Equity

BlackRock Latin American Fund

IMPORTANT:
•The Fund's investments in equities could incur significant losses due to higher fluctuation of equity values. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks. The Fund's investments are concentrated in Latin America. This may result in greater volatility than more broad-based investments.
•The Fund is subject to currency risk, foreign investments restrictions risk, small-cap companies’ volatility and liquidity risks and securities lending counterparty risk.
•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 (%) -9.94 -30.91 23.97 24.68 -5.02 15.71 -19.76 -15.91 6.57 33.83
Benchmark (%) -12.30 -31.04 31.04 23.74 -6.57 17.46 -13.80 -8.09 9.04 34.05

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

  1y 3y 5y 10y Incept.
23.25 6.50 -0.24 -0.54 -3.02
Benchmark (%) 23.58 10.89 3.92 1.79 -0.35
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-6.70 1.67 -6.70 7.05 23.25 20.80 -1.18 -5.25 -33.20
Benchmark (%) -3.89 1.29 -3.89 13.15 23.58 36.37 21.22 19.39 -4.55
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 SGD, 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 19-Apr-2024 USD 687,905,739
Share Class Inception Date 28-Jan-2011
Fund Inception 08-Jan-1997
Share Class Currency SGD
Fund Base Currency USD
Asset Class Equity
Benchmark MSCI Emerging Markets Latin America 10/40 Index
SFDR Classification Other
Initial Charge 5.00%
ISIN LU0572108347
Management Fee (incl Distribution Fee, if any) 1.75%
Performance Fee 0.00%
Minimum Initial Investment SGD 5000
Minimum Subsequent Investment SGD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Equity
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGLAA2S
SEDOL B63MFZ4
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 28-Mar-2024 38
Standard Deviation (3y) as of 31-Mar-2024 25.41%
3y Beta as of 31-Mar-2024 0.960
P/E Ratio as of 28-Mar-2024 10.51
P/B Ratio as of 28-Mar-2024 1.59

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-Mar-2024 BBB
MSCI ESG % Coverage as of 21-Mar-2024 96.30
MSCI ESG Quality Score (0-10) as of 21-Mar-2024 5.63
MSCI ESG Quality Score - Peer Percentile as of 21-Mar-2024 81.44
Fund Lipper Global Classification as of 21-Mar-2024 Equity Emerging Mkts Latin Am
Funds in Peer Group as of 21-Mar-2024 97
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Mar-2024 104.69
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Mar-2024 95.65
All data is from MSCI ESG Fund Ratings as of 21-Mar-2024, based on holdings as of 31-Oct-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 28-Mar-2024 0.00%
MSCI - UN Global Compact Violators as of 28-Mar-2024 8.59%
MSCI - Nuclear Weapons as of 28-Mar-2024 0.00%
MSCI - Thermal Coal as of 28-Mar-2024 0.00%
MSCI - Civilian Firearms as of 28-Mar-2024 0.00%
MSCI - Oil Sands as of 28-Mar-2024 0.00%
MSCI - Tobacco as of 28-Mar-2024 0.00%

Business Involvement Coverage as of 28-Mar-2024 99.85%
Percentage of Fund not covered as of 28-Mar-2024 0.18%
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 8.59% 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 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.

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 28-Mar-2024
Name Weight (%)
VALE SA 8.58
WAL MART DE MEXICO SAB DE CV 7.15
BANCO BRADESCO SA 6.57
PETROLEO BRASILEIRO SA PETROBRAS 5.55
AMBEV SA 4.85
Name Weight (%)
GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV 4.46
ITAU UNIBANCO HOLDING SA 4.24
B3 SA BRASIL BOLSA BALCAO 4.15
FOMENTO ECONOMICO MEXICANO SAB DE CV 4.03
MAG SILVER CORPORATION 3.57
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 28-Mar-2024

% of Weight

Type Fund Benchmark Net
as of 28-Mar-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 28-Mar-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.
Due to rounding, the total may not be equal to 100%

Pricing & Exchange

Pricing & Exchange

Share Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A2 Hedged SGD 6.17 0.00 0.00 19-Apr-2024 7.21 5.46 LU0572108347
A2 Hedged PLN 8.48 0.01 0.12 19-Apr-2024 9.87 7.41 LU0480534832
D2 USD 78.43 0.01 0.01 19-Apr-2024 90.78 67.47 LU0252970081
D2 Hedged EUR 48.78 0.00 0.00 19-Apr-2024 56.85 43.09 LU0827884254
D2 Hedged PLN 9.24 0.00 0.00 19-Apr-2024 10.74 8.02 LU0827884338
D2 GBP 62.96 -0.04 -0.06 19-Apr-2024 71.07 54.01 LU0827883876
D2 Hedged CHF 5.97 0.00 0.00 19-Apr-2024 7.00 5.39 LU0827884171
A2 Hedged CHF 5.49 0.00 0.00 19-Apr-2024 6.45 4.99 LU0521028802
D4 EUR 54.04 -0.07 -0.13 19-Apr-2024 60.38 46.82 LU0827883959
A2 Hedged HKD 8.95 0.00 0.00 19-Apr-2024 10.42 7.83 LU0788109048
A4 GBP 45.42 -0.04 -0.09 19-Apr-2024 51.40 40.81 LU0204063647
D2 EUR 73.53 -0.09 -0.12 19-Apr-2024 81.76 60.87 LU0252965164
A2 GBP 55.24 -0.04 -0.07 19-Apr-2024 62.51 47.74 LU0171289738
C2 EUR 46.49 -0.06 -0.13 19-Apr-2024 52.01 39.25 LU0331286228
A2 Hedged AUD 9.29 0.00 0.00 19-Apr-2024 10.86 8.30 LU1023057877
A2 USD 68.82 0.01 0.01 19-Apr-2024 79.85 59.65 LU0072463663
D2 Hedged SGD 6.73 0.00 0.00 19-Apr-2024 7.84 5.91 LU0827884502
A2 EUR 64.52 -0.09 -0.14 19-Apr-2024 71.91 53.81 LU0171289498
C2 USD 49.58 0.00 0.00 19-Apr-2024 57.75 43.51 LU0147409378
A4 EUR 53.90 -0.07 -0.13 19-Apr-2024 60.13 46.73 LU0408221785
D2 Hedged GBP 42.54 0.01 0.02 19-Apr-2024 49.36 37.13 LU0827884411
D4 GBP 45.53 -0.03 -0.07 19-Apr-2024 51.40 40.87 LU0827884098
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Sam Vecht
Sam Vecht
Christoph Brinkmann
Christoph Brinkmann

Documents

Documents