BSF Macro Opportunities Fund

ALTERNATIVE INVESTMENTS

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NAV as of 12-Nov-19 EUR 96.55
52 WK: 96.07 - 101.74
1 Day NAV Change as of 12-Nov-19 -0.14 (-0.14%)

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 movements. The Fund invests globally in the full range of assets in which a UCITS fund may invest. These include: equity securities (e.g. shares) and equity-related (E-R) securities, fixed income (FI) securities (e.g. bonds) and FI-related securities, money market instruments (MMIs) (i.e. debt securities with short term maturities), other funds, deposits and cash. E-R securities and FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may have a low credit rating or be unrated. The Fund may invest up to 50% of its net asset value in asset backed and mortgage backed securities (i.e. financial securities backed by cash flows from debt). The Fund may invest up to 50% of its net asset value in emerging markets. The asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the IA’s discretion and exposures to certain markets, sectors or asset classes may be concentrated from time to time. The Fund will use fundamental research and analysis of global macroeconomic trends (including global economic growth projections, fiscal and monetary policy and market risks) to assess opportunities and evaluate pricing across markets, in order to invest in a diverse portfolio of directional and relative value positions in markets.

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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

Returns

Discrete
Annualised
Cumulative

Returns not available as there is less than one year’s performance data.

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 USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. Performance data is based on the net asset value (NAV) of the ETF which may not be the same as the market price of the ETF. Individual shareholders may realize returns that are different to the NAV performance.

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

Reinvestments

This product does not have any distributions data as of now.

Custom Columns

Record Date
Ex-Date
Payable Date
Total Distribution

Record Date	Ex-Date	Payable Date	Total Distribution

Key Facts

Size of Fund (Millions) as of 12-Nov-19 USD 132.092

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. 65

Base Currency USD

Fund Launch Date 29-Nov-17

Inception Date 16-Jan-19

Asset Class Multi Asset

Morningstar Category Alt - Global Macro

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. 0.95%

ISIN LU1933810654

Bloomberg Ticker BSMOD2U

Annual Management Fee As reported in the fund's most recent Annual Management Report of Fund Performance. MER includes all management fees and GST/HST paid by the fund for the period, including fees paid indirectly as a result of holdings of other ETFs. -

Initial Charge 5.00%

Performance Fee 15.00%

SEDOL BGSF1Z0

Dealing Settlement Trade Date + 3 days

Dealing Frequency Daily, forward pricing basis

Minimum Initial Investment EUR 100000

Minimum Subsequent Investment EUR 1000

Use of Income Accumulating

Portfolio Characteristics

3y Volatility - Benchmark as of - -

3y Beta Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security's price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market.<br/><br/>Calculated vs. Benchmark Index as of - -

5y Volatility - Benchmark as of - -

5y Beta as of - -

Risk Indicator

Low Risk High Risk

Typically low rewards Typically high rewards

Ratings

Holdings

as of 31-Oct-19

Name	Weight (%)
US 2YR NOTE DEC 19 12/31/2019	58.11
FSWP: OIS -0.518000 24-OCT-2021	48.65
Notional Cash Offset (EDH1 FUTURE)	36.40
Notional Cash Offset (ICEE CDSWAP) 1 12/20/2024 ICEE	25.62
UMBS 30YR TBA(REG A)	22.82

Name	Weight (%)
FSWP: USD 1.566000 13-OCT-2026	19.79
Notional Cash Offset (FVZ9 FUTURE)	19.16
Notional Cash Offset (UBZ9 FUTURE)	17.45
Notional Cash Offset (TYZ9 FUTURE)	16.37
Notional Cash Offset (ICEE CDSWAP) 1 12/20/2022 ICEE	13.50

Holdings subject to change

as of 31-Oct-19

% of Market Value

Type	Fund

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Allocations subject to change.

Sorry, sectors are not available at this time.

Sorry, maturities are not available at this time.

as of 31-Oct-19

% of Market Value

Type	Fund

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Sorry, ratings are not available at this time.

Sorry, market cap data is not available at this time.

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

Investor Class	Currency	Distribution Frequency	NAV	NAV Amount Change	NAV % Change	52wk High	52wk Low	Bid Price	ISIN	Offer Price	TIS
Class D2 Hedged	EUR	-	96.55	-0.14	-0.14	101.74	96.07	-	LU1933810654	-	-
Class Z2 Hedged (BRL)	USD	None	80.80	-0.76	-0.93	92.94	80.21	-	LU1694210052	-	-
Class X2	USD	None	100.28	-0.14	-0.14	103.38	97.51	-	LU1681056815	-	-
Class AI2 Hedged	EUR	-	97.15	-0.15	-0.15	100.25	96.80	-	LU2008562444	-	-
Class Z2 Hedged	GBP	None	95.19	-0.14	-0.15	99.84	94.46	-	LU1681057110	-	-
Class D2	USD	-	98.85	-0.13	-0.13	102.28	97.68	-	LU1933810498	-	-
Class E2	EUR	-	108.14	0.05	0.05	110.60	103.11	-	LU1786036639	-	-
Class D2 Hedged	GBP	-	95.62	-0.14	-0.15	100.19	94.90	-	LU1834329317	-	-
Class Z2 Hedged	EUR	None	93.36	-0.13	-0.14	98.53	92.87	-	LU1681057037	-	-
Class Z2	USD	None	98.97	-0.14	-0.14	102.43	96.80	-	LU1681056906	-	-
Class E2 Hedged	EUR	-	91.65	-0.14	-0.15	97.48	91.44	-	LU1786036803	-	-
Class Z2 Hedged	CHF	None	92.68	-0.14	-0.15	98.02	92.30	-	LU1681057201	-	-
Class D2	EUR	-	103.13	0.05	0.05	104.85	97.86	-	LU1919855327	-	-
Class I2 BRL Hedged (USD)	USD	-	94.95	-0.90	-0.94	108.83	94.27	-	LU1681056732	-	-
Class A2	USD	None	97.63	-0.13	-0.13	101.41	96.07	-	LU1681056658	-	-
Class I2	EUR	-	104.60	0.04	0.04	106.11	99.02	-	LU1919855830	-	-

Portfolio Managers

Stuart Spodek

Jack Hattem

Literature

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Important Information

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. BlackRock Strategic Funds (BSF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BlackRock have not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand whether our product is suitable, please read the Key Investor Information Document. We strongly recommend you seek independent professional advice prior to investing. If, after reading this factsheet, you have any questions or would like any additional information please contact your Financial Adviser or speak to our Investor Services Team on 0800 445522. BSF is not available for sale in the U.S. or to U.S. persons. Product information concerning BSF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the principal distributor of BSF. Subscriptions in BSF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on our website. Prospectuses, Key Investor Information Documents and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised. Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Registered in England No. 2020394. Tel: 020 7743 3000. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. When this document is issued in the EEA, it is issued by BlackRock (Netherlands) B.V.: Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Trade Register No. 17068311. For more information, please see the website: www.blackrock.com. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock (Netherlands) B.V..© Current year BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK, SO WHAT DO I DO WITH MY MONEY and the stylized i logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. © Current year Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use.