BlackRock Global Funds - US Basic Value Fund D2 LU
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1 Page 1 of 9 Morningstar Category US Large-Cap Value Category Index Russell 1000 Value TR Total Assets Mil Current Yield % Inception Date 17/11/06 Domicile/ Currency LUX/ Morningstar Rating QQQ Style Map Giant Large Mid Small K 20K 15K 10K Performance 30/09/18 Growth of 10,000 Annualized Value Ret % Fund 18, Category 19, Index 20, Full Manager Change Partial Manager Change Deep Value People Value Blend Growth High Growth Micro Carrie King 03/17 Joseph E. Wolfe 03/17 Total Named Managers 2 Morningstar Pillars Process p. 2-3 Performance p. 4 People p. 5 Parent p. 6 Price p. 7 Positive Negative * * ( * ( & ( ( & ) * 4K Morningstar Rating QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQ QQ Quartile Rank in Category Percentile Rank in Category % Total Return /- Category /- Index Process Style Box Asset Allocation Stock Bond Cash Other Supersectors m Cyclical w Sensitive x Defensive Price TER/OGC Analyst View Fatima Khizou, Investment Research Analyst Continues to see changes. The conduct of Morningstar's analysts is governed by Morningstar's Code of Ethics, Securities Trading and Disclosure Policy, and Morningstar Manager Research Integrity Policy. For informaton regarding conflicts of interest, please click Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ Á The for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the for a fund. s are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term (defined as a full market cycle or at least five years). Neutral represents funds in which our analysts don t have a strong positive or negative conviction over the long term (defined as a full market cycle or at least five years) and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term (defined as a full market cycle or at least five years). Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit 26 Apr, 2018 The fund s fairly new leadership, evolving analyst team, and recent process tweaks lead us to maintain its of Neutral. Carrie King, who replaced former lead manager Bart Geer in March 2017, is moulding the portfolio to her interpretation of its quantitatively aided, bottom-up process. King, who has worked as an analyst on the fund for more than two decades and as a listed manager since 2009, continues to follow the same basic approach, but with some adjustments. She also does it as part of a larger "income and value" team that Black- Rock built around the unit running the US-sold BlackRock Dividend fund when the firm restructured its equity lineup in Although she's very experienced, this is King's first stint as lead manager, and the 20-person team she taps into for support, including comanager Joe Wolfe, has been together in this form only since March 2017 and continues to see changes on the margins. While King and Wolfe work from the same playbook as Geer--using quantitative and fundamental analysis to find cheap stocks--they interpret it differently. They pay closer attention to valuations and balance-sheet risk and have tweaked the quantitative model the fund has used since Geer took over in The model now incorporates the input of the fundamental analysts as a separate factor. Previously, only Geer saw both the model's output and the analysts' recommendations, and he used his own experience and intuition to combine them. Now the analysts' work is baked into the model more systematically, and the output is available to the whole team. So far, King has been true to her promises, shedding more speculative and volatile stocks for those with better balance sheets. Morningstar's risk model shows that the portfolio's exposure to financially healthy, less variable stocks has increased in the past year. The fund, for example, shed some higher-beta energy names and bought ConocoPhillips for its more disciplined management, capital allocation, and dividend policy. The fund, however, still needs to prove it can deliver consistently improved results.
