Multi Asset

BGF Global Allocation 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. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

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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Distributions

Ex-Date Total Distribution
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  2019 2020 2021 2022 2023
Total Return (%)
Target Benchmark 1 (%)

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

  1Y 3Y 5Y 10y Incept.
- - - - -
Target Benchmark 1 (%) - - - - -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
8.07 2.16 1.87 8.07 - - - - 11.97
Target Benchmark 1 (%) 5.53 1.27 1.21 5.53 - - - - 9.42
  From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of Jun 30, 2024

- - - - -
Target Benchmark 1 (%)

as of Jun 30, 2024

- - - - -
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 ZAR, 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 Jul 23, 2024
USD 15,032,034,961
Fund Inception Date
Jan 3, 1997
Base Currency
USD
Target Benchmark 1
36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI
Initial Charge
5.00%
ISIN
LU2637965943
Performance Fee
0.00%
Minimum Subsequent Investment
ZAR 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGFALAZ
Share Class Inception Date
Jul 19, 2023
Share Class Currency
ZAR
Asset Class
Multi Asset
SFDR Classification
Other
Ongoing Charge
1.77%
Annual Management Fee
1.50%
Minimum Initial Investment
ZAR 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BNDC296

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jun 28, 2024
1266
P/E Ratio
19.30
Effective Duration
as of Jun 28, 2024
1.91 yrs
Effective Duration Fixed Income and Cash
as of Jun 28, 2024
5.25 yrs
12m Trailing Yield
as of Jun 30, 2024
8.42%
Average Market Cap (Millions)
as of Jun 28, 2024
USD 629,542.0 M
Effective Duration Fixed Income
as of Jun 28, 2024
6.98 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 Jul 21, 2024
A
MSCI ESG Quality Score (0-10)
as of Jul 21, 2024
6.73
Fund Lipper Global Classification
as of Jul 21, 2024
Mixed Asset USD Bal - Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of Jul 21, 2024
97.71
MSCI ESG % Coverage
as of Jul 21, 2024
87.44
MSCI ESG Quality Score - Peer Percentile
as of Jul 21, 2024
74.10
Funds in Peer Group
as of Jul 21, 2024
251
MSCI Weighted Average Carbon Intensity % Coverage
as of Jul 21, 2024
66.30
All data is from MSCI ESG Fund Ratings as of Jul 21, 2024, based on holdings as of Feb 29, 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 Jun 28, 2024
0.03%
MSCI - Nuclear Weapons
as of Jun 28, 2024
0.02%
MSCI - Civilian Firearms
as of Jun 28, 2024
0.00%
MSCI - Tobacco
as of Jun 28, 2024
0.08%
MSCI - UN Global Compact Violators
as of Jun 28, 2024
0.10%
MSCI - Thermal Coal
as of Jun 28, 2024
0.41%
MSCI - Oil Sands
as of Jun 28, 2024
0.43%

Business Involvement Coverage
as of Jun 28, 2024
72.38%
Percentage of Fund not covered
as of Jun 28, 2024
27.54%
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 0.80% and for Oil Sands 2.64%.

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 Global Allocation Investment Team believes that a company's ability to manage material environmental, social and governance (ESG) issues may be relevant to the company's ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of the investment process. The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team's ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion, where appropriate, 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 Jun 28, 2024
Name Weight (%)
MICROSOFT CORP 3.51
NVIDIA CORP 2.43
AMAZON COM INC 2.19
ALPHABET INC CLASS C 1.77
APPLE INC 1.68
Name Weight (%)
ASML HOLDING NV 1.02
MASTERCARD INC CLASS A 0.85
UNITEDHEALTH GROUP INC 0.81
ELI LILLY 0.73
JPMORGAN CHASE & CO 0.73
as of Jun 28, 2024
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 2.3 02/15/2033 1.91
TREASURY NOTE 4.125 07/31/2028 1.30
UK CONV GILT 1.25 07/22/2027 1.26
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.18
GERMANY (FEDERAL REPUBLIC OF) 1.7 08/15/2032 1.10
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.90
TREASURY NOTE 4 06/30/2028 0.81
TREASURY NOTE 4.875 10/31/2028 0.64
TREASURY NOTE 5 09/30/2025 0.49
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2024 0.49
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jun 28, 2024

