Real Estate

BAREX

Real Estate Securities Fund

Overview

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Performance

Performance

  1y 3y 5y 10y
33.47 2.51 5.14 7.98
26.46 0.68 4.01 7.40
Benchmark (%) 33.16 2.35 3.93 6.80
Morningstar Category Avg. (%) 32.06 2.58 4.53 6.94
Morningstar Ranking 90/238 140/229 88/210 40/152
Morningstar Quartile 2 3 2 1
Lipper Category Avg. (%) 31.27 2.58 4.79 6.94
Lipper Ranking 87/239 138/232 84/217 40/156
Lipper Quartile 2 3 2 2
  YTD 1m 3m 1y 3y 5y 10y
12.93 2.76 16.21 33.47 7.71 28.46 115.53
7.00 -2.64 10.11 26.46 2.05 21.71 104.22
Benchmark (%) 13.25 2.99 16.48 33.16 7.21 21.28 93.01
Morningstar Category Avg. (%) 13.77 2.97 15.79 32.06 7.93 24.81 95.69
Lipper Category Avg. (%) 13.57 2.93 15.27 31.27 8.12 26.96 97.09
  2019 2020 2021 2022 2023
Total Return (%) 27.53 -4.43 45.86 -27.75 13.29
Annual w/ Sales Charge (%) 20.83 -9.45 38.20 -31.54 7.35
Benchmark (%) 24.34 -8.29 39.86 -25.71 9.95
Morningstar Category Avg. (%) 27.28 -4.49 38.73 -25.67 12.03

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

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

 

Effective June 1, 2020, the Fund changed its benchmark from the FTSE EPRA Nareit United States Index to the MSCI U.S. REIT Index. BlackRock considers this benchmark to be more representative of the sectors in which the Fund invests.

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Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 01, 2024
$312.6 M
Share Class launch date
Sep 28, 2012
Benchmark Index
FTSE Nareit ALL EQUITY REITS Net Index (USD)
Morningstar Category
Real Estate
CUSIP
091936617
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 01, 2024
$24.4 M
Asset Class
Real Estate
Distribution Frequency
Quarterly
Lipper Classification
Real Estate Funds
Max Offer Price
as of Nov 01, 2024
$16.46
Turnover Percent in the Annual Report
as of Jan 31, 2024
65.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Sep 30, 2024
37
P/B Ratio
as of Sep 30, 2024
2.77
Average Market Cap (Millions)
as of -
-
Fund Standard Deviation (3y)
as of Dec 31, 2021
19.15
Best 3-Month Return Over the Last 3 Years
3 months ending Dec 31, 2023
18.19%
P/CF Ratio
as of Sep 30, 2024
18.41
Alpha (3y)
as of Dec 31, 2021
0.31
R-Squared (3y)
as of Dec 31, 2021
98.98
Beta (3y)
as of Dec 31, 2021
0.94
Worst 3-Month Return Over the Last 3 Years
3 months ending Jun 30, 2022
-16.46%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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. Learn more


This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the 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 Sep 21, 2024
A
MSCI ESG Quality Score (0-10)
as of Sep 21, 2024
6.4
Fund Lipper Global Classification
as of Sep 21, 2024
Equity Sector Real Est US
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of Sep 21, 2024
85.86
MSCI ESG % Coverage
as of Sep 21, 2024
99.89%
MSCI ESG Quality Score - Peer Percentile
as of Sep 21, 2024
91.94%
Funds in Peer Group
as of Sep 21, 2024
186
MSCI Weighted Average Carbon Intensity % Coverage
as of Sep 21, 2024
95.90%
All data is from MSCI ESG Fund Ratings as of Sep 21, 2024, based on holdings as of Mar 31, 2024. 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. 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 Sep 30, 2024
0.00%
MSCI - Nuclear Weapons
as of Sep 30, 2024
0.00%
MSCI - Civilian Firearms
as of Sep 30, 2024
0.00%
MSCI - Tobacco
as of Sep 30, 2024
0.00%
MSCI - UN Global Compact Violators
as of Sep 30, 2024
0.00%
MSCI - Thermal Coal
as of Sep 30, 2024
0.00%
MSCI - Oil Sands
as of Sep 30, 2024
0.00%

Business Involvement Coverage
as of Sep 30, 2024
98.10%
Percentage of Fund not covered
as of Sep 30, 2024
1.90%
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 0.00%.

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 the initial screening, sourcing and due diligence phases of the investment process. This may include the use of internal ESG due diligence templates to identify, analyze and document key ESG risks, and the use of thematic environmental, social and governance information sourced from both primary sources and third-party data providers, where available. Where appropriate, identified material ESG risks are included in Investment Committee materials and discussed at relevant Investment Committee meetings. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.24%
Net Expense Ratio 1.00%

Net Expense Ratio excluding Investment Related Expenses is 1.00%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Real Estate Securities Fund, as of Oct 31, 2024 rated against 223 Real Estate Funds based on risk adjusted total return.

Lipper Leader

 
 
 
 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Sep 30, 2024 out of 232, 12,357, 232, 59 and 232 Funds, respectively in Lipper's Real Estate Funds classification.

Holdings

Holdings

Name Market Value Weight (%) Shares
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 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.

Portfolio Managers

Portfolio Managers

Rajan Rehan, CFA
Portfolio Manager with the Global Real Assets Securities Group

  

Portfolio Manager

Literature

Literature

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