Morningstar Fund Report  | 13/04/2025Print

BlackRock Global Funds - Asian Dragon Fund D2

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
BlackRock Global Funds - Asian Dragon Fund D2
Fund-2.9-7.4-3.39.4-1.1
+/-Cat0.03.80.9-1.81.1
+/-B’mrk0.10.4-4.3-2.90.5
 
Category: Asia ex-Japan Equity
Category Benchmark: Morningstar Asia xJpn TME N...
Key Stats
NAV
11/04/2025		 USD 50.88
Day Change 0.17%
Morningstar Category™ Asia ex-Japan Equity
ISIN LU0411709560
Fund Size (Mil)
31/03/2025		 USD 677.14
Share Class Size (Mil)
11/04/2025		 USD 145.01
Max Initial Charge 5.26%
Ongoing Charge
04/02/2025		  1.08%
Morningstar Research
Analyst Report18/03/2025
Samuel Lo, Principal
Morningstar, Inc

The investment team's persistently high turnover does not bode well, and we continue to have a cautious view on the strategy's portfolio managers and the investment process' repeatability. The Luxembourg-domiciled BGF Asian Dragon continues to...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People22
Parent24
Process23
Performance
Price
Investment Objective: BlackRock Global Funds - Asian Dragon Fund D2
The Fund seeks to maximise total return. The Fund invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, Asia, excluding Japan.
Returns
Trailing Returns (GBP)11/04/2025
YTD-7.73
3 Years Annualised-1.30
5 Years Annualised2.78
10 Years Annualised4.04
12 Month Yield 0.00
Management
Manager Name
Start Date
Stephen Andrews
01/04/2020
Lucy Liu
11/01/2023
Inception Date
20/02/2009

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI AC Asia Ex Japan NR USDMorningstar Asia xJpn TME NR USD
Portfolio Profile for  BlackRock Global Funds - Asian Dragon Fund D228/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock97.350.0097.35
Bond0.070.000.07
Property0.000.000.00
Cash20.2217.632.58
Other0.000.000.00
Top 5 Regions%
Asia - Emerging63.79
Asia - Developed31.49
United States2.90
Canada1.81
Latin America0.00
Top 5 Sectors%
Technology27.02
Financial Services18.95
Consumer Cyclical17.39
Communication Services17.31
Industrials9.39
Top 5 HoldingsSector%
Tencent Holdings LtdCommunication ServicesCommunication Services9.23
Taiwan Semiconductor Manufacturi... TechnologyTechnology9.03
BlackRock ICS USD LiqEnvtlyAwr A... 5.67
SK Hynix IncTechnologyTechnology3.48
Alibaba Group Holding Ltd ADRConsumer CyclicalConsumer Cyclical3.43
Increase Decrease New since last portfolio
BlackRock Global Funds - Asian Dragon Fund D2
Growth Of 1000 (GBP) 31/03/2025
Fund:  BlackRock Global Funds - Asian Dragon Fund D2
Category:  Asia ex-Japan Equity
Category Index:  Morningstar Asia xJpn TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-11.6216.9417.88-2.91-7.45-3.349.36-1.08
+/- Category0.332.22-4.940.003.770.87-1.771.11
+/- Category Index-4.703.45-2.710.110.36-4.33-2.930.51
% Rank in Category5033704321456733
Trailing Returns (GBP)11/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.17   -0.05-0.68
1 Week-2.81   1.643.17
1 Month-7.89   0.06-0.48
3 Months-7.72   1.230.55
6 Months-8.49   2.512.56
YTD-7.73   1.290.36
1 Year-3.84   0.46-1.56
3 Years Annualised-1.30   0.32-2.14
5 Years Annualised2.78   -0.22-1.93
10 Years Annualised4.04   0.46-0.50
 
Category: Asia ex-Japan Equity
Category Index: Morningstar Asia xJpn TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-1.08---
20242.924.870.161.15
20233.60-4.61-0.45-1.76
2022-3.73-0.76-6.503.60
20212.861.91-4.50-3.02
2020-14.3318.031.9814.30
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageBelow Average3 star
5-YearAverageBelow Average3 star
10-YearAverageAverage3 star
Overall*AverageAverage3 star
 
Category :  Asia ex-Japan EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev15.28 %
3-Yr Mean Return1.29 %
 
