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.

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Distributions

Ex-Date Total Distribution
View full table

  2018 2019 2020 2021 2022
Total Return (%) 7.16 13.88 -24.18
Constraint Benchmark 1 (%) -6.80 13.75 -17.13

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

  1Y 3Y 5Y 10y Incept.
3.06 -1.60 - - -1.47
Constraint Benchmark 1 (%) -2.02 0.11 - - -4.05
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-2.87 -3.36 -11.57 -10.23 3.06 -4.72 - - -5.96
Constraint Benchmark 1 (%) -7.98 -3.90 -12.66 -13.08 -2.02 0.32 - - -15.78
  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
From
30-Sep-2022
To
30-Sep-2023
Total Return (%)

as of Sep 30, 2023

- 1.00 22.89 -27.27 7.68
Constraint Benchmark 1 (%)

as of Sep 30, 2023

- -13.46 21.03 -20.61 5.27
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 Nov 27, 2023 USD 1,012,882,160
Share Class Inception Date Sep 4, 2019
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
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charge 0.94%
ISIN LU2047633727
Annual Management Fee 0.60%
Performance Fee 0.00%
Minimum Initial Investment USD 100000
Minimum Subsequent Investment USD 1000
Use of Income Distributing
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 BSGRD3U
SEDOL BHNV848

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2023 57
12m Trailing Yield as of Oct 31, 2023 10.63%
Standard Deviation (3y) as of Oct 31, 2023 16.44%
3y Beta as of Oct 31, 2023 0.896
P/CF Ratio as of Oct 31, 2023 9.39
P/B Ratio as of Oct 31, 2023 1.17

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 Oct 25, 2023 AA
MSCI ESG % Coverage as of Oct 25, 2023 91.80
MSCI ESG Quality Score (0-10) as of Oct 25, 2023 7.52
MSCI ESG Quality Score - Peer Percentile as of Oct 25, 2023 82.05
Fund Lipper Global Classification as of Oct 25, 2023 Equity Global
Funds in Peer Group as of Oct 25, 2023 5,399
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Oct 25, 2023 194.58
MSCI Weighted Average Carbon Intensity % Coverage as of Oct 25, 2023 88.62
All data is from MSCI ESG Fund Ratings as of Oct 25, 2023, based on holdings as of Jun 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 Oct 31, 2023 0.00%
MSCI - UN Global Compact Violators as of Oct 31, 2023 0.00%
MSCI - Nuclear Weapons as of Oct 31, 2023 0.00%
MSCI - Thermal Coal as of Oct 31, 2023 0.00%
MSCI - Civilian Firearms as of Oct 31, 2023 0.00%
MSCI - Oil Sands as of Oct 31, 2023 0.00%
MSCI - Tobacco as of Oct 31, 2023 0.00%

Business Involvement Coverage as of Oct 31, 2023 96.49%
Percentage of Fund not covered as of Oct 31, 2023 4.01%
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

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, 2023
Name Weight (%)
SUN COMMUNITIES REIT INC 4.43
ENEL 4.11
LINK REAL ESTATE INVESTMENT TRUST 3.89
EDP ENERGIAS DE PORTUGAL SA 3.76
SALIK COMPANY PJSC 3.76
Name Weight (%)
APA GROUP UNITS 3.56
CK ASSET HOLDINGS LTD 3.52
VONOVIA SE 3.46
TRANSURBAN GROUP STAPLED UNITS 3.16
TERNA RETE ELETTRICA NAZIONALE 2.98
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% 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
D3 USD 69.44 0.11 0.16 Nov 27, 2023 78.44 63.01 LU2047633727
A3 Hgd SGD 64.97 0.11 0.17 Nov 27, 2023 74.98 59.11 LU2070343632
Class I3 Hedged EUR 67.89 0.11 0.16 Nov 27, 2023 78.33 61.75 LU2440224645
Class S2 Hedged CHF 75.09 0.12 0.16 Nov 27, 2023 82.07 68.12 LU2412549177
A3 Hgd HKD 66.38 0.11 0.17 Nov 27, 2023 76.28 60.32 LU2070343715
A3 Hgd EUR 61.28 0.09 0.15 Nov 27, 2023 71.24 55.79 LU2099546561
Class S2 Hedged GBP 78.02 0.12 0.15 Nov 27, 2023 83.36 70.52 LU2412549250
A3 Hgd CNH 683.86 0.98 0.14 Nov 27, 2023 795.63 622.07 LU2451793678
Class S2 USD 81.84 0.14 0.17 Nov 27, 2023 86.05 73.90 LU2412548955
A3 Hgd AUD 67.82 0.10 0.15 Nov 27, 2023 78.80 61.72 LU2451793322
A5 Hgd CHF 62.78 0.09 0.14 Nov 27, 2023 74.45 56.99 LU2412548872
Class S5 Hedged CHF 79.65 0.12 0.15 Nov 27, 2023 93.89 72.26 LU2412549508
A2 Hgd EUR 75.46 0.12 0.16 Nov 27, 2023 81.64 68.36 LU2412548526
I3 USD 94.67 0.16 0.17 Nov 27, 2023 102.14 85.87 LU2619284420
A3 Hgd CAD 69.54 0.11 0.16 Nov 27, 2023 79.68 63.15 LU2451793595
Class S5 Hedged GBP 82.40 0.13 0.16 Nov 27, 2023 94.66 74.49 LU2412549680
Class S3 Hedged EUR 80.44 0.13 0.16 Nov 27, 2023 92.97 73.18 LU2499270150
Class S3 Hedged SGD 82.11 0.14 0.17 Nov 27, 2023 94.26 74.65 LU2499270234
D3 Hgd SGD 64.01 0.10 0.16 Nov 27, 2023 73.50 58.21 LU2364470067
Class S3 USD 84.69 0.14 0.17 Nov 27, 2023 95.63 76.84 LU2499270077
Class Z2 USD 119.51 0.20 0.17 Nov 27, 2023 125.47 107.89 LU1721361928
A2 USD 113.27 0.18 0.16 Nov 27, 2023 119.80 102.35 LU1669035997
X2 USD 123.47 0.21 0.17 Nov 27, 2023 129.33 111.42 LU1669037183
D3 GBP 79.28 0.03 0.04 Nov 27, 2023 92.48 74.56 LU2508726747
D2 USD 117.39 0.19 0.16 Nov 27, 2023 123.55 106.02 LU1669036458
A3 USD 67.29 0.10 0.15 Nov 27, 2023 76.42 61.10 LU2070343558
E2 EUR 119.78 0.28 0.23 Nov 27, 2023 127.47 111.60 LU1669036888
Class S2 Hedged EUR 76.47 0.12 0.16 Nov 27, 2023 82.25 69.23 LU2412549094
A2 Hgd CHF 73.98 0.11 0.15 Nov 27, 2023 81.34 67.15 LU2412548799

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