Equity

BSF Health Sciences Absolute Return Fund

  • NAV as of 11-Dec-24 GBP 109.30
    52 WK: 101.72 - 109.53
  • 1 Day NAV Change as of 11-Dec-24 0.18 (0.16%)

Overview

Investment Approach


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 its investment exposure to equity securities (e.g. shares) and equity-related securities of companies (including derivatives), or giving exposure to securities of companies whose predominant economic activity is in healthcare, pharmaceuticals, medical technology and supplies and the development of biotechnology. There are no geographical restrictions on the Fund’s investments., which may be based in developed or emerging markets. In selecting the Fund’s investments, the investment adviser (IA) will use fundamental analysis, focusing on a variety of different strategies.

The Fund will invest at least 70% of its assets in equity securities, other equity-related securities and when determined appropriate, fixed-income 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

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This chart shows the fund's performance as the percentage loss or gain per year over the last 0 years.

  2019 2020 2021 2022 2023
Total Return (%)
Target Benchmark 1 (%)

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 (%) 7.29 - - - 7.10
Target Benchmark 1 (%) 5.72 - - - 5.75
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 6.70 0.77 2.58 2.71 7.29 - - - 9.53
Target Benchmark 1 (%) 5.21 0.41 1.31 2.76 5.72 - - - 7.70
  From
30-Sep-2019
To
30-Sep-2020		 From
30-Sep-2020
To
30-Sep-2021		 From
30-Sep-2021
To
30-Sep-2022		 From
30-Sep-2022
To
30-Sep-2023		 From
30-Sep-2023
To
30-Sep-2024
Total Return (%)

as of 30-Sep-24

- - - - 6.52
Target Benchmark 1 (%)

as of 30-Sep-24

- - - - 5.82

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 GBP, 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 11-Dec-24
USD 16,751,268
Fund Launch Date
03-Aug-23
Base Currency
USD
Target Benchmark 1
3 Month SOFR Compounded in Arrears plus 26.1 basis point spread
Initial Charge
0.00%
Management Fee
1.00%
Performance Fee
20.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BLSARIG
Inception Date
03-Aug-23
Share Class Currency
GBP
Asset Class
Equity
SFDR Classification
Other
Ongoing Charges Figures
1.08%
ISIN
LU2353382547
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BMYYH55

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-24
78
3y Beta
as of -
-
P/B Ratio
as of 29-Nov-24
7.34
Standard Deviation (3y)
as of -
-
P/E Ratio
as of 29-Nov-24
82.03

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 29-Nov-24
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-24
0.00%
MSCI - Civilian Firearms
as of 29-Nov-24
0.00%
MSCI - Tobacco
as of 29-Nov-24
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-24
0.00%
MSCI - Thermal Coal
as of 29-Nov-24
0.00%
MSCI - Oil Sands
as of 29-Nov-24
0.00%
Business Involvement Coverage
as of 29-Nov-24
56.93%
Percentage of Fund not covered
as of 29-Nov-24
42.30%
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

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 29-Nov-24
Name Weight (%)
STRYKER CORP 2.74
LABCORP HOLDINGS INC 2.38
BOSTON SCIENTIFIC CORP 2.28
DANAHER CORP 2.18
ABBOTT LABORATORIES 1.99
Name Weight (%)
ARGENX SE ADR 1.76
GILEAD SCIENCES INC 1.64
CIGNA 1.60
SANOFI ADR REPRESENTING SA 1.60
WATERS CORP 1.59
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-24

