Multi Asset

ESG Multi-Asset Fund

  • NAV as of 04/Dec/2025 USD 9.86
    52 WK: 8.37 - 9.99
  • 1 Day NAV Change as of 04/Dec/2025 USD 0.02 (0.20%)

Overview

Investment Approach


The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance ("ESG") investing.

The Fund is actively managed and the extent to which the Fund is invested in these asset classes may vary without limit depending on market conditions and other factors at the investment adviser’s (IA) discretion. In selecting these, the IA may refer to a composite benchmark comprising the 25% MSCI World Index hedged to EUR, 25% MSCI World Index and 50% Bloomberg Global Aggregate Bond Index hedged to EUR (“Index”) for risk management purposes.

The Fund’s investments may be issued by governments, government agencies, companies and supranationals. These may include securities with a relatively low credit rating or which are unrated.

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. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. 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 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.

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.

Distributions

Ex-Date Total Distribution
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Ex-Date Total Distribution

This chart shows the product's performance as the percentage loss or gain per year over the last 2 years.

  2020 2021 2022 2023 2024
Total Return (%) USD 7.6 8.4
Constraint Benchmark 1 (%) EUR 12.0 13.3

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 9.66 7.49 - - 4.36
Constraint Benchmark 1 (%) EUR 6.24 9.14 - - 5.76
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) USD 10.24 -0.46 6.00 11.35 9.66 24.19 - - 16.92
Constraint Benchmark 1 (%) EUR 7.46 -0.01 3.64 7.31 6.24 30.02 - - 22.80
  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

- - -0.48 14.23 8.25
Constraint Benchmark 1 (%) EUR

as of 30/Sept/2025

- - 5.83 16.97 8.43

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
EUR 3,027,066,446
Fund Launch Date
04/Jan/1999
Fund Base Currency
EUR
Constraint Benchmark 1
25% MSCI +25% MSCI HDG + 50% GBL AGG
SDR classification
ESG Overseas
Ongoing Charges Figures
1.55%
ISIN
LU2452424414
Minimum Initial Investment
EUR 5,000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
USD Moderate Allocation
Dealing Frequency
Daily, forward pricing basis
SEDOL
BNKTBQ0
Share Class launch date
30/Mar/2022
Share Class Currency
USD
Asset Class
Multi Asset
SFDR Classification
Article 8
Initial Charge
5.00%
Management Fee
1.20%
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
BGEMAAU

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28/Nov/2025
8
Standard Deviation (3y)
as of 30/Nov/2025
7.50%
P/B Ratio
as of 28/Nov/2025
2.96
Modified Duration
as of 28/Nov/2025
2.11
Weighted Avg Maturity
as of 28/Nov/2025
2.52
12 Month Trailing Dividend Distribution Yield
as of 30/Nov/2025
4.83
P/E Ratio
as of 28/Nov/2025
21.47
Yield to Maturity
as of 28/Nov/2025
1.62
Effective Duration
as of 28/Nov/2025
2.04

Risk Indicator

Risk Indicator

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

Ratings

Ratings

Holdings

Holdings

as of 28/Nov/2025
Name Weight (%)
ISHARES PHYSICAL GOLD ETC 4.52
AUSTRALIA (COMMONWEALTH OF) 4.25 12/21/2035 3.53
MICROSOFT CORP 2.56
APPLE INC 2.29
NVIDIA CORP 2.24
Name Weight (%)
TREASURY NOTE 4.625 02/15/2035 1.85
ISHARES PHYSICAL SILVER ETC 1.69
AMAZON COM INC 1.63
GREENCOAT UK WIND PLC 1.54
ALPHABET INC CLASS C 1.44
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/Nov/2025

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A10 Hedged USD 9.86 0.02 0.20 04/Dec/2025 9.99 8.37 LU2452424414
Class D2 EUR 23.73 0.04 0.17 04/Dec/2025 23.88 19.73 LU0473185139
Class I2 Hedged USD 12.52 0.03 0.24 04/Dec/2025 12.57 10.22 LU2349430145
Class A8 Hedged USD 12.08 0.02 0.17 04/Dec/2025 12.22 10.18 LU2092627202
Class A10 Hedged SGD 9.43 0.01 0.11 04/Dec/2025 9.57 8.09 LU2452424505
Class A2 Hedged USD 60.49 0.11 0.18 04/Dec/2025 60.78 49.64 LU0494093205
Class A2 EUR 21.35 0.03 0.14 04/Dec/2025 21.50 17.82 LU0093503497
Class I2 EUR 15.20 0.03 0.20 04/Dec/2025 15.29 12.62 LU1822773989
Class A4 EUR 11.78 0.02 0.17 04/Dec/2025 11.86 9.93 LU2256991352
Class A2 Hedged ZAR 153.82 0.32 0.21 04/Dec/2025 154.22 124.62 LU2250418576
Class A2 Hedged AUD 12.46 0.03 0.24 04/Dec/2025 12.52 10.30 LU2250418493
Class A10 Hedged CNH 90.34 0.15 0.17 04/Dec/2025 91.70 77.95 LU2452424687
Class D2 Hedged USD 65.80 0.12 0.18 04/Dec/2025 66.09 53.81 LU0827879924
Class A8 Hedged SGD 11.71 0.02 0.17 04/Dec/2025 11.84 9.94 LU2092937148
Class A2 Hedged SGD 13.57 0.03 0.22 04/Dec/2025 13.67 11.34 LU2077746001

Portfolio Managers

Portfolio Managers

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.

Jason Byrom
Jason Byrom
Director and portfolio manager

Member of the Diversified Strategies team within the Multi-Asset Strategies & Solutions team.

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Member of the Diversified Strategies team within the Multi-Asset Strategies & Solutions team. The Multi-Asset Strategies & Solutions (MASS) team is the investment group at the heart of BlackRock's portfolio construction, asset allocation, and active management ecosystem. MASS draws on the full toolkit of BlackRock's index, factor, and alpha-seeking investment capabilities to deliver precise investment outcomes and cutting-edge alpha insights. MASS constructs active asset allocation strategies and whole portfolio solutions across a wide spectrum of commingled funds, separate accounts, model portfolios, and outsourcing solutions in the wealth and institutional channels. Jason is the lead portfolio manager for the benchmark relative and advisory mandates which are managed on behalf of pension funds, advisory and retail clients.

Jason's service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. In 2013 he left BlackRock to work on solutions structures and portfolio construction with Canopius, a specialist insurance company. Jason re-joined BlackRock as part of the Diversified Strategies team in 2015. Prior to joining MLIM, Mr. Byrom spent seven years in the engineering industry.

Jason earned a BSc degree, with first class honours, in control engineering from City University in 1990 and an MSc degree in mathematical trading and finance from Cass Business School in 1998.

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