2 Page 2 of 9 Process: Approach Morningstar Category Category Index Index Proxy US Large-Cap Value Russell 1000 Value TR ishares Russell 1000 Value ETF The duo at the helm continues to hone the fund s investment process. Process Pillar 26 Apr, 2018 This fund's still-new management is putting its stamp on the strategy's approach, which combines fundamental work with output from the quant model, earning it a Neutral Process rating. New lead manager Carrie King and comanager Joe Wolfe have made some tweaks to Style 30/09/18 Holdings-Based Style Map Deep Value Value Blend Growth High Growth Style Box Factors Giant Large Mid Small Micro Fund Centroid: Weighted average of equity holdings Zone: 75% of fund equity holdings Category Average Index Proxy Market Cap Fund 3-Yr Avg Category Proxy Giant/Large Mid Small/Micro Avg Market Cap Bil Value Measures Fund 3-Yr Avg Category Proxy Price/Prospect. Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield Growth Measures Fund 3-Yr Avg Category Proxy Long-Term Earnings % Historical Earnings % Sales % Cash Flow % Book-Value % the process that the fund has used since Like her predecessor Bart Geer, King is a bottomup stock-picker who supplements fundamental work with a quant model that scores stocks on more than 20 factors including valuation, earnings quality, momentum, capital use, and yield. King and Wolfe have adjusted the model to incorporate the bottom-up input of the analysts supporting the strategy as a separate factor. The aim is to blend the quant and fundamental signals more systematically than Geer did. King retains ultimate responsibility for all Asset Allocation 30/09/18 Current Allocation Year Average Net Assets % Fund 3-Yr Avg Category Proxy Fixed Income Cash Other Regional Exposure 30/09/18 Market Type % Fund 3-Yr Avg Category Proxy Developed Emerging Top 5 Countries % Fund 3-Yr Avg Category Proxy United States Switzerland Netherlands Canada United Kingdom Key Ratios 30/09/18 Fund 3-Yr Avg Category Proxy Net Margin % ROA % Debt/Total Capital % ROE % stock picks but shares the model's results with the team, whereas Geer kept them to himself. She pared down the number of stocks in the portfolio to around 70 from more than 100 and has been more of a stickler for quality and valuation. The fund stays within 650 basis points of the Russell 1000 Value Index's sector weightings. While the quant model plays a big role here, analyst input remains vital. King has access to more analysts from a newly formed income and value team, but most of those have not worked on this strategy before and support other funds. Sectors 30/09/18 Sector Delta Defensive Sensitive Cyclical Fund Index Larger sector concentrations versus the index move the investment to the corner of the triangle corresponding to that equity Super Sector. Sectors Fund 3-Yr Avg Category Proxy xdefensive sconsumer Defensive dhealthcare futilities wsensitive icommunication Serv oenergy pindustrials atechnology mcyclical rbasic Materials tconsumer Cyclical yfinancial Services ureal Estate Economic Moat 30/09/18 Fund 3-Yr Avg Category Proxy Wide Moat Narrow Moat No Moat Coverage Ratio
3 Page 3 of 9 Process: Portfolio Morningstar Category Category Index Index Proxy US Large-Cap Value Russell 1000 Value TR ishares Russell 1000 Value ETF A more focused portfolio with a greater attention paid to quality. Process Pillar 26 Apr, 2018 The new management duo has reduced this fund's number of holdings, but it remains well diversified across industries and sectors. It reduced its exposure to more-volatile stocks in the past year and increased its allocation to financially sound companies, but it still leans toward the deep side of value, courting that Similarity to Index Proxy 30/06/18 style's attendant risks. New managers Carrie King and Joe Wolfe have paid more attention to balance-sheet quality and volatility, selling, for example, energy names with wider ranges of potential outcomes, such as oil and gas exploration and production firm Apache, and buying larger, more-diversified companies that have displayed more operational and financial discipline in recent years, such as ConocoPhillips. The fund has not lost its contrarian tastes. Additionally, it trimmed exposure to Bank of America and bought Wells Fargo as investigations into controversial