Multi Asset

BGF Global Allocation Fund

  • NAV as of 11-Dec-2024 PLN 26.07
    52 WK: 22.11 - 26.16
  • 1 Day NAV Change as of 11-Dec-2024 0.04 (0.15%)

Overview

Investment Approach

The Global Allocation Fund seeks to maximise total return. The Fund invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions the Fund will invest at least 70% of its total assets in the securities of corporate and governmental issuers. The Fund generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The Fund may also invest in the equity securities of small and emerging growth companies. The Fund may also invest a portion of its debt portfolio in high yield fixed income transferable securities. Currency exposure is flexibly managed.
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Performance

Performance

Chart

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  1y 3y 5y 10y Incept.
Total Return (%) 17.43 3.78 7.43 5.64 6.55
Total Return (%) Base Share Class 16.35 1.98 6.35 4.77 6.54
Total Return – Max. IC applied (%) 11.56 2.02 6.33 5.10 6.10
Total Return – Max. IC applied (%) Base Share Class 10.53 0.25 5.26 4.24 6.34
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 12.13 2.99 2.22 6.83 17.43 11.79 43.09 73.04 116.81
Total Return (%) Base Share Class 11.14 2.77 1.82 6.27 16.35 6.06 36.04 59.42 485.51
Total Return – Max. IC applied (%) 6.52 -2.16 -2.89 1.49 11.56 6.20 35.94 64.39 105.97
Total Return – Max. IC applied (%) Base Share Class 5.58 -2.37 -3.27 0.96 10.53 0.76 29.24 51.45 456.24

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 4.45 -0.47 4.42 13.41 -9.13 16.42 19.15 6.69 -13.96 14.14
Performance of the Fund is calculated on NAV to NAV basis on the assumption that all dividends and distributions are reinvested, taking into account all charges which would have been payable upon such reinvestment.

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 PLN, 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

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

Key Facts

Key Facts

Net Assets of Fund
as of 11-Dec-2024
USD 15,486,019,979
Fund Inception
03-Jan-1997
Fund Base Currency
USD
SFDR Classification
Other
Management Fee
0.75%
Management Fee (incl. Distribution Fee, if any)
0.75%
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Other Allocation
Dealing Frequency
Daily, forward pricing basis
SEDOL
B7X2CL6
MAS ESG Fund
No
Share Class Inception Date
20-Sept-2012
Share Class Currency
PLN
Asset Class
Multi Asset
Initial Charge
5.00%
ISIN
LU0827880427
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGGAD2P
Benchmark
36% S&P 500 Index, 24% FTSE World Index (Ex-US), 24% ICE BofAML Current 5Yr US Treasury Index, 16% FTSE Non-USD World Govt Bond Index

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
1,225
Equity Price/Earnings (FY1)
as of 29-Nov-2024
20.89
Effective Duration
as of 29-Nov-2024
1.87yrs
Since Share Inception – Annualised Volatility
as of 30-Nov-2024
9.47
Effective Duration Fixed Income and Cash
as of 29-Nov-2024
5.19
3y Beta
as of 30-Nov-2024
0.862
Average Market Cap (Millions)
as of 29-Nov-2024
USD 636,812.03
5Y Annualised Volatility
as of 30-Nov-2024
12.30
Effective Duration Fixed Income
as of 29-Nov-2024
7.16

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics 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 methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of 21-Nov-2024
A
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
6.76
Fund Lipper Global Classification
as of 21-Nov-2024
Mixed Asset USD Bal - Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
133.68
MSCI ESG % Coverage
as of 21-Nov-2024
87.99
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
79.25
Funds in Peer Group
as of 21-Nov-2024
241
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
69.79
All data is from MSCI ESG Fund Ratings as of 21-Nov-2024, based on holdings as of 30-Jun-2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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-2024
0.18%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.18%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.34%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
0.09%
MSCI - Thermal Coal
as of 29-Nov-2024
0.36%
MSCI - Oil Sands
as of 29-Nov-2024
0.37%
Business Involvement Coverage
as of 29-Nov-2024
71.53%
Percentage of Fund not covered
as of 29-Nov-2024
28.48%
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 0.73% and for Oil Sands 1.58%.

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.

Ratings

Ratings

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
MICROSOFT CORP 2.77
NVIDIA CORP 2.49
APPLE INC 2.03
AMAZON COM INC 1.98
ALPHABET INC CLASS C 1.53
Name Weight (%)
META PLATFORMS INC CLASS A 1.01
UNITEDHEALTH GROUP INC 0.89
MASTERCARD INC CLASS A 0.87
PROGRESSIVE CORP 0.86
JPMORGAN CHASE & CO 0.81
as of 29-Nov-2024
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 2.3 02/15/2033 1.89
TREASURY NOTE 4.125 07/31/2028 1.26
UK CONV GILT 1.25 07/22/2027 1.24
AUSTRALIA (COMMONWEALTH OF) 1 11/21/2031 1.12
GERMANY (FEDERAL REPUBLIC OF) 1.7 08/15/2032 1.07
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 0.81
TREASURY NOTE 4 06/30/2028 0.78
TREASURY NOTE 4.875 10/31/2028 0.62
TREASURY NOTE 5 09/30/2025 0.47
TREASURY NOTE 5 10/31/2025 0.46

