Multi Asset

BlackRock Global Allocation Fund

IMPORTANT:
• The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. The Fund may invest in assets denominated in various currencies. Changes in exchange rates and currency controls may affect the value of the Fund's assets. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks.
• The Fund is subject to foreign investments restrictions risk, non-Investment grade and unrated bond risks, smaller companies’ volatility and liquidity risks, securities lending counterparty risk, currency conversion risk including Renminbi denominated Classes and contingent convertible bonds risk.
•  Class 9 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Dividend payment on an annual basis must be at least equal to the Dividend Threshold Amount, and in the event of a shortfall, a material portion of any dividend payment may be made out of capital. The Dividend Threshold Amount may be reduced during the year and it is not an alternative to a savings account or fixed-interest paying investment.Class 10 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Paying dividends gross of expenses may result in more income being available for distribution; however these shares may effectively pay dividends from capital – may amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex-dividend date. 
• The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive. The Fund may suffer losses from its derivatives usage.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.

Overview

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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

Performance

Performance

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Distribution

 

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 16.26 9.73 7.30 -0.02 -3.70 19.93 10.32 15.81 -10.56 9.46
Benchmark (%) 18.63 10.52 9.23 1.62 0.13 20.98 3.98 18.49 -10.06 11.78

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

  1y 3y 5y 10y Incept.
8.55 4.61 8.00 7.30 7.11
Benchmark (%) 10.08 6.70 7.83 8.28 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.37 2.37 9.55 5.48 8.55 14.48 46.90 102.37 152.49
Benchmark (%) 1.87 1.87 9.02 5.52 10.08 21.49 45.79 121.61 -
Past performance is not a guide to future performance. Investors may not get back the full amount invested.

Performance is calculated based on the period NAV-to-NAV with dividend reinvested. Performance figures are calculated net of fees.

These figures show by how much the Share Class of the Fund increased or decreased in value during the period being shown. Performance is calculated in the relevant share class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.

Where no past performance is shown there was insufficient data available in that period to provide performance.

Please refer to the Key Facts section for the inception date of the Fund and the Share Class.

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 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 27-Feb-2024 USD 14,880,585,005
Share Class Inception Date 09-Aug-2010
Fund Inception 03-Jan-1997
Share Class Currency EUR
Fund Base Currency USD
Asset Class Multi Asset
SFDR Classification Other
Initial Charge 5.00%
ISIN LU0523293024
Management Fee (incl Distribution Fee, if any) 0.75%
Performance Fee 0.00%
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Moderate Allocation
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGGAD2E
SEDOL B45M2Q8
Benchmark 36% SNP500EUR / 24% FTWXUS_EUR / ML5YREURU Index
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Jan-2024 1171
3y Beta as of 31-Jan-2024 0.860
P/E Ratio 17.60
Average Market Cap (Millions) as of 31-Jan-2024 USD 431,486.1 M
Effective Duration as of 31-Jan-2024 1.67
Effective Duration Fixed Income as of 31-Jan-2024 5.67
Effective Duration Fixed Income and Cash as of 31-Jan-2024 4.10

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 21-Feb-2024 A
MSCI ESG % Coverage as of 21-Feb-2024 89.23
MSCI ESG Quality Score (0-10) as of 21-Feb-2024 6.60
MSCI ESG Quality Score - Peer Percentile as of 21-Feb-2024 65.90
Fund Lipper Global Classification as of 21-Feb-2024 Mixed Asset USD Bal - Global
Funds in Peer Group as of 21-Feb-2024 261
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Feb-2024 122.82
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Feb-2024 62.77
All data is from MSCI ESG Fund Ratings as of 21-Feb-2024, based on holdings as of 30-Sept-2023. 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 31-Jan-2024 0.00%
MSCI - UN Global Compact Violators as of 31-Jan-2024 0.43%
MSCI - Nuclear Weapons as of 31-Jan-2024 0.00%
MSCI - Thermal Coal as of 31-Jan-2024 0.34%
MSCI - Civilian Firearms as of 31-Jan-2024 0.00%
MSCI - Oil Sands as of 31-Jan-2024 0.34%
MSCI - Tobacco as of 31-Jan-2024 0.02%

Business Involvement Coverage as of 31-Jan-2024 69.32%
Percentage of Fund not covered as of 31-Jan-2024 30.68%
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 0.69% and for Oil Sands 2.20%.

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

Ratings

Morningstar Rating

4 stars
As of 31-Jan-2024

Morningstar Medalist Rating

Morningstar Medalist Rating - Bronze
Effective 22-Apr-2019
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-Jan-2024
Name Weight (%)
MICROSOFT CORP 2.91
AMAZON COM INC 1.73
APPLE INC 1.56
ALPHABET INC CLASS C 1.29
BAE SYSTEMS PLC 0.99
Name Weight (%)
ASML HOLDING NV 0.92
NVIDIA CORP 0.88
MASTERCARD INC CLASS A 0.83
JPMORGAN CHASE & CO 0.78
NESTLE SA 0.74
The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.
as of 31-Jan-2024
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 2.3 02/15/2033 2.05
TREASURY NOTE 4.125 07/31/2028 1.32
UK CONV GILT 1.25 07/22/2027 1.29
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.20
GERMANY (FEDERAL REPUBLIC OF) 1.7 08/15/2032 1.15
Name Weight (%)
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.09
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.98
UMBS 30YR TBA(REG A) 0.97
TREASURY NOTE 4 06/30/2028 0.82
TREASURY NOTE 4.875 10/31/2028 0.67
The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.
Holdings subject to change.

