Fixed Income

BlackRock Solutions Funds ICAV - Coutts Actively Managed Global Investment Grade Credit 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.

Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. 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. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. 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.
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Performance

Performance

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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 2 years.

  2019 2020 2021 2022 2023
Total Return (%) -14.7 9.9
Target Benchmark 1 (%) -14.2 8.7

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

  1y 3y 5y 10y Incept.
5.97 - - - -1.12
Target Benchmark 1 (%) 5.23 - - - -1.69
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.15 0.15 8.87 5.51 5.97 - - - -3.20
Target Benchmark 1 (%) -0.11 -0.11 8.08 4.82 5.23 - - - -4.79
  From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
From
31-Dec-2022
To
31-Dec-2023
Total Return (%)

as of 31/Dec/2023

- - - -14.75 9.94
Target Benchmark 1 (%)

as of 31/Dec/2023

- - - -14.18 8.67

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 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 26/Feb/2024 USD 1,990,658,286
Share Class launch date 15/Mar/2021
Fund Launch Date 15/Mar/2021
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Target Benchmark 1 BBG MSCI Global Aggregate Credit ex Controversial & Nuclear Weapons Index Hedged
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charges Figures 0.24%
ISIN IE00BN782S95
Annual Management Fee 0.21%
Performance Fee 0.00%
Minimum Initial Investment USD 200,000,000.00
Minimum Subsequent Investment USD 1,000.00
Distribution Frequency Quarterly
Use of Income Distributing
Domicile Ireland
Regulatory Structure UCITS
Management Company BlackRock Asset Management Ireland Limited
Morningstar Category -
Dealing Settlement Trade Date + 2 days
Dealing Frequency Daily, forward pricing basis
SEDOL BN782S9

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31/Jan/2024 1988
12 Month Trailing Dividend Distribution Yield as of 31/Jan/2024 3.75
Standard Deviation (3y) as of - -
3y Beta as of - -
Yield to Maturity as of 31/Jan/2024 5.03
Modified Duration as of 31/Jan/2024 5.96
Weighted Average YTM as of 31/Jan/2024 4.95%
Effective Duration as of 31/Jan/2024 5.89
Weighted Avg Maturity as of 31/Jan/2024 7.59
WAL to Worst as of 31/Jan/2024 7.59

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 21/Feb/2024 A
MSCI ESG % Coverage as of 21/Feb/2024 92.01
MSCI ESG Quality Score (0-10) as of 21/Feb/2024 6.71
MSCI ESG Quality Score - Peer Percentile as of 21/Feb/2024 79.59
Fund Lipper Global Classification as of 21/Feb/2024 Bond Global USD
Funds in Peer Group as of 21/Feb/2024 441
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21/Feb/2024 162.79
MSCI Weighted Average Carbon Intensity % Coverage as of 21/Feb/2024 87.75
All data is from MSCI ESG Fund Ratings as of 21/Feb/2024, based on holdings as of 31/Oct/2023. 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 31/Jan/2024 0.00%
MSCI - UN Global Compact Violators as of 31/Jan/2024 0.12%
MSCI - Nuclear Weapons as of 31/Jan/2024 0.00%
MSCI - Thermal Coal as of 31/Jan/2024 0.00%
MSCI - Civilian Firearms as of 31/Jan/2024 0.00%
MSCI - Oil Sands as of 31/Jan/2024 0.00%
MSCI - Tobacco as of 31/Jan/2024 1.07%

Business Involvement Coverage as of 31/Jan/2024 83.07%
Percentage of Fund not covered as of 31/Jan/2024 16.72%
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 0.06% and for Oil Sands 1.15%.

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 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.

Within its Solutions platform, the Fund manager conducts assessments for third-party active managers as part of an approval process: this assessment considers whether managers have dedicated ESG resources or use internal ESG data, as well as the degree to which ESG is integrated into their investment processes. For equity managers, the Fund manager also considers the strength of investment stewardship capabilities. The Fund manager may consider the ESG assessment alongside other relevant information from the Investment Due Diligence when selecting new active managers. Certain Funds managed by the Fund manager may have fund-level exclusionary ESG policies. To implement these fund-level exclusionary ESG policies, the Fund manager incorporates screens which are passed on to third party managers (either via exclusion lists or sustainable indices) and incorporated into their sub-IMA guidelines and monitored by the Fund manager. Where appropriate and consistent with client objectives, other ESG objectives such as carbon emissions intensity reduction are also included in sub-IMA guidelines and monitored by the Fund manager. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock's Risk and Quantitative Analysis group. These reviews include discussion of portfolio exposure to material environmental, social and governance risks, where appropriate.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective 31/Jan/2024)

Holdings

Holdings

as of 31/Jan/2024
Name Weight (%)
FNMA 30YR UMBS 0.55
KFW MTN RegS 1.25 06/30/2027 0.45
VOLKSWAGEN FINANCIAL SERVICES N.V. RegS 6.5 09/18/2027 0.37
FHLMC 30YR UMBS 0.35
EUROPEAN FINANCIAL STABILITY FACIL MTN RegS 3.375 08/30/2038 0.32
Name Weight (%)
EUROPEAN UNION MTN RegS 1.25 04/04/2033 0.32
PROVINCE OF QUEBEC 1.9 09/01/2030 0.32
EUROPEAN UNION RegS 2.75 02/04/2033 0.31
EUROPEAN STABILITY MECHANISM RegS 0 12/15/2026 0.31
EUROPEAN INVESTMENT BANK RegS 0.05 10/13/2034 0.30
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31/Jan/2024

% of Market Value

Type Fund Benchmark Net
as of 31/Jan/2024

% of Market Value

Type Fund Benchmark Net
as of 31/Jan/2024

% of Market Value

Type Fund Benchmark Net
as of 31/Jan/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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class C Dist USD Quarterly 8.85 -0.02 -0.18 26/Feb/2024 9.05 8.23 IE00BN782S95
Class C Dist GBP Quarterly 8.67 -0.02 -0.19 26/Feb/2024 8.87 8.07 IE00BMYCBC46
Class NC Dist USD Quarterly 9.21 -0.02 -0.19 26/Feb/2024 9.33 8.48 IE0001JHUA13
Class C Dist EUR Quarterly 8.51 -0.02 -0.19 26/Feb/2024 8.73 7.82 IE00BMYCB914

Portfolio Managers

Portfolio Managers

Julian Steeds
Julian Steeds
Liam Davis
Liam Davis
Zoe Reicht
Zoe Reicht
Stanislava Vrabcheva
Stanislava Vrabcheva
MAS Core PM EMEA CPS Group
MAS Core PM EMEA CPS Group
MASS Core PM EMEA - Wealth
MASS Core PM EMEA - Wealth

Literature

Literature