Equity

BlackRock UK Income 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 value of your investment and the income from it will vary and your initial investment amount is not guaranteed.


Some or all of the Manager’s annual charge for the Fund is taken from capital rather than from income. This increases the income, but reduces the potential for capital growth. Investors should understand that capital growth is not a priority for the Fund and that income levels will vary and are not guaranteed.

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

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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 10 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 7.2 9.0 8.1 9.9 -10.8 19.1 -5.0 11.6 1.5 10.0
Target Benchmark 1 (%) 1.2 1.0 16.8 13.1 -9.5 19.2 -9.8 18.3 0.3 7.9
Comparator Benchmark 2 (%) 3.6 6.6 9.1 11.5 -10.5 20.1 -10.9 18.3 -2.0 8.2

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

  1y 3y 5y 10y Incept.
5.94 6.53 5.22 5.90 -
Target Benchmark 1 (%) 7.50 7.42 5.40 5.80 -
Comparator Benchmark 2 (%) 8.25 6.15 4.69 5.23 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.95 1.96 5.32 12.66 5.94 20.91 28.94 77.43 -
Target Benchmark 1 (%) 6.13 2.47 7.55 14.23 7.50 23.94 30.07 75.79 -
Comparator Benchmark 2 (%) 5.25 2.72 6.79 15.11 8.25 19.62 25.77 66.54 -
  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
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of 31/Mar/2024

-15.04 25.32 10.42 3.36 7.27
Target Benchmark 1 (%)

as of 31/Mar/2024

-18.45 26.71 13.03 2.92 8.43
Comparator Benchmark 2 (%)

as of 31/Mar/2024

-20.76 32.52 10.80 -0.08 8.81

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 GBP, hedged share class benchmark performance is displayed in GBP.

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 24/May/2024
GBP 672,000,721
Fund Launch Date
16/Mar/1984
Fund Base Currency
GBP
Target Benchmark 1
FTSE All-Share Index
Investment Association Category
UK Equity Income
Ongoing Charges Figures
1.56%
Annual Management Fee
1.50%
Minimum Initial Investment
GBP 500.00
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
UK Equity Income
Dealing Frequency
Daily, forward pricing basis
SEDOL
0580494
Share Class launch date
16/Mar/1984
Share Class Currency
GBP
Asset Class
Equity
Comparator Benchmark 2
IA UK Equity Income Sector Average
Initial Charge
5.00%
ISIN
GB0005804942
Performance Fee
0.00%
Minimum Subsequent Investment
GBP 50.00
Domicile
United Kingdom
Management Company
BlackRock Fund Managers Ltd
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MRCINCA
Ongoing Charges Figure ex. Discount
1.56%
The Ongoing Charge may be discounted depending on the size of the fund.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30/Apr/2024
41
3y Beta
as of 30/Apr/2024
0.951
P/B Ratio
as of 30/Apr/2024
1.94
Standard Deviation (3y)
as of 30/Apr/2024
10.69%
P/E Ratio
as of 30/Apr/2024
14.37

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/2024
AA
MSCI ESG Quality Score (0-10)
as of 19/May/2024
8.05
Fund Lipper Global Classification
as of 19/May/2024
Equity UK Income
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19/May/2024
76.95
MSCI ESG % Coverage
as of 19/May/2024
99.92
MSCI ESG Quality Score - Peer Percentile
as of 19/May/2024
69.21
Funds in Peer Group
as of 19/May/2024
419
MSCI Weighted Average Carbon Intensity % Coverage
as of 19/May/2024
99.25
All data is from MSCI ESG Fund Ratings as of 19/May/2024, based on holdings as of 31/Dec/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 30/Apr/2024
0.00%
MSCI - Nuclear Weapons
as of 30/Apr/2024
0.00%
MSCI - Civilian Firearms
as of 30/Apr/2024
0.00%
MSCI - Tobacco
as of 30/Apr/2024
1.78%
MSCI - UN Global Compact Violators
as of 30/Apr/2024
0.00%
MSCI - Thermal Coal
as of 30/Apr/2024
0.00%
MSCI - Oil Sands
as of 30/Apr/2024
0.00%

Business Involvement Coverage
as of 30/Apr/2024
99.93%
Percentage of Fund not covered
as of 30/Apr/2024
0.07%
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 0.00% and for Oil Sands 9.27%.

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.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. 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

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BlackRock UK Income Fund, Class A, as of 30/Apr/2024 rated against 438 UK Equity Income Funds.

Holdings

Holdings

as of 30/Apr/2024
Name Weight (%)
SHELL PLC 7.53
ASTRAZENECA PLC 7.43
RELX PLC 5.42
RIO TINTO PLC 5.20
3I GROUP PLC 5.08
Name Weight (%)
HSBC HOLDINGS PLC 4.28
TATE & LYLE PLC 3.14
SEGRO PLC 2.92
UNILEVER PLC 2.85
RECKITT BENCKISER GROUP PLC 2.78
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30/Apr/2024

% of Market Value

Type Fund Benchmark Net
as of 30/Apr/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 Bid Price Offer Price ISIN
Class A GBP 21.29 21.42 GB0005804942
Class S GBP 1.67 1.68 GB00BK1PJS47
Class A GBP 4.52 4.54 GB0005804835
Class D GBP 5.01 5.04 GB00B67DWR44
Class X GBP 1.81 1.82 GB00BZ1N2P12
Class S GBP 1.16 1.17 GB00BK1PK369
Class X GBP 1.21 1.22 GB00BN08YY68
Class D GBP 23.24 23.37 GB00B67DWT67

Portfolio Managers

Portfolio Managers

Adam Avigdori

Managing Director, and portfolio manager is Deputy Head of BlackRock's UK Equity Team within BlackRock's Fundamental Equities. He has been a portfolio manager since 2005, originally running private unit trusts. Mr. Avigdori was appointed co-manager of the Blackrock UK Income strategies in 2009 and the UK Charities strategies in 2015.
Mr. Avigdori additionally represents EMEA on the Fundamental Equities Sustainable Steering Committee and is a member of the EMEA Talent Committee.
Mr Avigdori's service with the firm dates back to 2001, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr Avigdori earned a BSc (Hons) in Management Sciences from UMIST (University of Manchester Institute of Science and Technology) in 2001.

David Goldman

CFA, Director and portfolio manager, is a member of BlackRock's UK Equity Team within BlackRock's Fundamental Equities. Mr Goldman is responsible for the UK Income and Charity portfolios.
Mr. Goldman's service with the firm dates back to 2004, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, Mr. Goldman held a variety of positions on both the UK equity team and in the fixed income division. Mr. Goldman began his investment career with MLIM in 2004 as a member of the investment training program.
Mr. Goldman earned a BSc degree, with first class honours, in economics from Bristol University in 2004.

Literature

Literature