Equity

BLSKX

Advantage Emerging Markets Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
2.38 1.33 0.07 -0.13
Benchmark (%) 1.75 2.32 0.93 2.95
Morningstar Category Avg. (%) 5.39 3.40 1.48 2.89
Morningstar Ranking 562/816 425/723 476/646 -
  YTD 1m 3m 1y 3y 5y 10y
5.82 4.76 0.00 2.38 4.05 0.35 -1.26
Benchmark (%) 4.89 3.80 0.90 1.75 7.12 4.74 33.76
Morningstar Category Avg. (%) 7.11 4.39 2.21 5.39 10.54 7.64 32.92
Morningstar Ranking 580/841 331/860 712/853 562/816 - - -
  2018 2019 2020 2021 2022
Total Return (%) -14.34 17.47 16.60 -4.22 -21.49
Morningstar Category Avg. (%) -16.07 19.25 17.90 0.38 -20.86

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.

The Fund's returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Emerging Markets Long/Short Equity Fund.”

Key Facts

Key Facts

Size of Fund (Millions) $81.4 M
Share Class launch date Jan 25, 2018
Size of Class (Millions) $71.7 M
Benchmark Index MSCI Emerging Markets Index
Distribution Frequency Annual
Number of Holdings as of Aug 31, 2023 190
CUSIP 09258N323
Max Offer Price as of Sep 26, 2023 $9.06
Open to New Investors Yes
Turnover Percent in the Annual Report 159%

Portfolio Characteristics

Portfolio Characteristics

P/B Ratio as of Aug 31, 2023 1.88
P/E Ratio - Forward as of Aug 31, 2023 13.55
Average Market Cap (Millions) as of Aug 31, 2023 $ 121,222.0 M
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 24.29%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2022 -13.96%
Alpha (3y) as of Aug 31, 2023 -0.09
R-Squared (3y) as of Aug 31, 2023 96.61
Fund Standard Deviation (3y) as of Aug 31, 2023 18.67
Beta (3y) as of Aug 31, 2023 1.03
Active Share as of Aug 31, 2023 56.10%

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, 2023 BBB
MSCI ESG % Coverage as of Sep 21, 2023 90.19%
MSCI ESG Quality Score (0-10) as of Sep 21, 2023 5.6
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2023 29.71%
Fund Lipper Global Classification as of Sep 21, 2023 Equity Emerging Mkts Global
Funds in Peer Group as of Sep 21, 2023 1,333
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2023 149.48
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2023 86.07%
All data is from MSCI ESG Fund Ratings as of Sep 21, 2023, based on holdings as of Mar 31, 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. 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 Aug 31, 2023 0.40%
MSCI - UN Global Compact Violators as of Aug 31, 2023 3.48%
MSCI - Nuclear Weapons as of Aug 31, 2023 0.00%
MSCI - Thermal Coal as of Aug 31, 2023 0.78%
MSCI - Civilian Firearms as of Aug 31, 2023 0.00%
MSCI - Oil Sands as of Aug 31, 2023 0.00%
MSCI - Tobacco as of Aug 31, 2023 0.00%

Business Involvement Coverage as of Aug 31, 2023 96.04%
Percentage of Fund not covered as of Aug 31, 2023 4.22%
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 2.37% 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 may include ESG considerations in the research and decision phases of the investment process. Funds with ESG-related objectives may also include ESG considerations in the portfolio construction phase of the investment process. The research phase may include relevant, internal ESG research used to assess certain characteristics, including, but not limited to, economic and environmental transition, market structure, superior growth, management quality, and risk characteristics associated with environmental, social, and governance matters. ESG insights may be combined with other internal research views to inform active portfolio weighting versus a reference benchmark (or weighting implemented to achieve an absolute return outcome, if applicable). 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 metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.39%
Net Expense Ratio 0.82%

Net Expense Ratio excluding Investment Related Expenses is 0.81%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Ratings

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 Aug 31, 2023 out of 694, 12,476, 698, 459 and 698 Funds, respectively in Lipper's Emerging Markets Funds classification.

Holdings

Holdings

as of Aug 31, 2023
Name Weight (%)
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 6.73
TENCENT HOLDINGS LTD 4.72
ALIBABA GROUP HOLDING LTD 3.61
SAMSUNG ELECTRONICS CO LTD 3.43
ICICI BANK LTD 1.79
Name Weight (%)
VALE SA 1.57
NETEASE INC 1.52
PING AN INSURANCE GROUP CO OF CHINA LTD 1.45
BYD CO LTD 1.44
BANK CENTRAL ASIA TBK PT 1.40
Name Weight (%) Shares Market Value
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 Aug 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2023

% 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

Jeff Shen
Co-CIO of Active Equity and Co-Head of Systematic Active Equity (SAE) at BlackRock

   

Richard Mathieson
BlackRock Systematic Active Equity Investment Team
David Piazza
BlackRock Systematic Active Equity Investment Team

  

Gerardo Rodriguez
BlackRock Systematic Active Equity Investment Team

    

Portfolio Manager

Literature

Literature