Equity

BSF Emerging Companies Absolute Return 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.

Shares in smaller companies typically trade in less volume and experience greater price variations than larger companies. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Due to its investment strategy an 'Absolute Return' fund may not move in line with market trends or fully benefit from a positive market environment. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.
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Performance

Performance

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This chart shows the fund's performance as the percentage loss or gain per year over the last 3 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2017 2018 2019 2020 2021
Total Return (%) 14.8 10.8 10.1
Comparator Benchmark 1 (%) 0.8 0.3 0.1
  1y 3y 5y 10y Incept.
-21.62 0.14 - - 2.50
Comparator Benchmark 1 (%) 0.68 0.42 - - 0.52
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-19.58 -0.95 1.55 -6.25 -21.62 0.41 - - 10.01
Comparator Benchmark 1 (%) 0.63 0.15 0.36 0.56 0.68 1.28 - - 2.01
  From
30-Jun-2017
To
30-Jun-2018
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
Total Return (%)

as of 30-Jun-22

- - 10.63 13.53 -18.58
Comparator Benchmark 1 (%)

as of 30-Jun-22

- - 0.66 0.06 0.43

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 GBP, hedged Share Class Benchmark performance is displayed in GBP.

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 29-Sep-22 GBP 491,575,464
Inception Date 17-Oct-18
Fund Launch Date 17-Oct-18
Share Class Currency GBP
Base Currency GBP
Asset Class Equity
Comparator Benchmark 1 3 Month SONIA Compounded in Arrears + 11.9 basis points spread
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charges Figures 1.08%
Annual Management Fee 1.00%
Performance Fee 20.00%
Minimum Initial Investment GBP 10,000,000.00
Minimum Subsequent Investment GBP 10,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Long/Short Equity - UK
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BRUEI2G
ISIN LU1861218300
SEDOL BDRMQP6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Aug-22 193
Standard Deviation (3y) as of 31-Aug-22 11.99%
3y Beta as of 31-Aug-22 -12.438
P/E Ratio as of 31-Aug-22 -239.34
P/B Ratio as of 31-Aug-22 -6.17

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. 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-22 0.00%
MSCI - UN Global Compact Violators as of 31-Aug-22 0.00%
MSCI - Nuclear Weapons as of 31-Aug-22 0.00%
MSCI - Thermal Coal as of 31-Aug-22 0.00%
MSCI - Civilian Firearms as of 31-Aug-22 0.00%
MSCI - Oil Sands as of 31-Aug-22 0.00%
MSCI - Tobacco as of 31-Aug-22 0.00%

Business Involvement Coverage as of 31-Aug-22 89.19%
Percentage of Fund not covered as of 31-Aug-22 8.98%
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 0.01%.

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 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 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

Holdings

Holdings

as of 31-Aug-22
Name Weight (%)
RS GROUP PLC 3.02
MICROSOFT CORPORATION 2.80
THERMO FISHER SCIENTIFIC INC 2.59
WATCHES OF SWITZERLAND GROUP PLC 2.24
GAMMA COMMUNICATIONS PLC 2.08
Name Weight (%)
ACCENTURE PLC 1.83
LONDON STOCK EXCHANGE GROUP PLC 1.73
DANAHER CORPORATION 1.63
RELX PLC 1.56
CVS GROUP PLC 1.52
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-22

% of Market Value

Type Fund
as of 31-Aug-22

% 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 I2 GBP - 107.08 0.10 0.09 29-Sep-22 138.29 106.25 LU1861218300 -
Class A2 GBP - 100.85 0.10 0.10 29-Sep-22 131.20 100.30 LU1990957067 -
Class Z2 Hedged USD - 111.86 0.10 0.09 29-Sep-22 143.90 110.67 LU1861219704 -
Class D2 GBP - 105.61 0.10 0.09 29-Sep-22 136.84 104.88 LU1861218136 -
Class S2 GBP - 106.73 0.10 0.09 29-Sep-22 137.74 105.90 LU1884804383 -
Class I2 JPY - 8,178.24 239.78 3.02 29-Sep-22 10,340.11 7,938.46 LU2413648952 -
Class X2 Hedged AUD - 75.39 0.07 0.09 29-Sep-22 98.55 74.56 LU2379649341 -
Class A2 Hedged USD - 102.24 0.09 0.09 29-Sep-22 133.01 101.37 LU1990978147 -
Class I2 Hedged USD - 110.14 0.10 0.09 29-Sep-22 141.77 108.96 LU1861219886 -
Class I2 Hedged JPY - 7,755.01 5.03 0.06 29-Sep-22 10,123.30 7,734.07 LU2413649091 -
Class D2 Hedged EUR - 101.81 0.08 0.08 29-Sep-22 133.76 101.56 LU1861218995 -
Class D2 Hedged USD - 108.68 0.09 0.08 29-Sep-22 140.13 107.59 LU1861219613 -
Class A2 Hedged CNH - 916.57 0.92 0.10 29-Sep-22 1,175.02 909.91 LU2252211383 -
Class A2 Hedged EUR - 100.31 0.07 0.07 29-Sep-22 132.24 100.07 LU1861218565 -
Class X2 GBP - 117.00 0.12 0.10 29-Sep-22 152.02 115.75 LU1861218482 -
Class A2 Hedged CHF - 97.14 0.06 0.06 29-Sep-22 128.18 96.92 LU1991003358 -
Class Z2 Hedged CHF - 102.89 0.07 0.07 29-Sep-22 135.18 102.64 LU1861219456 -
Class I2 Hedged EUR - 103.08 0.07 0.07 29-Sep-22 134.82 102.82 LU1861219290 -
Class I2 Hedged CHF - 101.72 0.07 0.07 29-Sep-22 133.24 101.48 LU1861219530 -
Class D2 AUD Hedged AUD - 76.85 0.06 0.08 29-Sep-22 101.42 76.30 LU2402058403 -
Class Z2 GBP - 108.62 0.11 0.10 29-Sep-22 140.56 107.78 LU1861218219 -
Class Z2 Hedged EUR - 104.38 0.07 0.07 29-Sep-22 136.97 104.12 LU1861219027 -
Class I4 GBP - 99.89 0.10 0.10 29-Sep-22 129.11 99.11 LU2066748497 -
Class D2 Hedged CHF - 100.43 0.06 0.06 29-Sep-22 131.90 100.20 LU1861219373 -

Portfolio Managers

Portfolio Managers

Dan Whitestone
Dan Whitestone
Nicholas Little
Nicholas Little

Literature

Literature