Equity

BSF Emerging Markets Equity Strategies 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. Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. 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. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

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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  2018 2019 2020 2021 2022
Total Return (%) -16.91 13.21 6.58
Constraint Benchmark 1 (%) 8.54 4.86 -14.85
  1Y 3Y 5Y 10y Incept.
6.58 0.09 - - 2.46
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-14.85 -1.04 - - 2.24
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
6.58 -0.18 11.17 14.07 6.58 0.26 - - 9.22
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-14.85 -4.88 0.70 -4.97 -14.85 -3.10 - - 8.35
  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

- - -16.91 13.21 6.58
Constraint Benchmark 1 (%)

as of Dec 31, 2022

- - 8.54 4.86 -14.85
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 Feb 2, 2023 USD 437,669,002
Share Class Inception Date May 15, 2019
Fund Inception Date Sep 18, 2015
Share Class Currency EUR
Base Currency USD
Asset Class Equity
Constraint Benchmark 1 MSCI Emerging Markets Net EUR (EUR levels)
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 1.14%
Annual Management Fee 1.00%
Performance Fee 0.00%
Minimum Initial Investment EUR 10000000
Minimum Subsequent Investment EUR 10000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BLEESI2
ISIN LU1992117652
SEDOL BHTBQ60

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 92
Standard Deviation (3y) as of Dec 31, 2022 25.06%
P/E Ratio as of Dec 30, 2022 8.60
P/B Ratio as of Dec 30, 2022 1.07

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 Dec 30, 2022 0.00%
MSCI - UN Global Compact Violators as of Dec 30, 2022 0.00%
MSCI - Nuclear Weapons as of Dec 30, 2022 0.00%
MSCI - Thermal Coal as of Dec 30, 2022 2.51%
MSCI - Civilian Firearms as of Dec 30, 2022 0.00%
MSCI - Oil Sands as of Dec 30, 2022 0.00%
MSCI - Tobacco as of Dec 30, 2022 0.00%

Business Involvement Coverage as of Dec 30, 2022 96.48%
Percentage of Fund not covered as of Dec 30, 2022 2.02%
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 2.51% and for Oil Sands 0.06%.

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

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BSF Emerging Markets Equity Strategies Fund, Class I2, as of Jan 31, 2023 rated against 2675 Global Emerging Markets Equity Funds.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Dec 30, 2022
Name Weight (%)
SAMSUNG ELECTRONICS CO LTD 9.05
ALIBABA GROUP HOLDING LTD 6.13
BAIDU INC 3.89
PING AN INSURANCE GROUP CO OF CHINA LTD 3.60
PRUDENTIAL PLC 3.19
Name Weight (%)
VIET NAM DAIRY PRODUCTS JSC 3.12
CHINA GAS HOLDINGS LTD 3.04
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.95
EMAAR PROPERTIES PJSC 2.78
KGHM POLSKA MIEDZ SA 2.71
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
Sorry, countries/regions are not available at this time.
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 EUR - 122.97 1.23 1.01 Feb 2, 2023 123.17 89.09 LU1992117652 -
D2 USD Accumulating 207.81 2.17 1.06 Feb 2, 2023 207.81 145.33 LU1321847714 -
D4 USD - 112.11 1.18 1.06 Feb 2, 2023 112.11 78.40 LU1990956846 -
I2 USD - 121.59 1.27 1.06 Feb 2, 2023 121.59 84.97 LU1946828917 -
Class Z2 USD Accumulating 232.82 2.43 1.05 Feb 2, 2023 232.82 162.55 LU1289970243 -
A2 USD Accumulating 214.49 2.24 1.06 Feb 2, 2023 214.49 150.21 LU1289970086 -
Class Z2 GBP Accumulating 153.19 2.29 1.52 Feb 2, 2023 153.19 104.71 LU1715605942 -
D2 Hgd CHF - 99.92 0.98 0.99 Feb 2, 2023 100.02 71.09 LU1971548455 -
D2 GBP - 143.02 2.14 1.52 Feb 2, 2023 143.02 98.25 LU1896777239 -
X2 USD Accumulating 244.75 2.57 1.06 Feb 2, 2023 244.75 170.22 LU1289970169 -
E2 EUR Accumulating 188.75 1.88 1.01 Feb 2, 2023 189.09 138.32 LU1321847805 -
D2 Hgd EUR Accumulating 176.75 1.75 1.00 Feb 2, 2023 178.57 125.63 LU1321848019 -
A2 Hgd CHF - 97.83 0.96 0.99 Feb 2, 2023 98.40 69.69 LU1971548372 -
D2 EUR Accumulating 202.84 2.02 1.01 Feb 2, 2023 203.17 147.34 LU1321847987 -

Portfolio Managers

Portfolio Managers

Samuel Vecht, CFA
Head of Emerging Europe & Frontier Markets

Samuel Vecht

Gordon Fraser, CFA
Co-Head of Global Emerging Markets Equities, Fundamental Active Equity, BlackRock

Gordon Fraser, CFA, Managing Director, is Co-Head of Global Emerging Markets Equities for the Fundamental Active Equity division of BlackRock's Active Equity Group.

Literature

Literature