Equity

BSF UK 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.

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. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. The Fund uses derivatives as part of its investment strategy including the establishment of both ‘long’ and ‘synthetic short’ positions and the creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The Manager employs a risk management process to oversee and manage derivative exposure within the Fund. However, the use of derivatives in this manner may have the effect of increasing the overall risk profile of the Fund. Investors 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 market trends or fully benefit from a positive market environment. The Fund utilises derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk and volatility. 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 Fund. 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 market trends or fully benefit from a positive market environment. The Manager employs a risk management process to oversee and manage derivative exposure within the Fund. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.

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

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Reinvestments

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

This chart shows the fund's performance as the percentage loss or gain per year over the last 6 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 1.6 -4.6 9.9 -0.8 1.5 7.5
Comparator Benchmark 1 (%) 0.4 0.7 0.8 0.3 0.1 1.5

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

  1y 3y 5y 10y Incept.
3.58 4.36 3.56 - 2.93
Comparator Benchmark 1 (%) 3.89 1.53 1.19 - 0.98
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.93 -0.21 -0.57 2.92 3.58 13.67 19.11 - 22.53
Comparator Benchmark 1 (%) 2.99 0.45 1.27 2.37 3.89 4.66 6.09 - 7.08
  From
30.Jun.2018
To
30.Jun.2019
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
Total Return (%)

as of 30-Jun-2023

2.37 2.67 -0.77 5.79 6.51
Comparator Benchmark 1 (%)

as of 30-Jun-2023

0.83 0.66 0.06 0.43 3.25

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 GBP hedged Share Class Benchmark performance is displayed in GBP.

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 26-Sep-2023 GBP 253,886,355.68
Share Class launch date 18-Aug-2016
Fund Launch Date 18-Aug-2016
Share Class Currency GBP
Base Currency GBP
Asset Class Equity
Comparator Benchmark 1 3 Month SONIA Compounded in Arrears + 11.9 basis points spread
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.14%
ISIN LU1430596426
Annual Management Fee 0.75%
Performance Fee 20.00%
Minimum Initial Investment GBP 100,000.00
Minimum Subsequent Investment -
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Equity Market Neutral Other
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSUAD2G
SEDOL BZB1SQ8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Aug-2023 72
Standard Deviation (3y) as of 31-Aug-2023 3.39%
3y Beta as of 31-Aug-2023 0.23
P/E Ratio as of 31-Aug-2023 12.75
P/B Ratio as of 31-Aug-2023 1.52

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 31-Aug-2023 0.00%
MSCI - UN Global Compact Violators as of 31-Aug-2023 -0.02%
MSCI - Nuclear Weapons as of 31-Aug-2023 0.00%
MSCI - Thermal Coal as of 31-Aug-2023 0.00%
MSCI - Civilian Firearms as of 31-Aug-2023 0.00%
MSCI - Oil Sands as of 31-Aug-2023 0.00%
MSCI - Tobacco as of 31-Aug-2023 0.01%

Business Involvement Coverage as of 31-Aug-2023 75.62%
Percentage of Fund not covered as of 31-Aug-2023 25.76%
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 -0.02% and for Oil Sands 0.01%.

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 combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. 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-related metrics, and other factors.

 

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. (Effective 07-Dec-2022)

Portfolio Managers

Portfolio Managers

Nigel Ridge
Nigel Ridge
Richard Wingfield
Richard Wingfield

Holdings

Holdings

as of 31-Aug-2023
Name Weight (%)
ASTRAZENECA PLC 5.75
RELX PLC 5.60
COMPASS GROUP PLC 5.56
SHELL PLC 4.95
3I GROUP PLC 4.30
Name Weight (%)
PEARSON PLC 3.55
SERCO GROUP PLC 3.44
HSBC HOLDINGS PLC 3.36
RENTOKIL INITIAL PLC 3.28
BRITISH AMERICAN TOBACCO PLC 2.96
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-2023

% of Market Value

Type Fund
as of 31-Aug-2023

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class D2 GBP None 124.76 0.06 0.05 26-Sep-2023 124.79 116.33 LU1430596426
Class I2 Hedged EUR None 113.88 0.06 0.05 26-Sep-2023 113.95 107.38 LU1640626351
Class A2 Hedged EUR None 111.59 0.05 0.04 26-Sep-2023 111.69 106.10 LU1430596269
Class D2 Hedged CHF None 112.50 0.05 0.04 26-Sep-2023 112.63 108.23 LU1430596772
Class I2 Hedged JPY None 11,685.17 4.24 0.04 26-Sep-2023 11,752.78 11,331.99 LU1430596855
Class A2 GBP None 119.19 0.06 0.05 26-Sep-2023 119.24 111.81 LU1430596186
Class I2 Hedged USD - 126.05 0.07 0.06 26-Sep-2023 126.08 116.38 LU1808491226
Class E2 EUR None 112.83 -0.14 -0.12 26-Sep-2023 114.14 103.11 LU1495981976
Class A4 Hedged EUR Annual 110.78 0.05 0.05 26-Sep-2023 110.88 105.34 LU1430596343
Class D2 Hedged EUR None 115.97 0.06 0.05 26-Sep-2023 116.05 109.62 LU1430596699
Class X2 GBP None 138.52 0.07 0.05 26-Sep-2023 138.52 127.00 LU1430596939
Class D2 Hedged USD None 128.50 0.07 0.05 26-Sep-2023 128.54 118.93 LU1567864464
Class E2 Hedged EUR None 107.62 0.05 0.05 26-Sep-2023 107.74 102.77 LU1495982198
Class D2 EUR None 124.77 -0.16 -0.13 26-Sep-2023 126.18 112.81 LU1495982784

PRIIPs Performance Scenarios

PRIIPs Performance Scenarios

The EU Packaged Retail and Insurance-Based Products Regulation (PRIIPs) prescribes the calculation methodology, and publication of the outcomes, of four hypothetical performance scenarios regarding how the product may perform under certain conditions and for such to be published on a monthly basis. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product, which may include input from benchmark(s) / proxy, over the last ten years.
Recommended holding period : 5 years
Example Investment GBP 10,000
Scenario
If you exit after 1 year
If you exit after 5 years

Minimum

There is no minimum guaranteed return. You could lose some or all of your investment.

Stress

What you might get back after costs
Average return each year
8,910 GBP
-10.9%
7,990 GBP
-4.4%

Unfavourable

What you might get back after costs
Average return each year
9,060 GBP
-9.4%
9,930 GBP
-0.1%

Moderate

What you might get back after costs
Average return each year
9,830 GBP
-1.7%
10,780 GBP
1.5%

Favourable

What you might get back after costs
Average return each year
10,840 GBP
8.4%
12,060 GBP
3.8%

The stress scenario shows what you might get back in extreme market circumstances.



Literature

Literature