Equity

BGF Japan Small & MidCap Opportunities Fund

  • NAV as of 02/Jun/2023 USD 17.56
    52 WK: 15.15 - 17.76
  • 1 Day NAV Change as of 02/Jun/2023 0.24 (1.39%)

Overview

Investment Approach


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

The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of small and mid capitalisation companies domiciled in, or the main business of which is in, Japan.

Small and mid capitalisation companies are considered companies which, at the time of purchase, form the bottom 30% by market capitalisation of Japanese stock markets. Market capitalisation is the share price of the company multiplied by the number of shares issued.

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.

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 may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory 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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Share Class performance displayed in USD and Benchmark performance displayed in JPY. Source: BlackRock. Performance is shown on a net asset value basis, with gross income reinvested. Past performance is not a guide to future performance.

This chart shows the fund's performance as the percentage loss or gain per year over the last 9 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 9.4 8.2 0.5 35.8 -22.9 28.0 2.1 12.7 -8.8
Constraint Benchmark 1 (%) 14.7 13.4 3.7 25.6 -18.1 16.8 0.0 8.8 -0.2

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 (%) 4.22 9.59 1.85 - 5.49
Constraint Benchmark 1 (%) 13.39 12.24 2.64 - 7.38
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 3.84 1.61 2.16 1.43 4.22 31.61 9.59 - 70.30
Constraint Benchmark 1 (%) 8.47 3.30 5.69 7.57 13.39 41.38 13.91 - 103.22
  From
31-Mar-2018
To
31-Mar-2019		 From
31-Mar-2019
To
31-Mar-2020		 From
31-Mar-2020
To
31-Mar-2021		 From
31-Mar-2021
To
31-Mar-2022		 From
31-Mar-2022
To
31-Mar-2023
Total Return (%)

as of 31/Mar/2023

-11.78 -8.45 46.00 -5.70 0.36
Constraint Benchmark 1 (%)

as of 31/Mar/2023

-8.22 -13.47 40.18 -4.97 7.47

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 USD hedged Share Class Benchmark performance is displayed in JPY.

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 02/Jun/2023 JPY 18,491,786,023
Share Class launch date 15/May/2013
Fund Launch Date 13/May/1987
Share Class Currency USD
Fund Base Currency JPY
Asset Class Equity
Constraint Benchmark 1 S&P Japan Mid Small Cap Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.83%
Annual Management Fee 1.50%
Performance Fee 0.00%
Minimum Initial Investment USD 5,000.00
Minimum Subsequent Investment USD 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Equity
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BJSMCA2
ISIN LU0931342652
SEDOL B96VT24

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 28/Apr/2023 89
Standard Deviation (3y) as of 30/Apr/2023 13.77%
3y Beta as of 30/Apr/2023 1.003
P/E Ratio as of 28/Apr/2023 11.95
P/B Ratio as of 28/Apr/2023 1.05

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in combination with other information in the research and decision phases of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

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

Ratings

Holdings

Holdings

as of 28/Apr/2023
Name Weight (%)
77 BANK LTD/THE 2.76
FUKUOKA FINANCIAL GROUP INC 2.62
KYUDENKO CORP 2.51
RAITO KOGYO CO LTD 2.17
NOMURA REAL ESTATE HOLDINGS INC 2.09
Name Weight (%)
SOJITZ CORP 2.01
TOKYO TATEMONO CO. LTD. 1.99
MATSUKIYOCOCOKARA & CO 1.91
YOKOGAWA BRIDGE HOLDINGS CORP 1.84
KYUSHU RAILWAY CO 1.78
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28/Apr/2023

% of Market Value

Type Fund Benchmark Net
as of 28/Apr/2023

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class A2 Hedged USD None 17.56 0.24 1.39 02/Jun/2023 17.76 15.15 LU0931342652 -
Class I2 EUR - 13.03 0.10 0.77 02/Jun/2023 13.85 12.15 LU1822774011 -
Class I2 Hedged EUR - 10.30 0.14 1.38 02/Jun/2023 10.43 9.06 LU1822774102 -
Class D2 USD None 69.28 0.58 0.84 02/Jun/2023 71.46 61.17 LU0827883108 -
Class D2 EUR None 64.48 0.48 0.75 02/Jun/2023 68.71 60.28 LU0252965594 -
Class I2 JPY None 1,951.00 27.00 1.40 02/Jun/2023 1,977.00 1,726.00 LU0992622497 -
Class D2 Hedged EUR None 57.62 0.80 1.41 02/Jun/2023 58.34 50.77 LU0827883280 -
Class A2 USD None 61.67 0.51 0.83 02/Jun/2023 63.78 54.70 LU0006061252 -
Class D2 JPY None 9,656.00 135.00 1.42 02/Jun/2023 9,789.00 8,565.00 LU0496417709 -
Class A2 JPY None 8,596.00 120.00 1.42 02/Jun/2023 8,736.00 7,679.00 LU0249411835 -
Class A2 Hedged EUR None 53.20 0.75 1.43 02/Jun/2023 53.87 47.21 LU0255399742 -
Class A4 GBP Annual 49.18 0.39 0.80 02/Jun/2023 52.41 46.43 LU0204063480 -
Class A2 EUR None 57.40 0.42 0.74 02/Jun/2023 61.53 54.05 LU0171289068 -
Class D4 GBP Annual 50.89 0.40 0.79 02/Jun/2023 54.14 48.03 LU0827883017 -

Portfolio Managers

Portfolio Managers

Hiroki Takayama
Hiroki Takayama
Keitaro Kanai
Keitaro Kanai

Literature

Literature