Multi Asset

Tactical Opportunities 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. Equities and equity-related securities can be affected by daily stock market movements. Fixed Income securities can be affected by changes to interest rates, credit risk and potential or actual credit rating downgrades. Noninvestment grade FI securities can be more sensitive to these events. ABS and MBS may have high levels of borrowing and not fully reflect the value of underlying assets. FDIs are highly sensitive to changes in the value of the asset they are based on. The impact is greater where FDIs are used in an extensive or complex way. Due to its investment strategy an 'Absolute Return' fund may not move in line with market trends or fully benefit from a positive market environment.

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.
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  2017 2018 2019 2020 2021
Total Return (%) 6.24 -0.48
Comparator Benchmark 1 (%) 0.67 0.05
  1Y 3Y 5Y 10y Incept.
3.86 2.03 - - 2.38
Comparator Benchmark 1 (%) 0.78 0.58 - - 0.72
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.92 1.32 4.17 1.35 3.86 6.21 - - 7.99
Comparator Benchmark 1 (%) 0.76 0.16 0.57 0.71 0.78 1.76 - - 2.38
  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

- - 3.97 5.29 -2.13
Comparator Benchmark 1 (%)

as of Sep 30, 2022

- - - 0.07 0.62
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 199,857,376
Share Class Inception Date Jul 25, 2019
Fund Inception Date Jul 25, 2019
Share Class Currency SGD
Base Currency USD
Asset Class Multi Asset
Comparator Benchmark 1 ICE BofA 3 Month Treasury Bill Index (G0O1)
SFDR Classification Article 8
Initial Charge -
Ongoing Charge 1.50%
Annual Management Fee -
Performance Fee -
Minimum Initial Investment SGD 5000
Minimum Subsequent Investment SGD 1000
Use of Income Accumulating
Domicile Ireland
Regulatory Structure UCITS
Management Company BlackRock Asset Management Ireland Limited
Morningstar Category Macro Trading Other
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
ISIN IE00BK4PZS36
SEDOL BK4PZS3

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 748
Standard Deviation (3y) as of Oct 31, 2022 5.29%
3y Beta as of Oct 31, 2022 1.275
P/E Ratio as of Oct 31, 2022 10.23
P/B Ratio as of Oct 31, 2022 1.49
Yield to Maturity as of Oct 31, 2022 2.30%
Modified Duration as of Oct 31, 2022 -1.88 yrs
Effective Duration as of Oct 31, 2022 -1.78 yrs
Weighted Avg Maturity as of Oct 31, 2022 0.04 yrs

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 Sep 21, 2022 AA
MSCI ESG % Coverage as of Sep 21, 2022 95.14
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 7.99
MSCI ESG Quality Score - Peer Percentile as of Oct 7, 2021 44.94
Fund Lipper Global Classification as of Sep 21, 2022 Absolute Return USD Medium
Funds in Peer Group as of Sep 21, 2022 23
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 127.87
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 68.71
All data is from MSCI ESG Fund Ratings as of Sep 21, 2022, based on holdings as of May 31, 2022. 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% 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.

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 0.00%
MSCI - Nuclear Weapons as of Oct 31, 2022 0.00%
MSCI - Thermal Coal as of Oct 31, 2022 0.00%
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 70.37%
Percentage of Fund not covered as of Oct 31, 2022 5.26%
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 0.27% and for Oil Sands 1.84%.

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.

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 (%)
TRSWAP: FTX2 FUTURE 16-NOV-2022 7.56
APPLE INC 3.72
MICROSOFT CORP 2.81
AMAZON COM INC 1.39
TESLA INC 1.35
Name Weight (%)
JOHNSON & JOHNSON 0.95
ALPHABET INC CLASS A 0.91
BERKSHIRE HATHAWAY INC CLASS B 0.88
ALPHABET INC CLASS C 0.81
COSTCO WHOLESALE CORP 0.80
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 Aug 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 A Hedged SGD - 108.69 0.23 0.21 Nov 25, 2022 108.71 102.62 IE00BK4PZS36 -
Class D Hedged GBP - 109.09 0.20 0.19 Nov 25, 2022 109.16 102.88 IE00BK4PZT43 -
X USD - 114.52 0.26 0.23 Nov 25, 2022 114.52 106.97 IE00BK4Q0145 -
Class X Hedged EUR - 108.97 0.20 0.18 Nov 25, 2022 109.04 103.34 IE00BK4PZZ03 -
Class X Hedged AUD - 112.17 0.24 0.21 Nov 25, 2022 112.17 105.14 IE00BK4PZY95 -
A USD - 108.91 0.24 0.22 Nov 25, 2022 108.91 102.83 IE00BK4PZR29 -
Class D Hedged EUR - 106.25 0.19 0.18 Nov 25, 2022 106.34 101.23 IE00BK4PZW71 -
D USD - 111.61 0.25 0.23 Nov 25, 2022 111.61 104.81 IE00BK4PZV64 -
Class D Hedged CHF - 105.68 0.18 0.17 Nov 25, 2022 105.86 100.82 IE00BK4PZX88 -
Class X Hedged GBP - 112.07 0.22 0.19 Nov 25, 2022 112.07 105.05 IE00BK4Q0038 -
Class X Hedged NZD - 104.41 0.23 0.22 Nov 25, 2022 104.41 99.04 IE000183UGY9 -

Portfolio Managers

Portfolio Managers

Philip Green
Managing Director, Head of Global Tactical Asset Allocation

Philip Green

Thomas Becker, PhD
Portfolio Manager, Global Tactical Asset Allocation Team

Tom Becker, PhD, Managing Director, is a portfolio manager on the Global Tactical Asset Allocation (GTAA) team within BlackRock's Multi-Asset Strategies & Solutions group.

Richard Murrall, CFA
Portfolio Manager, Multi-Asset Strategies

Richard Murrall

Michael Pensky, CFA
Portfolio Manager, Global Tactical Asset Allocation (GTAA)

Michael Pensky, CFA

Literature

Literature