Important risk disclosure

Please click here and read carefully the summary of the key features and risks specific to this fund stated in the offering document prepared by the relevant fund house before making any investment decision.

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LU2764262908

BlackRock BGF Global Unconstrained Equity Fund(LU2764262908)

Equities
Global
HKD Cash
Accumulating

Invest with

HKD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks to achieve long term capital growth. The Fund invests at least 80% of its total assets in equity securities and equity-related securities (namely American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)) of companies d...

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

An unconstrained, concentrated global equity portfolio of strong companies that are capable of growing faster than their rivals over the longer term. Long-only carve out of the popular hard-closed Blackrock Strategic Equity Hedge Fund which has more than USD 9bn in Assets under management (As of December 2023).

People

Very experienced team of 5 led by Alister Hibbert, Head of BlackRock's Strategic Equity Team and Michael Constantis. The Team also manages the hard-closed Blackrock Strategic Equity Hedge Fund. The Team evolved out of the Fundamental European Equity Team that has had very strong performance, having beaten the MSCI Europe ex UK Index benchmark by roughly 7% annualised over their tenure, managing the BlackRock European Dynamic fund from April 2008 through December 2020.

Performance

Strong performance since inception. Has outperformed the MSCI World and its peers since inception while displaying strong upside and downside capture relative to the MSCI world index. Stock selection has driven most of its alpha which could indicate the portfolio management team's ability to identify strong businesses.

Process

The process is fundamentally driven and the team identifies four main characteristics that they deem to be key to sustainably compounding long-term earnings and widening competitive advantages. Established market positions, structural tailwinds, high returns, and strong management teams. Valuation is a secondary concern due to the belief that markets persistently misvalue business that can maintain higher rates of growth. At least 50% of the portfolio has to be in defensive business to provide fundamental resilience to the economic cycle. Resulting Portfolio is a high conviction unconstrained equity portfolio of 20-40 holdings with low turnover.

Cost

Access to the retail share class with 100% trailer fee rebated back to Endowus investors to achieve a lower cost of access.

How it fits in a portfolio

Investors looking for a concentrated fund consisting of high quality global growth companies that are able to consistently grow their competitive advantage can consider allocating to this Fund. However, investors should be aware that due to the unconstrained and concentrated nature, the fund could experience volatile performance over the short-term in periods of significant factor rotation, and also in periods when the market is not being driven by company fundamentals but rather by sentiment.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

-2.85%

YTD

-7.33%

1 month

-8.49%

6 month

-5.87%

1 year

12.62%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-13.92%As of Mar 2026

Volatility

16.34%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	2.4%	-1.1%	-8.5%	-	-	-	-	-	-	-	-	-
2025	10.2%	5.3%	-4.9%	-9.5%	1.2%	10.8%	5.5%	2.5%	-3.2%	1.9%	4.4%	-2.1%	-0.6%
2024	-	-	-	0.0%	-5.0%	1.1%	3.9%	-4.9%	3.7%	-0.4%	-4.4%	3.3%	-1.8%

Top Exposures

Holdings

Regions

Sectors

ASML Holding NV	9.32%
Howmet Aerospace Inc	8.68%
Alphabet Inc Class C	7.13%
Airbus SE	6.43%
Meta Platforms Inc Class A	5.72%
Amazon.com Inc	4.96%
Broadcom Inc	4.81%
Trane Technologies PLC Class A	4.81%
Visa Inc Class A	4.73%
Mastercard Inc Class A	4.65%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.97%1.52% p.a.

Save 22%

Fund facts

ISIN

LU2764262908

Fund house

BlackRock

Fund size

HK$876.4M

As of 15 Apr 2026

Fund inception date

07 Mar 2024

Fund class currency

HKD

Fund share class

A2 HKD

Oldest share inception date

07 Mar 2024

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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