Fact sheet: BlackRock Emerging Europe IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EMERGING MARKETS
Sector
IT European Emerging Markets
Fund type
Investment Trust
Primary aim
No data available.
Why Money Observer Rates BlackRock Emerging Europe IT

New for 2017. Manager with a head for heights

The investment universe of this trust encompasses companies that do business primarily in Eastern Europe, Russia, Central Asia and Turkey. Investors must expect a rollercoaster ride, but for those who believe the region may be turning a corner, it could prove a long-term winner.

The head of its investment team, Sam Vecht, has a good record of investing in these types of markets, as he also runs BlackRock Frontier Markets trust. He was joined by a new co-manager, Chris Colunga, in 2016. The investment approach is to focus on the managers' best ideas with a concentrated portfolio of between 20 and 30 holdings.

Vecht and his investment team are very much aware of what is happening at a global and country level, and they consider economic and political developments, as well as currency levels and stock market valuations when making their investment decisions.

They believe the correct time to buy is often when currencies are weak, markets are cheap and GDP growth is depressed. On this basis, Vecht recently expressed his optimism about prospects for the region's stock markets.

The managers draw their investment ideas from a diverse range of sources. They frequently travel to the region and talk to local contacts. This allows them to assess the environment companies operate in: their competitors, customers and the regulatory environment.

At a company level, their research process focuses on business cash flows, as the investment team believes this ultimately drives share prices.

3 Year Performance
Fund Performance56.7%
Average of Rated Funds Group40.3%
Sector Performance56.2%
Fund information
Fund name
BlackRock Emerging Europe Plc
Fund manager company
BlackRock Investment Managemen
Fund type
Investment Trust
Fund managers
  • Chris Colungasince 29/03/2016
  • Sam Vechtsince 30/04/2009
Accolades
Fund objective
To achieve long term capital growth, principally by investing in companies that do business primarily in Eastern Europe, Russia, Central Asia and Turkey.
Benchmark
  • MSCI EM Europe 10/40
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
30.6%
1 Year rank in sector
2/2
Sector
IT European Emerging Markets
Yield
1.6%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.2%
Fund size
£126m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
149
Mid price
350.375
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
367.31
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-4.61
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
103
Top in this sector
Fund name1 Year
Baring Emerging Europe PLC36.2%
BlackRock Emg Eur Plc30.6%
...more in IT European Emerging Markets

Performance snapshot

Holdings snapshot

  • Russia54.5%
    Turkey16.1%
    Poland12.3%
    Greece6.7%
    Money Market5.3%
  • Energy32.3%
    Financials28.3%
    Telecommunications Utilities8.6%
    Consumer Staples7.8%
    Net Current Assets5.3%
  • Russian Equities54.5%
    Turkish Equities16.1%
    Polish Equities12.3%
    Greek Equities6.7%
    Money Market5.3%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.3%8%7.6%30.6%56.7%52.5%
Sector1.1%7%9.6%33.4%56.2%45.8%
Rank within sector2 / 21 / 22 / 22 / 21 / 21 / 2
Quartile
Calendar performance
 YTD - 20172016201520142013
Fund19.9%47.6%1.8%-25.4%4.4%
Sector20.1%50.4%1.6%-29.6%3.3%
Rank within sector2 / 22 / 21 / 21 / 21 / 2
Quartile
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
1.28
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.99
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.67
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
18.66
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
5.92
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.16
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.9
Price movement
52 week high360
52 week low273
Current bid price348
Current offer price352.75
Current mid price350.38
Region
1Russia54.5%
2Turkey16.1%
3Poland12.3%
4Greece6.7%
5Money Market5.3%
6Ukraine4.1%
7Romania1%
Industry sector
1Energy32.3%
2Financials28.3%
3Telecommunications Utilities8.6%
4Consumer Staples7.8%
5Net Current Assets5.3%
6Materials4.9%
7Information Technology4.4%
8Industrials3.4%
9Health Care2.6%
Asset type
1Russian Equities54.5%
2Turkish Equities16.1%
3Polish Equities12.3%
4Greek Equities6.7%
5Money Market5.3%
6European Emerging Equities5.1%
Individual holdings
1GAZPROM OAO10%
2SBERBANK OF RUSSIA8.5%
3NOVATEK PAO7.4%
4LUKOIL OAO5.3%
5PKO BANK POLSKI5%
6ROSNEFT OIL CO4.3%
7LENTA LTD3.9%
8MOBILE TELESYSTEMS PJSC3.8%
9ALPHA BANK A E3.5%
Management
Fund manager group
BlackRock
Fund manager company
BlackRock Investment Managemen
Fund type
Investment Trust
Fund objective
To achieve long term capital growth, principally by investing in companies that do business primarily in Eastern Europe, Russia, Central Asia and Turkey.
Benchmark
  • MSCI EM Europe 10/40
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Chris Colunga29/03/2016Christopher Colunga joined BlackRock’s Global Emerging Markets team as a Director in January 2016. Chris focuses on Eastern European investments. Prior to moving to BlackRock, he spent five years managing long/short equity strategies focused on the EMEA and MENA regions at Charlemagne Capital and Och-Ziff Capital Management. From 2007, he was an EMEA equity analyst at Schroders specialising in Russia, Turkey and the Czech Republic. He began his career as an auditor at Ernst & Young in 2004.
Sam Vecht30/04/2009Sam Vecht is co-manager of BlackRock Emerging Europe plc, and is co-head of BlackRock’s Global Emerging Markets Team in the Fundamental Equity Division of BlackRock's Alpha Strategies Group. He is responsible for managing long-only and long/short portfolios in both Emerging and Frontier markets. He is also co-manager of the BlackRock Greater Europe Investment Trust plc and the BlackRock Frontiers Investment Trust plc. Sam joined BlackRock in 2000 in the Global Emerging Markets Team. Sam has a degree in international relations and history.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
BlackRock Emerging Europe Plc
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price355.92
CurrencyGBX
Price updated20/11/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJGM
BlackRock Emerging Europe Plc NAV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price355.92
CurrencyGBX
Price updated20/11/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFBV1
BlackRock Emerging Europe Plc Sub
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price0.255
CurrencyGBX
Price updated04/07/2012
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code06X2
BlackRock Emerging Europe Plc Sub sub
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price0.255
CurrencyGBX
Price updated25/07/2013
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeMDT1
Data provided by

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