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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  2019 2020 2021 2022 2023
Total Return (%) 6.21 -0.50 4.83 2.17
Comparator Benchmark 1 (%) 0.67 0.05 1.46 5.01

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

  1Y 3Y 5Y 10y Incept.
7.63 3.52 - - 3.93
Comparator Benchmark 1 (%) 5.13 2.29 - - 1.87
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
3.64 3.64 1.99 2.85 7.63 10.93 - - 19.02
Comparator Benchmark 1 (%) 0.43 0.43 1.35 2.73 5.13 7.04 - - 8.72
  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

- 6.21 -0.50 4.83 2.17
Comparator Benchmark 1 (%)

as of Dec 31, 2023

- 0.67 0.05 1.46 5.01
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 27, 2024 USD 193,855,910
Share Class Inception Date Jul 25, 2019
Fund Inception Date Jul 25, 2019
Share Class Currency USD
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%
ISIN IE00BK4PZR29
Annual Management Fee -
Performance Fee -
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating
Domicile Ireland
Regulatory Structure UCITS
Management Company BlackRock Asset Management Ireland Limited
Morningstar Category Macro Trading USD
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
SEDOL BK4PZR2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Jan 31, 2024 558
Standard Deviation (3y) as of Jan 31, 2024 5.95%
3y Beta as of Jan 31, 2024 1.789
P/E Ratio as of Jan 31, 2024 20.69
P/B Ratio as of Jan 31, 2024 3.23
Yield to Maturity as of Jan 31, 2024 1.32%
Modified Duration as of Jan 31, 2024 -4.02 yrs
Effective Duration as of Jan 31, 2024 -4.08 yrs
Weighted Avg Maturity as of Jan 31, 2024 0.06 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 Feb 21, 2024 A
MSCI ESG % Coverage as of Feb 21, 2024 96.55
MSCI ESG Quality Score (0-10) as of Feb 21, 2024 6.68
MSCI ESG Quality Score - Peer Percentile as of Oct 7, 2021 44.94
Fund Lipper Global Classification as of Feb 21, 2024 Absolute Return USD Medium
Funds in Peer Group as of Feb 21, 2024 20
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 21, 2024 110.54
MSCI Weighted Average Carbon Intensity % Coverage as of Feb 21, 2024 67.44
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 71.01%
Percentage of Fund not covered as of Jan 31, 2024 23.69%
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 0.65% and for Oil Sands 1.53%.

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 research and underlying strategy due diligence phases of the investment process. This may include third party and internal considerations, as defined by the portfolio management team. Internal considerations may include exposures to climate and disaster events, as well as sovereign social and governance concerns. Where appropriate, the portfolio management team also analyzes ESG exposures and investment characteristics within underlying strategies. These criteria are part of a number of considerations that factor into investment decisions. The Fund manager may include ESG criteria in the ongoing monitoring of the overall portfolio, including underlying strategies as well as tactical positioning. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. Where appropriate, these reviews include discussion of the portfolio’s exposure to material ESG risks.

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for Tactical Opportunities Fund, Class A, as of Jan 31, 2023 rated against 152 Macro Trading USD 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 (%)
TRSWAP: FTG4 FUTURE 21-FEB-2024 10.76
TRSWAP: RU10VATR INDEX 5.55
MICROSOFT CORP 4.02
APPLE INC 3.61
ICE: (CDX.NA.HY.41.V2) 5 12/20/2028 ICE 3.14
Name Weight (%)
NVIDIA CORP 2.01
AMAZON COM INC 1.99
TRSWAP: BZG4 FUTURE 14-FEB-2024 1.90
ALPHABET INC CLASS A 1.20
HOME DEPOT INC 1.17
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jan 31, 2024

% of Market Value

Type Fund
as of Jan 31, 2024

% of Market Value

Type Fund
as of Jan 31, 2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A USD 121.54 0.19 0.16 Feb 27, 2024 121.54 109.29 IE00BK4PZR29
Class D Hedged GBP 122.07 0.19 0.16 Feb 27, 2024 122.07 109.49 IE00BK4PZT43
Class A Hedged SGD 119.49 0.18 0.15 Feb 27, 2024 119.49 108.86 IE00BK4PZS36
D USD 125.71 0.20 0.16 Feb 27, 2024 125.71 112.25 IE00BK4PZV64
Class X Hedged AUD 125.76 0.20 0.16 Feb 27, 2024 125.76 112.69 IE00BK4PZY95
X USD 130.23 0.21 0.16 Feb 27, 2024 130.23 115.47 IE00BK4Q0145
Class X Hedged EUR 120.91 0.19 0.16 Feb 27, 2024 120.91 108.98 IE00BK4PZZ03
Class X Hedged JPY 11,236.07 16.67 0.15 Feb 27, 2024 11,236.07 10,503.43 IE00BK5C1858
Class D Hedged EUR 116.86 0.18 0.15 Feb 27, 2024 116.86 106.03 IE00BK4PZW71
Class X Hedged NZD 118.76 0.19 0.16 Feb 27, 2024 118.76 105.25 IE000183UGY9
Class D Hedged CHF 113.37 0.17 0.15 Feb 27, 2024 113.37 105.04 IE00BK4PZX88
Class X Hedged GBP 126.62 0.20 0.16 Feb 27, 2024 126.62 112.72 IE00BK4Q0038

Portfolio Managers

Portfolio Managers

Philip Green
Head of Global Tactical Asset Allocation Team, Multi-Asset Strategies & Solutions

Philip Green

Tom Becker
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 Team

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

Literature

Literature