Real Estate

BAREX

Real Estate Securities Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y Incept.
24.95 12.66 11.16 - 10.60
18.39 10.65 9.96 - 9.97
Benchmark (%) 22.47 10.56 9.41 - 9.26
Morningstar Category Avg. (%) 8.34 9.29 8.22 - -
Morningstar Ranking 111/251 88/234 45/206 - -
Morningstar Quartile 2 2 1 - -
Lipper Category Avg. (%) 21.52 11.20 9.33 - -
Lipper Ranking 104/253 84/236 45/208 - -
Lipper Quartile 2 2 1 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-5.99 6.68 -5.99 24.95 42.98 69.70 - 160.53
-10.93 1.08 -10.93 18.39 35.47 60.79 - 146.85
Benchmark (%) -5.48 6.88 -5.48 22.47 35.13 56.75 - 131.98
Morningstar Category Avg. (%) -9.28 -4.29 -2.05 8.34 36.71 55.47 - -
Lipper Category Avg. (%) -5.36 5.91 -5.36 21.52 38.03 57.18 - -
  2017 2018 2019 2020 2021
Total Return (%) 5.91 -3.28 27.53 -4.43 45.86
Annual w/ Sales Charge (%) 0.35 -8.36 20.83 -9.45 38.20
Benchmark (%) 3.91 -3.87 24.34 -8.29 39.86
Morningstar Category Avg. (%) 6.22 -5.97 27.28 -4.49 38.73
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.

Key Facts

Key Facts

Size of Class (Millions) as of Jul 01, 2022 $25.4 M
Size of Fund (Millions) as of Jul 01, 2022 $494.9 M
Share Class launch date Sep 28, 2012
Asset Class Alternative
Morningstar Category Real Estate
Lipper Classification Real Estate Funds
Benchmark Index FTSE Nareit ALL EQUITY REITS Net Index
CUSIP 091936617
Distribution Frequency Quarterly
Number of Holdings as of May 31, 2022 48
Max Offer Price as of Jul 01, 2022 $16.12
Open to New Investors Yes
Turnover Percent in the Annual Report as of Jan 31, 2022 73%

Portfolio Characteristics

Portfolio Characteristics

P/CF Ratio as of May 31, 2022 0.00
P/B Ratio as of May 31, 2022 0.00
Average Market Cap (Millions) as of May 31, 2022 $ 38,653.3 M
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
Best 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2021 17.58%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -24.07%
Fund Standard Deviation (3y) as of Dec 31, 2021 19.15
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.


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 May 06, 2022 BBB
MSCI ESG % Coverage as of May 06, 2022 100.00%
MSCI ESG Quality Score (0-10) as of May 06, 2022 5.1
MSCI ESG Quality Score - Peer Percentile as of May 06, 2022 47.70%
Fund Lipper Global Classification as of May 06, 2022 Equity Sector Real Est US
Funds in Peer Group as of May 06, 2022 174
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of May 06, 2022 103.73
MSCI Weighted Average Carbon Intensity % Coverage as of May 06, 2022 97.33%
All data is from MSCI ESG Fund Ratings as of May 06, 2022, based on holdings as of Oct 31, 2021. 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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

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 May 31, 2022 0.00%
MSCI - UN Global Compact Violators as of May 31, 2022 0.00%
MSCI - Nuclear Weapons as of May 31, 2022 0.00%
MSCI - Thermal Coal as of May 31, 2022 0.00%
MSCI - Civilian Firearms as of May 31, 2022 0.00%
MSCI - Oil Sands as of May 31, 2022 0.00%
MSCI - Tobacco as of May 31, 2022 0.00%

Business Involvement Coverage as of May 31, 2022 98.16%
Percentage of Fund not covered as of May 31, 2022 1.84%
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 material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG 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. Identified material ESG risks are included in Investment Committee material and, where appropriate, discussed at relevant Investment Committee meetings. This information broadly informs the investment approach and may be considered in investment decisions or security selection. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.35%
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, Class A, as of Jun 30, 2022 rated against 229 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 May 31, 2022 out of 231, 12,373, 231, 62 and 231 Funds, respectively in Lipper's Real Estate Funds classification.

Holdings

Holdings

as of May 31, 2022
Name Weight (%)
AMERICAN TOWER CORPORATION 7.28
PROLOGIS INC 7.15
EQUINIX INC 6.00
CROWN CASTLE INTERNATIONAL CORP 4.32
SBA COMMUNICATIONS CORP 4.06
Name Weight (%)
EXTRA SPACE STORAGE INC 3.92
REXFORD INDUSTRIAL REALTY INC 3.72
VICI PROPERTIES INC 3.58
MID-AMERICA APARTMENT COMMUNITIES INC 3.57
OUTFRONT MEDIA INC 3.40

Exposure Breakdowns

Exposure Breakdowns

as of May 31, 2022

% of Market Value

Type Fund Benchmark Net
as of May 31, 2022

% of Market Value

Type Fund Benchmark Net
as of May 31, 2022

% of Market Value

Type Fund Benchmark Net
as of May 31, 2022

% 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

Mark Howard-Johnson, CFA
Managing Director, Global Head of Global Real Estate Securities

     

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

  

Portfolio Manager

Literature

Literature

 

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