Equity

BSF Americas Diversified Equity Absolute Return Fund

  • NAV as of 09-Jun-23 EUR 132.90
    52 WK: 125.08 - 137.72
  • 1 Day NAV Change as of 09-Jun-23 0.24 (0.18%)
  • Morningstar Rating

Overview

Investment Approach


The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.

The Fund seeks to gain at least 70% of any investment exposure to equity securities (e.g. shares) of companies incorporated or listed in the United States, Canada and Latin America. This is achieved by investing at least 70% of its assets in equity securities, other equity-related securities and, when determined appropriate fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.

The equity-related securities include financial derivative instruments (FDIs) (i.e. investments whose prices are based on one or more underlying assets). A significant portion of the Fund’s assets may be invested in contracts for difference.

Important Information: 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 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 Funds. Investors in this fund should understand that the Fund is not guaranteed to produce a positive return and as an absolute return product, performance may not move in line with general stock market trends as both positive and negative share movements affect the overall value of the fund. The Manager employs a risk management process to oversee and manage derivative exposure within 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.

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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Share Class performance displayed in  Euro. Performance is show on a net asset value basis, with gross income reinvested.

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

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -1.0 3.9 9.4 -1.9 3.7 -1.6 -0.3 -3.8 8.5 3.4
Comparator Benchmark 1 (%) 0.3 0.2 0.2 0.7 1.1 2.1 2.6 1.1 0.2 2.0

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

  1y 3y 5y 10y Incept.
Total Return (%) -0.53 0.53 -0.27 1.94 2.32
Comparator Benchmark 1 (%) 3.86 1.46 1.85 1.23 1.14
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) -2.92 -2.70 -5.22 -2.66 -0.53 1.61 -1.36 21.16 29.52
Comparator Benchmark 1 (%) 2.08 0.46 1.30 2.47 3.86 4.46 9.60 13.06 13.67
  From
31-Mar-2018
To
31-Mar-2019		 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
Total Return (%)

as of 31-Mar-23

-3.31 -1.46 -1.77 8.02 5.29
Comparator Benchmark 1 (%)

as of 31-Mar-23

2.48 2.38 0.64 0.20 3.09

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 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 09-Jun-23 USD 697,624,695
Inception Date 17-Feb-12
Fund Launch Date 17-Feb-12
Share Class Currency EUR
Base Currency USD
Asset Class Equity
Comparator Benchmark 1 3 Month SOFR Compounded in Arrears plus 26.1 basis point spread
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.50%
Annual Management Fee 1.46%
Performance Fee 20.00%
Minimum Initial Investment EUR 100,000.00
Minimum Subsequent Investment EUR 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Equity Market Neutral EUR
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSADD2E
ISIN LU0725892383
SEDOL B70B937

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-May-23 3515
Standard Deviation (3y) as of 31-May-23 5.36%
3y Beta as of 31-May-23 -0.873
P/E Ratio as of 31-May-23 -8.40
P/B Ratio as of 31-May-23 0.67

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in the research and decision phases of the investment process. This may include relevant, internal ESG research which along with multiple other research insights, informs active portfolio weighting versus a reference benchmark (or weighting implemented to achieve an absolute return outcome, if applicable). The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. 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.

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 BSF Americas Diversified Equity Absolute Return Fund, Class D2 Hedged, as of 31-May-23 rated against 220 Equity Market Neutral EUR Funds.

Holdings

Holdings

as of 31-May-23
Name Weight (%)
PEPSICO INC 2.72
DTE ENERGY COMPANY 2.48
PPL CORPORATION 2.33
ELEVANCE HEALTH INC 2.13
BOSTON SCIENTIFIC CORPORATION 1.87
Name Weight (%)
NEW JERSEY RESOURCES CORPORATION 1.86
METLIFE INC 1.85
CINTAS CORPORATION 1.82
PORTLAND GENERAL ELECTRIC COMP 1.67
IDACORP INC 1.58
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-23

% of Market Value

Type Fund
as of 31-May-23

% of Market Value

Type Fund
as of 31-May-23

% of Market Value

Type Fund
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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class D2 Hedged EUR None 132.90 0.24 0.18 09-Jun-23 137.72 125.08 LU0725892383 -
Class A2 USD None 146.45 0.27 0.18 09-Jun-23 151.29 135.53 LU0725887540 -
Class A2 Hedged EUR None 127.49 0.25 0.20 09-Jun-23 132.37 119.92 LU0725892466 -
Class I2 Hedged JPY - 10,443.87 18.04 0.17 09-Jun-23 10,895.32 9,933.42 LU1791183780 -
Class E2 Hedged EUR None 101.04 0.20 0.20 09-Jun-23 105.45 95.39 LU1266592614 -
Class I2 Hedged EUR None 109.46 0.22 0.20 09-Jun-23 113.26 102.54 LU1323999489 -
Class I2 Hedged SEK - 102.90 0.18 0.18 09-Jun-23 106.41 96.04 LU1873114208 -
Class D2 USD None 126.85 0.23 0.18 09-Jun-23 130.93 117.05 LU1238068321 -
Class X2 USD None 186.58 0.39 0.21 09-Jun-23 193.70 169.92 LU0849781678 -
Class A2 Hedged SEK None 131.04 0.25 0.19 09-Jun-23 136.07 123.05 LU0765562458 -
Class A2 AUD None 219.03 -0.54 -0.25 09-Jun-23 230.41 192.78 LU0840974975 -
Class A2 EUR - 114.20 0.20 0.18 09-Jun-23 124.07 110.16 LU1991022069 -
Class A2 GBP None 184.82 -0.47 -0.25 09-Jun-23 207.43 176.56 LU0784324112 -
Class D2 Hedged CHF None 106.80 0.19 0.18 09-Jun-23 111.12 100.89 LU1238068594 -
Class I2 USD None 121.18 0.22 0.18 09-Jun-23 125.03 111.58 LU1653088168 -
Class D2 Hedged GBP None 120.75 0.19 0.16 09-Jun-23 125.29 112.67 LU1246651910 -

Portfolio Managers

Portfolio Managers

Raffaele Savi
Raffaele Savi
Travis Cooke
Travis Cooke

PRIIPs Performance Scenarios

PRIIPs Performance Scenarios

The EU Packaged Retail and Insurance-Based Products Regulation (PRIIPs) prescribes the calculation methodology, and publication of the outcomes, of four hypothetical performance scenarios regarding how the product may perform under certain conditions and for such to be published on a monthly basis. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
Recommended holding period : 5 years
Example Investment EUR 10,000.00
Scenario
If you exit after 1 year
If you exit after 5 years

Minimum

There is no minimum guaranteed return. You could lose some or all of your investment.

Stress

What you might get back after costs
Average return each year
8,340 EUR
-16.6%
7,090 EUR
-6.7%

Unfavourable

What you might get back after costs
Average return each year
8,960 EUR
-10.4%
8,980 EUR
-2.1%

Moderate

What you might get back after costs
Average return each year
9,680 EUR
-3.2%
9,960 EUR
-0.1%

Favourable

What you might get back after costs
Average return each year
10,610 EUR
6.1%
11,820 EUR
3.4%

The stress scenario shows what you might get back in extreme market circumstances.



Literature

Literature