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-2024

% of Weight

Type Fund Benchmark Net
as of 29-Nov-2024

% of Weight

Type Fund Benchmark Net
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
as of 29-Nov-2024

% of Weight

Type Fund Benchmark Net
as of 29-Nov-2024

% of Weight

Type Fund Benchmark Net
as of 29-Nov-2024

% of Weight

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.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Pricing & Exchange

Pricing & Exchange

Share Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
D2 Hedged PLN 26.07 0.04 0.15 11-Dec-2024 26.16 22.11 LU0827880427
Class A10 USD 10.61 0.01 0.09 11-Dec-2024 10.71 9.67 LU2637965356
A2 Hedged CHF 14.44 0.01 0.07 11-Dec-2024 14.50 12.85 LU0343169966
Class A10 Hedged EUR 10.52 0.01 0.10 11-Dec-2024 10.60 9.62 LU2637965786
D4 GBP 61.55 0.00 0.00 11-Dec-2024 61.82 54.07 LU1852330908
Class A10 Hedged CNH 102.01 0.02 0.02 11-Dec-2024 103.53 95.53 LU2637965604
Class A10 Hedged AUD 10.35 0.01 0.10 11-Dec-2024 10.45 9.58 LU2637965869
Class A9 Hedged SGD 9.31 0.01 0.11 11-Dec-2024 9.35 8.35 LU2354320645
Class A10 Hedged HKD 105.02 0.11 0.10 11-Dec-2024 106.05 96.43 LU2637965430
A2 Hedged GBP 39.56 0.04 0.10 11-Dec-2024 39.72 34.02 LU0236177068
Class A9 USD 9.74 0.01 0.10 11-Dec-2024 9.78 8.59 LU2354320561
D2 USD 92.93 0.10 0.11 11-Dec-2024 93.28 79.01 LU0329592538
A2 EUR 77.86 0.23 0.30 11-Dec-2024 77.86 65.13 LU0171283459
Class A9 Hedged AUD 9.19 0.01 0.11 11-Dec-2024 9.23 8.22 LU2354320728
A4 Hedged EUR 41.84 0.04 0.10 11-Dec-2024 42.01 36.86 LU0240613025
Class A10 Hedged ZAR 104.63 0.13 0.12 11-Dec-2024 105.81 96.22 LU2637965943
D2 Hedged EUR 52.31 0.04 0.08 11-Dec-2024 52.52 45.26 LU0329591480
A2 Hedged SGD 18.18 0.02 0.11 11-Dec-2024 18.25 15.85 LU0308772762
A2 Hedged EUR 46.02 0.04 0.09 11-Dec-2024 46.21 40.11 LU0212925753
Class A10 Hedged SGD 10.41 0.01 0.10 11-Dec-2024 10.52 9.60 LU2637965513
A4 EUR 74.07 0.21 0.28 11-Dec-2024 74.07 62.63 LU0408221512
D4 EUR 74.78 0.22 0.30 11-Dec-2024 74.78 63.19 LU0827880005
D2 Hedged AUD 24.53 0.02 0.08 11-Dec-2024 24.63 21.17 LU0827880187
D2 EUR 88.49 0.26 0.29 11-Dec-2024 88.49 73.47 LU0523293024
D4 Hedged EUR 42.20 0.04 0.09 11-Dec-2024 42.37 37.16 LU0827880773
A2 HUF 31,932.23 28.81 0.09 11-Dec-2024 32,198.52 24,636.09 LU0566074125
A2 Hedged HKD 18.87 0.02 0.11 11-Dec-2024 18.95 16.35 LU0788109477
A2 Hedged PLN 23.78 0.03 0.13 11-Dec-2024 23.87 20.32 LU0480534592
D2 Hedged SGD 20.03 0.02 0.10 11-Dec-2024 20.11 17.34 LU0827880690
D2 Hedged CHF 15.83 0.01 0.06 11-Dec-2024 15.90 13.99 LU0827880260
A2 USD 81.76 0.08 0.10 11-Dec-2024 82.08 70.04 LU0072462426
A2 Hedged AUD 22.39 0.03 0.13 11-Dec-2024 22.48 19.46 LU0468326631
A2 Hedged CNH 181.22 0.04 0.02 11-Dec-2024 182.17 159.77 LU1062906877
A4 USD 77.79 0.08 0.10 11-Dec-2024 78.09 67.34 LU0724617625
D2 Hedged GBP 43.33 0.05 0.12 11-Dec-2024 43.49 36.98 LU0827880344

Portfolio Managers

Portfolio Managers

Rick Rieder
Rick Rieder
Managing Director, CIO of Global Fixed Income

  

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Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. Mr. Rieder is responsible for roughly $2.4 trillion in assets. He is a member of BlackRock’s Executive Sub-Committee on Investments, a member of BlackRock's Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council.

 

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.

 

Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar.

 

From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

 

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.

 

Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, New Jersey, and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation, and Trustee for the US Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Russ Koesterich
Russ Koesterich

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