BSF European Select Strategies Fund

Since the Global Financial Crisis, Europe’s traditional bond investors have faced a dilemma: stay with their current investments – and accept less income and lower returns – or take on more credit risk by going down the quality spectrum in search of something more.

Why this fund?

Fixed income/equity starting point1

Fixed income/equity starting point


Assets managed by the Euro Fixed Income team2

Assets managed by the Euro Fixed Income team


Holdings typical rate3

Holdings typical rate


Diversified, high quality portfolio: It is a fixed income-focused strategy combining euro bonds and dividend-paying equities to create a diversified, high quality allocation to Europe.

The best of Europe in a single investment: The portfolio marries the strengths of Michael Krautzberger’s renowned euro fixed income portfolios with an additional exposure to dividend-paying equities.

Capturing opportunities across the balance sheet: We look for the best, relative value-based or mispricing-based opportunities in Europe’s bond markets today, including between a company’s debt and equity securities.

Multiple sources of alpha expected over a cycle


For illustration only

An update with… Michael Krautzberger

Fund Essentials


Reasons to invest

Reason to buy

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Fund Factsheet


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BlackRock Euro Fixed Income Funds


The ESSF Fund is part of BlackRock's euro fixed income range. Managed by Michael Krautzberger, these funds have established a long-standing track record using their relative value-based approach.

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135% maximum exposure to equities.
2BlackRock, as at 31 December 2016.
3The number of holdings is indicative and actual number may fall outside the ranges shown.

The BlackRock Strategic Funds is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zürich, the Swiss Paying Agent. The Prospectus, Key Investor Information Document, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss representative. Investors should read the fund specific risks in the Key Investor Information Document and the Prospectus.

Fund specific risks:
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 invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. 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 fund may be exposed to finance sector companies, as a service provider or as counterparty for financial contracts.