business practices hounded the latter institution. It even added General Electric, thinking that new management eventually will unlock the value of its stable of industrial and healthcare assets. Such picks can take time to pan out. While the strategy generally remains close to the sector allocations of its benchmark, it has also been shy of consumer staples and consumer discretionary stocks and very interested in healthcare stocks, which was the fund s largest overweighting as of March Index Proxy Overlap Proxy Fund Circle size represents number of holdings. Number of Holdings Fund 64 Index Proxy 725 Fund Overlap With Index Proxy Holdings Overlap 61 Asset Overlap 24.7% Largest Common Holdings Fund % Proxy % Pfizer Inc JPMorgan Chase & Co Cisco Systems Inc Zimmer Biomet Holdings Inc Wells Fargo & Co Largest Distinct Holdings Fund % Royal Dutch Shell PLC ADR Class A 2.50 Novartis AG ADR 2.15 Suncor Energy Inc 1.93 Apple Inc 1.40 Royal Philips NV ADR 1.26 Portfolio Holdings 30/06/18 Previous Portfolio Date Holdings Bond Holdings Other Holdings Assets in Top 10 Holdings Turnover Ratio (Reported) 31/05/ % Top 10 Holdings Country Assets % Assets % Proxy % 30/06/18 31/05/18 30/06/18 Pfizer Inc USA /05 <1 Wide d Healthcare Y JPMorgan Chase & Co USA /11 <1 Narrow y Financial Services Y Cisco Systems Inc USA /11 <1 Narrow a Technology T Zimmer Biomet Holdings Inc USA /12 <1 Wide d Healthcare Y Wells Fargo & Co USA /17 <1 Wide y Financial Services T Qualcomm Inc USA /14 <1 Narrow a Technology Y The AES Corp USA /13 <1 No f Utilities Y Citigroup Inc USA /09 <1 Narrow y Financial Services 0.56 Y Verizon Communications Inc USA /14 <1 Narrow i Communication Serv Y Royal Dutch Shell PLC ADR Class A GBR /17 <1 Narrow o Energy Change since previous portfolio: T Increase Y Decrease R New First Bought Days Trading Economic Moat Sector 1-Yr Total New Holdings Largest Purchases % Assets Sector XL Group Ltd 1.20 y Williams Companies Inc 1.08 o Hubbell Inc 0.49 a Brighthouse Financial Inc 0.36 y Eliminated Holdings Largest Sales % Assets Sector XL Group Ltd 1.17 y General Mills Inc 0.50 s Honeywell International Inc 0.39 p DaVita Inc 0.30 d Prudential Financial Inc 0.22 y Largest Position Changes Current % Prior % Y Baxter International Inc Y ConocoPhillips Y Devon Energy Corp R Williams Companies Inc Y XL Group Ltd
4 Page 4 of 9 Morningstar Category Category Index Performance US Large-Cap Value Russell 1000 Value TR Still too early. Performance Pillar 26 Apr, 2018 The fund's relatively new managers have a short, inconclusive record implementing their version of the investment process employed here since 2012, earning it a Neutral Performance rating. Since BlackRock restructured this fund's management in March 2017, the fund has treaded water. From April 1, 2017, to the end of March 2018, the fund's 4% annualised gain trailed the large-value Morningstar Category's 8% and Russell 1000 Value Index's 6.9%. Its financials and consumer staples picks were the largest detractors. Risk-adjusted results were also poor: Its Sharpe ratio of 0.31 lagged the benchmark s 0.7 and category s 0.81 during the same period. The fund s Sortino ratio also trailed the fund's typical peers and index s. Meanwhile, the fund's standard deviation and downside capture ratios were higher than those of the benchmark and peer group. As of the end of March 2018, the fund had captured about 135% of the large-value category's downside in the past year and 84% of its upside. The strategy's returns since Carrie King became a listed manager in 2009 also trail its benchmark and peer group averages, but she was not the lead manager for most of that time. It has barely been a year since they took over, and they need more time to prove themselves. The fund's outcome thus far is not enough to deserve a Positive Performance rating. Morningstar Rating and Risk 30/09/18 Period Morningstar Ret vs Cat Morningstar Risk vs Cat Morningstar Rating 3 Years Below Avg Above Avg QQ 5 Years Below Avg Above Avg QQ 10 Years Avg Avg QQQ Overall Rating Risk Analysis 30/09/18 3-Year Return and Risk Analysis Total Return % QQQ Fund Category Index * * ( * ( & ( ( & ) * History 30/09/18 12-Month Rolling Return % Fund Full Manager Change Partial Manager Change Quartile Rank in Cat Percentile Rank in Cat % Total Return /- Category /- Index Income Return Standard Deviation 3-Year Risk Measures Fund Category Index Standard Deviation Sharpe Ratio R-Squared Beta Alpha Maximum Drawdown Fund Category Index Max Drawdown (%) Peak Date 01/08 01/08 01/08 Valley Date 02/09 02/09 02/09 Max Drawdown (Months) Upside/Downside Fund Category Index Upside Capture Ratio Downside Capture Ratio Returns 30/09/18 Trailing Returns Total Investor Rank in Cat Cat Index 1 Year Years Years Years Tenure 03/ Inception 11/ Rolling-Returns Summary 22% Month Rolling Periods 107 Observations, 8 Years The shading and percentages correspond to how often the fund returns landed in each category quartile. Income and Capital Returns Return % Income Return Capital Return Year /18 Income Income % Rank in Cat Capital Capital % Rank in Cat /
5 Page 5 of 9 Morningstar Category Category Index People US Large-Cap Value Russell 1000 Value TR A fairly new leadership is behind this fund. People Pillar 26 Apr, 2018 Still-new management needs to prove itself, earning it a Neutral People rating. In March 2017, Carrie King, who has worked on this fund for more than 20 years, took over from Bart Geer, who had run this fund since November Comanager Joe Wolfe supports her as well as a larger group of researchers and Management Team managers who also work for other strategies, including the larger, Bronze-rated US-sold fund BlackRock Dividend. The fund still has experienced leadership and arguably now has more resources. King has worked as an analyst or manager here since 1996, working with every listed lead manager who has ever run the fund. Wolfe is not completely new. He helped Geer build the quant screens integral to the process and was head of active quant research at Northern Trust before joining BlackRock in They are supported by the larger, 20-member "income and value" investment team helping them source and vet ideas. King and Wolfe don't have track records of running funds separately or together, and the income and value team has been in existence only since March 2017 and comprises members of several recently restructured active equity teams. It may be all for the best, but that's a lot of change in a short period. And the team continues to add and subtract people on the margin. It remains unclear how the new managers will work with the still-coalescing income and value team. Experience and Asset Load Total AUM Bil in Funds Managed 20+ Number of Managers Longest Tenure Years Manager Retention Rate 5-Year % Average Manager Tenure 1.58 Years Advisor Subadvisor BlackRock Investment Management, LLC Tenure Years Carrie King 03/17 to Present Years on Managed Funds Years on Fund 33 1 Fund AUM Current Funds Managed 11, Mil 9 Largest Funds Managed Tenure Dates Role Fund Size Bil Investment Mil Tenure Index AXA Large Cap Value Managed Volatil 07/13 to Present 1 of None Port BlackRock Basic Value Fund 10/09 to Present 1 of EQ/BlackRock Basic Value 05/09 to Present 1 of None BGF US Basic Value Fund 03/17 to Present 1 of AIG Focused Alpha Large-Cap Fund 12/17 to Present 1 of None Joseph E. Wolfe 03/17 to Present Years on Managed Funds Years on Fund 17 1 Fund AUM Current Funds Managed 12, Mil 15 Largest Funds Managed Tenure Dates Role Fund Size Bil Investment Mil Tenure Index AXA Large Cap Value Managed Volatil 03/17 to Present 1 of None Port BlackRock Basic Value Fund 03/17 to Present 1 of None EQ/BlackRock Basic Value 03/17 to Present 1 of None BGF US Flexible Fund 03/17 to Present 1 of BGF US Basic Value Fund 03/17 to Present 1 of
6 Page 6 of 9 Morningstar Category Category Index Parent US Large-Cap Value Russell 1000 Value TR BlackRock, though not perfect, has largely served fundholders well. Parent Pillar Positive 09 Jun, 2017 At $5 trillion in assets under management, BlackRock is the largest asset manager in the world. The firm isn't perfect--after struggling with its active-equity capabilities for years, it's reorganizing that outfit for the second time, and its ishares franchise launches some trendy exchange-traded funds. But the firm has made Assets By Region, By Domicile Bil Fund Family Details Europe (*) Breakdown great strides to encourage its portfolio managers to invest alongside fundholders, and strengthen its investment offerings. The firm's Parent rating was raised to Positive from Neutral. The firm has grown