Morningstar Fund Report  | 02/04/2025Print

BlackRock Global Funds - Latin American Fund A2

Performance History28/02/2025
Growth of 1,000 (GBP) Advanced Graph
BlackRock Global Funds - Latin American Fund A2
Fund-14.820.828.7-32.88.2
+/-Cat-3.34.86.9-7.00.8
+/-B’mrk-6.2-2.8-8.61.8
 
Category: Latin America Equity
Category Benchmark: Morningstar EM Americas TME...
Key Stats
NAV
01/04/2025		 USD 59.72
Day Change 0.31%
Morningstar Category™ Latin America Equity
ISIN LU0072463663
Fund Size (Mil)
31/03/2025		 USD 564.54
Share Class Size (Mil)
01/04/2025		 USD 513.63
Max Initial Charge 5.26%
Ongoing Charge
04/02/2025		  2.08%
Morningstar Research
Analyst Report28/02/2025
Morningstar Manager Research,
Morningstar, Inc

BGF Latin America’s still-solidifying team and conventional approach doesn’t stand out in a thin peer group, supporting a Morningstar Analyst Rating of Neutral.Ed Kuczma provides a steady presence as portfolio manager on this strategy, but his...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent24
Process23
Performance
Price
Investment Objective: BlackRock Global Funds - Latin American Fund A2
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, Latin America.
Returns
Trailing Returns (GBP)01/04/2025
YTD10.61
3 Years Annualised-3.83
5 Years Annualised7.57
10 Years Annualised1.48
12 Month Yield 0.00
Management
Manager Name
Start Date
Sam Vecht
09/09/2022
Christoph Brinkmann
09/09/2022
Click here to see others
Inception Date
09/01/1997

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI EM Latin America 10-40 NR USDMorningstar EM Americas TME NR USD
Portfolio Profile for  BlackRock Global Funds - Latin American Fund A228/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock98.950.0098.95
Bond0.000.000.00
Property0.000.000.00
Cash2.841.801.05
Other0.000.000.00
Top 5 Regions%
Latin America92.99
Canada4.95
United States2.06
United Kingdom0.00
Eurozone0.00
Top 5 Sectors%
Financial Services24.87
Basic Materials22.51
Consumer Defensive13.24
Consumer Cyclical10.26
Energy6.75
Top 5 HoldingsSector%
Vale SA ADRBasic MaterialsBasic Materials7.06
Fomento Economico Mexicano SAB d... Consumer DefensiveConsumer Defensive6.15
Grupo Mexico SAB de CV Class BBasic MaterialsBasic Materials6.07
Wal - Mart de Mexico SAB de CVConsumer DefensiveConsumer Defensive5.12
B3 SA - Brasil Bolsa BalcaoFinancial ServicesFinancial Services4.71
Increase Decrease New since last portfolio
BlackRock Global Funds - Latin American Fund A2
Growth Of 1000 (GBP) 28/02/2025
Fund:  BlackRock Global Funds - Latin American Fund A2
Category:  Latin America Equity
Category Index:  Morningstar EM Americas TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)28/02/2025
 201820192020202120222023202428/02
Price Return2.4212.35-20.42-14.7720.7828.66-32.848.25
+/- Category5.26-2.83-4.21-3.304.846.90-6.970.80
+/- Category Index2.56-2.01-3.48-6.22-2.80-8.631.84
% Rank in Category1365817439710033
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.31   1.320.88
1 Week-3.16   -1.30-2.05
1 Month2.18   0.79-0.95
3 Months10.61   1.170.87
6 Months-5.35   -3.60-4.57
YTD10.61   1.170.87
1 Year-21.89   -5.23-7.92
3 Years Annualised-3.83   -0.99-3.04
5 Years Annualised7.57   -0.73-3.26
10 Years Annualised1.48   -1.49-2.73
 
Category: Latin America Equity
Category Index: Morningstar EM Americas TME NR USD
Quarterly Returns (GBP)28/02/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2024-5.42-15.23-2.66-13.94
2023-1.1118.34-0.6010.60
202227.91-17.0715.27-1.22
2021-8.2713.57-13.29-5.64
2020-42.9318.95-7.8227.19
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageAbove Average3 star
5-YearAverageAverage3 star
10-YearBelow AverageAverage2 star
OverallAverageAverage3 star
 
Category :  Latin America EquityClick here to see our Methodology
Volatility Measurements28/02/2025
 