% of Market Value

Type Fund
Allocations subject to change.
as of Jun 28, 2024

% of Market Value

Type Fund
as of Jun 28, 2024

% of Market Value

Type Fund
as of Jun 28, 2024

% of Market Value

Type Fund
as of Jun 28, 2024

% 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.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A10 Hedged ZAR 103.30 0.27 0.26 Jul 23, 2024 104.73 90.13 LU2637965943
Class A10 Hedged AUD 10.22 0.03 0.29 Jul 23, 2024 10.37 8.99 LU2637965869
Class A9 Hedged SGD 9.02 0.02 0.22 Jul 23, 2024 9.16 7.78 LU2354320645
Class S2 USD 11.41 0.03 0.26 Jul 23, 2024 11.57 9.43 LU2624960741
Class A10 Hedged CNH 101.43 0.23 0.23 Jul 23, 2024 102.98 89.78 LU2637965604
Class A10 Hedged EUR 10.34 0.03 0.29 Jul 23, 2024 10.49 9.02 LU2637965786
A2 EUR 72.06 0.38 0.53 Jul 23, 2024 72.86 61.35 LU0171283459
A2 Hgd GBP 37.87 0.09 0.24 Jul 23, 2024 38.42 31.62 LU0236177068
X2 Hgd JPY 1,431.00 3.00 0.21 Jul 23, 2024 1,453.00 1,224.00 LU1445720094
Class A10 Hedged HKD 103.50 0.24 0.23 Jul 23, 2024 105.03 90.31 LU2637965430
A4 Hgd EUR 40.69 0.10 0.25 Jul 23, 2024 41.29 34.31 LU0240613025
Class AI2 EUR 14.37 0.07 0.49 Jul 23, 2024 14.53 12.23 LU1960222104
X2 EUR 95.78 0.50 0.52 Jul 23, 2024 96.79 80.54 LU0984173384
Class A9 Hedged AUD 8.89 0.02 0.23 Jul 23, 2024 9.02 7.65 LU2354320728
Class A10 Hedged SGD 10.27 0.02 0.20 Jul 23, 2024 10.43 9.00 LU2637965513
Class S2 Hedged EUR 11.17 0.03 0.27 Jul 23, 2024 11.33 9.36 LU2624964149
Class A10 USD 10.43 0.03 0.29 Jul 23, 2024 10.58 9.05 LU2637965356
X4 USD 16.98 0.04 0.24 Jul 23, 2024 17.21 13.94 LU0953392981
J2 USD 104.61 0.26 0.25 Jul 23, 2024 106.06 85.92 LU0304953069
Class S2 EUR 10.52 0.06 0.57 Jul 23, 2024 10.63 8.90 LU2624962283
A2 Hgd EUR 44.28 0.11 0.25 Jul 23, 2024 44.94 37.34 LU0212925753
Class AI2 Hedged EUR 12.32 0.03 0.24 Jul 23, 2024 12.50 10.39 LU1960222286
D2 USD 88.61 0.22 0.25 Jul 23, 2024 89.87 73.29 LU0329592538
A4 EUR 69.29 0.36 0.52 Jul 23, 2024 70.06 58.99 LU0408221512
X2 USD 103.92 0.26 0.25 Jul 23, 2024 105.36 85.35 LU0328507826
D4 GBP 59.01 0.17 0.29 Jul 23, 2024 59.93 51.92 LU1852330908
D2 Hgd EUR 50.19 0.12 0.24 Jul 23, 2024 50.92 42.09 LU0329591480
Class B10 USD 10.02 0.03 0.30 Jul 23, 2024 10.16 9.62 LU2776654092
A2 Hgd SGD 17.50 0.04 0.23 Jul 23, 2024 17.76 14.76 LU0308772762
C2 Hgd EUR 32.03 0.07 0.22 Jul 23, 2024 32.52 27.26 LU0212926058