% of Market Value

Type Fund
as of 29-Nov-24

% of Market Value

Type Fund
as of 29-Nov-24

% of Market Value

Type Fund
as of 29-Nov-24

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class I2 Hedged GBP 109.30 0.18 0.16 11-Dec-24 109.53 101.72 LU2353382547
Class I2 USD 109.66 0.18 0.16 11-Dec-24 109.88 101.79 LU2353382380
Class X2 USD 111.69 0.18 0.16 11-Dec-24 111.92 102.16 LU2353382893
Class I2 Hedged EUR 107.32 0.16 0.15 11-Dec-24 107.57 101.18 LU2353382463
Class A2 EUR 112.96 0.40 0.36 11-Dec-24 113.55 100.70 LU2575168906
Class D2 Hedged EUR 106.98 0.16 0.15 11-Dec-24 107.26 101.08 LU2575169037
Class I2 EUR 114.01 0.40 0.35 11-Dec-24 114.56 100.96 LU2575169110
Class A2 USD 108.64 0.17 0.16 11-Dec-24 108.92 101.50 LU2353382034
Class D2 USD 109.32 0.18 0.16 11-Dec-24 109.57 101.69 LU2353382208
Class Z2 USD 110.05 0.17 0.15 11-Dec-24 110.26 101.85 LU2353382976
Class A2 Hedged EUR 106.33 0.16 0.15 11-Dec-24 106.66 100.89 LU2353382117
Class I2 Hedged CHF 103.87 0.14 0.13 11-Dec-24 104.38 100.38 LU2353382620

Portfolio Managers

Portfolio Managers

Erin Xie, PhD
Erin Xie, PhD

 

Erin Xie, PhD, Managing Director and portfolio manager, is the head of the Health Sciences team, part of BlackRock’s Active Equity Group. She is the lead portfolio manager for the Health Sciences equity portfolios.

Read More

Erin Xie, PhD, Managing Director and portfolio manager, is the head of the Health Sciences team, part of BlackRock’s Active Equity Group. She is the lead portfolio manager for the Health Sciences equity portfolios.

 

Ms. Xie's service with the firm dates back to 2001, including her years with State Street Research & Management (SSRM), which merged with BlackRock in 2005. At SSRM, she was a Senior Vice President and portfolio manager responsible for managing the State Street Health Sciences Fund. Prior to joining State Street Research in 2001, Ms. Xie was a research associate with Sanford Bernstein covering the pharmaceutical industry from 1999. From 1994 until 1997, she was a post doctoral research scientist at Columbia University.

 

Ms. Xie earned a BS degree in chemistry from Beijing University in 1988, a PhD degree in Biochemistry from the University of California, Los Angeles, in 1993 and a MBA degree from the Massachusetts Institute of Technology Sloan School of Management in 1999.

Xiang Liu, PhD
Xiang Liu, PhD

 

Xiang Liu, PhD, Managing Director and portfolio manager, is a member of the Health Sciences team, part of BlackRock’s Active Equity Group. He is co-portfolio manager for the Health Sciences equity portfolios and is responsible for coverage of the medical devices & supplies sector.

Read More

Xiang Liu, PhD, Managing Director and portfolio manager, is a member of the Health Sciences team, part of BlackRock’s Active Equity Group. He is co-portfolio manager for the Health Sciences equity portfolios and is responsible for coverage of the medical devices & supplies sector.

 

Prior to joining BlackRock in 2008, Mr. Liu was a partner and biotech analyst at Mehta Partners. From 2002 to 2005, he was a Director in the corporate development department at Cubist Pharmaceuticals. Mr. Liu began his investment career in 2000 at the Boston Consulting Group as a Healthcare consultant.

 

Mr. Liu earned a BS degree in Chemistry from the University of Science & Technology, China in 1993, a PhD degree in Chemistry from Yale University in 1997, and a MBA degree in finance, strategy, and accounting from the University of Chicago in 2000.

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 GBP 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
9,210 GBP
-7.9%
7,670 GBP
-5.2%

Unfavourable

What you might get back after costs
Average return each year
9,280 GBP
-7.2%
10,730 GBP
1.4%

Moderate

What you might get back after costs
Average return each year
10,550 GBP
5.5%
12,970 GBP
5.3%

Favourable

What you might get back after costs
Average return each year
11,620 GBP
16.2%
13,840 GBP
6.7%

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



Literature

Literature