BGF Global Allocation Fund

Multi Asset

BGF Global Allocation Fund

  • NAV as of 29-May-20 USD 45.41
    52 WK: 37.29 - 47.76
  • 1 Day NAV Change as of 29-May-20 -0.05 (-0.11%)

Overview

Investment Approach

The Global Allocation Fund seeks to maximise total return. The Fund invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions the Fund will invest at least 70% of its total assets in the securities of corporate and governmental issuers. The Fund generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The Fund may also invest in the equity securities of small and emerging growth companies. The Fund may also invest a portion of its debt portfolio in high yield fixed income transferable securities. Currency exposure is flexibly managed.

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.

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.
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Performance

Performance

  • Returns

  From
31-Mar-2015
To
31-Mar-2016		 From
31-Mar-2016
To
31-Mar-2017		 From
31-Mar-2017
To
31-Mar-2018		 From
31-Mar-2018
To
31-Mar-2019		 From
31-Mar-2019
To
31-Mar-2020
Total Return (%) Total return is expressed as the percentage change of an investment over a certain timeframe. It includes the net income earned by the investment in terms of dividends or interest along with any change in the capital value of the investment.

as of 31-Mar-20

-5.97 6.83 5.56 -2.20 -5.48
Benchmark (%) Index: 36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

as of 31-Mar-20

0.87 7.91 10.72 2.92 -3.16

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

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

Chart

Performance chart data not available for display.
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Share Class and Benchmark performance displayed in USD. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested. Source: BlackRock. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.

Reinvestments

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution

Key Facts

Key Facts

Number of Issuers 736
Size of Fund (Millions) as of 29-May-20 USD 13,095.378
12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. -
Base Currency USD
Fund Launch Date 03-Jan-97
Series Currency USD
Inception Date 24-Nov-03
Asset Class Multi Asset
Morningstar Category USD Moderate Allocation
Benchmark Index 36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures Ongoing Charges Figure (OCF)- this is a measure of the total costs associated with managing and operating an investment fund. These costs consist primarily of management fees and other expenses such as trustee, custody, transaction and registration fees and other operating expenses. The total cost for the fund is divided by the fund’s total assets and expressed as a percentage which represents the OCF. 3.02%
ISIN LU0147395726
Bloomberg Ticker MGLOACA
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL 7506653
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, material sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI Fund Ratings and, unless otherwise stated in Fund documentation and included within a Fund’s investment objective, ESG integration does not change a Fund’s investment objective or constrain the Investment Manager’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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) The MSCI ESG Rating is calculated as a direct mapping of ESG Quality Scores to letter rating categories (e.g. AAA = 8.6-10). The ESG Ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC). For further details regarding MSCI's methodology, see footnote 1 at the bottom of the page. as of 01-May-20 A
MSCI ESG Quality Score (0-10) The MSCI ESG Quality Score (0 - 10) for funds is calculated using the weighted average of the ESG scores of fund holdings. The Score also considers ESG Rating trend of holdings and the fund exposure to holdings in the laggard category. MSCI rates underlying holdings according to their exposure to 37 industry specific ESG risks and their ability to manage those risks relative to peers. For further details regarding MSCI's methodology, see footnote 1 at the bottom of the page. as of 01-May-20 6.16
MSCI ESG Quality Score - Peer Percentile The fund’s ESG Percentile compared to its Lipper peer group. as of 01-May-20 74.00
MSCI ESG % Coverage Percentage of a fund's holdings that have MSCI ESG ratings data. For further details regarding MSCI’s methodology, see footnote 1 at the bottom of the page. as of 01-May-20 93.08
Fund Lipper Global Classification The fund peer group as defined by the Lipper Global Classification. as of 01-May-20 Mixed Asset USD Bal - Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) The MSCI Weighted Average Carbon Intensity measures a fund's exposure to carbon intensive companies. This figure represents the estimated greenhouse gas emissions per $1 million in sales across the fund’s holdings. This allows for comparisons between funds of different sizes. For further details regarding MSCI's methodology, see footnote 2 at the bottom of the page. as of 01-May-20 188.74
Funds in Peer Group The number of funds from the relevant Lipper Global Classification peer group that are also in ESG coverage as of 01-May-20 50
All data is from MSCI ESG Fund Ratings as of 01-May-20, based on holdings as of 31-Oct-19. As such, the funds sustainable characteristics may differ from MSCI ESG ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s underlying holdings (excluding cash positions) must be covered by MSCI ESG Research, the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

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.