D2 Hgd PLN 24.80 0.07 0.28 Jul 23, 2024 25.14 20.58 LU0827880427
X2 Hgd AUD 27.30 0.06 0.22 Jul 23, 2024 27.69 22.69 LU0525289509
Class A9 USD 9.38 0.02 0.21 Jul 23, 2024 9.51 7.97 LU2354320561
D2 Hgd CHF 15.31 0.04 0.26 Jul 23, 2024 15.54 13.04 LU0827880260
A2 Hgd AUD 21.51 0.05 0.23 Jul 23, 2024 21.83 18.11 LU0468326631
A2 HUF 28,210.05 283.45 1.01 Jul 23, 2024 28,749.05 23,463.25 LU0566074125
Class X10 USD 11.24 0.03 0.27 Jul 23, 2024 11.39 9.96 LU2699150301
A2 Hgd CHF 14.00 0.04 0.29 Jul 23, 2024 14.21 11.99 LU0343169966
E2 Hgd PLN 21.19 0.05 0.24 Jul 23, 2024 21.49 17.75 LU0530192003
C2 USD 56.52 0.13 0.23 Jul 23, 2024 57.36 47.45 LU0147395726
D2 EUR 81.67 0.43 0.53 Jul 23, 2024 82.55 69.15 LU0523293024
A2 Hgd PLN 22.68 0.05 0.22 Jul 23, 2024 23.01 18.93 LU0480534592
I2 EUR 82.27 0.43 0.53 Jul 23, 2024 83.16 69.56 LU1653088838
C2 EUR 52.10 0.27 0.52 Jul 23, 2024 52.69 44.76 LU0331284793
E2 USD 69.94 0.17 0.24 Jul 23, 2024 70.97 58.39 LU0147396450
E2 EUR 64.46 0.33 0.51 Jul 23, 2024 65.19 55.09 LU0171283533
D2 Hgd AUD 23.51 0.06 0.26 Jul 23, 2024 23.85 19.68 LU0827880187
E2 Hgd EUR 41.28 0.10 0.24 Jul 23, 2024 41.90 34.94 LU0212926132
X2 Hgd EUR 15.06 0.04 0.27 Jul 23, 2024 15.28 12.54 LU0260352280
D4 EUR 70.23 0.37 0.53 Jul 23, 2024 70.99 59.47 LU0827880005
D2 Hgd SGD 19.23 0.04 0.21 Jul 23, 2024 19.51 16.12 LU0827880690
I2 Hgd SGD 19.24 0.04 0.21 Jul 23, 2024 19.52 16.15 LU0810842038
I2 Hgd EUR 50.06 0.11 0.22 Jul 23, 2024 50.79 41.91 LU0368231949
I2 USD 89.27 0.22 0.25 Jul 23, 2024 90.53 73.72 LU0368249560
A2 Hgd HKD 18.13 0.04 0.22 Jul 23, 2024 18.40 15.19 LU0788109477
D2 Hgd GBP 41.35 0.10 0.24 Jul 23, 2024 41.94 34.34 LU0827880344
D4 Hgd EUR 41.21 0.10 0.24 Jul 23, 2024 41.81 34.56 LU0827880773
A4 USD 75.18 0.18 0.24 Jul 23, 2024 76.26 62.53 LU0724617625
A2 USD 78.18 0.19 0.24 Jul 23, 2024 79.31 65.03 LU0072462426
A2 Hgd CNH 175.52 0.40 0.23 Jul 23, 2024 178.21 148.90 LU1062906877

Portfolio Managers

Portfolio Managers

Rick Rieder
Managing Director, CIO of Global Fixed Income, Head of Fundamental Fixed Income, Head of Global Allocation Investment Team

Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.

Russ Koesterich
Managing Director, Portfolio Manager and member of the Global Allocation team

Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock's Multi-Asset Strategies Group.

 

 

Literature

Literature