Morningstar Fund Report | 07/04/2025

BlackRock Gold and General Fund DI Acc

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	-9.4	-6.2	2.2	17.5	27.3
	+/-Cat	2.4	-0.6	3.6	3.5	1.0
	+/-B’mrk	-2.2	-7.9	0.8	7.0	-3.1


Category: Sector Equity Precious Metals
Category Benchmark: Morningstar Gbl Gold NR USD

Key Stats
NAV 07/04/2025		GBX 1832.88
Day Change		-5.99%
Morningstar Category™		Sector Equity Precious Metals
IA (formerly IMA) Sector		Specialist
ISIN		GB00B99BDY18
Fund Size (Mil) 31/03/2025		GBP 1097.12
Share Class Size (Mil) -		-
Max Initial Charge		-
Ongoing Charge 10/02/2025		0.89%

Morningstar Research

Analyst Report	01/05/2024 Ramanand Kothari, Senior Analyst Morningstar, Inc
BGF World Gold/BlackRock Gold and General retain a Morningstar Analyst Rating of Bronze for the clean share classes, despite some off-benchmark exposure to Russian stocks denting returns. More-expensive shares classes are rated Neutral. Evy...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	24
Parent	24
Process	23
Performance
Price

Investment Objective: BlackRock Gold and General Fund DI Acc

The aim of the Fund is to provide a return on investor's investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) through investment in shares of companies related to gold mining, commodities, and precious metals. In seeking to achieve its investment objective, the Fund will invest at least 70% of its total assets in the equity securities (e.g. shares) and equity-related investments (i.e. other investments whose value is related to equities) of companies related to or involved in gold mining, commodities and precious metals.

Returns

Trailing Returns (GBP)	07/04/2025
YTD	18.52
3 Years Annualised	7.27
5 Years Annualised	9.58
10 Years Annualised	9.58

12 Month Yield

0.34

Management

Manager Name Start Date
Thomas Holl 01/07/2015
Evy Hambro 30/04/2009
Inception Date 04/01/2013

Category Benchmark

Fund Benchmark	Morningstar Benchmark
FTSE Gold Mines TR USD	Morningstar Gbl Gold NR USD

Portfolio Profile for BlackRock Gold and General Fund DI Acc	28/02/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	94.64	0.00	94.64
Bond	0.07	0.00	0.07
Property	0.00	0.00	0.00
Cash	0.91	0.20	0.72
Other	4.57	0.00	4.57

Top 5 Regions	%
Canada	70.86
Australasia	13.01
United States	6.20
United Kingdom	5.49
Africa	4.43

Top 5 Sectors		%
	Basic Materials	100.00

Top 5 Holdings	Sector	%
Agnico Eagle Mines Ltd	Basic Materials	7.76
Kinross Gold Corp	Basic Materials	6.52
Newmont Corp	Basic Materials	5.82
Barrick Gold Corp	Basic Materials	5.73
Endeavour Mining PLC	Basic Materials	5.20

Increase Decrease New since last portfolio
BlackRock Gold and General Fund DI Acc

Growth Of 1000 (GBP)

31/03/2025

	Fund: BlackRock Gold and General Fund DI Acc
	Category: Sector Equity Precious Metals
	Category Index: Morningstar Gbl Gold NR USD

Annual Returns (GBP)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Price Return	-10.93	32.93	27.48	-9.43	-6.23	2.18	17.47	27.34
+/- Category	1.25	-1.97	-6.99	2.41	-0.56	3.59	3.54	0.96
+/- Category Index	-6.80	-5.77	7.74	-2.24	-7.89	0.82	7.01	-3.09
% Rank in Category	48	57	49	37	63	34	36	50

Trailing Returns (GBP)			07/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-5.99	-2.77	0.43
1 Week	-6.93	-1.65	0.40
1 Month	0.99	-6.68	-2.69
3 Months	14.62	-1.82	-0.88
6 Months	9.19	-3.78	-0.29
YTD	18.52	-3.91	-1.95
1 Year	30.54	0.90	3.60
3 Years Annualised	7.27	4.01	4.17
5 Years Annualised	9.58	-2.67	-0.03
10 Years Annualised	9.58	-0.83	-1.79

Category: Sector Equity Precious Metals
Category Index: Morningstar Gbl Gold NR USD

