Equity

BGF Circular Economy

Overview

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Shares in smaller companies typically trade in less volume and experience greater price variations than larger companies. 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. Due to the criteria applied during stock selection to meet the definition of Circular Economy, the range of companies the fund can invest in may be less diversified than a typical fund. Circular Economy companies may be subject to environmental concerns, taxes, government regulation, price, supply and competition. Investors should consider this fund as part of a broader investment strategy.
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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Reinvestments

This fund does not have any distributions data as of now.
  From
31-Mar-2016
To
31-Mar-2017
From
31-Mar-2017
To
31-Mar-2018
From
31-Mar-2018
To
31-Mar-2019
From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
Total Return (%)

as of Mar 31, 2021

- - - - 47.94
  1Y 3Y 5Y 10y Incept.
47.94 - - - 16.77
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
7.47 4.54 7.47 47.94 - - - 26.07
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

Size of Fund (Millions) as of Apr 21, 2021 USD 1,756.059
12m Trailing Yield -
Number of Holdings as of Mar 31, 2021 50
Base Currency U.S. Dollar
Fund Inception Date Oct 2, 2019
Share Class Inception Date Oct 2, 2019
Asset Class Equity
Morningstar Category -
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.80%
ISIN LU2041044178
Bloomberg Ticker 33UD GR
Annual Management Fee 1.50%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL BHNMYR6
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Apr 7, 2021 AA
MSCI ESG Quality Score (0-10) as of Apr 7, 2021 7.49
MSCI ESG Quality Score - Peer Percentile as of Apr 7, 2021 88.71
MSCI ESG % Coverage as of Apr 7, 2021 98.88
Fund Lipper Global Classification as of Apr 7, 2021 Equity Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 7, 2021 197.82
Funds in Peer Group as of Apr 7, 2021 4
All data is from MSCI ESG Fund Ratings as of Apr 7, 2021, based on holdings as of Nov 30, 2020. 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 covered 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 Mar 31, 2021 0.00%
MSCI - UN Global Compact Violators as of Mar 31, 2021 0.00%
MSCI - Nuclear Weapons as of Mar 31, 2021 0.00%
MSCI - Thermal Coal as of Mar 31, 2021 0.00%
MSCI - Civilian Firearms as of Mar 31, 2021 0.00%
MSCI - Oil Sands as of Mar 31, 2021 0.00%
MSCI - Tobacco as of Mar 31, 2021 0.00%

Business Involvement Coverage as of Mar 31, 2021 98.83%
Percentage of Fund not covered as of Mar 31, 2021 1.17%
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 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 considers ESG criteria in combination with other information during the idea generation, company research, portfolio construction and ongoing monitoring phases of the investment process. ESG information may be sourced from third-party vendors, as well as internal engagement commentary and site visits and input from BlackRock Investment Stewardship. 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 Mar 31, 2021
Name Weight (%)
OWENS CORNING 4.13
ASML HOLDING NV 3.77
MICROSOFT CORP 3.49
NIKE INC CLASS B 3.43
ZEBRA TECHNOLOGIES CORP CLASS A 3.37
Name Weight (%)
ECOLAB INC 3.29
COCA COLA EUROPEAN PARTNERS PLC 3.27
CROWN HOLDINGS INC 3.11
LOREAL SA 3.11
KONINKLIJKE PHILIPS NV 2.85
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 31, 2021

% of Market Value

Type Fund
as of Mar 31, 2021

% of Market Value

Type Fund
as of Mar 31, 2021

% 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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
A2 EUR - 11.88 -0.02 -0.17 12.02 8.12 - LU2041044178 - -
Class Z2 USD - 14.52 -0.07 -0.48 14.70 8.87 - LU2041044848 - -
E2 USD - 14.16 -0.06 -0.42 14.34 8.78 - LU2041044418 - -
Class AI2 EUR - 12.82 -0.03 -0.23 12.97 8.77 - LU2070343475 - -
A2 USD - 14.27 -0.06 -0.42 14.45 8.81 - LU2041044095 - -
I2 EUR - 12.08 -0.03 -0.25 12.22 8.17 - LU2041044764 - -
E2 EUR - 11.79 -0.02 -0.17 11.92 8.10 - LU2041044509 - -
X2 USD - 14.67 -0.07 -0.47 14.85 8.90 - LU2041044921 - -
D2 EUR - 12.02 -0.02 -0.17 12.16 8.15 - LU2041044335 - -
I2 USD - 14.51 -0.07 -0.48 14.70 8.86 - LU2041044681 - -
D2 USD - 14.44 -0.06 -0.41 14.62 8.85 - LU2041044251 - -

Portfolio Managers

Portfolio Managers

Evy Hambro
Managing Director, Global Head of Thematic and Sector based Investing, Fundamental Equity

Stephanie Lee

Olivia Markham
Olivia Markham
Sumana Manohar
Sumana Manohar

Literature

Literature