Equity

BSF Americas Diversified 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 Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent.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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  2018 2019 2020 2021 2022
Total Return (%) 0.15 -3.22 9.16 3.33
Comparator Benchmark 1 (%) 2.60 1.08 0.18 1.97
  1Y 3Y 5Y 10y Incept.
3.33 2.96 - - 1.17
Comparator Benchmark 1 (%)

as of Dec 31, 2022

1.97 1.07 - - 1.59
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
3.33 0.15 2.38 3.15 3.33 9.15 - - 5.66
Comparator Benchmark 1 (%)

as of Dec 31, 2022

1.97 0.38 1.00 1.63 1.97 3.25 - - 7.79
  From
31-Dec-2017
To
31-Dec-2018
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
Total Return (%)

as of Dec 31, 2022

- 0.15 -3.22 9.16 3.33
Comparator Benchmark 1 (%)

as of Dec 31, 2022

- 2.60 1.08 0.18 1.97
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 Jan 30, 2023 USD 788,619,766
Share Class Inception Date Mar 28, 2018
Fund Inception Date Feb 17, 2012
Share Class Currency JPY
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 1.23%
Annual Management Fee 1.00%
Performance Fee 20.00%
Minimum Initial Investment JPY 10000000
Minimum Subsequent Investment JPY 10000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSAI2JH
ISIN LU1791183780
SEDOL BZ9N0V5

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 3660
Standard Deviation (3y) as of Dec 31, 2022 4.85%
3y Beta as of Dec 31, 2022 1.901
P/E Ratio as of Dec 30, 2022 16.86
P/B Ratio as of Dec 30, 2022 0.96

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 the research and decision phases of the investment process. This may include relevant, internal ESG research which along with multiple other research insights, informs 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 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 Dec 30, 2022
Name Weight (%)
DTE ENERGY COMPANY 2.51
COLGATE-PALMOLIVE CO 2.28
PEPSICO INC 2.00
METLIFE INC 1.98
CLEARWAY ENERGY INC 1.84
Name Weight (%)
NEW JERSEY RESOURCES CORPORATION 1.74
EVERGY INC 1.73
EQUITY RESIDENTIAL 1.70
CIGNA CORP 1.65
CMS ENERGY CORPORATION 1.61
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 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
I2 Hgd JPY - 10,592.22 16.78 0.16 Jan 30, 2023 10,592.22 9,933.42 LU1791183780 -
D2 Hgd CHF Accumulating 108.02 0.17 0.16 Jan 30, 2023 108.02 100.89 LU1238068594 -
A2 USD Accumulating 146.29 0.25 0.17 Jan 30, 2023 146.29 135.53 LU0725887540 -
A2 Hgd EUR Accumulating 128.58 0.20 0.16 Jan 30, 2023 128.58 119.92 LU0725892466 -
D2 Hgd EUR Accumulating 133.81 0.21 0.16 Jan 30, 2023 133.81 125.08 LU0725892383 -
I2 USD Accumulating 120.73 0.20 0.17 Jan 30, 2023 120.73 111.58 LU1653088168 -
I2 Hgd EUR Accumulating 109.85 0.18 0.16 Jan 30, 2023 109.85 102.54 LU1323999489 -
D2 USD Accumulating 126.49 0.22 0.17 Jan 30, 2023 126.49 117.05 LU1238068321 -
A2 EUR - 113.07 -0.09 -0.08 Jan 30, 2023 124.07 103.04 LU1991022069 -
A2 Hgd SEK Accumulating 132.10 0.21 0.16 Jan 30, 2023 132.10 123.05 LU0765562458 -
A2 GBP Accumulating 187.55 0.44 0.24 Jan 30, 2023 207.43 161.81 LU0784324112 -
A2 AUD Accumulating 208.28 1.22 0.59 Jan 30, 2023 230.41 183.69 LU0840974975 -
X2 USD Accumulating 185.74 0.42 0.23 Jan 30, 2023 185.74 169.92 LU0849781678 -
D2 Hgd GBP Accumulating 121.25 0.20 0.17 Jan 30, 2023 121.25 112.67 LU1246651910 -
I2 Hgd SEK - 103.17 0.17 0.17 Jan 30, 2023 103.17 96.04 LU1873114208 -
E2 Hgd EUR Accumulating 102.16 0.20 0.20 Jan 30, 2023 102.16 95.39 LU1266592614 -

Portfolio Managers

Portfolio Managers

Raffaele Savi
Global Head of BlackRock Systematic and Co-CIO and Co-Head of Systematic Active Equity

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

Travis Cooke
Travis Cooke

Literature

Literature