Equity

BSF BlackRock Systematic US Equity Absolute Return 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 strategies utilized by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both 'long' and 'synthetic short' positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Funds. Investors in this fund should understand that the Fund is not guaranteed to produce a positive return and as an absolute return product, performance may not move in line with general stock market trends as both positive and negative share movements affect the overall value of the fund. The Manager employs a risk management process to oversee and manage derivative exposure within the Fund. The Fund may be exposed to finance sector companies, as a service provider or as counterparty for financial contracts. Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent. This may have an adverse affect on the activities of the fund.

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.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 3.54 9.00 -1.17 4.89 0.56 2.19 -2.84 8.80 4.83 7.78
Comparator Benchmark 1 (%) 0.23 0.23 0.66 1.11 2.08 2.60 1.08 0.18 1.97 5.48

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

  1Y 3Y 5Y 10y Incept.
8.09 8.66 4.40 4.12 4.08
Comparator Benchmark 1 (%) 5.65 2.82 2.34 1.64 1.42
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
3.16 -1.20 2.19 9.65 8.09 28.31 24.03 49.74 61.75
Comparator Benchmark 1 (%) 0.93 0.45 1.42 2.86 5.65 8.70 12.23 17.68 18.55
  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

2.19 -2.84 8.80 4.83 7.78
Comparator Benchmark 1 (%)

as of Dec 31, 2023

2.60 1.08 0.18 1.97 5.48
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 Mar 18, 2024 USD 742,734,933
Share Class Inception Date Feb 17, 2012
Fund Inception Date Feb 17, 2012
Share Class Currency USD
Base Currency USD
Asset Class Equity
Comparator Benchmark 1 3 Month SOFR Compounded in Arrears plus 26.1 basis point spread
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charge 2.00%
ISIN LU0725887540
Annual Management Fee 1.50%
Performance Fee 20.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Equity Market Neutral USD
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSADA2U
SEDOL B77H4F5

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Feb 29, 2024 3437
Standard Deviation (3y) as of Feb 29, 2024 5.42%
3y Beta as of Feb 29, 2024 0.401
P/E Ratio as of Feb 29, 2024 23.48
P/B Ratio as of Feb 29, 2024 1.55

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 may include ESG considerations in the research and decision phases of the investment process. Funds with ESG-related objectives may also include ESG considerations in the portfolio construction phase of the investment process. The research phase may include relevant, internal ESG research used to assess certain characteristics, including, but not limited to, economic and environmental transition, market structure, superior growth, management quality, and risk characteristics associated with environmental, social, and governance matters. ESG insights may be combined with other internal research views to inform active portfolio weighting versus a reference benchmark (or weighting implemented to achieve an absolute return outcome, if applicable). The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. 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 metrics, and other factors.

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BSF BlackRock Systematic US Equity Absolute Return Fund, Class A2, as of Feb 29, 2024 rated against 103 Equity Market Neutral USD Funds.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Feb 29, 2024
Name Weight (%)
MASTERCARD INC 2.63
MARSH & MCLENNAN COMPANIES INC 2.27
MICROSOFT CORPORATION 2.22
KIMBERLY-CLARK CORPORATION 2.04
EOG RESOURCES INC 2.01
Name Weight (%)
DEVON ENERGY CORPORATION 1.97
TE CONNECTIVITY LTD 1.84
BOYD GAMING CORPORATION 1.83
CINTAS CORPORATION 1.77
MOODYS CORPORATION 1.75
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 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
A2 USD 165.72 0.77 0.47 Mar 18, 2024 166.66 142.84 LU0725887540
X2 Hgd AUD 115.54 0.69 0.60 Mar 18, 2024 116.41 99.93 LU2649166316
I2 Hgd JPY 11,397.41 51.12 0.45 Mar 18, 2024 11,525.30 10,197.20 LU1791183780
I2 Hgd EUR 123.06 0.57 0.47 Mar 18, 2024 123.88 106.52 LU1323999489
A2 Hgd SEK 147.00 0.69 0.47 Mar 18, 2024 148.17 127.62 LU0765562458
D2 Hgd CHF 117.63 0.54 0.46 Mar 18, 2024 118.75 104.06 LU1238068594
I2 USD 138.00 0.65 0.47 Mar 18, 2024 138.60 118.31 LU1653088168
E2 Hgd EUR 113.23 0.52 0.46 Mar 18, 2024 114.14 98.38 LU1266592614
D2 Hgd EUR 149.15 0.69 0.46 Mar 18, 2024 150.19 129.52 LU0725892383
D2 Hgd GBP 137.01 0.65 0.48 Mar 18, 2024 137.81 117.66 LU1246651910
A2 Hgd EUR 142.72 0.66 0.46 Mar 18, 2024 143.81 124.11 LU0725892466
D2 USD 144.20 0.68 0.47 Mar 18, 2024 144.86 123.68 LU1238068321
A2 EUR 128.32 0.64 0.50 Mar 18, 2024 130.84 109.60 LU1991022069
A2 GBP 206.96 1.25 0.61 Mar 18, 2024 211.21 177.28 LU0784324112
A2 AUD 255.12 1.35 0.53 Mar 18, 2024 259.69 214.25 LU0840974975
X2 USD 217.97 1.30 0.60 Mar 18, 2024 219.16 181.57 LU0849781678
I2 Hgd SEK 115.84 0.56 0.49 Mar 18, 2024 116.62 100.23 LU1873114208

Portfolio Managers

Portfolio Managers

Raffaele Savi
Global Head of BlackRock Systematic and Co-Chief Investment Officer and Co-Head of BlackRock’s Systematic Equities

Raffaele Savi, Senior Managing Director, is Global Head of BlackRock Systematic (BSYS) and Co-CIO and Co-Head of Systematic Active Equity (SAE).

Travis Cooke
Travis Cooke

Literature

Literature