Equity

BGF Japan Small & MidCap Opportunities 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.

Shares in smaller companies typically trade in less volume and experience greater price variations than larger companies. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related or regulatory events. The value of equities and equity-related securities can be affected by daily stock market movements, political factors, economic news, company earnings and significant corporate events. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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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Performance

Performance

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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 2.1 14.5 26.5 26.5 -17.9 21.9 5.2 1.8 -13.4 4.9
Constraint Benchmark 1 (%) 6.4 19.2 27.0 18.4 -11.1 12.8 1.6 -2.0 -2.5 7.1

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

  1y 3y 5y 10y Incept.
14.62 -0.45 3.19 7.70 6.25
Constraint Benchmark 1 (%) 8.01 0.86 2.50 7.99 3.37
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
5.27 -2.92 3.85 12.49 14.62 -1.34 16.98 109.88 840.80
Constraint Benchmark 1 (%) 1.14 -4.03 0.02 7.37 8.01 2.60 13.13 115.60 240.77
  From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
From
31-Mar-2021
To
31-Mar-2022
From
31-Mar-2022
To
31-Mar-2023
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of 31-Mar-2024

-2.56 27.87 -9.61 -5.76 15.76
Constraint Benchmark 1 (%)

as of 31-Mar-2024

-7.24 22.58 -9.79 3.75 11.78

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 GBP, 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 17-May-2024 JPY 29,970,858,280
Share Class launch date 13-May-1987
Fund Launch Date 13-May-1987
Share Class Currency GBP
Fund Base Currency JPY
Asset Class Equity
Constraint Benchmark 1 S&P Japan Mid Small Cap in GBP Performance Index
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charges Figures 1.80%
ISIN LU0204063480
Annual Management Fee 1.50%
Performance Fee 0.00%
Minimum Initial Investment GBP 5,000.00
Minimum Subsequent Investment GBP 1,000.00
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Japan Small/Mid-Cap Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MJOPADS
SEDOL B23P9D1

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 30-Apr-2024 91
12 Month Trailing Dividend Distribution Yield as of 30-Apr-2024 0.25
Standard Deviation (3y) as of 30-Apr-2024 11.26%
3y Beta as of 30-Apr-2024 0.978
P/E Ratio as of 30-Apr-2024 17.73
P/B Ratio as of 30-Apr-2024 1.30

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.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Japan Small & MidCap Opportunities Fund, Class A4, as of 30-Apr-2024 rated against 176 Japan Small/Mid-Cap Equity Funds.

Holdings

Holdings

as of 30-Apr-2024
Name Weight (%)
MITSUBISHI LOGISTICS CORPORATION 1.91
TOHO GAS CO LTD 1.86
KINDEN CORPORATION 1.84
FUKUOKA FINANCIAL GROUP INC 1.77
DAI-DAN CO LTD 1.76
Name Weight (%)
JAPAN METROPOLITAN FUND INVESTMENT CORP 1.66
KAJIMA CORPORATION 1.65
KONOIKE TRANSPORT CO LTD 1.64
TOKYO TATEMONO CO. LTD. 1.58
HOKUHOKU FINANCIAL GROUP INC 1.57
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Apr-2024

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-2024

% of Market Value

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.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A4 GBP 55.73 -0.11 -0.20 17-May-2024 58.72 47.94 LU0204063480
Class I2 Hedged EUR 13.84 0.03 0.22 17-May-2024 14.07 10.13 LU1822774102
Class A10 Hedged USD 11.12 0.02 0.18 17-May-2024 11.36 9.99 LU2728923348
Class A2 USD 70.94 0.01 0.01 17-May-2024 74.28 59.67 LU0006061252
Class A2 EUR 65.35 0.02 0.03 17-May-2024 69.00 55.85 LU0171289068
Class I2 EUR 14.97 0.00 0.00 17-May-2024 15.80 12.68 LU1822774011
Class D2 USD 80.27 0.02 0.02 17-May-2024 83.95 67.20 LU0827883108
Class A2 Hedged USD 23.73 0.05 0.21 17-May-2024 24.12 17.26 LU0931342652
Class D4 GBP 57.69 -0.11 -0.19 17-May-2024 60.75 49.63 LU0827883017
Class D2 EUR 73.94 0.02 0.03 17-May-2024 78.01 62.77 LU0252965594
Class A2 Hedged EUR 70.73 0.14 0.20 17-May-2024 71.91 52.28 LU0255399742
Class D2 Hedged EUR 77.16 0.15 0.19 17-May-2024 78.44 56.63 LU0827883280

Portfolio Managers

Portfolio Managers

Hiroki Takayama
Hiroki Takayama

Literature

Literature