 the initial screening, sourcing and due diligence phases of the investment process. This may include the use of internal ESG due diligence templates to identify, analyze and document key ESG risks, and the use of thematic environmental, social and governance information sourced from both primary sources and third-party data providers, where available. Where appropriate, identified material ESG risks are included in Investment Committee materials and discussed at relevant Investment Committee meetings. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Ratings

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for BSF Global Real Asset Securities Fund, Class A2, as of Mar 31, 2021 rated against 564 Other Equity Funds.

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Jan 31, 2024
Name Weight (%)
SUN COMMUNITIES REIT INC 4.31
LINK REAL ESTATE INVESTMENT TRUST 4.04
EDP ENERGIAS DE PORTUGAL SA 3.85
SALIK COMPANY PJSC 3.82
APA GROUP UNITS 3.59
Name Weight (%)
NATIONAL GRID PLC 3.55
CK ASSET HOLDINGS LTD 3.41
TRANSURBAN GROUP STAPLED UNITS 3.35
TERNA RETE ELETTRICA NAZIONALE 3.08
PROLOGIS REIT INC 2.96
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
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
A2 USD 114.24 -0.10 -0.09 Feb 23, 2024 119.81 102.35 LU1669035997
A3 Hgd HKD 65.29 -0.06 -0.09 Feb 23, 2024 72.79 60.32 LU2070343715
A3 Hgd SGD 63.66 -0.06 -0.09 Feb 23, 2024 71.58 59.11 LU2070343632
Class I3 Hedged EUR 66.65 -0.06 -0.09 Feb 23, 2024 74.70 61.75 LU2440224645
Class S2 Hedged CHF 74.94 -0.08 -0.11 Feb 23, 2024 80.03 68.12 LU2412549177
A3 Hgd EUR 60.06 -0.05 -0.08 Feb 23, 2024 67.91 55.79 LU2099546561
A3 USD 66.28 -0.06 -0.09 Feb 23, 2024 73.25 61.10 LU2070343558
Class S2 Hedged EUR 76.80 -0.07 -0.09 Feb 23, 2024 80.97 69.23 LU2412549094
A2 Hgd EUR 75.66 -0.07 -0.09 Feb 23, 2024 80.10 68.36 LU2412548526
D3 GBP 77.77 -0.43 -0.55 Feb 23, 2024 89.61 74.56 LU2508726747
Class S2 Hedged GBP 78.62 -0.06 -0.08 Feb 23, 2024 82.50 70.52 LU2412549250
Class S5 Hedged CHF 77.93 -0.07 -0.09 Feb 23, 2024 89.44 72.26 LU2412549508
A5 Hgd CHF 61.33 -0.06 -0.10 Feb 23, 2024 70.89 56.99 LU2412548872
A3 Hgd CNH 668.75 -0.68 -0.10 Feb 23, 2024 758.03 622.07 LU2451793678
D3 Hgd SGD 62.81 -0.05 -0.08 Feb 23, 2024 70.26 58.21 LU2364470067
Class S2 USD 82.68 -0.07 -0.08 Feb 23, 2024 86.62 73.90 LU2412548955
A2 Hgd CHF 73.71 -0.08 -0.11 Feb 23, 2024 79.03 67.15 LU2412548799
Class S5 Hedged GBP 81.37 -0.07 -0.09 Feb 23, 2024 90.45 74.49 LU2412549680
A3 Hgd AUD 66.43 -0.06 -0.09 Feb 23, 2024 75.13 61.72 LU2451793322
A3 Hgd CAD 68.33 -0.06 -0.09 Feb 23, 2024 76.10 63.15 LU2451793595
I3 USD 93.45 -0.08 -0.09 Feb 23, 2024 102.14 85.87 LU2619284420
Class S3 Hedged EUR 78.94 -0.07 -0.09 Feb 23, 2024 88.66 73.18 LU2499270150
Class S3 Hedged SGD 80.59 -0.07 -0.09 Feb 23, 2024 90.10 74.65 LU2499270234
Class S3 USD 83.58 -0.07 -0.08 Feb 23, 2024 91.80 76.84 LU2499270077
X2 USD 124.96 -0.11 -0.09 Feb 23, 2024 130.76 111.42 LU1669037183
Class Z2 USD 120.79 -0.11 -0.09 Feb 23, 2024 126.50 107.89 LU1721361928
D2 USD 118.56 -0.11 -0.09 Feb 23, 2024 124.23 106.02 LU1669036458
E2 EUR 121.83 -0.21 -0.17 Feb 23, 2024 125.63 111.60 LU1669036888
D3 USD 68.52 -0.06 -0.09 Feb 23, 2024 75.29 63.01 LU2047633727

Portfolio Managers

Portfolio Managers

James Wilkinson
James Wilkinson
Alastair Gillespie
Alastair Gillespie
Mark Howard-Johnson, CFA
Global Head of Real Asset Securities Management

Mark Howard-Johnson, CFA, Managing Director

Literature

Literature