Fixed Income

BSF European Select Strategies 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 invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The Fund utilises derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk and volatility. The strategies utilized by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both ‘long’ and ‘synthetic short’ positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Fund. The Fund may be exposed to finance sector companies, as a service provider or as counterparty for financial contracts. Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent. This may have an adverse affect on the activities of the fund.

The value of your investment and the income from it will vary and your initial investment amount is not guaranteed. Overseas investments will be affected by movements in currency exchange rates.

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

Chart

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This chart shows the fund's performance as the percentage loss or gain per year over the last 8 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 1.5 3.8 -4.9 9.9 2.2 2.3 -14.0 7.9
Constraint Benchmark 1 (%) 5.1 3.8 -2.6 10.1 3.2 2.6 -16.0 8.7

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

  1y 3y 5y 10y Incept.
7.96 -0.95 0.19 - 1.20
Constraint Benchmark 1 (%) 8.01 -1.52 0.16 - 1.77
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
3.92 1.76 0.58 3.42 7.96 -2.81 0.93 - 11.68
Constraint Benchmark 1 (%) 4.36 1.53 0.67 3.10 8.01 -4.48 0.79 - 17.71
  From
30-Sept-2019
To
30-Sept-2020
From
30-Sept-2020
To
30-Sept-2021
From
30-Sept-2021
To
30-Sept-2022
From
30-Sept-2022
To
30-Sept-2023
From
30-Sept-2023
To
30-Sept-2024
Total Return (%)

as of 30-Sept-2024

-0.88 3.34 -15.06 4.09 11.34
Constraint Benchmark 1 (%)

as of 30-Sept-2024

-1.02 4.82 -16.51 4.21 11.00

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 EUR, hedged share class benchmark performance is displayed in EUR.

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 10-Dec-2024
EUR 199,523,025
Fund Launch Date
19-Aug-2015
Fund Base Currency
EUR
Constraint Benchmark 1
75% Barclays Pan Euro Agg Bond (Euro Hedged)/25% MSCI Europe (Euro Hedged) (EUR)
Initial Charge
5.00%
Management Fee
1.25%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
B92G GR
Share Class launch date
19-Aug-2015
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Article 8
Ongoing Charges Figures
1.58%
ISIN
LU1271725100
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
EUR Cautious Allocation
Dealing Frequency
Daily, forward pricing basis
SEDOL
BYRFWL0

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
468
3y Beta
as of 30-Nov-2024
0.958
Modified Duration
as of 29-Nov-2024
5.21
Effective Duration
as of 29-Nov-2024
5.15
WAL to Worst
as of 29-Nov-2024
5.80
Standard Deviation (3y)
as of 30-Nov-2024
7.86%
Yield to Maturity
as of 29-Nov-2024
2.47
Weighted Average YTM
as of 29-Nov-2024
2.39
Weighted Avg Maturity
as of 29-Nov-2024
5.80

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-Nov-2024
AA
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
7.31
Fund Lipper Global Classification
as of 21-Nov-2024
Mixed Asset EUR Flex - Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
72.46
MSCI ESG % Coverage
as of 21-Nov-2024
93.85
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
81.21
Funds in Peer Group
as of 21-Nov-2024
1,453
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
61.56
All data is from MSCI ESG Fund Ratings as of 21-Nov-2024, based on holdings as of 31-May-2024. 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-Nov-2024
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.00%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
0.00%
MSCI - Thermal Coal
as of 29-Nov-2024
0.00%
MSCI - Oil Sands
as of 29-Nov-2024
0.00%

Business Involvement Coverage
as of 29-Nov-2024
65.01%
Percentage of Fund not covered
as of 29-Nov-2024
35.02%
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 0.37% and for Oil Sands 0.62%.

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

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
NOVO NORDISK CLASS B 1.14
ENEL 1.05
DEUTSCHE TELEKOM N AG 0.90
COMPAGNIE DE SAINT GOBAIN SA 0.86
SAP 0.82
Name Weight (%)
LONDON STOCK EXCHANGE GROUP PLC 0.80
SCHNEIDER ELECTRIC 0.77
PARTNERS GROUP HOLDING AG 0.77
UNILEVER PLC 0.75
SANOFI SA 0.75
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
Sorry, maturities are not available at this time.
as of 29-Nov-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 A2 EUR 112.53 -0.25 -0.22 10-Dec-2024 112.79 105.15 LU1271725100
Class D2 EUR 118.99 -0.26 -0.22 10-Dec-2024 119.26 110.53 LU1271725365
Class I4 EUR 106.97 -0.24 -0.22 10-Dec-2024 107.22 101.46 LU1271725878
Class D5 Hedged USD 125.00 -0.26 -0.21 10-Dec-2024 125.27 116.99 LU1308276754
Class A4 EUR 108.33 -0.25 -0.23 10-Dec-2024 108.59 102.68 LU1308276598
Class I2 EUR 116.74 -0.26 -0.22 10-Dec-2024 117.01 108.23 LU1461867779

Portfolio Managers

Portfolio Managers

Johan Sjogren
Johan Sjogren
Ervin Beke
Ervin Beke
Joshua Nutman
Joshua Nutman

Literature

Literature