3-Yr Std Dev23.65 %
3-Yr Mean Return3.39 %
 
3-Yr Sharpe Ratio-0.02
 
Modern Portfolio Statistics28/02/202528/02/2025
 Standard IndexBest Fit Index
 Morningstar EM Americas TME NR USD  BM&FBOVESPA Small Cap SMLL TR BRL
3-Yr Beta1.030.75
3-Yr Alpha-1.726.25
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 11144-
Market Capitalisation% of Equity
Giant47.80
Large21.38
Medium14.18
Small16.65
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings8.120.99
Price/Book1.120.87
Price/Sales1.041.05
Price/Cash Flow4.111.02
Dividend-Yield Factor5.970.92
 
Long-Term Projected Earnings Growth7.360.87
Historical Earnings Growth2.650.49
Sales Growth6.53-5.21
Cash-Flow Growth-0.48-0.01
Book-Value Growth8.240.94
 
Category: Latin America Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock98.950.0098.95
Bond0.000.000.00
Property0.000.000.00
Cash2.841.801.05
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States2.061.84
Canada4.957.28
Latin America92.990.96
United Kingdom0.000.00
Eurozone0.000.00
Europe - ex Euro0.00-
Europe - Emerging0.00-
Africa0.00-
Middle East0.00-
Japan0.000.00
Australasia0.00-
Asia - Developed0.00-
Asia - Emerging0.00-
 
Category: Latin America Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials22.511.83
Consumer CyclicalConsumer Cyclical10.261.21
Financial ServicesFinancial Services24.870.83
Real EstateReal Estate6.692.31
Consumer DefensiveConsumer Defensive13.241.09
HealthcareHealthcare4.162.20
UtilitiesUtilities2.740.42
EnergyEnergy6.750.73
IndustrialsIndustrials5.030.39
TechnologyTechnology3.761.63
 
Category: Latin America Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings34
Total Number of Bond Holdings0
Assets in Top 10 Holdings49.28
NameSectorCountry% of Assets
Vale SA ADR101Brazil7.06
Fomento Economico Mexicano SAB de CV ADR205Mexico6.15
Grupo Mexico SAB de CV Class B101Mexico6.07
Wal - Mart de Mexico SAB de CV205Mexico5.12
B3 SA - Brasil Bolsa Balcao103Brazil4.71
Grupo Financiero Banorte SAB de CV Cl... 103Mexico4.63
XP Inc Class A103Brazil4.41
Rede d or Sao Luiz SA Ordinary Shares206Brazil4.12
Cyrela Brazil Realty SA Empreend e Part102Brazil3.55
Rumo SA310Brazil3.47
 
Increase Decrease New since last portfolio
Category: Latin America 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 Date09/01/1997
Fund Advisor(s)
BlackRock Investment Management, LLC
Fund ManagerSam Vecht
Manager Start Date09/09/2022
Career Start Year2000
Education
2000, London School of Economics, B.S.
 
Biography
Sam Vecht, CFA, Managing Director, is Head of Emerging Europe, Frontiers and Alternative Strategies and a portfolio manager within BlackRock’s Fundamental Equity Group. Mr. Vecht is lead portfolio manager for the Emerging Markets Equity Strategies Fund and also co-manages the Latin America, Emerging Europe, Emerging Frontiers Hedge Fund, Frontiers, and Asia Pacific Absolute Return strategies. He is also a research pod leader of the EMEA & Frontiers and Latin America pods. Mr. Vecht's service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Vecht earned a BSc degree, with honours, in international relations and history from the London School of Economics
Fund ManagerChristoph Brinkmann
Manager Start Date09/09/2022
Career Start Year2015
 
Biography
Christoph Brinkmann, Vice President, is a Portfolio Manager and research analyst on the Global Emerging Markets Equities Team within the Fundamental Equity division of BlackRock's Portfolio Management Group. He is a member of the Latin America research pod. Mr. Brinkmann joined BlackRock in 2015 after graduating from the University of Cologne with a Masters in Finance and a CEMS Masters in International Management.
Fund ManagerGabriela Benjamin
Manager Start Date01/11/2021
Career Start Year2006
Education
2006, Columbia University, B.S.
 
Biography
Gabriela Benjamin, Director, is a portfolio research analyst on the Global Emerging Markets Equities Team within BlackRock’s Fundamental Equity Group. Mrs. Benjamin covers Latin American equities. Gabriela has 13 years Latin America equities market experience. She joined BlackRock from Newfoundland Capital Management, where she was a Senior Research Analyst based in Sao Paulo covering Latin American strategies across multiple sectors. Prior Newfoundland Capital, Gabriela spent eight years at Goldman Sachs in various roles in New York and Sao Paulo. Mrs. Benjamin earned a BS (Engineering) from Columbia University in 2006.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.26%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.75%
Ongoing Charge2.08%
Purchase Details
Minimum Investments
Initial5000  USD
Additional1000  USD
Savings-
Tax Free Savings Schemes
ISAsNo