Equity

BGF Multi-Theme Equity Fund

  • NAV as of 04/Dec/2025 USD 16.70
    52 WK: 12.25 - 17.18
  • 1 Day NAV Change as of 04/Dec/2025 USD 0.11 (0.66%)
  • Morningstar Rating

Overview

Investment Approach


The Fund seeks to achieve capital growth over the long term (at least five consecutive years) in a manner consistent with the principles of environmental, social and governance (ESG) investing.

The Fund is an actively managed fund of funds. The Fund will seek to achieve its investment objective by, in respect of at least 80% of its assets, obtaining exposure to equity securities (e.g. shares) indirectly, via its investment in other funds, including iShares Exchange Traded Funds and other funds managed by the BlackRock Group, including other funds within BlackRock Global Funds, on the terms set out in the prospectus, and by investing directly in equity securities and financial derivative instruments (FDIs) i.e. investments the prices of which are based on one or more underlying assets. The Fund may also invest in cash and money market instruments (MMIs).

The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. The Investment Adviser (IA) also intends the Fund to deliver exposure to sustainable investments that is higher than the MSCI All Countries World Index (Index).

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.

Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related or regulatory events. The value of equities and equity-related securities can be affected by daily stock market movements, political factors, economic news, company earnings and significant corporate events. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. The Fund may seek to exclude Funds which are not subject to ESG-related requirements. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening. Investments in the technology securities are subject to absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition. Investments in the new energy securities are subject to environmental or sustainability concerns, taxes, government regulation, price and supply fluctuations.

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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Source: For UK-domiciled funds (such as the BlackRock Retail Authorised Unit Trusts and BlackRock Collective Investment Funds 'BCIF'), performance is shown on a bid to bid price basis, with net income reinvested, in the currency indicated on the chart. Performance is shown net of fees. For Luxembourg-domiciled funds (such as BlackRock Global Funds 'BGF' and BlackRock Strategic Funds 'BSF'), performance is shown on a net asset value basis, with gross income reinvested, in the currency indicated in the chart. Performance is shown net of fees. Past performance is not a guide to future performance.

This chart shows the product's performance as the percentage loss or gain per year over the last 4 years.

  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total Return (%) USD 14.3 -19.7 12.7 6.7
Comparator Benchmark 1 (%) USD 18.5 -18.4 22.2 17.5
Comparator Benchmark 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 (%) USD 12.53 11.10 6.47 - 9.89
Comparator Benchmark 1 (%) USD 18.21 18.64 11.97 - 13.93
Comparator Benchmark 2 (%) USD - - - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) USD 16.71 -2.46 3.10 12.68 12.53 37.13 36.79 - 66.20
Comparator Benchmark 1 (%) USD 21.07 -0.01 5.93 14.96 18.21 66.99 76.02 - 101.94
Comparator Benchmark 2 (%) USD - -1.68 1.00 9.08 - - - - -
  From
30-Sept-2020
To
30-Sept-2021 		From
30-Sept-2021
To
30-Sept-2022 		From
30-Sept-2022
To
30-Sept-2023 		From
30-Sept-2023
To
30-Sept-2024 		From
30-Sept-2024
To
30-Sept-2025
Total Return (%) USD

as of 30/Sept/2025

31.39 -23.68 11.54 20.03 13.72
Comparator Benchmark 1 (%) USD

as of 30/Sept/2025

27.44 -20.66 20.80 31.76 17.27

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

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 04/Dec/2025
USD 95,586,869
Fund Launch Date
10/Jul/2020
Fund Base Currency
USD
Comparator Benchmark 1
MSCI All Country World Index (Net)
SFDR Classification
Article 8
Initial Charge
5.00%
Management Fee
0.55%
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGBMEDU
Share Class launch date
10/Jul/2020
Share Class Currency
USD
Asset Class
Equity
Comparator Benchmark 2
MSCI ACWI Mid Growth Net Index
SDR classification
ESG Overseas
Ongoing Charges Figures
0.80%
ISIN
LU2123743770
Minimum Initial Investment
USD 100,000.00
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Global Flex-Cap Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
BLPHV21

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28/Nov/2025
2
3y Beta
as of 30/Nov/2025
1.085
P/B Ratio
as of 28/Nov/2025
3.89
Standard Deviation (3y)
as of 30/Nov/2025
13.71%
P/E Ratio
as of 28/Nov/2025
30.55

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Multi-Theme Equity Fund, Class D2, as of 30/Nov/2025 rated against 957 Global Flex-Cap Equity Funds.

