Equity

BSF Asia Pacific Absolute Return Fund

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. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. Investments in China are subject to certain additional risks, particularly regarding the ability to deal in equity securities in China due to issues relating to liquidity and the repatriation of capital. As a result, the Fund may choose to gain exposure to Chinese equities indirectly and may be unable to gain full exposure to the Chinese equity markets. The strategies utilized by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both 'long' and 'synthetic short' positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Funds. Investors in this fund should understand that the Fund is not guaranteed to produce a positive return and as an absolute return product, performance may not move in line with general stock market trends as both positive and negative share movements affect the overall value of the fund. The Manager employs a risk management process to oversee and manage derivative exposure within the Fund. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. The fund may invest in exchange traded funds which have exposure to property securities and commodities (through an index). Property investments are subject to adverse changes in economic conditions, adverse local market conditions and risks associated with the acquisition, financing and ownership and operation and disposal of real property. The underlying commodities index may concentrate investment on selected commodity futures of multinational markets. This makes the exchange traded fund extremely dependent on the performance of the commodity markets concerned. The Fund may invest more than 10% of its Net Asset Value in the units of UCITS and/or other UCIs.

Overview

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Performance

Performance

Chart

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Distributions

Ex-Date Distribution
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  1y 3y 5y 10y Incept.
-0.29 1.36 3.90 - 1.50
-5.28 -0.36 2.84 - 0.87
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.68 -1.10 -1.92 -2.64 -0.29 4.14 21.11 - 13.08
-4.35 -6.05 -6.82 -7.51 -5.28 -1.06 15.05 - 7.42

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -2.67 -7.31 0.57 7.48 6.35 1.86 4.41
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 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. 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 13-Dec-2024
USD 153,543,160
Fund Inception
31-Aug-2016
Fund Base Currency
USD
Benchmark
3 Month SOFR Compounded in Arrears plus 26.1 basis point spread
Initial Charge
5.00%
ISIN
LU1417813919
Performance Fee
20.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BSAPA4E
MAS ESG Fund
No
Share Class Inception Date
31-Aug-2016
Share Class Currency
EUR
Asset Class
Equity
SFDR Classification
Other
Management Fee
1.50%
Management Fee (incl. Distribution Fee, if any)
1.50%
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Long/Short Equity - Other
Dealing Frequency
Daily, forward pricing basis
SEDOL
BZB1TK9

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
72
3y Beta
as of 30-Nov-2024
0.764
P/B Ratio
as of 29-Nov-2024
2.37
Since Share Inception – Annualised Volatility
as of 30-Nov-2024
5.65
Standard Deviation (3y)
as of 30-Nov-2024
5.87%
P/E Ratio
as of 29-Nov-2024
16.42
5Y Annualised Volatility
as of 30-Nov-2024
6.04

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-2024
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.00%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
2.43%
MSCI - Thermal Coal
as of 29-Nov-2024
0.00%
MSCI - Oil Sands
as of 29-Nov-2024
0.00%

Business Involvement Coverage
as of 29-Nov-2024
82.81%
Percentage of Fund not covered
as of 29-Nov-2024
17.21%
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.

Ratings

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 3.42
INDIA (REPUBLIC OF) 3.14
KOREA ELECTRIC POWER CORP 2.79
BANK CENTRAL ASIA TBK PT 2.48
SOCIEDAD QUIMICA Y MINERA DE CHILE SA 2.41
Name Weight (%)
KUAISHOU TECHNOLOGY 2.25
PUMA SE 2.21
PHISON ELECTRONICS CORP 2.20
MIDEA GROUP CO LTD 2.19
AAVAS FINANCIERS LTD 2.19

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-2024

% of Weight

Type Fund Benchmark Net
as of 29-Nov-2024

% of Weight

Type Fund
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
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.
Due to rounding, the total may not be equal to 100%

Pricing & Exchange

Pricing & Exchange

Share Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A4 Hedged EUR 113.84 0.45 0.40 13-Dec-2024 118.03 111.54 LU1417813919
D2 USD 137.39 0.54 0.39 13-Dec-2024 141.72 132.18 LU1495982438
D2 Hedged CHF 96.12 0.38 0.40 13-Dec-2024 100.18 94.91 LU2882335602
A2 USD 109.47 0.42 0.39 13-Dec-2024 113.08 105.83 LU2649165938
D2 Hedged EUR 118.62 0.48 0.41 13-Dec-2024 122.78 115.90 LU1495982511
A2 EUR 140.47 0.91 0.65 13-Dec-2024 141.42 129.19 LU1417813836
A2 GBP 130.14 1.56 1.21 13-Dec-2024 134.31 121.91 LU1513020419
D2 EUR 146.81 0.96 0.66 13-Dec-2024 147.76 134.36 LU1495982602
D2 Hedged GBP 127.41 0.52 0.41 13-Dec-2024 131.31 122.80 LU1417814057
D2 GBP 106.04 1.27 1.21 13-Dec-2024 109.10 99.24 LU2615938151

Portfolio Managers

Portfolio Managers

Sam Vecht
Sam Vecht
Steve Wong
Steve Wong
Ada Zhang
Ada Zhang

Documents

Documents