Equity

Emerging Markets Ex-China Fund

  • NAV as of 04-Dec-25 GBP 60.75
    52 WK: 46.06 - 62.58
  • 1 Day NAV Change as of 04-Dec-25 GBP -0.51 (-0.83%)

Overview

Investment Approach


The Fund seeks to maximise total return through a combination of capital growth and income on Fund assets.

The Fund invests globally at least 80% of its total assets in the equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, emerging-markets, excluding China. Investments may also be made in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, developed markets that have significant business operations in emerging markets (excluding China).

The Fund may indirectly invest in emerging markets securities (excluding China) by investing in American Depository Receipts (ADRs) and Global Depositary Receipts (GDRs), which are listed or traded on stock exchanges and regulated markets outside emerging markets. ADRs and GDRs are investments issued by financial institutions which give exposure to underlying equity securities.

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. 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.

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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Distributions

Ex-Date Total Distribution
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Ex-Date Total Distribution

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

  2020 2021 2022 2023 2024
Total Return (%) GBP
Constraint Benchmark 1 (%) GBP

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 (%) GBP 17.89 - - - 9.61
Constraint Benchmark 1 (%) GBP 20.66 - - - 12.75
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) GBP 17.32 -0.66 13.91 21.12 17.89 - - - 14.26
Constraint Benchmark 1 (%) GBP 20.88 -2.83 13.16 20.95 20.66 - - - 19.05
  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 (%) GBP

as of 30-Sep-25

- - - - 6.64
Constraint Benchmark 1 (%) GBP

as of 30-Sep-25

- - - - 10.42

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 268,931,721
Fund Launch Date
13-May-24
Base Currency
USD
Constraint Benchmark 1
MSCI EM ex China 10/40
Initial Charge
0.00%
Management Fee
0.00%
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGEUX4A
Inception Date
13-May-24
Share Class Currency
GBP
Asset Class
Equity
SFDR Classification
Other
Ongoing Charges Figures
0.08%
ISIN
LU2719175627
Minimum Initial Investment
USD 10,000,000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets ex-China Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
BP0VL37

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28-Nov-25
7
Standard Deviation (3y)
as of -
-
P/E Ratio
as of 28-Nov-25
18.78
12 Month Trailing Dividend Distribution Yield
as of 30-Nov-25
1.94
3y Beta
as of -
-
P/B Ratio
as of 28-Nov-25
2.72

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 28-Nov-25
Name Weight (%)
TAIWAN SEMICONDUCTOR MANUFACTURING 9.43
SK HYNIX INC 3.49
SAMSUNG ELECTRONICS LTD 3.21
MAHINDRA AND MAHINDRA LTD 3.12
WIWYNN CORPORATION CORP 2.92
Name Weight (%)
XP CLASS A INC 2.37
HDFC BANK LTD 2.37
REDE DOR SAO LUIZ SA 2.36
PAN AMERICAN SILVER CORP 2.14
OTP BANK 2.13
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
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 X4 GBP 60.75 -0.51 -0.83 04-Dec-25 62.58 46.06 LU2719175627
Class X2 Hedged EUR 10.51 -0.04 -0.38 04-Dec-25 10.65 7.59 LU2719175544
Class D4 GBP 59.93 -0.50 -0.83 04-Dec-25 61.78 45.29 LU2719175114
Class C2 Hedged EUR 59.76 -0.25 -0.42 04-Dec-25 60.69 44.08 LU2719174653
Class D2 Hedged EUR 93.68 -0.40 -0.43 04-Dec-25 94.99 68.22 LU2719174901
Class E2 Hedged EUR 72.12 -0.31 -0.43 04-Dec-25 73.20 52.95 LU2719175205
Class A2 USD 90.14 -0.37 -0.41 04-Dec-25 91.26 64.68 LU2719174224
Class A4 Hedged EUR 72.00 -0.31 -0.43 04-Dec-25 73.05 52.95 LU2719174497
Class A2 Hedged EUR 81.56 -0.35 -0.43 04-Dec-25 82.75 59.68 LU2719174067
Class D2 USD 103.54 -0.42 -0.40 04-Dec-25 104.76 73.93 LU2719175031
Class A4 GBP 59.70 -0.51 -0.85 04-Dec-25 61.59 45.03 LU2719174570
Class D2 Hedged GBP 77.79 -0.32 -0.41 04-Dec-25 78.76 55.90 LU2719174810
Class C2 USD 66.04 -0.27 -0.41 04-Dec-25 66.93 47.78 LU2719174737
Class I2 Hedged EUR 8.06 -0.04 -0.49 04-Dec-25 8.17 5.86 LU2719175460
Class E2 USD 79.71 -0.33 -0.41 04-Dec-25 80.74 57.39 LU2719175387
Class A2 Hedged SGD 8.34 -0.03 -0.36 04-Dec-25 8.47 6.11 LU2719174141

Portfolio Managers

Portfolio Managers

Egon Vavrek
Egon Vavrek

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
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
7,310 GBP
-26.9%
4,090 GBP
-16.4%

Unfavourable

What you might get back after costs
Average return each year
7,660 GBP
-23.4%
9,520 GBP
-1.0%

Moderate

What you might get back after costs
Average return each year
10,490 GBP
4.9%
12,720 GBP
4.9%

Favourable

What you might get back after costs
Average return each year
16,120 GBP
61.2%
20,230 GBP
15.1%

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