Transparency on Business Involvement metrics is not indicative of a fund’s investment objective, and, unless otherwise stated in Fund documentation and included within a Fund’s investment objective, ESG integration does not change a Fund’s investment objective or constrain the Investment Manager’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 Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as having controversial weapons involvement including Cluster Munitions, Landmines, Depleted Uranium, Biological & Chemical, and non detectable fragments. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page. as of 30-Apr-20 0.09%
MSCI - UN Global Compact Violators Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as failing to comply with the United Nations Global Compact Principles. For further details regarding MSCI’s methodology, see footnote 5 at the bottom of the page. For further details regarding MSCI’s methodology, see footnote 5 at the bottom of the page. as of 30-Apr-20 0.72%
MSCI - Nuclear Weapons Percentage sum of issuers within the fund that have been identified by MSCI ESG research as manufacturing nuclear weapons. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page. as of 30-Apr-20 0.12%
MSCI - Thermal Coal Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as earning >5% of total revenue from thermal coal production or power generation. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page. as of 30-Apr-20 0.03%
MSCI - Civilian Firearms Percentage sum of issuers within the fund that have been identified as producing firearms and small arms ammunitions for civilian markets. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page. as of 30-Apr-20 0.00%
MSCI - Oil Sands Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as earning >5% of total revenue from Oil Sands production. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page. as of 30-Apr-20 0.00%
MSCI - Tobacco Percentage sum of issuers within the fund that have been identified by MSCI ESG Research as producing tobacco products. For further details regarding MSCI’s methodology, see footnote 4 at the bottom of the page. as of 30-Apr-20 0.02%

Business Involvement metrics are calculated using MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this research 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.

Risk Indicator

Risk Indicator

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

Ratings

Holdings

Holdings

as of 30-Apr-20
Name Weight (%)
MICROSOFT CORP 1.97
AMAZON COM INC 1.92
APPLE INC 1.71
ALPHABET INC CLASS C 1.57
SPDR S&P ETF TRUST 1.30
Name Weight (%)
UNITEDHEALTH GROUP INC 1.09
CHARTER COMMUNICATIONS INC CLASS A 0.85
COMCAST CORP CLASS A 0.83
SIEMENS N AG 0.78
MASTERCARD INC CLASS A 0.77
as of 30-Apr-20
Name Weight (%)
TREASURY NOTE 1.75 11/15/2029 2.70
TREASURY (CPI) NOTE 0.5 04/15/2024 1.83
TREASURY (CPI) NOTE 0.125 10/15/2024 1.44
WI TREASURY (CPI) NOTE 0.125 04/15/2025 1.35
TREASURY BOND 2.375 11/15/2049 1.27
Name Weight (%)
JAPAN (GOVERNMENT OF) 30YR #64 0.4 09/20/2049 1.02
FNMA 30YR 0.95
ITALY (REPUBLIC OF) 1.35 04/01/2030 0.77
AUSTRALIA (COMMONWEALTH OF) 3 03/21/2047 0.76
SPAIN (KINGDOM OF) 0.6 10/31/2029 0.70
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Apr-20

% of Net Assets

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Apr-20

% of Net Assets

Type Fund Benchmark Net
as of 30-Apr-20

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-20

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-20

% 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.

