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 Liquidity in the financial markets has been severely restricted, causing a number of firms to withdrawn from the market, or in some extreme cases, becoming insolvent.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

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Reinvestments

This product does not have any distributions data as of now.
  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
From
31-Mar-2020
To
31-Mar-2021
Total Return (%)

as of 31-Mar-21

10.32 6.37 6.20 -3.46 38.89
Benchmark (%)

as of 31-Mar-21

16.95 -0.43 5.45 -13.53 35.32
  1y 3y 5y 10y Incept.
38.89 12.50 10.81 - 10.07
Benchmark (%)

as of 31-Mar-21

35.32 7.26 7.52 - 5.89
  YTD 1m 3m 1y 3y 5y 10y Incept.
2.44 2.70 2.44 38.89 42.39 67.09 - 97.50
Benchmark (%)

as of 31-Mar-21

8.35 6.47 8.35 35.32 23.39 43.68 - 50.09

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 CAD, 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

Key Facts

Key Facts

Size of Fund (Millions) as of 09-Apr-21 EUR 1,287.678
12m Trailing Yield -
Number of Holdings as of 31-Mar-21 48
Base Currency Euro
Fund Launch Date 20-Mar-03
Share Class launch date 26-Feb-14
Asset Class Equity
Morningstar Category Other Equity
Benchmark Index MSCI Europe Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 1.83%
ISIN LU1023062521
Bloomberg Ticker BEGA2CH
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL BJMZFK0
Bloomberg Benchmark Ticker M7EU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment CAD 5000
Minimum Subsequent Investment CAD 1000
Use of Income Accumulating

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, 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 ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 05-Mar-21 AA
MSCI ESG Quality Score (0-10) as of 05-Mar-21 7.96
MSCI ESG Quality Score - Peer Percentile as of 05-Mar-21 66.29
MSCI ESG % Coverage as of 05-Mar-21 98.25
Fund Lipper Global Classification as of 05-Mar-21 Equity Europe
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 05-Mar-21 68.75
Funds in Peer Group as of 05-Mar-21 1
All data is from MSCI ESG Fund Ratings as of 05-Mar-21, based on holdings as of 30-Sep-20. 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% of the fund’s gross weight must come from securities covered 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. 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.


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 31-Mar-21 0.00%
MSCI - UN Global Compact Violators as of 31-Mar-21 0.00%
MSCI - Nuclear Weapons as of 31-Mar-21 0.00%
MSCI - Thermal Coal as of 31-Mar-21 0.00%
MSCI - Civilian Firearms as of 31-Mar-21 0.00%
MSCI - Oil Sands as of 31-Mar-21 0.00%
MSCI - Tobacco as of 31-Mar-21 0.00%

Business Involvement Coverage as of 31-Mar-21 96.76%
Percentage of Fund not covered as of 31-Mar-21 3.24%
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

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 conducts 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

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for BGF European Special Situations Fund, Class A2 Hedged, as of 31-Jul-18 rated against 228 Other Equity Funds.

Holdings

Holdings

as of 31-Mar-21
Name Weight (%)
ASML HOLDING NV 6.36
LVMH MOET HENNESSY LOUIS VUITTON SE 5.05
DSV PANALPINA A/S 3.68
LONZA GROUP AG 3.22
STMICROELECTRONICS NV 3.16
Name Weight (%)
NETCOMPANY GROUP A/S 3.04
TELEPERFORMANCE 2.95
KERING SA 2.94
ROYAL UNIBREW A/S 2.68
IMCD NV 2.56
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 Hedged CAD None 20.35 0.12 0.59 20.35 14.54 - LU1023062521 - -
Class D2 Hedged USD None 22.02 0.13 0.59 22.02 15.55 - LU1078072763 - -
Class A2 Hedged GBP None 19.26 0.12 0.63 19.26 13.74 - LU1023063255 - -
Class A2 Hedged HKD None 151.77 0.93 0.62 151.77 107.88 - LU1355424745 - -
Class A2 USD None 69.21 0.34 0.49 69.89 45.40 - LU0171276677 - -
Class D2 EUR None 65.26 0.40 0.62 65.26 46.47 - LU0252965834 - -
Class D2 USD None 77.57 0.39 0.51 78.24 50.52 - LU0827879171 - -
Class I4 EUR Annual 12.25 0.07 0.57 12.25 8.74 - LU2127175094 - -
Class I2 EUR None 17.59 0.10 0.57 17.59 12.49 - LU0369584999 - -
Class A2 Hedged AUD None 21.11 0.13 0.62 21.11 15.11 - LU1023062109 - -
Class A2 Hedged USD None 23.17 0.14 0.61 23.17 16.48 - LU0969580561 - -
Class A2 Hedged CNH None 482.58 2.99 0.62 482.58 337.13 - LU1244156169 - -
Class A2 EUR None 58.23 0.36 0.62 58.23 41.76 - LU0154234636 - -

Portfolio Managers

Portfolio Managers

Stefan Gries
Stefan Gries

Literature

Literature