Multi Asset

BGF Global Allocation Fund

Overview

Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

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

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Key Facts

Key Facts

Net Assets of Fund as of 18-Mar-2024 USD 15,021,853,138
Share Class launch date 03-Jan-1997
Fund Launch Date 03-Jan-1997
Share Class Currency USD
Fund Base Currency USD
Asset Class Multi Asset
Constraint Benchmark 1 36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI
Comparator Benchmark 2 FTSE World Index
Comparator Benchmark 3 FTSE World Government Bond Index (USD)
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.76%
ISIN LU0072462426
Annual Management Fee 1.50%
Performance Fee 0.00%
Minimum Initial Investment USD 5,000.00
Minimum Subsequent Investment USD 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Moderate Allocation
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MERGAAI
SEDOL 5301377

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 29-Feb-2024 1167
3y Beta as of 29-Feb-2024 0.876
P/E Ratio 18.17
Average Market Cap (Millions) as of 29-Feb-2024 USD 463,947.59
Effective Duration as of 29-Feb-2024 1.67
Effective Duration Fixed Income as of 29-Feb-2024 5.97
Effective Duration Fixed Income and Cash as of 29-Feb-2024 4.22

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-Feb-2024 A
MSCI ESG % Coverage as of 21-Feb-2024 89.23
MSCI ESG Quality Score (0-10) as of 21-Feb-2024 6.60
MSCI ESG Quality Score - Peer Percentile as of 21-Feb-2024 65.90
Fund Lipper Global Classification as of 21-Feb-2024 Mixed Asset USD Bal - Global
Funds in Peer Group as of 21-Feb-2024 261
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Feb-2024 122.82
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Feb-2024 62.77
All data is from MSCI ESG Fund Ratings as of 21-Feb-2024, based on holdings as of 30-Sept-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 29-Feb-2024 0.03%
MSCI - UN Global Compact Violators as of 29-Feb-2024 0.41%
MSCI - Nuclear Weapons as of 29-Feb-2024 0.03%
MSCI - Thermal Coal as of 29-Feb-2024 0.31%
MSCI - Civilian Firearms as of 29-Feb-2024 0.00%
MSCI - Oil Sands as of 29-Feb-2024 0.37%
MSCI - Tobacco as of 29-Feb-2024 0.03%

Business Involvement Coverage as of 29-Feb-2024 70.61%
Percentage of Fund not covered as of 29-Feb-2024 29.39%
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 0.69% and for Oil Sands 2.43%.

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 Global Allocation Investment Team believes that a company's ability to manage material environmental, social and governance (ESG) issues may be relevant to the company's ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of the investment process. The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team's ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. 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.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF Global Allocation Fund, Class A2, as of 29-Feb-2024 rated against 1046 USD Moderate Allocation Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective 01-May-2023)

Holdings

Holdings

as of 29-Feb-2024
Name Weight (%)
MICROSOFT CORP 2.92
AMAZON COM INC 1.84
NVIDIA CORP 1.54
APPLE INC 1.52
ALPHABET INC CLASS C 1.18
Name Weight (%)
ASML HOLDING NV 1.01
BAE SYSTEMS PLC 0.98
JPMORGAN CHASE & CO 0.95
MASTERCARD INC CLASS A 0.91
BOSTON SCIENTIFIC CORP 0.64
as of 29-Feb-2024
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 2.3 02/15/2033 1.93
TREASURY NOTE 4.125 07/31/2028 1.29
UK CONV GILT 1.25 07/22/2027 1.25
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.16
GERMANY (FEDERAL REPUBLIC OF) 1.7 08/15/2032 1.11
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.98
UMBS 30YR TBA 0.81
TREASURY NOTE 4 06/30/2028 0.80
TREASURY NOTE 4.875 10/31/2028 0.65
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2024 0.53
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Feb-2024

% of Net Assets

Type Fund Benchmark Net
Allocations subject to change.
as of 29-Feb-2024

% of Net Assets

Type Fund Benchmark Net
as of 29-Feb-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Feb-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Feb-2024

% of Net Assets

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.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A2 USD 75.85 0.22 0.29 18-Mar-2024 76.45 65.03 LU0072462426

Portfolio Managers

Portfolio Managers

Rick Rieder
Managing Director, CIO of Global Fixed Income

  

David Clayton
Managing Director

David Clayton, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and Head of Fundamental Security Selection.

Russ Koesterich
Managing Director

Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios.

Literature

Literature