Multi Asset

BSF Dynamic Diversified Growth Fund

  • NAV as of 31/May/2023 CAD 127.80
    52 WK: 119.99 - 129.48
  • 1 Day NAV Change as of 31/May/2023 -0.14 (-0.11%)

Overview

Investment Approach


The Fund aims to deliver long term capital growth and income on your investment with a low tolerance for capital loss.

The Fund invests globally either indirectly (via other funds) or directly in the full range of assets in which a UCITS fund may invest.

These include, but are not limited to: equity securities (e.g. shares), fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short term maturities), financial derivative instruments (FDIs), funds, deposits and cash. FDIs are investments the prices of which are based on one or more underlying assets.

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 value of your investment and the income from it will vary and your initial investment amount is not 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. Two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to repay the principal and make interest payments. The Fund invests in fixed interest securities issued by companies. There is a risk of default where the issuing company may not pay income or repay capital to the Fund when due.

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

The Fund uses 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.

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  Canadian Dollar. Performance is show on a net asset value basis, with gross income reinvested.

This chart shows the fund's performance as the percentage loss or gain per year over the last 6 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 8.9 -2.0 11.9 9.1 5.0 -9.1
Target Benchmark 1 (%) -0.3 -0.4 -0.4 -0.4 -0.5 0.0

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 (%) -0.32 3.27 3.18 - 3.52
Target Benchmark 1 (%) 0.99 0.01 -0.15 - -0.20
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.68 0.25 -0.15 4.20 -0.32 10.13 16.96 - 28.10
Target Benchmark 1 (%) 0.81 0.24 0.64 1.06 0.99 0.03 -0.73 - -1.45
  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

4.36 -1.78 18.20 -0.02 -2.87
Target Benchmark 1 (%)

as of 31/Mar/2023

-0.36 -0.40 -0.45 -0.50 0.70

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 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

Net Assets of Fund as of 31/May/2023 EUR 784,204,170
Share Class launch date 02/Mar/2016
Fund Launch Date 28/Jan/2011
Share Class Currency CAD
Fund Base Currency EUR
Asset Class Multi Asset
Target Benchmark 1 Overnight ESTR
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charges Figures 0.74%
Annual Management Fee 0.55%
Performance Fee 0.00%
Minimum Initial Investment CAD 10,000.00
Minimum Subsequent Investment CAD 10,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Allocation
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSEDI2C
ISIN LU1355424828
SEDOL BYXF1F1

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 28/Apr/2023 268
Standard Deviation (3y) as of 30/Apr/2023 6.62%
3y Beta as of 30/Apr/2023 1.345
P/E Ratio as of 28/Apr/2023 12.45
P/B Ratio as of 28/Apr/2023 1.80
Yield to Maturity as of 28/Apr/2023 2.30
Modified Duration as of 28/Apr/2023 1.46
Effective Duration as of 28/Apr/2023 1.30
Weighted Avg Maturity as of 28/Apr/2023 2.29

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 19/May/2023 A
MSCI ESG % Coverage as of 19/May/2023 74.93
MSCI ESG Quality Score (0-10) as of 19/May/2023 7.05
MSCI ESG Quality Score - Peer Percentile as of 19/May/2023 64.54
Fund Lipper Global Classification as of 19/May/2023 Mixed Asset EUR Flex - Global
Funds in Peer Group as of 19/May/2023 1,379
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 19/May/2023 152.91
MSCI Weighted Average Carbon Intensity % Coverage as of 19/May/2023 58.46
All data is from MSCI ESG Fund Ratings as of 19/May/2023, based on holdings as of 31/Dec/2022. 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 28/Apr/2023 0.15%
MSCI - UN Global Compact Violators as of 28/Apr/2023 0.76%
MSCI - Nuclear Weapons as of 28/Apr/2023 0.16%
MSCI - Thermal Coal as of 28/Apr/2023 0.07%
MSCI - Civilian Firearms as of 28/Apr/2023 0.02%
MSCI - Oil Sands as of 28/Apr/2023 0.01%
MSCI - Tobacco as of 28/Apr/2023 0.52%
Business Involvement Coverage as of 28/Apr/2023 78.31%
Percentage of Fund not covered as of 28/Apr/2023 21.77%
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 0.42% and for Oil Sands 1.01%.

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 incorporates ESG considerations throughout the investment process’ macro outlook, idea generation, implementation tools, portfolio construction, risk management, ongoing monitoring and reporting. All research ideas generated for the Fund consider the potential impact from ESG-associated risks, and these are documented as part of the investment process. Idea implementation uses a wide range of building blocks, including active mutual funds, index funds, ETFs, direct securities, derivatives, and third-party funds. The Fund manager reviews research ideas and asset allocation on a regular basis and reassesses each of the building blocks utilized to access research ideas. The choice of building block is informed by ESG considerations. For strategies with an explicit ESG objective, certain building blocks are used to comply with those guidelines. Where an ESG focused building block becomes available, it will be considered as a replacement for standard market exposure. Both the extent and impact of screens and integration are considered in the context of the investment objective / investment style of particular strategies. The Fund manager may also build bespoke thematic baskets of securities, which are subject to BlackRock baseline screens in the first instance and where appropriate, additional screening criteria. The Fund manager uses E, S, and G criteria such as headline ESG and carbon footprint during the reporting phase. These are sourced from Aladdin or directly from third-party data providers. The Fund manager conducts regular portfolio monitoring with BlackRock’s Risk and Quantitative Analysis group, as well as portfolio reviews with 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