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-2024

% of Weight

Type Fund Benchmark Net
as of 31-Jan-2024

% of Weight

Type Fund Benchmark Net
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the geography where the issuer of the securities carries out much of their business. “Others” excluded from the chart above.
as of 31-Jan-2024

% of Weight

Type Fund Benchmark Net
as of 31-Jan-2024

% of Weight

Type Fund Benchmark Net
as of 31-Jan-2024

% of Weight

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

Share Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
D2 EUR 77.88 -0.04 -0.05 27-Feb-2024 78.17 68.32 LU0523293024
A10 USD 10.24 -0.01 -0.10 27-Feb-2024 10.26 9.05 LU2637965356
A10 Hedged CNH 100.59 -0.11 -0.11 27-Feb-2024 100.83 89.78 LU2637965604
A10 Hedged SGD 10.13 -0.01 -0.10 27-Feb-2024 10.16 9.00 LU2637965513
A10 Hedged HKD 102.01 -0.11 -0.11 27-Feb-2024 102.25 90.31 LU2637965430
A10 Hedged EUR 10.16 -0.01 -0.10 27-Feb-2024 10.18 9.02 LU2637965786
A10 Hedged ZAR 101.96 -0.09 -0.09 27-Feb-2024 102.17 90.13 LU2637965943
A10 Hedged AUD 10.10 -0.01 -0.10 27-Feb-2024 10.12 8.99 LU2637965869
A9 Hedged AUD 8.68 -0.01 -0.12 27-Feb-2024 8.70 7.65 LU2354320728
A9 Hedged SGD 8.82 -0.01 -0.11 27-Feb-2024 8.84 7.78 LU2354320645
A4 HEDGED EUR 39.16 -0.04 -0.10 27-Feb-2024 39.25 34.31 LU0240613025
A2 Hedged GBP 36.25 -0.04 -0.11 27-Feb-2024 36.33 31.62 LU0236177068
A2 Hedged EUR 42.62 -0.04 -0.09 27-Feb-2024 42.71 37.34 LU0212925753
A2 EUR 68.93 -0.03 -0.04 27-Feb-2024 69.18 60.85 LU0171283459
A9 USD 9.10 -0.01 -0.11 27-Feb-2024 9.12 7.97 LU2354320561
D4 GBP 57.29 -0.03 -0.05 27-Feb-2024 57.34 51.92 LU1852330908
D2 USD 84.43 -0.08 -0.09 27-Feb-2024 84.61 72.78 LU0329592538
D2 Hedged EUR 48.16 -0.05 -0.10 27-Feb-2024 48.26 42.09 LU0329591480
A2 Hedged SGD 16.85 -0.02 -0.12 27-Feb-2024 16.89 14.76 LU0308772762
A4 EUR 66.28 -0.03 -0.05 27-Feb-2024 66.53 58.99 LU0408221512
C2 HEDGED EUR 30.98 -0.04 -0.13 27-Feb-2024 31.06 27.26 LU0212926058
A2 Hedged CHF 13.59 -0.02 -0.15 27-Feb-2024 13.63 11.99 LU0343169966
A2 Hedged PLN 21.68 -0.03 -0.14 27-Feb-2024 21.73 18.74 LU0480534592
A2 Hedged AUD 20.69 -0.02 -0.10 27-Feb-2024 20.74 18.11 LU0468326631
A2 HUF 26,921.50 56.65 0.21 27-Feb-2024 26,921.50 22,788.93 LU0566074125
D2 Hedged CHF 14.82 -0.02 -0.13 27-Feb-2024 14.86 13.04 LU0827880260
C2 USD 54.29 -0.06 -0.11 27-Feb-2024 54.42 47.45 LU0147395726
D2 Hedged AUD 22.54 -0.02 -0.09 27-Feb-2024 22.59 19.68 LU0827880187
C2 EUR 50.08 -0.03 -0.06 27-Feb-2024 50.28 44.68 LU0331284793
D4 EUR 66.98 -0.03 -0.04 27-Feb-2024 67.22 59.47 LU0827880005
D2 Hedged SGD 18.46 -0.02 -0.11 27-Feb-2024 18.50 16.12 LU0827880690
D2 Hedged PLN 23.63 -0.02 -0.08 27-Feb-2024 23.68 20.28 LU0827880427
D2 Hedged GBP 39.47 -0.03 -0.08 27-Feb-2024 39.55 34.34 LU0827880344
A4 USD 71.85 -0.07 -0.10 27-Feb-2024 72.01 62.53 LU0724617625
D4 Hedged EUR 39.54 -0.04 -0.10 27-Feb-2024 39.63 34.56 LU0827880773
A2 Hedged HKD 17.42 -0.01 -0.06 27-Feb-2024 17.46 15.19 LU0788109477
A2 Hedged CNH 169.50 -0.19 -0.11 27-Feb-2024 169.91 148.90 LU1062906877
A2 USD 74.72 -0.08 -0.11 27-Feb-2024 74.89 64.87 LU0072462426
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Rick Rieder
Managing Director, CIO of Global Fixed Income

  

David Clayton
David Clayton
Russ Koesterich
Russ Koesterich

Documents

Documents