Equity

BSF European Absolute Return Fund

  • NAV as of 03-Oct-23 EUR 150.79
    52 WK: 146.38 - 155.15
  • 1 Day NAV Change as of 03-Oct-23 0.88 (0.59%)
  • Morningstar Rating

Overview

Investment Approach


The investment strategy of the Fund is deemed by the Directors of the Fund to be capacity constrained. Buying Shares in the Fund (or converting shares from another fund) is capped at a daily limit of EUR 10 million (or the equivalent thereof) per investor until further notice except at the discretion of the Directors of the Fund (you can still sell your Shares daily without limit).

The Fund aims to achieve positive absolute returns 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 market exposure to equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe. 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.

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.

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

Performance chart data not available for display.
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Distributions

This product does not have any distributions data as of now.
Ex-Date Total Distribution

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 (%) 3.7 0.5 7.6 -7.8 2.9 3.7 0.6 8.7 8.3 -4.8
Comparator Benchmark 1 (%) 0.2 0.2 0.0 -0.3 -0.4 -0.4 -0.4 -0.4 -0.6 0.3

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 (%) -1.46 0.85 2.58 2.02 2.81
Comparator Benchmark 1 (%) 2.65 0.57 0.18 0.02 0.26
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 0.07 1.25 -2.49 0.69 -1.46 2.57 13.59 22.14 49.12
Comparator Benchmark 1 (%) 2.11 0.32 0.91 1.70 2.65 1.71 0.93 0.25 3.77
  From
30-Jun-2018
To
30-Jun-2019		 From
30-Jun-2019
To
30-Jun-2020		 From
30-Jun-2020
To
30-Jun-2021		 From
30-Jun-2021
To
30-Jun-2022		 From
30-Jun-2022
To
30-Jun-2023
Total Return (%)

as of 30-Jun-23

4.73 5.31 1.99 3.78 -0.04
Comparator Benchmark 1 (%)

as of 30-Jun-23

-0.35 -0.40 -0.53 -0.51 2.05

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 03-Oct-23 EUR 1,029,813,180
Inception Date 27-Feb-09
Fund Launch Date 27-Feb-09
Share Class Currency EUR
Base Currency EUR
Asset Class Equity
Comparator Benchmark 1 3 Month Euribor (Industry Standard) Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.87%
ISIN LU0414668557
Annual Management Fee 1.50%
Performance Fee 20.00%
Minimum Initial Investment EUR 5,000.00
Minimum Subsequent Investment EUR 1,000.00
Distribution Frequency Annual
Use of Income Distributing
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 BLEUAD4
SEDOL B595DS9

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Aug-23 75
12 Month Trailing Dividend Distribution Yield as of - -
Standard Deviation (3y) as of 31-Aug-23 6.53%
3y Beta as of 31-Aug-23 -1.019
P/E Ratio as of 31-Aug-23 115.90
P/B Ratio as of 31-Aug-23 -1.57

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 31-Aug-23 0.00%
MSCI - UN Global Compact Violators as of 31-Aug-23 0.00%
MSCI - Nuclear Weapons as of 31-Aug-23 0.00%
MSCI - Thermal Coal as of 31-Aug-23 0.00%
MSCI - Civilian Firearms as of 31-Aug-23 0.00%
MSCI - Oil Sands as of 31-Aug-23 0.00%
MSCI - Tobacco as of 31-Aug-23 0.00%
Business Involvement Coverage as of 31-Aug-23 71.95%
Percentage of Fund not covered as of 31-Aug-23 28.03%
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 0.00% and for Oil Sands 0.00%.

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 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 BSF European Absolute Return Fund, Class A4, as of 30-Sep-23 rated against 214 Equity Market Neutral EUR Funds.

Holdings

Holdings

as of 31-Aug-23
Name Weight (%)
NOVO NORDISK A/S 3.34
LINDE PLC 3.00
RELX PLC 2.94
ROYAL UNIBREW A/S 2.59
LVMH MOET HENNESSY LOUIS VUITTON SE 2.44
Name Weight (%)
IMCD NV 2.14
ASML HOLDING NV 2.08
BEIERSDORF AG 2.08
DSV A/S 2.06
MTU AERO ENGINES AG 2.00
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-23

% of Market Value

Type Fund
as of 31-Aug-23

% of Market Value

Type Fund
as of 31-Aug-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
Class A4 EUR Annual 150.79 0.88 0.59 03-Oct-23 155.15 146.38 LU0414668557
Class I2 EUR None 163.96 0.96 0.59 03-Oct-23 167.57 158.70 LU0776931064
Class I2 Hedged GBP - 102.94 0.50 0.49 03-Oct-23 102.94 100.00 LU2641749960
Class S2 EUR - 114.13 0.67 0.59 03-Oct-23 116.63 110.45 LU1706559587
Class D2 Hedged GBP None 174.34 1.04 0.60 03-Oct-23 176.14 167.58 LU0802637750
Class D4 EUR Annual 156.91 0.92 0.59 03-Oct-23 160.76 152.18 LU0827970921
Class A2 EUR None 150.84 0.88 0.59 03-Oct-23 155.20 146.43 LU0411704413
Class X2 EUR - 107.79 0.63 0.59 03-Oct-23 109.58 103.15 LU2231577342
Class D2 USD - 107.85 0.62 0.58 03-Oct-23 108.80 102.95 LU2213651438
Class E2 EUR None 142.24 0.82 0.58 03-Oct-23 146.99 138.22 LU0414665884
Class D2 EUR None 159.67 0.93 0.59 03-Oct-23 163.58 154.86 LU0414666189
Class D2 Hedged CHF None 150.36 0.87 0.58 03-Oct-23 156.96 146.47 LU0748867792

Portfolio Managers

Portfolio Managers

Stephanie Bothwell
Stephanie Bothwell
Stefan Gries
Stefan Gries

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. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product, which may include input from benchmark(s) / proxy, over the last ten years.
Recommended holding period : 5 years
Example Investment EUR 10,000
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
8,360 EUR
-16.4%
6,850 EUR
-7.3%

Unfavourable

What you might get back after costs
Average return each year
8,760 EUR
-12.4%
9,050 EUR
-2.0%

Moderate

What you might get back after costs
Average return each year
9,760 EUR
-2.4%
10,570 EUR
1.1%

Favourable

What you might get back after costs
Average return each year
10,520 EUR
5.2%
12,010 EUR
3.7%

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



Literature

Literature