Equity

BlackRock European Special Situations Fund

IMPORTANT:
• The Fund's investments in equities could incur significant losses due to higher fluctuation of equity values. 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's investments are concentrated in Europe. This may result in greater volatility than more broad-based investments.
• The Fund is subject to emerging market risk, foreign investments restrictions risk, smaller companies’ volatility and liquidity risks, contingent convertible bonds risk and currency conversion risk including Renminbi denominated Classes.
• 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

Chart

Performance chart data not available for display.
View Charts & Calendar Year Performance
  1y 3y 5y 10y Incept.
4.90 5.92 6.68 8.80 8.33
Benchmark (%)

as of 31-Jan-2021

-2.82 2.11 5.46 6.34 6.56
  YTD 6m 1y 3y 5y 10y Incept.
-3.05 9.03 4.90 18.84 38.18 132.44 332.10
Benchmark (%)

as of 31-Jan-2021

-0.75 11.61 -2.82 6.46 30.44 84.91 219.80
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.

Key Facts

Key Facts

Size of Fund (Millions) as of 26-Feb-2021 EUR 1,251.506 M
Base Currency Euro
Fund Inception 20-Mar-2003
Share Class Currency Euro
Share Class Inception Date 14-Oct-2002
Additional Currencies Australian Dollar, British Pound, Canadian Dollar, Hong Kong Dollar, RMB, U.S. Dollar
Asset Class Equity
Morningstar Category Europe Large-Cap Growth Equity
Benchmark Index MSCI Europe Index
Distribution Frequency Non-Distributing
ISIN LU0331283803
Bloomberg Ticker MLEUGRC
Management Fee (incl Distribution Fee, if any) 2.75%
Initial Charge 0.00%
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio as of 29-Jan-2021 32.46
Average Market Cap (Millions) as of 29-Jan-2021 EUR 43,686.2 M
Modified Duration as of 29-Jan-2021 0.00 yrs
12M Trailing Distribution as of - -
3y Volatility as of 31-Jan-2021 16.23
3y Volatility - Benchmark as of 31-Jan-2021 16.89
3y Beta as of 31-Jan-2021 0.895
5yr Volatility as of 31-Jan-2021 14.11
5y Volatility - Benchmark as of 31-Jan-2021 13.97
5y Beta as of 31-Jan-2021 0.922
Since Class Inception – Volatility as of 31-Jan-2021 14.47
Since Class Inception Volatility – Benchmark as of 31-Jan-2021 13.62
Since Class Inception - Beta as of 31-Jan-2021 1.00

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 05-Feb-2021 AA
MSCI ESG Quality Score (0-10) as of 05-Feb-2021 7.93
MSCI ESG Quality Score - Peer Percentile as of 05-Feb-2021 66.98
MSCI ESG % Coverage as of 05-Feb-2021 99.28
Fund Lipper Global Classification as of 05-Feb-2021 Equity Europe
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 05-Feb-2021 67.09
Funds in Peer Group as of 05-Feb-2021 1
All data is from MSCI ESG Fund Ratings as of 05-Feb-2021, based on holdings as of 31-Aug-2020. 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% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

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 29-Jan-2021 0.00%
MSCI - UN Global Compact Violators as of 29-Jan-2021 0.00%
MSCI - Nuclear Weapons as of 29-Jan-2021 0.00%
MSCI - Thermal Coal as of 29-Jan-2021 0.00%
MSCI - Civilian Firearms as of 29-Jan-2021 0.00%
MSCI - Oil Sands as of 29-Jan-2021 0.00%
MSCI - Tobacco as of 29-Jan-2021 0.00%

Business Involvement Coverage as of 29-Jan-2021 96.36%
Percentage of Fund not covered as of 29-Jan-2021 3.64%
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 0.00% and for Oil Sands 0.00%.

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 material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in combination with other information in the research and decision phases 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 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

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 29-Jan-2021
Name Weight (%)
ASML HOLDING NV 5.69
LVMH MOET HENNESSY LOUIS VUITTON SE 4.74
LONZA GROUP AG 3.80
AUTO TRADER GROUP PLC 2.89
DSV PANALPINA A/S 2.83
Name Weight (%)
LONDON STOCK EXCHANGE GROUP PLC 2.63
NOVO NORDISK A/S 2.59
ROYAL UNIBREW A/S 2.58
STMICROELECTRONICS NV 2.57
FERRARI NV 2.51
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 29-Jan-2021

% 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 29-Jan-2021

% of Weight

Type Fund Benchmark Net
as of 29-Jan-2021

% of Weight

Type Fund Benchmark Net
Allocations subject to change.
as of 29-Jan-2021

% 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.
Due to rounding, the total may not be equal to 100%

Pricing

Pricing

Share Class Currency Distribution Frequency NAV NAV $ Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
C2 Euro Non-Distributing 44.32 -0.56 -1.25 26-Feb-2021 46.50 28.40 LU0331283803
A2 U.S. Dollar Non-Distributing 66.68 -1.51 -2.21 26-Feb-2021 69.89 37.88 LU0171276677
A2 Euro Non-Distributing 55.01 -0.70 -1.26 26-Feb-2021 57.70 34.85 LU0154234636
A2 Hedged Hong Kong Dollar Non-Distributing 143.26 -1.87 -1.29 26-Feb-2021 150.34 89.89 LU1355424745
A2 Hedged British Pound Non-Distributing 18.18 -0.24 -1.30 26-Feb-2021 19.06 11.50 LU1023063255
A2 Hedged Canadian Dollar Non-Distributing 19.23 -0.24 -1.23 26-Feb-2021 20.17 12.13 LU1023062521
D2 U.S. Dollar Non-Distributing 74.67 -1.69 -2.21 26-Feb-2021 78.24 42.12 LU0827879171
D2 Euro Non-Distributing 61.60 -0.79 -1.27 26-Feb-2021 64.60 38.75 LU0252965834
A2 Hedged Australian Dollar Non-Distributing 19.93 -0.25 -1.24 26-Feb-2021 20.89 12.64 LU1023062109
A2 Hedged RMB Non-Distributing 453.99 -5.88 -1.28 26-Feb-2021 476.05 282.47 LU1244156169
D2 Hedged U.S. Dollar Non-Distributing 20.77 -0.27 -1.28 26-Feb-2021 21.79 12.94 LU1078072763
C2 U.S. Dollar Non-Distributing 53.72 -1.22 -2.22 26-Feb-2021 56.32 30.88 LU0331283985
A2 Hedged U.S. Dollar Non-Distributing 21.87 -0.28 -1.26 26-Feb-2021 22.95 13.72 LU0969580561

Portfolio Managers

Portfolio Managers

Stefan Gries
Stefan Gries

Documents

Documents