Equity

BGF European Special Situations Fund

Overview

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.

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. The fund invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The Fund utilises derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk and volatility. The strategies utilised 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 Fund. The Fund may be exposed to finance sector companies, as a service provider or as counterparty for financial contracts. Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent. This may have an adverse affect on the activities of the fund.

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

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Performance

Performance

  • Returns

  From
31-Mar-2015
To
31-Mar-2016
From
31-Mar-2016
To
31-Mar-2017
From
31-Mar-2017
To
31-Mar-2018
From
31-Mar-2018
To
31-Mar-2019
From
31-Mar-2019
To
31-Mar-2020
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of 31-Mar-20

-3.51 9.25 4.85 4.35 -4.29
Benchmark (%) Index: MSCI Europe Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

as of 31-Mar-20

-13.71 16.95 -0.43 5.45 -13.53

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 EUR.

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

Chart

Performance chart data not available for display.
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Reinvestments

Record Date Ex-Date Payable Date
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Key Facts

Key Facts

Size of Fund (Millions) as of 26-May-20 EUR 1,108.176
Base Currency Euro
Fund Launch Date 20-Mar-03
Share Class launch date 14-Oct-02
Asset Class Equity
Morningstar Category Europe Large-Cap Growth Equity
Benchmark Index MSCI Europe Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
ISIN LU0154234636
Bloomberg Ticker MLEUGRA
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL 7446748
Bloomberg Benchmark Ticker M7EU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, material sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI Fund Ratings and, unless otherwise stated in Fund documentation and included within a Fund’s investment objective, ESG integration does not change a Fund’s investment objective or constrain the Investment Manager’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 Sustainability Characteristics, using links below.

MSCI ESG Quality Score - Peer Percentile The fund’s ESG Percentile compared to its Lipper peer group. as of 01-May-20 54.33
Fund Lipper Global Classification The fund peer group as defined by the Lipper Global Classification. as of 01-May-20 Equity Europe
All data is from MSCI ESG Fund Ratings as of 01-May-20, based on holdings as of 31-Oct-19. As such, the funds sustainable characteristics may differ from MSCI ESG ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s underlying holdings (excluding cash positions) must be covered by MSCI ESG Research, the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

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.


Transparency on Business Involvement metrics is not indicative of a fund’s investment objective, and, unless otherwise stated in Fund documentation and included within a Fund’s investment objective, ESG integration does not change a Fund’s investment objective or constrain the Investment Manager’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.


Business Involvement metrics are calculated using MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this research 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.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for BGF European Special Situations Fund, Class A2, as of 30-Apr-20 rated against 360 Europe Large-Cap Growth Equity Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 05-Jul-19)

Holdings

Holdings

as of 30-Apr-20
Name Weight (%)
ASML HOLDING NV 4.75
SAP SE 4.60
NOVO NORDISK A/S 4.12
LVMH MOET HENNESSY LOUIS VUITTON SE 3.28
LONDON STOCK EXCHANGE GROUP PLC 3.18
Name Weight (%)
FERRARI NV 2.85
DSV PANALPINA A/S 2.77
LONZA GROUP AG 2.75
UNILEVER PLC 2.71
RELX PLC 2.67
Holdings 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 A2 EUR None 46.11 0.31 0.68 53.14 34.85 - LU0154234636 - -
Class A2 Hedged CNH None 372.85 2.60 0.70 430.81 282.47 - LU1244156169 - -
Class A2 Hedged AUD None 16.66 0.11 0.66 19.62 12.64 - LU1023062109 - -
Class D2 Hedged USD None 17.20 0.12 0.70 19.71 12.94 - LU1078072763 - -
Class A2 Hedged USD None 18.22 0.13 0.72 20.91 13.72 - LU0969580561 - -
Class I4 EUR - 9.66 0.07 0.73 9.94 7.29 - LU2127175094 - -
Class D2 USD None 56.38 0.82 1.48 63.91 42.12 - LU0827879171 - -
Class A2 USD None 50.64 0.75 1.50 57.54 37.88 - LU0171276677 - -
Class A2 Hedged CAD None 16.05 0.11 0.69 18.66 12.13 - LU1023062521 - -
Class I2 EUR None 13.81 0.09 0.66 15.87 10.42 - LU0369584999 - -
Class A2 Hedged HKD None 119.30 0.84 0.71 137.11 89.89 - LU1355424745 - -
Class A2 Hedged GBP None 15.19 0.11 0.73 17.74 11.50 - LU1023063255 - -
Class D2 EUR None 51.35 0.36 0.71 59.05 38.75 - LU0252965834 - -

Portfolio Managers

Portfolio Managers

Michael Constantis
Managing Director

  

Literature

Literature