Equity

BGF European Special Situations Fund

Overview

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 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 utilised 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 Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent.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.
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Performance

Performance

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Reinvestments

This product does not have any distributions data as of now.
  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
From
31-Mar-2020
To
31-Mar-2021
Total Return (%)

as of 31-Mar-21

9.25 4.85 4.35 -4.29 38.38
Benchmark (%)

as of 31-Mar-21

16.95 -0.43 5.45 -13.53 35.32
  1y 3y 5y 10y Incept.
31.51 12.13 10.33 10.95 10.20
Benchmark (%)

as of 31-May-21

29.67 7.25 7.61 7.33 7.21
  YTD 1m 3m 1y 3y 5y 10y Incept.
10.50 2.54 10.93 31.51 40.99 63.46 182.63 510.20
Benchmark (%)

as of 31-May-21

13.43 2.56 11.45 29.67 23.35 44.28 102.79 265.48

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 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

Size of Fund (Millions) as of 11-Jun-21 EUR 1,418.505
12m Trailing Yield -
Number of Holdings as of 28-May-21 50
Base Currency Euro
Fund Launch Date 20-Mar-03
Inception Date 14-Oct-02
Asset Class Equity
Morningstar Category Europe Large-Cap Growth Equity
Benchmark Index MSCI Europe Index
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 1.82%
ISIN LU0154234636
Bloomberg Ticker MLEUGRA
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL 7446748
Bloomberg Benchmark Ticker M7EU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, 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 ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-May-21 AA
MSCI ESG Quality Score (0-10) as of 07-May-21 8.03
MSCI ESG Quality Score - Peer Percentile as of 07-May-21 73.40
MSCI ESG % Coverage as of 07-May-21 98.19
Fund Lipper Global Classification as of 07-May-21 Equity Europe
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-May-21 53.16
Funds in Peer Group as of 07-May-21 1
All data is from MSCI ESG Fund Ratings as of 07-May-21, based on holdings as of 30-Nov-20. 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% of the fund’s gross weight must come from securities covered 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. 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.


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 28-May-21 0.00%
MSCI - UN Global Compact Violators as of 28-May-21 0.00%
MSCI - Nuclear Weapons as of 28-May-21 0.00%
MSCI - Thermal Coal as of 28-May-21 0.00%
MSCI - Civilian Firearms as of 28-May-21 0.00%
MSCI - Oil Sands as of 28-May-21 0.00%
MSCI - Tobacco as of 28-May-21 0.00%

Business Involvement Coverage as of 28-May-21 98.11%
Percentage of Fund not covered as of 28-May-21 1.94%
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 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 combination with other information in the research and decision phases 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 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

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF European Special Situations Fund, Class A2, as of 31-May-21 rated against 380 Europe Large-Cap Growth Equity Funds.

Holdings

Holdings

as of 28-May-21
Name Weight (%)
ASML HOLDING NV 5.93
DSV PANALPINA A/S 5.19
LVMH MOET HENNESSY LOUIS VUITTON SE 5.10
LONZA GROUP AG 4.01
NETCOMPANY GROUP A/S 3.42
Name Weight (%)
KERING SA 3.27
ROYAL UNIBREW A/S 2.78
TELEPERFORMANCE 2.61
STMICROELECTRONICS NV 2.60
IMCD NV 2.52
Holdings 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 A2 EUR None 62.51 0.42 0.68 62.51 46.08 - LU0154234636 - -
Class I4 EUR Annual 13.17 0.08 0.61 13.17 9.66 - LU2127175094 - -
Class C2 USD None 60.83 0.11 0.18 60.83 42.24 - LU0331283985 - -
Class A2 Hedged CAD None 21.87 0.15 0.69 21.87 16.04 - LU1023062521 - -
Class A2 Hedged USD None 24.92 0.17 0.69 24.92 18.23 - LU0969580561 - -
Class D2 Hedged USD None 23.72 0.16 0.68 23.72 17.22 - LU1078072763 - -
Class E2 EUR None 57.56 0.39 0.68 57.56 42.64 - LU0154235443 - -
Class A2 USD None 75.78 0.14 0.19 75.78 51.97 - LU0171276677 - -
Class C2 EUR None 50.18 0.34 0.68 50.18 37.45 - LU0331283803 - -
Class E2 USD None 69.78 0.12 0.17 69.78 48.09 - LU0171277139 - -
Class X2 USD None 22.73 0.04 0.18 22.73 15.32 - LU0462856112 - -
Class A2 Hedged CNH None 520.98 3.43 0.66 520.98 373.35 - LU1244156169 - -
Class A2 Hedged AUD None 22.69 0.15 0.67 22.69 16.63 - LU1023062109 - -
Class A2 Hedged GBP None 20.69 0.14 0.68 20.69 15.18 - LU1023063255 - -
Class I2 EUR None 18.92 0.13 0.69 18.92 13.81 - LU0369584999 - -
Class A4 EUR - 10.32 0.07 0.68 10.32 9.99 - LU2344713925 - -
Class X2 EUR None 18.75 0.13 0.70 18.75 13.58 - LU1003011217 - -
Class D2 EUR None 70.15 0.47 0.67 70.15 51.33 - LU0252965834 - -
Class A2 Hedged HKD None 163.18 1.10 0.68 163.18 119.39 - LU1355424745 - -
Class D2 USD None 85.04 0.15 0.18 85.04 57.90 - LU0827879171 - -

Portfolio Managers

Portfolio Managers

Stefan Gries
Stefan Gries

Literature

Literature