BGF Latin American Fund

Equity

BGF Latin American Fund

Overview

Investment Approach

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the shares of companies domiciled in, or the main business of which is in, Latin America.

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.

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Performance

Performance

  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

-10.08 21.75 21.47 -5.32 -40.38
Benchmark (%) Index: MSCI EM Latin America - Net Dividends<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

-9.16 23.25 19.29 -6.72 -40.77

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

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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

Size of Fund (Millions) as of 05-Jun-20 USD 801.964
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. -
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives exposures. Derivatives are contracts used by the fund to gain exposure to an investment without buying it directly. They can be used in a number of ways. For example a 'currency forward' derivative contract can be used to 'hedge' or aim to mitigate the effects of changes in exchange rates. as of 29-May-20 47
Base Currency USD
Fund Launch Date 08-Jan-97
Inception Date 19-May-06
Asset Class Equity
Morningstar Category Latin America Equity
Benchmark Index MSCI EM Latin America - Net Dividends
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. 1.31%
ISIN LU0252970081
Bloomberg Ticker MERLADU
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B65Z2Z0
Bloomberg Benchmark Ticker NDUEEGFL
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 100000
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 BB
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 4.22
MSCI ESG Quality Score - Peer Percentile The fund’s ESG Percentile compared to its Lipper peer group. as of 01-May-20 69.52
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 93.99
Fund Lipper Global Classification The fund peer group as defined by the Lipper Global Classification. as of 01-May-20 Equity Emerging Mkts Latin Am
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-20 255.71
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-20 105
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 0.00%
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. as of 30-Apr-20 20.63%
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 0.00%
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. For further details regarding MSCI's methodology, see footnote 4 at the bottom of the page. as of 30-Apr-20 0.00%
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 0.00%

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

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3
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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

3
Overall Morningstar Rating for BGF Latin American Fund, Class D2, as of 31-May-20 rated against 244 Latin America Equity Funds.

Holdings

Holdings

as of 29-May-20
Name Weight (%)
VALE SA 9.83
PETROLEO BRASILEIRO SA PETROBRAS 9.42
AMERICA MOVIL SAB DE CV 7.82
B3 SA BRASIL BOLSA BALCAO 4.59
BANCO BRADESCO SA 3.95
Name Weight (%)
B2W COMPANHIA DIGITAL 3.49
ITAU UNIBANCO HOLDING SA 3.21
GRUPO FINANCIERO BANORTE SAB DE CV 3.14
LOJAS RENNER SA 3.05
LOJAS AMERICANAS SA 2.89
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 D2 USD None 60.91 3.46 6.02 87.71 41.31 - LU0252970081 - -
Class D2 GBP None 48.06 2.33 5.10 68.71 35.49 - LU0827883876 - -
Class I2 EUR - 8.17 0.45 5.83 11.90 5.79 - LU0368234455 - -
Class A2 EUR None 48.71 2.68 5.82 71.23 34.60 - LU0171289498 - -
Class A4 EUR Annual 46.05 2.53 5.81 67.34 32.71 - LU0408221785 - -
Class D4 GBP Annual 40.56 1.97 5.10 58.75 29.94 - LU0827884098 - -
Class A2 GBP None 43.41 2.11 5.11 62.49 32.09 - LU0171289738 - -
Class X4 GBP Annual 40.49 1.96 5.09 58.76 29.83 - LU0462858670 - -
Class C2 USD None 41.61 2.36 6.01 60.42 28.33 - LU0147409378 - -
Class A2 USD None 55.02 3.13 6.03 79.48 37.37 - LU0072463663 - -
Class D2 Hedged GBP None 34.89 1.95 5.92 50.88 23.61 - LU0827884411 - -
Class D4 EUR Annual 46.37 2.54 5.80 67.39 32.81 - LU0827883959 - -
Class A2 Hedged PLN None 6.87 0.39 6.02 10.15 4.69 - LU0480534832 - -
Class X2 USD None 68.02 3.87 6.03 97.43 46.01 - LU0462856542 - -
Class A2 Hedged CHF None 4.92 0.28 6.03 7.19 3.35 - LU0521028802 - -
Class A2 Hedged SGD None 5.13 0.28 5.77 7.57 3.50 - LU0572108347 - -
Class A4 GBP Annual 40.40 1.96 5.10 58.46 29.87 - LU0204063647 - -
Class D2 Hedged EUR None 41.46 2.26 5.77 60.65 28.32 - LU0827884254 - -
Class D2 Hedged CHF None 5.20 0.29 5.91 7.57 3.54 - LU0827884171 - -
Class E2 USD None 50.32 2.86 6.03 72.85 34.21 - LU0147409709 - -
Class D2 Hedged PLN None 7.28 0.42 6.12 10.72 4.97 - LU0827884338 - -
Class A2 Hedged HKD None 7.34 0.42 6.07 10.63 4.98 - LU0788109048 - -
Class I2 USD - 9.23 0.52 5.97 13.28 6.26 - LU1847653067 - -
Class E2 EUR None 44.55 2.45 5.82 65.28 31.67 - LU0171289571 - -
Class E2 GBP None 39.71 1.93 5.11 57.42 29.38 - LU0171289811 - -
Class D2 EUR None 53.92 2.96 5.81 78.61 38.24 - LU0252965164 - -
Class A2 Hedged AUD None 8.02 0.43 5.67 12.01 5.49 - LU1023057877 - -
Class C2 EUR None 36.83 2.02 5.80 54.15 26.23 - LU0331286228 - -
Class J2 USD None 72.84 4.14 6.03 104.34 49.27 - LU0245446215 - -
Class D2 Hedged SGD None 5.44 0.31 6.04 7.99 3.70 - LU0827884502 - -

Portfolio Managers

Portfolio Managers

Ed Kuczma
Ed Kuczma

Literature

Literature