Equity

BGF Next Generation Health Care Fund

  • NAV as of 04-Dec-25 EUR 10.00
    52 WK: 7.56 - 10.23
  • 1 Day NAV Change as of 04-Dec-25 EUR -0.02 (-0.20%)
  • Morningstar Rating

Overview

Investment Approach


The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.

The Fund invests at least 80% of its total assets in the equity securities (i.e. shares) of companies globally that are involved with new and emerging themes in health care.

In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (i.e. the share price of the company multiplied by the number of shares readily available in the market) across multiple industries including (without limitation) biotechnology, pharmaceuticals, life sciences tools and services, health care technology, health care equipment, medical devices and digital health care, and across multiple subthemes including (without limitation) the following: genetic medicine, next generation diagnostics, immunotherapy, robotic-assisted surgery, biosensors and trackers, medical artificial intelligence applications and telehealth.The companies are evaluated by the Investment Adviser (IA) based on their ability to manage the risks and opportunities associated with the next generation health care theme.

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.

Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related 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. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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

View full chart

This chart shows the product's performance as the percentage loss or gain per year over the last 3 years.

  2020 2021 2022 2023 2024
Total Return (%) EUR -16.29 1.88 8.40
Comparator Benchmark 2 (%) EUR -13.01 18.06 25.33
Constraint 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 (%) EUR 5.48 4.84 - - 0.48
Constraint Benchmark 1 (%) EUR - - - - -
Comparator Benchmark 2 (%) EUR 7.58 14.00 - - 9.61
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) EUR 8.39 7.47 18.31 24.51 5.48 15.24 - - 2.10
Constraint Benchmark 1 (%) EUR - 6.12 15.55 20.92 - - - - -
Comparator Benchmark 2 (%) EUR 8.03 -0.56 6.84 12.45 7.58 48.15 - - 48.42
  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		 From
30-Sep-2024
To
30-Sep-2025
Total Return (%) EUR

as of 30-Sep-25

- -15.52 -2.56 8.71 -4.50
Comparator Benchmark 2 (%) EUR

as of 30-Sep-25

- - 11.78 24.99 11.38

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

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 04-Dec-25
USD 18,064,123
Fund Launch Date
07-Jun-21
Base Currency
USD
Constraint Benchmark 1
STOXX GLOBAL BREAKTHROUGH HEALTHCARE EUR
SFDR Classification
Other
Ongoing Charges Figures
1.82%
ISIN
LU2372745989
Minimum Initial Investment
EUR 25,000.00
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Sector Equity Healthcare
Dealing Frequency
Daily, forward pricing basis
SEDOL
BMW7TQ1
Inception Date
11-Aug-21
Share Class Currency
EUR
Asset Class
Equity
Comparator Benchmark 2
MSCI All Country World Net TR Index - in EUR (EUR)
Initial Charge
5.00%
Management Fee
0.68%
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BNGHAI2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28-Nov-25
125
P/E Ratio
as of 28-Nov-25
30.54
Standard Deviation (3y)
as of 30-Nov-25
15.45%
P/B Ratio
as of 28-Nov-25
4.28

Risk Indicator

Risk Indicator

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF Next Generation Health Care Fund, Class AI2, as of 30-Nov-25 rated against 711 Sector Equity Healthcare Funds.

Holdings

Holdings

as of 28-Nov-25
Name Weight (%)
MEDTRONIC PLC 3.40
JOHNSON & JOHNSON 3.26
ABBOTT LABORATORIES 3.16
ROCHE HOLDING PAR AG 3.05
EXACT SCIENCES CORP 2.93
Name Weight (%)
EDWARDS LIFESCIENCES CORP 2.64
GUARDANT HEALTH INC 2.63
GILEAD SCIENCES INC 2.36
BIOGEN INC 2.28
IQVIA HOLDINGS INC 2.23
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28-Nov-25

% of Market Value

Type Fund Benchmark Net
as of 28-Nov-25

% of Market Value

Type Fund Benchmark Net
as of 28-Nov-25

% of Market Value

Type Fund Benchmark Net
as of 28-Nov-25

% of Market Value

Type Fund Benchmark Net
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 AI2 EUR 10.00 -0.02 -0.20 04-Dec-25 10.23 7.56 LU2372745989
Class D2 EUR 8.79 -0.02 -0.23 04-Dec-25 8.99 6.61 LU2372745807
Class Z2 USD 10.39 -0.01 -0.10 04-Dec-25 10.56 7.38 LU2310090860
Class E2 EUR 10.08 -0.02 -0.20 04-Dec-25 10.31 7.64 LU2310091082
Class A2 Hedged HKD 94.05 -0.12 -0.13 04-Dec-25 95.58 68.23 LU2310091249
Class A2 EUR 8.47 -0.01 -0.12 04-Dec-25 8.66 6.40 LU2310090944
Class D2 USD 10.26 -0.01 -0.10 04-Dec-25 10.42 7.30 LU2310090514
Class A2 Hedged SGD 9.15 -0.01 -0.11 04-Dec-25 9.30 6.67 LU2310091165
Class I2 USD 10.37 -0.01 -0.10 04-Dec-25 10.54 7.37 LU2310090605
Class I2 EUR 8.89 -0.02 -0.22 04-Dec-25 9.09 6.67 LU2372744743
Class X2 USD 10.69 -0.01 -0.09 04-Dec-25 10.86 7.56 LU2310090787
Class A2 USD 9.88 -0.01 -0.10 04-Dec-25 10.04 7.07 LU2310090431

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 EUR 10,000
Scenarios
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
5,930 EUR
-40.7%
4,120 EUR
-16.3%

Unfavourable

What you might get back after costs
Average return each year
7,690 EUR
-23.1%
9,330 EUR
-1.4%

Moderate

What you might get back after costs
Average return each year
9,960 EUR
-0.4%
13,380 EUR
6.0%

Favourable

What you might get back after costs
Average return each year
14,620 EUR
46.2%
18,960 EUR
13.7%

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



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.

Literature

Literature