020 7189 9999

BLACKROCK EUROPEAN DYNAMIC A

BLACKROCK EUROPEAN DYNAMIC A - Overview

Overview of BLACKROCK EUROPEAN DYNAMIC A Buy in ISA Buy in Investment Account

The fund targets capital growth through investment in large and mid-cap continental European equities. Managers Alister Hibbert and Giles Rothbarth aim to outperform in all market conditions and to this end employ a flexible approach. They builds the portfolio around a core of high quality stocks they believes can provide growth over the long-term. However, around this they will rotate the portfolio into different types of companies depending on their shorter-term view of the market. As a result portfolio turnover is high compared to the peer group.

  • Standard Initial Charge 5.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Europe Excluding UK
Structure UNIT TRUST
Launched March, 2002
Size £2,892m
Yield 0.1%
Charging basis Income
Dividends paid 30 Apr

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.22%
Annual management charge 1.50%
Ongoing charges figure 1.67%

Share class closed.

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Alister Hibbert was building up an impressive track record at Scottish Widows Investment Partners before jumping ship to BlackRock in 2008. Since then his results have been even more impressive. His fund can be risky compared to some peers, with volatility typically in line with the index. However, Hibbert has at times positioned the fund more defensively. The pragmatic approach and active trading provide a degree of differentiation from rival funds. The strong performance attracted substantial inflows and the fund was closed to new investors in 2013. However, it reopened (FD share class only) in August 2014. Giles Rothbarth was appointed co-manager in 2019 having worked on the fund since 2015.

Portfolio

Allocation Proportion(%)
Equity 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4
Allocation Proportion(%)
UK 6
Europe 87
North America 3
Japan 0
Pacific 4
Emerging Markets 0
Allocation Proportion(%)
Large Caps 83
Mid Caps 17
Small Caps 0
View all performance data for this fund

Investment process

The investment universe is large and mid-cap European equities, though some UK and US stocks may also feature. Stocks are allocated by sector, with each sector covered by a “research pod” led by a senior analyst on BlackRock’s European equity team. Ideas are sourced from screens on valuation metrics and earnings momentum, from sector analysts and from factor and thematic trends. The analyst team then carry out fundamental research on each stock, giving them ratings from 1-5 based on risk-adjusted conviction and a target price. Portfolio managers then have to determine whether recommended stocks are suitable for their portfolios. Hibbert typically has a core portfolio of high quality stocks, in defensible industries, that he believes will be able to grow above the level implied in their share price. However, around this he rotates the portfolio depending on his shorter-term view of markets. As a result, portfolio turnover is typically high, particularly when there is a “regime change” in economic growth. Hibbert describes his approach as flexible and will invest in both growth and value stocks, though through most of his tenure the portfolio has displayed a bias to growth and to quality.

Live feed

Bid price(inc) 531.30p 180.30p
Accum units 562.70p
Fund commentary 04/02/19
Fund data updated on 21/05/19

Asset allocation

Allocation Proportion(%)
Equity 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4

Equity Geographic

Allocation Proportion(%)
UK 6
Europe 87
North America 3
Japan 0
Pacific 4
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 83
Mid Caps 17
Small Caps 0

Top 10 holdings

As at: 28/02/2019
5.8383%Sap Se
5.1201%Novo-Nordisk As
5.0045%Safran Sa
4.691%Airbus Se
4.2318%Sika Ag
3.9604%Roche Hldg Ag
3.9182%Lvmh Moet Hennessy Vuitton Se
3.6561%Lonza Group Ag
3.2654%Dsv
3.2375%Thales
Source: Trustnet

Sector breakdown

Industrials 31%
Health Care 19%
Technology 15%
Consumer Goods 15%
Financials 10%
Consumer Services 6%
Basic Materials 2%
Utilities 1%
Money Market 1%

Portfolio details

35-65 stocks. Typical holding period is one year, although the size of the holding is likely to vary.

Constraints

Tracking error is typically managed within a range of 4-10%. New ideas are likely to be built up from a 2-3% holding to max 5% in any one stock. Max 5% UK stocks. Max 15% non-index stocks. Max 10% cash.
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
  1.19%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Alister Hibbert / Giles Rothbarth

Manager. Hibbert graduated with a BSc in Economics from Bristol University in 1992. He began his career in 1994 as an accountant at Ernst and Young, before joining GT Fund Managers (later acquired by Invesco Perpetual) in 1996. He worked as a European equity portfolio manager at Oechsle International from 2004-5 and then at Scottish Widows Investment Partnership (SWIP) from 2005-8. In 2008 he moved to BlackRock with many of his peers from SWIP. At BlackRock he is a managing director and portfolio manager on the European Equity team, as well as having analyst responsibilities on the financials sector.

Track record

The track record of Alister Hibbert / Giles Rothbarth in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance
Absolute 0% (November 2018 - March 2019)
Relative 0% (November 2018 - March 2019)

Other funds managed

  Start Date
BLACKROCK EUROPEAN DYNAMIC AFeb 2019

Sector record since February 2019 (0 yr)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Your Session will expire soonclose overlay

As you have been inactive for nearly 15 minutes you will soon be logged out of the secure area of our website. Click OK to remain logged in.