Equity

BGF Natural Resources Fund

Overview

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 make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. Investors in this Fund should understand that capital growth is not a priority and values may fluctuate and the level of income may vary from time to time and is not guaranteed. 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 use of covered call options in the fund will usually provide some limited protection to investors when stockmarkets are falling, but may also result in a lower return in a rising market, when compared to the benchmark The fund invests in a limited number of market sectors. Compared to investments which spread investment risk through investing in a variety of sectors, share price movements may have a greater effect on the overall value of this fund. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. 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. The fund can invest in mining shares which typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities. Optional - The Fund does not hold physical gold or other commodities.

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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This chart shows the fund's performance as the percentage loss or gain per year over the last 5 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 11.7 0.1 27.7 12.8 -4.7
Constraint Benchmark 1 (%) 17.2 0.7 25.2 10.3 4.1

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
3.05 4.62 6.66 - 4.88
Constraint Benchmark 1 (%) 7.81 6.35 8.38 - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.69 -3.44 0.30 0.69 3.05 14.51 38.01 - 31.80
Constraint Benchmark 1 (%) 0.36 -4.37 -1.77 0.36 7.81 20.28 49.54 - -
  From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of 30/Jun/2024

-19.69 50.07 6.43 4.41 3.05
Constraint Benchmark 1 (%)

as of 30/Jun/2024

-16.76 49.35 2.95 8.37 7.81

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

Key Facts

Key Facts

Net Assets of Fund
as of 23/Jul/2024
USD 319,918,478
Fund Launch Date
15/Apr/2011
Fund Base Currency
USD
Constraint Benchmark 1
S&P Global Natural Resources Index
Initial Charge
5.00%
ISIN
LU1864666240
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGNRA2E
Share Class launch date
12/Sept/2018
Share Class Currency
EUR
Asset Class
Equity
SFDR Classification
Other
Ongoing Charges Figures
1.80%
Annual Management Fee
1.50%
Minimum Initial Investment
EUR 5,000.00
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Other Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
BFXNJC5

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28/Jun/2024
41
3y Beta
as of 30/Jun/2024
0.993
P/B Ratio
as of 28/Jun/2024
1.78
Standard Deviation (3y)
as of 30/Jun/2024
21.27%
P/E Ratio
as of 28/Jun/2024
13.62

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager considers ESG criteria in combination with other information during the idea generation, company research, portfolio construction and ongoing monitoring phases of the investment process. ESG information may be sourced from third-party vendors, as well as internal engagement commentary and site visits and input from BlackRock Investment Stewardship. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, 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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3
4
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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 28/Jun/2024
Name Weight (%)
SHELL PLC 8.43
EXXON MOBIL CORP 6.55
BP PLC 5.05
TOTALENERGIES SE 3.79
SMURFIT KAPPA GROUP PLC 3.68
Name Weight (%)
RIO TINTO PLC 3.51
WHEATON PRECIOUS METALS CORP 3.51
NUTRIEN LTD 3.43
GLENCORE PLC 3.41
TECK RESOURCES LTD 3.34
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
Sorry, geographic exposures are not available at this time.
as of 28/Jun/2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A2 Hedged EUR 13.27 -0.06 -0.45 23/Jul/2024 13.91 11.93 LU1864666240
Class D2 Hedged EUR 13.85 -0.06 -0.43 23/Jul/2024 14.50 12.41 LU1864666323
Class S2 EUR 10.41 -0.01 -0.10 23/Jul/2024 10.98 9.29 LU2527846088
Class D2 EUR 10.16 -0.02 -0.20 23/Jul/2024 10.72 9.08 LU0612325679
Class S3G Hedged GBP 9.79 -0.04 -0.41 23/Jul/2024 10.27 8.84 LU2605896955
Class S2 GBP 8.74 -0.04 -0.46 23/Jul/2024 9.38 7.95 LU2605897094
Class S2 Hedged GBP 10.18 -0.04 -0.39 23/Jul/2024 10.62 9.06 LU2605896872
Class S2 USD 11.29 -0.05 -0.44 23/Jul/2024 11.78 10.05 LU2527845866
Class S3G GBP 9.56 -0.03 -0.31 23/Jul/2024 10.33 8.83 LU2605897177
Class S5G USD 10.69 -0.04 -0.37 23/Jul/2024 11.24 9.66 LU2527845940
Class A3G USD 14.15 -0.06 -0.42 23/Jul/2024 14.87 12.82 LU1430597077
Class I4G USD 13.21 -0.05 -0.38 23/Jul/2024 13.78 11.74 LU1808491572
Class A4G USD 8.93 -0.04 -0.45 23/Jul/2024 9.34 7.98 LU0654597011
Class A2 USD 13.27 -0.05 -0.38 23/Jul/2024 13.87 11.85 LU0612318385
Class A5G USD 8.43 -0.03 -0.35 23/Jul/2024 8.88 7.64 LU0612318971
Class S5G EUR 9.85 -0.02 -0.20 23/Jul/2024 10.47 8.94 LU2527846161
Class A5G EUR 7.77 -0.01 -0.13 23/Jul/2024 8.28 7.07 LU1142331880

Portfolio Managers

Portfolio Managers

Tom Holl
Tom Holl
Alastair Bishop
Alastair Bishop

Literature

Literature