Equity

BlackRock Japan Small & MidCap Opportunities Fund

IMPORTANT:
• The Fund's investments in equities could incur significant losses due to higher fluctuation of equity values. The Fund's investments are concentrated in Japan. This may result in greater volatility than more broad-based investments. The Fund invests in smaller companies which can be more volatile and less liquid than those of larger companies.
• The Fund is subject to currency risk and liquidity risk.
• 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

Chart

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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -3.31 9.89 5.33 40.11 -22.15 27.31 9.17 2.46 -22.13 12.15
Benchmark (%) 0.51 13.02 6.91 30.09 -15.93 17.94 5.28 -2.49 -12.91 14.17

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

  1y 3y 5y 10y Incept.
13.88 -4.41 3.63 4.10 6.92
Benchmark (%) 6.56 -2.19 2.32 4.09 6.28
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.88 -0.92 -4.28 2.88 13.88 -12.66 19.52 49.48 119.59
Benchmark (%) -1.32 -1.27 -5.73 -1.32 6.56 -6.43 12.16 49.37 104.76
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 USD, hedged share class benchmark performance is displayed in JPY.

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 15-Jul-2024
JPY 29,137,316,139
Fund Inception
13-May-1987
Fund Base Currency
JPY
Benchmark
S&P Japan Mid Small Cap Index (USD)
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
0.75%
Minimum Initial Investment
USD 100000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Japan Small/Mid-Cap Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
B8D6345
Share Class Inception Date
27-Sept-2012
Share Class Currency
USD
Asset Class
Equity
SFDR Classification
Article 8
ISIN
LU0827883108
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BJSMD2U
SFC-authorised ESG fund
No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28-Jun-2024
92
3y Beta
as of 30-Jun-2024
0.930
P/B Ratio
as of 28-Jun-2024
1.24
Standard Deviation (3y)
as of 30-Jun-2024
14.03%
P/E Ratio
as of 28-Jun-2024
15.13

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

Ratings

Morningstar Rating

3 stars
As of 31-Jan-2021
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 28-Jun-2024
Name Weight (%)
FUKUOKA FINANCIAL GROUP INC 2.08
77 BANK LTD/THE 1.87
HOKUHOKU FINANCIAL GROUP INC 1.82
KONOIKE TRANSPORT CO LTD 1.74
DKS CO LTD 1.71
Name Weight (%)
DAI-DAN CO LTD 1.68
GUNZE LTD 1.64
UNION TOOL CO 1.62
JAPAN METROPOLITAN FUND INVESTMENT CORP 1.62
DAIWA SECURITIES GROUP INC 1.59
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-Jun-2024

% of Weight

Type Fund Benchmark Net
as of 28-Jun-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
D2 USD 81.77 0.17 0.21 15-Jul-2024 83.95 67.20 LU0827883108
A2 EUR 66.13 0.02 0.03 15-Jul-2024 69.00 56.36 LU0171289068
C2 USD 52.49 0.10 0.19 15-Jul-2024 54.23 43.81 LU0147408305
A2 JPY 11,399.00 -2.00 -0.02 15-Jul-2024 11,401.00 8,804.00 LU0249411835
C2 JPY 8,289.00 -2.00 -0.02 15-Jul-2024 8,291.00 6,482.00 LU0249422360
A2 Hedged USD 24.67 0.00 0.00 15-Jul-2024 24.67 18.07 LU0931342652
A2 USD 72.19 0.15 0.21 15-Jul-2024 74.28 59.67 LU0006061252
A4 GBP 55.32 0.04 0.07 15-Jul-2024 58.72 48.22 LU0204063480
D2 Hedged EUR 80.13 0.01 0.01 15-Jul-2024 80.13 59.31 LU0827883280
A10 Hedged USD 11.39 0.00 0.00 15-Jul-2024 11.39 9.99 LU2728923348
A2 Hedged EUR 73.36 0.00 0.00 15-Jul-2024 73.36 54.71 LU0255399742
A10 Hedged HKD 113.40 0.00 0.00 15-Jul-2024 113.40 99.80 LU2728923264
D2 EUR 74.92 0.03 0.04 15-Jul-2024 78.01 63.37 LU0252965594
D4 GBP 57.34 0.04 0.07 15-Jul-2024 60.75 49.98 LU0827883017
D2 JPY 12,913.00 -2.00 -0.02 15-Jul-2024 12,915.00 9,899.00 LU0496417709
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Hiroki Takayama
Hiroki Takayama

Documents

Documents