3-Yr Sharpe Ratio-0.18
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Asia xJpn TME NR USD  Morningstar Asia xJpn TME NR USD
3-Yr Beta0.990.99
3-Yr Alpha-2.21-2.21
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 61373-
Market Capitalisation% of Equity
Giant65.79
Large26.99
Medium6.63
Small0.59
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings13.080.99
Price/Book2.061.17
Price/Sales1.981.13
Price/Cash Flow5.720.83
Dividend-Yield Factor2.280.93
 
Long-Term Projected Earnings Growth9.290.89
Historical Earnings Growth10.061.70
Sales Growth5.671.24
Cash-Flow Growth13.681.38
Book-Value Growth7.661.05
 
Category: Asia ex-Japan Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock97.350.0097.35
Bond0.070.000.07
Property0.000.000.00
Cash20.2217.632.58
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States2.901.34
Canada1.8156.71
Latin America0.000.00
United Kingdom0.000.00
Eurozone0.000.00
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.00-
Middle East0.00-
Japan0.000.00
Australasia0.000.00
Asia - Developed31.490.83
Asia - Emerging63.791.09
 
Category: Asia ex-Japan Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials0.020.01
Consumer CyclicalConsumer Cyclical17.390.92
Financial ServicesFinancial Services18.950.86
Real EstateReal Estate3.231.11
Consumer DefensiveConsumer Defensive1.520.46
UtilitiesUtilities2.953.66
Communication ServicesCommunication Services17.311.55
EnergyEnergy2.221.26
IndustrialsIndustrials9.391.49
TechnologyTechnology27.020.98
 
Category: Asia ex-Japan Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings57
Total Number of Bond Holdings0
Assets in Top 10 Holdings42.74
NameSectorCountry% of Assets
Tencent Holdings Ltd308China9.23
Taiwan Semiconductor Manufacturing Co... 311Taiwan9.03
BlackRock ICS USD LiqEnvtlyAwr Agcy IncIreland5.67
SK Hynix Inc311Korea, Republic Of3.48
Alibaba Group Holding Ltd ADR102China3.43
Ping An Insurance (Group) Co. of Chin... 103China2.50
NAVER Corp308Korea, Republic Of2.44
Hongfa Technology Co Ltd Class A310China2.40
Sea Ltd ADR102Singapore2.31
Cognizant Technology Solutions Corp C... 311United States2.25
 
Increase Decrease New since last portfolio
Category: Asia ex-Japan Equity
 
Management
Name of CompanyBlackRock (Luxembourg) SA
Phone+44 20 77433000
Websitewww.blackrock.com
Address35 A, avenue J.F. Kennedy,
 Luxembourg   L-1855
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date20/02/2009
Fund Advisor(s)
BlackRock Investment Management (UK) Ltd.
Fund ManagerStephen Andrews
Manager Start Date01/04/2020
Career Start Year1997
 
Biography
Stephen Andrews, Managing Director, is Co-Head of Global Emerging Markets Equities for BlackRock’s Fundamental Equity Group. Mr. Andrews is lead portfolio manager for the Asian Dragon strategy and co-manages the Asian Unconstrained Strategy, Emerging Markets Sustainable Equity Strategy and the Income strategies. Prior to joining BlackRock in November 2017, Mr Andrews spent a 20-year career in the investment industry. During this time he has worked (and been based in) a variety of markets including Europe, the Middle East and now Asia. Prior to joining he was Head of Asian Financials Research and co-Head of Global Banks coverage at Deutsche Bank in Hong Kong. Mr. Andrews earned a Bachelor of Engineering degree (1st class) from the University of Birmingham, UK, in 1996.
Fund ManagerLucy Liu
Manager Start Date11/01/2023
Career Start Year2004
Education
Shanghai Jiao Tong University, B.A.
Chinese University of Hong Kong, M.A.
 
Biography
Lucy Liu, Managing Director, is a portfolio manager and research analyst on the Global Emerging Markets Equities Team within BlackRock’s Fundamental Equity Group. She is the lead PM on BGF China, sole PM on BGF China Flexible and co PM on BGF China Innovation and BGF Asian Dragon. She is also the research pod leader of the North Asia Consumers and Communication Services pod. Prior to joining BlackRock in 2014, Ms. Liu spent 10 years as a sell-side research analyst with Goldman Sachs and JPMorgan in Hong Kong, specialising in Greater China TMT research. Ms. Liu earned a BA in Finance (Hons) at Shanghai Jiao Tong University in China, and a master degree in Economics at Chinese University of Hong Kong.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.26%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge1.08%
Purchase Details
Minimum Investments
Initial100000  USD
Additional1000  USD
Savings-
Tax Free Savings Schemes
ISAsYes