Multi Asset

BGF Climate Action Multi-Asset 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. The value of equities and equity-related securities can be affected by daily stock market movements, political factors, economic news, company earnings and significant corporate events. Derivatives may be 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. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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

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Reinvestments

This fund does not have any distributions data as of now.

  2019 2020 2021 2022 2023
Total Return (%) -12.69 2.06

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

  1Y 3Y 5Y 10y Incept.
3.03 - - - -3.40
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
2.91 1.66 1.89 6.74 3.03 - - - -8.20
  From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
From
31-Mar-2021
To
31-Mar-2022
From
31-Mar-2022
To
31-Mar-2023
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of Mar 31, 2024

- - - -8.21 2.01
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 EUR, hedged share class benchmark performance is displayed in EUR.

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 Jun 21, 2024
EUR 48,826,537
Fund Inception Date
Dec 9, 2021
Base Currency
EUR
SFDR Classification
Article 9
Ongoing Charge
1.58%
Annual Management Fee
1.20%
Minimum Initial Investment
EUR 25000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BMW6ZD7
Share Class Inception Date
Dec 9, 2021
Share Class Currency
EUR
Asset Class
Multi Asset
Initial Charge
5.00%
ISIN
LU2377032946
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGAMAAE

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of May 31, 2024
507
P/E Ratio
as of May 31, 2024
21.03
Yield to Maturity
as of May 31, 2024
0.76%
Effective Duration
as of May 31, 2024
1.28 yrs
Standard Deviation (3y)
as of -
-
P/B Ratio
as of May 31, 2024
2.48
Modified Duration
as of May 31, 2024
1.27 yrs
Weighted Avg Maturity
as of May 31, 2024
0.76 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 May 19, 2024
AA
MSCI ESG Quality Score (0-10)
as of May 19, 2024
7.75
Fund Lipper Global Classification
as of May 19, 2024
Mixed Asset EUR Flex - Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of May 19, 2024
67.46
MSCI ESG % Coverage
as of May 19, 2024
82.22
MSCI ESG Quality Score - Peer Percentile
as of May 19, 2024
96.99
Funds in Peer Group
as of May 19, 2024
1,562
MSCI Weighted Average Carbon Intensity % Coverage
as of May 19, 2024
78.87
All data is from MSCI ESG Fund Ratings as of May 19, 2024, based on holdings as of Jan 31, 2024. 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 May 31, 2024
0.00%
MSCI - Nuclear Weapons
as of May 31, 2024
0.00%
MSCI - Civilian Firearms
as of May 31, 2024
0.00%
MSCI - Tobacco
as of May 31, 2024
0.00%
MSCI - UN Global Compact Violators
as of May 31, 2024
0.00%
MSCI - Thermal Coal
as of May 31, 2024
0.00%
MSCI - Oil Sands
as of May 31, 2024
0.00%

Business Involvement Coverage
as of May 31, 2024
84.39%
Percentage of Fund not covered
as of May 31, 2024
15.61%
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 incorporates ESG considerations throughout the investment process' macro outlook, idea generation, implementation tools, portfolio construction, risk management, ongoing monitoring and reporting. All research ideas generated for the Fund consider the potential impact from ESG-associated risks when appropriate, and these are documented as part of the investment process. Idea implementation uses a wide range of building blocks, including active mutual funds, index funds, ETFs, direct securities, derivatives, and third-party funds. The Fund manager reviews research ideas and asset allocation on a regular basis and reassesses the building blocks utilized to access research ideas. The choice of building block may be informed by ESG considerations. For strategies with an explicit ESG objective, certain building blocks are used to comply with those guidelines. Where an ESG focused building block becomes available, it may be considered as a replacement for standard market exposure when appropriate. Both the extent and impact of screens and integration may be considered in the context of the investment objective / investment style of particular strategies. The Fund manager may also build bespoke thematic baskets of securities, which are subject to BlackRock baseline screens in the first instance and where appropriate, additional screening criteria. The Fund manager may use E, S, and G criteria such as headline ESG and carbon footprint during the reporting phase. These are sourced from Aladdin or directly from third-party data providers, where available. The Fund manager conducts regular risk reviews between the investment team and BlackRock's Risk and Quantitative Analysis group as well as portfolio reviews with Chief Investment Officers. Where appropriate, 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 May 31, 2024
Name Weight (%)
US 10YR NOTE SEP 24 09/19/2024 6.09
EUR CASH(Alpha Committed) 4.61
APPLE INC 4.51
EURO-BUND JUN 24 06/06/2024 3.79
MICROSOFT CORP 3.15
Name Weight (%)
ISHARES PHYSICAL GOLD ETC 2.61
GREENCOAT UK WIND PLC 2.44
NVIDIA CORP 2.26
GREENCOAT RENEWABLES PLC 2.13
SDCL ENERGY EFFICIENCY INCOME TRUS 1.44
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

Sorry, sectors are not available at this time.
as of May 31, 2024

% of Market Value

Type Fund
as of May 31, 2024

% of Market Value

Type Fund
as of May 31, 2024

% of Market Value

Type Fund
Allocations subject to change.
Sorry, maturities are not available at this time.
Sorry, ratings are not available at this time.
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
Class AI2 EUR 9.40 -0.02 -0.21 Jun 21, 2024 9.42 8.12 LU2377032946
A2 EUR 9.38 -0.02 -0.21 Jun 21, 2024 9.40 8.11 LU2377032862
A8 Hgd USD 9.11 -0.02 -0.22 Jun 21, 2024 9.13 8.00 LU2377033670
E2 EUR 9.27 -0.02 -0.22 Jun 21, 2024 9.29 8.04 LU2377033241
I2 EUR 9.59 -0.02 -0.21 Jun 21, 2024 9.61 8.24 LU2377033324
C2 EUR 9.11 -0.02 -0.22 Jun 21, 2024 9.13 7.93 LU2377033084
X2 EUR 9.74 -0.02 -0.20 Jun 21, 2024 9.76 8.34 LU2377033597
D2 EUR 9.53 -0.02 -0.21 Jun 21, 2024 9.55 8.21 LU2377033167

Portfolio Managers

Portfolio Managers

Conan McKenzie, CFA
Portfolio Manager, Diversified Strategies Team

Conan McKenzie, CFA, Director

Lamiaa Chaabi
Lamiaa Chaabi
Yasmin Meissner, CFA
Co-Head of Sustainable Investing and Portfolio Manager, Multi-Asset Strategies & Solutions

Yasmin Meissner, CFA, Director, is co-head of Sustainable Investing within BlackRock’s Multi-Asset Strategies & Solutions (MASS) group and a portfolio manager on the Diversified Strategies Team.

Literature

Literature