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	27.34	-	-	-
2024	0.62	9.72	14.32	-6.93
2023	8.78	-9.42	-5.68	9.94
2022	9.44	-19.28	-6.67	13.74
2021	-13.97	3.52	-8.73	11.44
2020	-13.19	54.21	6.34	-10.45

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Above Average	Average
5-Year	Average	Below Average
10-Year	Average	Below Average
Overall	Average	Below Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	27.30 %
3-Yr Mean Return	13.29 %


3-Yr Sharpe Ratio	0.32

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar Gbl Gold NR USD	Morningstar Gbl Gold NR USD
3-Yr Beta	0.96	0.96
3-Yr Alpha	2.60	2.60

Investment Style Details

28/02/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	GBP 5928	-


Market Capitalisation	% of Equity
Giant	0.00
Large	29.29
Medium	42.50
Small	26.01
Micro	2.20

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	13.00	1.11
Price/Book	1.87	1.09
Price/Sales	2.60	1.07
Price/Cash Flow	7.18	1.11
Dividend-Yield Factor	1.45	1.08

Long-Term Projected Earnings Growth	33.41	1.13
Historical Earnings Growth	6.28	-1.53
Sales Growth	9.23	1.50
Cash-Flow Growth	24.93	1.09
Book-Value Growth	8.98	1.29

Asset Allocation

28/02/2025

	% Long	% Short	% Net Assets
Stock	94.64	0.00	94.64
Bond	0.07	0.00	0.07
Property	0.00	0.00	0.00
Cash	0.91	0.20	0.72
Other	4.57	0.00	4.57

World Regions

28/02/2025

	% of Equity	Relative to Category
United States	6.20	0.64
Canada	70.86	1.16
Latin America	0.00	0.00
United Kingdom	5.49	1.23
Eurozone	0.00	0.00
Europe - ex Euro	0.00	0.00
Europe - Emerging	0.00	0.06
Africa	4.43	0.54
Middle East	0.00	-
Japan	0.00	0.00
Australasia	13.01	0.89
Asia - Developed	0.00	0.00
Asia - Emerging	0.00	0.00

Sector Weightings

28/02/2025

	% of Equity	Relative to Category
Basic Materials	100.00	1.00

Top 10 Holdings

28/02/2025

	Portfolio NEW
Total Number of Equity Holdings	41
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	53.53

Name	Sector	Country	% of Assets
Agnico Eagle Mines Ltd		Canada	7.76
Kinross Gold Corp		Canada	6.52
Newmont Corp		United States	5.82
Barrick Gold Corp		Canada	5.73
Endeavour Mining PLC		United Kingdom	5.20
Alamos Gold Inc Class A		Canada	5.01
Wheaton Precious Metals Corp		Canada	4.75
Northern Star Resources Ltd		Australia	4.66
Sprott Physical Silver Trust		Canada	4.08
Lundin Gold Inc		Canada	4.00

Increase Decrease New since last portfolio
Category: Sector Equity Precious Metals

Management

Name of Company	BlackRock Fund Managers Limited
Phone	020 7743 3000
Website	-
Address	12 Throgmorton Avenue
	London EC2N 2DL
	United Kingdom

Domicile	United Kingdom
Legal Structure	Unit Trust
UCITS	Yes
Inception Date	04/01/2013

Fund Advisor(s)
BlackRock Investment Management (UK) Ltd.

Fund Manager	Thomas Holl
Manager Start Date	01/07/2015

Education

2006, University of Cambridge, B.A.



Biography
Tom Holl, CFA, Director, is a member of the Natural Resources team within the Fundamental Equity division of BlackRock’s Active Equity Group. He is responsible for covering the mining and gold sectors. Mr. Holl moved to his current role in 2008. His service with the BlackRock dates back to 2006, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, Mr. Holl was a member of the Global Equity team and the Real Estate team as a member of the graduate training program. Mr. Holl earned a BA degree, with honors, in Land Economy from Cambridge University in 2006.

Fund Manager	Evy Hambro
Manager Start Date	30/04/2009



Biography
Managing Director of BlackRock, Inc. since 2006 and Co-head of BlackRock’s Natural Resources Equity team; Portfolio Manager of Merrill Lynch Investment Managers, L.P. and its predecessor from 1994 to 2006.

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	n/a
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	0.88%
Ongoing Charge	0.89%

Purchase Details

Minimum Investments
Initial	50000000 GBP
Additional	100 GBP
Savings	-

Tax Free Savings Schemes
ISAs	Yes