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
Class C2 USD None 45.41 -0.05 -0.11 47.76 37.29 - LU0147395726 - -
Class A4 EUR Annual 52.14 -0.44 -0.84 56.31 43.99 - LU0408221512 - -
Class D2 Hedged AUD None 18.44 -0.02 -0.11 19.60 15.16 - LU0827880187 - -
Class X2 EUR None 66.41 -0.55 -0.82 71.38 55.85 - LU0984173384 - -
Class E2 USD None 54.47 -0.06 -0.11 57.18 44.68 - LU0147396450 - -
Class A2 Hedged CHF None 12.01 -0.01 -0.08 12.69 9.88 - LU0343169966 - -
Class E2 EUR None 48.99 -0.41 -0.83 52.97 41.36 - LU0171283533 - -
Class I2 EUR None 58.84 -0.50 -0.84 63.38 49.55 - LU1653088838 - -
Class A2 Hedged AUD None 17.41 -0.02 -0.11 18.55 14.33 - LU0468326631 - -
Class D2 Hedged CHF None 12.73 -0.02 -0.16 13.42 10.46 - LU0827880260 - -
Class A2 HUF None 18,683.00 -200.62 -1.06 19,485.35 15,897.45 - LU0566074125 - -
Class E2 Hedged PLN None 16.16 -0.02 -0.12 17.11 13.29 - LU0530192003 - -
Class C2 Hedged EUR None 28.04 -0.03 -0.11 29.75 23.12 - LU0212926058 - -
Class X2 Hedged EUR None 11.66 -0.01 -0.09 12.26 9.56 - LU0260352280 - -
Class X4 USD Annual 12.97 -0.02 -0.15 13.53 10.60 - LU0953392981 - -
Class D2 EUR None 58.92 -0.49 -0.82 63.50 49.64 - LU0523293024 - -
Class C2 EUR None 40.84 -0.34 -0.83 44.25 34.53 - LU0331284793 - -
Class D4 EUR Annual 52.49 -0.44 -0.83 56.57 44.22 - LU0827880005 - -
Class D2 Hedged SGD None 14.81 -0.01 -0.07 15.61 12.15 - LU0827880690 - -
Class D2 Hedged GBP None 31.89 -0.03 -0.09 33.73 26.19 - LU0827880344 - -
Class X2 Hedged AUD None 20.59 -0.02 -0.10 21.82 16.89 - LU0525289509 - -
Class A2 Hedged PLN None 16.96 -0.01 -0.06 17.92 13.93 - LU0480534592 - -
Class E2 Hedged EUR None 35.02 -0.04 -0.11 37.08 28.84 - LU0212926132 - -
Class D2 Hedged PLN None 17.96 -0.02 -0.11 18.95 14.73 - LU0827880427 - -
Class D4 Hedged EUR Annual 34.41 -0.03 -0.09 36.29 28.27 - LU0827880773 - -
Class A2 Hedged HKD None 14.23 -0.01 -0.07 14.93 11.65 - LU0788109477 - -
Class I2 Hedged SGD None 14.89 -0.01 -0.07 15.69 12.21 - LU0810842038 - -
Class X2 Hedged JPY None 1,154.00 -1.00 -0.09 1,207.00 946.00 - LU1445720094 - -
Class A4 USD Annual 57.98 -0.06 -0.10 60.78 47.51 - LU0724617625 - -
Class I2 USD None 65.43 -0.07 -0.11 68.40 53.52 - LU0368249560 - -
Class AI2 EUR - 10.70 -0.09 -0.83 11.55 9.02 - LU1960222104 - -
Class A2 Hedged CNH None 135.55 -0.15 -0.11 141.91 110.83 - LU1062906877 - -
Class J2 USD None 74.33 -0.07 -0.09 77.54 60.72 - LU0304953069 - -
Class A2 EUR None 53.63 -0.45 -0.83 57.92 45.24 - LU0171283459 - -
Class A2 Hedged EUR None 36.80 -0.04 -0.11 38.90 30.28 - LU0212925753 - -
Class A2 USD None 59.64 -0.06 -0.10 62.51 48.87 - LU0072462426 - -
Class D4 GBP None 47.26 -0.30 -0.63 47.56 40.98 - LU1852330908 - -
Class D2 Hedged EUR None 40.43 -0.04 -0.10 42.65 33.22 - LU0329591480 - -
Class A4 Hedged EUR Annual 34.19 -0.04 -0.12 36.15 28.13 - LU0240613025 - -
Class X2 USD None 73.84 -0.07 -0.09 77.03 60.32 - LU0328507826 - -
Class A2 Hedged GBP None 30.13 -0.03 -0.10 31.93 24.78 - LU0236177068 - -
Class I2 Hedged EUR None 39.98 -0.04 -0.10 42.14 32.83 - LU0368231949 - -
Class AI2 Hedged EUR - 10.24 -0.01 -0.10 10.82 8.42 - LU1960222286 - -
Class D2 USD None 65.52 -0.06 -0.09 68.53 53.61 - LU0329592538 - -
Class A2 Hedged SGD None 13.90 -0.02 -0.14 14.69 11.43 - LU0308772762 - -

Portfolio Managers

Portfolio Managers

Rick Rieder
Rick Rieder
David Clayton
David Clayton
Russ Koesterich
Russ Koesterich

Literature

Literature