Holdings

Holdings

as of 28/Apr/2023
Name Weight (%)
BGF GLOBAL CORP BOND X2 EUR HEDGED 15.88
BGF EURO CORP BOND X2 EUR 8.76
ISHRS DEV WRLD IDX (IE) FLX AC EUR 4.68
ISHARES PHYSICAL GOLD 4.65
BGF EMERG MRKTS EQ INC FD X2 USD 4.13
Name Weight (%)
BLUEFIELD SOLAR INCOME FUND LTD 3.61
TRSWAP: JCUBU7Y8 INDEX 3.51
BGF EURO SHORT DURATION BND X2 EUR 3.39
TRSWAP: ELTINTR4 INDEX 2.75
TRSWAP: AQPEEC4N INDEX 2.39
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

Sorry, sectors are not available at this time.
Sorry, geographic exposures are not available at this time.
Sorry, geographic exposures are not available at this time.
as of 28/Apr/2023

% of Market Value

Type Fund Benchmark Net
Due to the use of derivatives, reported asset allocation may not be fully reflective of the risk profile of the fund’s market exposure. Allocations subject to change.
Sorry, maturities are not available at this time.
Sorry, ratings are not available at this time.
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 I2 CAD Hedged CAD None 127.80 -0.14 -0.11 31/May/2023 129.48 119.99 LU1355424828 -
Class A2 EUR None 119.78 -0.14 -0.12 31/May/2023 123.97 114.66 LU0496817981 -
Class I2 Hedged JPY - 10,671.11 -13.71 -0.13 31/May/2023 11,134.24 10,308.58 LU1992118031 -
Class I2 EUR None 133.54 -0.16 -0.12 31/May/2023 137.21 127.09 LU0572146941 -
Class I2 Hedged USD - 109.99 -0.12 -0.11 31/May/2023 111.22 102.81 LU2079411406 -
Class I2 Hedged SEK None 133.51 -0.16 -0.12 31/May/2023 137.22 126.87 LU0871610134 -
Class D2 EUR None 129.49 -0.15 -0.12 31/May/2023 133.29 123.41 LU0586680109 -
Class A2 Hedged SEK None 122.08 -0.15 -0.12 31/May/2023 126.37 116.68 LU0724654230 -

Portfolio Managers

Portfolio Managers

Adam Ryan
Adam Ryan
Managing Director and portfolio manager

Head of the Diversified Strategies team within BlackRock's Multi-Asset Strategies (MAS) group, which is responsible for developing, assembling and managing investment strategies involving multiple asset classes.

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Adam Ryan, Managing Director and portfolio manager, is Head of the Diversified Strategies team within BlackRock's Multi-Asset Strategies (MAS) group, which is responsible for developing, assembling and managing investment strategies involving multiple asset classes. Mr. Ryan is the lead portfolio manager of the charities funds; Charities Growth & Income Fund, Armed Forces Common Investment Fund and Charifaith Common Investment Fund. Adam is also the lead portfolio manager of the BlackRock Dynamic Diversified Growth (DDG) strategy.

Mr Ryan's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. His background is in fixed income portfolio management where he was Head of Fixed Income for MLIM's Private Client business before developing and managing diversified multi-asset portfolios for both private and institutional clients.

Mr. Ryan earned a BA degree with honours in engineering from Cambridge University in 1991.

Rupert Harrison, PhD
Rupert Harrison, PhD
Portfolio Manager and Head of Research, Diversified Strategies Team, Multi-Asset Strategies & Solutions

Portfolio Manager and Head of Research, Diversified Strategies Team, Multi-Asset Strategies & Solutions

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Rupert Harrison, PhD, Managing Director, is a portfolio manager and Head of Research for the Diversified Strategies team within BlackRock's Multi-Asset Strategies & Solutions (MASS) group. Rupert is a portfolio manager for a number of benchmarked and outcome-oriented funds, including the Climate Action Multi-Asset Fund and Dynamic Diversified Growth (DDG) Fund. He also leads the Diversified Strategies team’s research capabilities.

Rupert’s service with the firm dates back to 2015. Prior to joining BlackRock, he was the Chief of Staff to UK Chancellor of the Exchequer George Osborne and Chair of the UK's Council of Economic Advisors. He served as Chief Economic Advisor to the then Leader of the Opposition David Cameron and Shadow Chancellor George Osborne from 2006-2010.

Rupert earned a BA degree with honours in Politics, Philosophy and Economics from Oxford University in 2001 and a PhD in Economics from University College London in 2007. His academic research on the economics of new technologies, productivity growth and the macroeconomic impact of structural reforms has been published in leading journals including the American Economic Review, the Economic Journal, and the Review of Economics and Statistics.

Rupert’s interests include macro research, and climate investing. Outside of work, he enjoys playing and coaching football.

Multi-Asset Strategies & Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Conan McKenzie
Conan McKenzie
CFA, Managing Director and portfolio manager

Member of the Diversified Strategies team within BlackRock’s Multi-Asset Strategies and Solutions (MASS) group.

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Conan McKenzie, CFA, Managing Director and portfolio manager, Member of the Diversified Strategies team within BlackRock’s Multi-Asset Strategies and Solutions (MASS) group. Within Diversified Strategies, Mr. McKenzie is involved in managing both benchmarked and outcome oriented funds. As with Mr. Ryan, Mr. McKenzie has portfolio management responsibilities across the charities funds and DDG. Conan has been a portfolio manager on the charities funds since April 2013. He also leads the team's ESG research agenda that drives the potential for ESG-related thematic investments, as well as alternative investment opportunities and third party manager research.

Mr. McKenzie holds a MA degree in History & Politics from the University of Oxford, and is a CFA Charterholder. His service with the firm dates back to 2011.

Literature

Literature