Morningstar Fund Report | 23/04/2025

BlackRock Emerging Markets S Acc

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	-0.8	-18.8	3.4	-0.7	-3.5
	+/-Cat	0.6	-6.7	-0.7	-8.9	-2.7
	+/-B’mrk	0.0	-10.9	-0.6	-9.8	-2.7


Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD

Key Stats
NAV 23/04/2025		GBX 101.49
Day Change		3.19%
Morningstar Category™		Global Emerging Markets Equity
IA (formerly IMA) Sector		Global Emerging Markets
ISIN		GB00BFK3LR72
Fund Size (Mil) 31/03/2025		GBP 217.97
Share Class Size (Mil) -		-
Max Initial Charge		5.00%
Ongoing Charge 12/02/2025		0.91%

Morningstar Research

Analyst Report	21/04/2025 Samuel Lo, Principal Morningstar, Inc
BlackRock Emerging Markets is led by a talented manager who employs a nimble, differentiated investment approach. The UK-domiciled vehicle continues to earn a Morningstar Analyst Rating of Bronze across all share classes, including the clean D...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	24
Parent	24
Process	24
Performance
Price

Investment Objective: BlackRock Emerging Markets S 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), by investing in companies incorporated or listed in emerging markets. In seeking to achieve its investment objective, the Fund will invest at least 70% of its total assets in equities (i.e. shares) or equity related investments (i.e. other investments whose value is related to equities) of companies incorporated or listed in emerging markets (i.e. those countries contained in the MSCI Emerging Markets Index that are progressing towards developing more advanced financial and economic structures).

Returns

Trailing Returns (GBP)	23/04/2025
YTD	-6.42
3 Years Annualised	-2.60
5 Years Annualised	1.00
10 Years Annualised	-

12 Month Yield

1.47

Management

Manager Name Start Date
Gordon Fraser 29/03/2017
Inception Date 13/06/2019

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI EM NR GBP	Morningstar EM TME NR USD

Portfolio Profile for BlackRock Emerging Markets S Acc	31/03/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	94.11	0.00	94.11
Bond	0.14	0.00	0.14
Property	0.00	0.00	0.00
Cash	18.80	14.38	4.42
Other	1.34	0.00	1.34

Top 5 Regions	%
Asia - Emerging	52.87
Asia - Developed	19.86
Latin America	9.73
Europe - Emerging	8.45
Middle East	3.15

Top 5 Sectors		%
	Financial Services	29.50
	Technology	26.64
	Consumer Cyclical	11.42
	Communication Services	11.03
	Industrials	9.07

Top 5 Holdings	Sector	%
BlackRock ICS USD LiqEnvtlyAwr A...		9.78
Taiwan Semiconductor Manufacturi...	Technology	7.45
Tencent Holdings Ltd	Communication Services	7.34
SK Hynix Inc	Technology	3.55
OTP Bank PLC	Financial Services	2.40

Increase Decrease New since last portfolio
BlackRock Emerging Markets S Acc

Growth Of 1000 (GBP)

31/03/2025

	Fund: BlackRock Emerging Markets S Acc
	Category: Global Emerging Markets Equity
	Category Index: Morningstar EM TME NR USD

Annual Returns (GBP)				31/03/2025
	2020	2021	2022	2023	2024	31/03
Price Return	20.37	-0.84	-18.78	3.41	-0.75	-3.53
+/- Category	6.31	0.62	-6.71	-0.70	-8.86	-2.73
+/- Category Index	6.47	0.03	-10.93	-0.57	-9.76	-2.66
% Rank in Category	19	41	89	46	96	88

Trailing Returns (GBP)			23/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	3.19	3.05	2.99
1 Week	3.68	4.17	4.32
1 Month	-5.70	2.37	2.46
3 Months	-7.93	0.91	0.52
6 Months	-9.31	-0.78	-0.73
YTD	-6.42	0.08	0.14
1 Year	-7.83	-6.23	-6.85
3 Years Annualised	-2.60	-3.46	-3.77
5 Years Annualised	1.00	-3.54	-4.31
10 Years Annualised	-	-	-

Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	-3.53	-	-	-
2024	1.41	2.22	-2.54	-1.75
2023	1.97	-0.20	-1.49	3.15
2022	-11.71	-6.98	-1.41	0.32
2021	4.88	3.92	-7.34	-1.81
2020	-17.26	21.74	1.18	18.09

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Low	Below Average
5-Year	Low	Above Average
10-Year	-	-	Not Rated
Overall	Low	Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	12.60 %
3-Yr Mean Return	-2.32 %


3-Yr Sharpe Ratio	-0.50

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar EM TME NR USD	MSCI EM NR USD
3-Yr Beta	0.95	0.91
3-Yr Alpha	-5.43	-5.50

Investment Style Details

31/03/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	GBP 28953	-


Market Capitalisation	% of Equity
Giant	49.46
Large	31.41
Medium	16.36
Small	2.76
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	9.45	0.79
Price/Book	1.47	0.90
Price/Sales	1.40	0.94
Price/Cash Flow	4.99	0.78
Dividend-Yield Factor	3.22	1.07

Long-Term Projected Earnings Growth	16.08	1.44
Historical Earnings Growth	31.11	3.49
Sales Growth	10.74	2.08
Cash-Flow Growth	15.88	3.25
Book-Value Growth	8.77	1.02

Asset Allocation

31/03/2025

	% Long	% Short	% Net Assets
Stock	94.11	0.00	94.11
Bond	0.14	0.00	0.14
Property	0.00	0.00	0.00
Cash	18.80	14.38	4.42
Other	1.34	0.00	1.34

World Regions

31/03/2025

	% of Equity	Relative to Category
United States	1.53	1.57
Canada	1.91	14.58
Latin America	9.73	1.06
United Kingdom	1.11	3.77
Eurozone	0.18	0.14
Europe - ex Euro	0.00	0.00
Europe - Emerging	8.45	3.80
Africa	1.21	0.35
Middle East	3.15	0.65
Japan	0.00	0.00
Australasia	0.00	0.00
Asia - Developed	19.86	0.73
Asia - Emerging	52.87	1.05

Sector Weightings

31/03/2025

	% of Equity	Relative to Category
Basic Materials	3.61	0.82
Consumer Cyclical	11.42	0.75
Financial Services	29.50	1.20
Real Estate	4.88	2.53
Consumer Defensive	0.37	0.08
Utilities	2.78	1.49
Communication Services	11.03	1.03
Energy	0.69	0.22
Industrials	9.07	1.42
Technology	26.64	1.14

Top 10 Holdings

31/03/2025

	Portfolio NEW
Total Number of Equity Holdings	76
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	41.31

Name	Sector	Country	% of Assets
BlackRock ICS USD LiqEnvtlyAwr Agcy Inc		Ireland	9.78
Taiwan Semiconductor Manufacturing Co...		Taiwan	7.45
Tencent Holdings Ltd		China	7.34
SK Hynix Inc		Korea, Republic Of	3.55
OTP Bank PLC		Hungary	2.40
Tata Consultancy Services Ltd		India	2.23
China Merchants Bank Co Ltd Class A		China	2.21
PT Bank Mandiri (Persero) Tbk		Indonesia	2.19
Grupo Financiero Banorte SAB de CV Cl...		Mexico	2.11
NAVER Corp		Korea, Republic Of	2.05

Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity

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	13/06/2019

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

Fund Manager	Gordon Fraser
Manager Start Date	29/03/2017
Career Start Year	2006

Education

2006, Cambridge University, BA



Biography
Gordon Fraser, CFA, Managing Director, is Co-Head of Global Emerging Markets Equities for BlackRock’s Fundamental Equity Group. Mr. Fraser is lead portfolio manager for the Core Global Emerging Markets strategy and co-manages the Emerging Frontiers Hedge Fund. Mr. Fraser is also named manager on the Emerging Markets Equity Strategies Fund. Mr. Fraser is platform lead for macroeconomic analysis. He joined BlackRock as an Analyst in 2006. Mr. Fraser earned a BA (1st class) and an MPhil (distinction) in Economics from Cambridge University in 2006. He is also a CFA Charterholder.

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	5.00%
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	0.67%
Ongoing Charge	0.91%

Purchase Details

Minimum Investments
Initial	50000000 GBP
Additional	100 GBP
Savings	-

Tax Free Savings Schemes
ISAs	No