Holdings

Holdings

as of 28/Nov/2025
Name Weight (%)
ISHARES DIGITAL SECURITY UCITS ETF USD ACC 11.47
ISHARES AI ADOPTERS & APPLIC USDHA ETF 9.94
BGF CIRCULAR ECONOMY FUND 9.45
BLACKROCK GLOBAL FUNDS - NEW ENERGY FUND 7.51
ISHARES HEALTHCARE INNOVATION UCITS ETF 6.96
Name Weight (%)
ISHARES NASDAQ 100 UCITS ETF 6.93
ISHARES METAVERSE UCITS ETF 6.06
ISHARES GLOBAL AEROSPACE & D USDHA 5.40
ISHARES AI INNOVATION ACTIVE USDHA 5.09
ISHARES V PLC - ISHARES S&P COMMODITY PRODUCERS AGRIBUSINESS 4.89
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28/Nov/2025

% of Market Value

Type Fund Benchmark Net
as of 28/Nov/2025

% of Market Value

Type Fund Benchmark Net
as of 28/Nov/2025

% of Market Value

Type Fund Benchmark Net
as of 28/Nov/2025

% 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 D2 USD 16.70 0.11 0.66 04/Dec/2025 17.18 12.25 LU2123743770
Class Z2 USD 16.91 0.11 0.65 04/Dec/2025 17.39 12.39 LU2197910974
Class D2 GBP 12.49 0.03 0.24 04/Dec/2025 12.99 9.57 LU2123743937
Class A2 EUR 13.79 0.08 0.58 04/Dec/2025 14.25 10.76 LU2123743424
Class A2 USD 16.10 0.12 0.75 04/Dec/2025 16.57 11.86 LU2123743341
Class D2 EUR 14.31 0.08 0.56 04/Dec/2025 14.78 11.11 LU2123743853
Class A2 Hedged EUR 13.23 0.09 0.68 04/Dec/2025 13.65 9.94 LU2242189152
Class D2 Hedged EUR 13.71 0.10 0.73 04/Dec/2025 14.13 10.25 LU2242189079
Class Z2 EUR 14.49 0.09 0.63 04/Dec/2025 14.96 11.24 LU2123744232

Portfolio Managers

Portfolio Managers

Rafael Iborra
Rafael Iborra
Investment Lead of EMEA Model Portfolio Solutions for Multi-Asset Strategies & Solutions

   

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Rafael Iborra, Managing Director, is the Investment Lead of EMEA Model Portfolio Solutions for the Multi-Asset Strategies & Solutions group. In his role, Rafael is responsible for managing a diverse range of strategies that blend active asset allocation and risk management with a focus on index and exchange-traded funds. Rafael is also the lead portfolio manager for the BSF BlackRock Managed Index Portfolios (BMIPs), the iShares Portfolio UCITS ETFs, MyMap, and BGF Multi-Theme Equity Fund.

 

Over his 11-year tenure at BlackRock, Rafael has mainly focused on the development and management of a range of BlackRock model portfolios, with a specialization in outcome-oriented and total return asset allocation strategies.

 

Prior to joining BlackRock in 2012, Rafael designed risk-controlled strategies for Bank of America Merril Lynch.

 

Rafael graduated from EDHEC Business School (programme Grande Ecole) and joined Merrill Lynch in 2008. He can speak French, English and Spanish.

 

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

Christopher Ellis Thomas
Christopher Ellis Thomas
MyMap Co-Portfolio Manager, BlackRock

Chris is co-portfolio manager on the BGF Multi-Theme Equity Fund and lead strategist/CIO on the MyMap and 1895 (Rabobank) fund ranges.

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Chris Ellis Thomas is part of a team responsible for developing, assembling and managing investment solutions involving multiple strategies and asset classes within the EMEA Wealth Solutions team within Multi-Asset Strategies & Solutions (MASS). Chris focuses on UK wealth model clients, Thematic investment strategies and large outsourced investment mandates. Chris is co-portfolio manager on the BGF Multi-Theme Equity Fund and lead strategist/CIO on the MyMap and 1895 (Rabobank) fund ranges.

Yasmin Meissner
Yasmin Meissner
Director

Yasmin Meissner is the co-Head of Sustainable Investing for Multi-Asset Strategies and Client Portfolio Solutions along with Katharina Schwaiger.

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Yasmin Meissner is the co-Head of Sustainable Investing for Multi-Asset Strategies and Client Portfolio Solutions along with Katharina Schwaiger. In this capacity they are accountable for ESG research, integration and implementation efforts across the two groups. She has additional responsibilities in Multi-Asset Strategies as a macroeconomic researcher, covering a range of fundamental and quantitative approaches across advanced and emerging economies.

 

Prior to this, Yasmin was a portfolio manager in Client Portfolio Solutions. Before joining BlackRock, Yasmin was a telecoms analyst at Perella Weinberg Partners.


Miss. Meissner earned a BA degree in Politics, Philosophy and Economics from the University of Oxford, holds the Investment Management Certificate (IMC), and is a CFA charterholder.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Literature

Literature