quickly, in large part thanks to the strength of ishares and its active fixed-income and multi-asset businesses, as well as a growing institutional business, which includes mostly index-based strategies. BlackRock's solid stewardship of capital stems in large part from its decision that to succeed as a publicly traded asset manager, it must act as a responsible, high-performing fiduciary. The firm uses its scale and technological capabilities to achieve this goal. BlackRock is constantly evolving and has focused on technology in recent years to further growth, including selling its proprietary riskmanagement system, Aladdin, to competitors and developing a pared-down version for advisors. A recent announcement to move $30 billion in active equity to quant-driven strategies demonstrates a willingness to rely more heavily on technology to run portfolios. Morningstar Rating Breakdown Americas Europe & Africa Asia & Australia 8.3 Rating Assets % Œ ˇ 5.3 Ø Not Rated 64.2 Rating Assets % QQQQQ 13.1 QQQQ 24.1 QQQ 19.1 QQ 5.0 Q 0.2 Not Rated 38.6 Asset Class Breakdown Europe (ex Money Mkt) Assets Bil Asset Class Assets Bil Assets % Fixed Income Allocation Convertibles Property Alternative Commodities Fund Family Details Europe Top Performing Funds Category Name Fund Size Mil Return % 3-Year Rank in Cat 3-Year BLK Global Enhanced Index Fund A Acc Global Large-Cap Blend BlackRock Strategic Funds - Emerging Markets Global Emerging Markets Strategies Fund Z2 BlackRock Global Funds - China Bond Fund D3 RMB Bond Largest Funds Category Name Fund Size Mil Return % 3-Year Rank in Cat 3-Year BlackRock Global Funds - Global Allocation Moderate Allocation 17, Fund A2 ishares Developed World Index Fund (IE) Flexible Acc Global Large-Cap Blend 14, BlackRock Global Funds - Euro Short Duration Bond Fund A2 EUR EUR Diversified Bond - Short Term 13, Recent Fund Launches Category Name Fund Size Mil Return % Inception Inception Date BlackRock Global Funds - Global Conservative EUR Cautious Allocation - Global /09/18 Income Fund I2 EUR BGF FinTech Fund Z2 Sector Technology /09/18 BGF Future of Transport Fund Z2 Global Large-Cap Blend /09/18 (*) All data is based on Branding name and refers to funds domiciled in Europe.
7 Page 7 of 9 Morningstar Category Category Index Price US Large-Cap Value Russell 1000 Value TR Above-average expenses TER/OGC Expense History TER/OGC Price Pillar Negative 26 Apr, 2018 The fund s ongoing charge at 1.06% for the clean share class is within the fourth quintile of ongoing charges for clean share classes of US equity funds TER/OGC Net Assets Bil Net Flows Mil Expense Breakdown Ongoing charge Ongoing charge 02/02/ Fee Level Fee Level Peer Group Selected Components Max Management Fee 0.75 Performance Fee Fee Level Breakpoints High >0.00 Above Average Average Below Average Low <0.00 Fund 1.06 Peer Median Share Class Information Share Class Identifier Morningstar Category TER/OGC Max Mgmt Fee Performance Fee Maximum Inital Charge BGF US Basic Value D2 US Large-Cap Value , BGF US Basic Value A2 LU US Large-Cap Value , BGF US Basic Value I2 EUR Acc LU US Large-Cap Value BGF US Basic Value I2 LU US Large-Cap Value ,000, BGF US Basic Value E2 LU US Large-Cap Value , BGF US Basic Value A2 EUR HedgedLU Other Minimum Initial Inv Assets Bil
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We have identified five sources of economic moats: intangible assets, switching costs, network effect, cost advantage, and efficient scale. Companies with a narrow moat are those we believe are more likely than not to achieve normalized excess returns for at least the next 10 years. Wide-moat companies are those in which we have very high confidence that excess returns will remain for 10 years, with excess returns more likely than not to remain for at least 20 years. The longer a firm generates economic profits, the higher its intrinsic value. We believe low-quality, no-moat companies will see their normalized returns gravitate toward the firm s cost of capital more quickly than companies with moats. For more information about methodology in analysing stocks, please go to For Recipients in Australia: This Report has been issued and distributed in Australia by Morningstar Australasia Pty Ltd (ABN: ; ASFL: ). 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