Multi Asset

BlackRock Dynamic High Income Fund

IMPORTANT:
• The Fund follows a dynamic asset allocation strategy and may incur greater transaction costs when rebalanced periodically.The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund may invest in non-investment grade and unrated bonds that may be subject to higher default, volatility and liquidity risks. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks. The Fund's investments in equities could incur significant losses due to higher fluctuation of equity values. The Fund invests in asset/ mortgage backed securities that may be subject to greater credit, liquidity, and interest rate risks and are often exposed to extension and prepayment risks. The Fund's income-generating investment strategy may reduce the potential for capital growth and future income of the Fund. 
• The Fund is subject to risks associated with preference shares , currency risk, emerging market risk, securities lending counterparty risk, currency conversion risk including Renminbi denominated Classes, foreign investments restrictions risk and contingent convertible bonds risk. 
• Class 5(G) Shares pay dividends gross of expenses. Class 6 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 (%) 19.71 5.07 12.62 -18.73 9.98

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

  1y 3y 5y 10y Incept.
9.15 -1.29 2.89 - 3.15
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
3.69 1.48 0.47 3.69 9.15 -3.81 15.32 - 21.98
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 CNH, 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 23-Jul-2024
USD 2,817,076,711
Fund Inception
06-Feb-2018
Fund Base Currency
USD
Benchmark
-
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
1.50%
Minimum Initial Investment
RMB 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Allocation
Dealing Frequency
Daily, forward pricing basis
SEDOL
BYWV0C0
Share Class Inception Date
06-Feb-2018
Share Class Currency
CNH
Asset Class
Multi Asset
SFDR Classification
Other
ISIN
LU1733225004
Performance Fee
0.00%
Minimum Subsequent Investment
RMB 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGDA8CH
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
1861
Standard Deviation (3y)
as of 30-Jun-2024
11.50%
P/E Ratio
as of 28-Jun-2024
17.14
Yield to Maturity
as of 28-Jun-2024
-
Effective Duration
as of 28-Jun-2024
0.87
12M Trailing Distribution
as of 30-Jun-2024
4.84%
3y Beta
as of -
-
P/B Ratio
as of 28-Jun-2024
2.03
Modified Duration
as of 28-Jun-2024
1.29 yrs
Weighted Avg Maturity
as of 28-Jun-2024
1.72

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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-Jun-2024
0.00%
MSCI - Nuclear Weapons
as of 28-Jun-2024
0.14%
MSCI - Civilian Firearms
as of 28-Jun-2024
0.02%
MSCI - Tobacco
as of 28-Jun-2024
0.61%
MSCI - UN Global Compact Violators
as of 28-Jun-2024
0.21%
MSCI - Thermal Coal
as of 28-Jun-2024
0.04%
MSCI - Oil Sands
as of 28-Jun-2024
0.14%

Business Involvement Coverage
as of 28-Jun-2024
71.66%
Percentage of Fund not covered
as of 28-Jun-2024
28.41%
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 0.08% and for Oil Sands 1.72%.

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 and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, societal or governance topics, and from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. Where appropriate, 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 28-Jun-2024
Name Weight (%)
ISH MSCI USA Qty Div ESG UCITS ETF 6.10
ISHARES $ HIGH YIELD CRP BND ETF $ 1.64
MSFT SOCIETE GENERALE SA 9.267/24/2024 1.60
AAPL WELLS FARGO & COMPANY 11.537/30/2024 1.05
AMZN BNP PARIBAS SA 15.378/1/2024 0.98
Name Weight (%)
GOOGL SOCIETE GENERALE SA 14.317/24/2024 0.85
TAIWAN SEMICONDUCTOR MANUFACTURING 0.67
ISHARES CORE S&P 500 UCITS ETF (DI 0.65
MICROSOFT CORP 0.62
NVDA JP MORGAN STRUCTURED PRODUCTS BV 19.137/11/2024 0.58
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

Sorry, sectors are not available at this time.
Sorry, markets/regions are not available at this time.
as of 28-Jun-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 28-Jun-2024

% of Weight

Type Fund Benchmark Net
Allocations subject to change. Due to rounding, the total may not be equal to 100%.
Sorry, maturities are not available at this time.
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
A8 Hedged CNH 77.82 0.11 0.14 23-Jul-2024 78.35 69.36 LU1733225004
A6 Hedged SGD 7.42 0.01 0.13 23-Jul-2024 7.47 6.70 LU1564329461
D2 USD 13.04 0.02 0.15 23-Jul-2024 13.12 10.94 LU1564329206
A8 Hedged AUD 7.59 0.01 0.13 23-Jul-2024 7.64 6.76 LU1564329545
D6 USD 8.41 0.02 0.24 23-Jul-2024 8.46 7.42 LU1564329388
A6 Hedged EUR 6.78 0.02 0.30 23-Jul-2024 6.82 6.11 LU1706154686
A6 Hedged CAD 7.69 0.01 0.13 23-Jul-2024 7.74 6.88 LU1811366001
A6 Hedged GBP 7.20 0.01 0.14 23-Jul-2024 7.24 6.44 LU1733224965
D2 EUR 12.02 0.06 0.50 23-Jul-2024 12.04 10.31 LU1811365615
D2 Hedged EUR 11.31 0.02 0.18 23-Jul-2024 11.38 9.62 LU1811365888
A6 Hedged CHF 10.25 0.01 0.10 23-Jul-2024 10.38 9.40 LU2655523319
A6 Hedged HKD 75.99 0.13 0.17 23-Jul-2024 76.47 68.16 LU1697837992
A8 Hedged EUR 8.61 0.01 0.12 23-Jul-2024 8.67 7.59 LU2127174873
A8 Hedged NZD 8.02 0.01 0.12 23-Jul-2024 8.07 7.12 LU1811365961
A2 Hedged CHF 10.21 0.01 0.10 23-Jul-2024 10.28 8.88 LU1800012988
A6 USD 7.97 0.02 0.25 23-Jul-2024 8.02 7.08 LU1564329115
A6 Hedged JPY 1,012.00 1.00 0.10 23-Jul-2024 1,029.00 939.00 LU2655523236
A2 Hedged SGD 11.61 0.02 0.17 23-Jul-2024 11.69 9.93 LU1564329628
D5 Hedged GBP 8.51 0.02 0.24 23-Jul-2024 8.56 7.55 LU1940842427
A2 USD 12.42 0.02 0.16 23-Jul-2024 12.50 10.47 LU1564329032
D2 Hedged CHF 10.70 0.01 0.09 23-Jul-2024 10.78 9.25 LU1800013010
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Justin Christofel, CFA, CAIA
Managing Director

  

Alex Shingler, CFA
Managing Director

  

Documents

Documents