Real Estate

BlackRock World Real Estate Securities 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 the real estate sector and the United States market. This may result in greater volatility than a more diverse portfolio of investments. The Fund’s value and performance may be adversely affected since investing in real estate securities is not equivalent to investing directly in real estate, which may be more heavily dependent on the general performance of stock markets than the general performance of the real estate sector.
•The Fund is subject to currency risk, securities lending counterparty risk and currency conversion risk including Renminbi denominated Classes.
Class 6 Shares and Class 10 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Class 8 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion and include interest rate differentials arising from share class currency hedging. Negative interest rate differentials may decrease the dividends paid. 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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Distributions

Ex-Date Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 11.37 -7.43 23.62 -3.57 26.81 -29.79 11.83
Benchmark (%) 10.36 -5.63 21.91 -9.04 26.09 -25.09 9.68

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

  1y 3y 5y 10y Incept.
7.69 -6.70 -0.31 - 1.81
Benchmark (%) 7.31 -4.63 -0.45 - 1.59
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-5.31 1.76 -0.86 4.76 7.69 -18.78 -1.56 - 14.64
Benchmark (%) -4.03 3.41 0.59 5.05 7.31 -13.25 -2.22 - 12.80
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.

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 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 21-Jun-2024
USD 134,954,433
Fund Inception
25-Feb-2013
Fund Base Currency
USD
Benchmark
FTSE EPRA Nareit Developed Index (Net) in USD (USD)
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
1.50%
Minimum Initial Investment
USD 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Property - Indirect Global
Dealing Frequency
Daily, forward pricing basis
SEDOL
BD60FC1
Share Class Inception Date
19-Oct-2016
Share Class Currency
USD
Asset Class
Real Estate
SFDR Classification
Other
ISIN
LU1499592464
Performance Fee
0.00%
Minimum Subsequent Investment
-
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGREA6U
SFC-authorised ESG fund
No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-May-2024
67
Standard Deviation (3y)
as of 31-May-2024
19.64%
P/CF Ratio
as of 31-May-2024
14.11
12M Trailing Distribution
as of 31-May-2024
3.57%
3y Beta
as of 31-May-2024
0.967
P/B Ratio
as of 31-May-2024
1.33

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 19-May-2024
A
MSCI ESG Quality Score (0-10)
as of 19-May-2024
6.11
Fund Lipper Global Classification
as of 19-May-2024
Equity Sector Real Est Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
81.22
MSCI ESG % Coverage
as of 19-May-2024
99.10
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
45.29
Funds in Peer Group
as of 19-May-2024
382
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
98.48
All data is from MSCI ESG Fund Ratings as of 19-May-2024, based on holdings as of 31-Dec-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-May-2024
0.00%
MSCI - Nuclear Weapons
as of 31-May-2024
0.00%
MSCI - Civilian Firearms
as of 31-May-2024
0.00%
MSCI - Tobacco
as of 31-May-2024
0.00%
MSCI - UN Global Compact Violators
as of 31-May-2024
0.00%
MSCI - Thermal Coal
as of 31-May-2024
0.00%
MSCI - Oil Sands
as of 31-May-2024
0.00%

Business Involvement Coverage
as of 31-May-2024
99.52%
Percentage of Fund not covered
as of 31-May-2024
0.47%
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 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 the initial screening, sourcing and due diligence phases of the investment process. This may include the use of internal ESG due diligence templates to identify, analyze and document key ESG risks, and the use of thematic environmental, social and governance information sourced from both primary sources and third-party data providers, where available. Where appropriate, identified material ESG risks are included in Investment Committee materials and discussed at relevant Investment Committee meetings. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Ratings

Ratings

Morningstar Rating

3 stars
As of 31-May-2024

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Effective 30-Apr-2024
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-May-2024
Name Weight (%)
EQUINIX REIT INC 6.13
PROLOGIS REIT INC 5.00
WELLTOWER INC 4.61
EXTRA SPACE STORAGE REIT INC 3.39
AVALONBAY COMMUNITIES REIT INC 3.14
Name Weight (%)
VICI PPTYS INC 2.87
AGREE REALTY REIT CORP 2.73
LINK REAL ESTATE INVESTMENT TRUST 2.51
REGENCY CENTERS REIT CORP 2.48
VONOVIA SE 2.36
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-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 31-May-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
A6 USD 9.03 -0.04 -0.44 21-Jun-2024 9.77 7.92 LU1499592464
A6 Hedged SGD 9.13 -0.04 -0.44 21-Jun-2024 9.96 8.11 LU2190626643
D2 USD 12.24 -0.05 -0.41 21-Jun-2024 12.96 10.44 LU0842063264
A6 Hedged HKD 93.37 -0.42 -0.45 21-Jun-2024 101.44 82.32 LU2190626999
Class X2 EUR 12.74 0.00 0.00 21-Jun-2024 13.01 12.21 LU2781074187
D2 Hedged CHF 9.39 -0.04 -0.42 21-Jun-2024 10.14 8.25 LU1791183350
A2 USD 14.52 -0.07 -0.48 21-Jun-2024 15.43 12.44 LU0842063009
A8 Hedged CNH 89.97 -0.40 -0.44 21-Jun-2024 97.11 78.87 LU1499592621
D6 USD 9.37 -0.04 -0.43 21-Jun-2024 10.08 8.16 LU2521848999
A10 USD 9.81 -0.05 -0.51 21-Jun-2024 10.83 8.85 LU2533724196
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Raj Rehan
Raj Rehan
James Wilkinson
James Wilkinson
Benjamin Tai
Benjamin Tai

Documents

Documents