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

Rated Fund 2017-2018. Invests in niche but potentially lucrative markets

The investment universe of this trust is companies that do business primarily in eastern Europe, Russia, central Asia and Turkey. It offers investors access to a niche area, and for this reason Cantor Fitzgerald analyst Markus Jaffe deems it a strong contender for adventurous investors who can stomach short-term volatility and have a long-term investment horizon.

London-based Sam Vecht has run this fund since 2009. He has a good record of investing in these types of markets as he also runs BlackRock Frontiers investment trust, also a Rated Fund for 2018. Co-manager Chris Colunga joined the Emerging Europe fund in 2016. Their investment approach blends top-down and bottom-up research to construct a concentrated portfolio of 20 to 30 ムbest ideas'. With input from the team's macroeconomists, Vecht decides on the fund's country allocations at weekly meetings where each country's relative attractiveness is assessed on a variety of macro factors ヨ economic and political developments, as well as currency levels. The managers believe the correct time to buy is often when currencies are weak, economic growth is depressed and markets are cheap. Once general country weights are decided, the team identifies stocks with growth opportunities, with an emphasis on cash flow growth, as they believe this is ultimately the driver of share prices over time. The managers travel frequently to the markets they invest in. Shares in the trust traded at a discount to net assets as wide as 15 per cent over the past three years. At the end of 2017 that had narrowed to around 6 per cent.

3 Year Performance
Fund Performance44.6%
Average of Rated Funds Group37.1%
Sector Performance45.7%
Fund information
Fund name
BlackRock Emerging Europe Plc
Fund manager company
BlackRock Investment Managemen
Fund type
Investment Trust
Fund managers
  • Chris Colungasince 30/03/2016
  • Sam Vechtsince 01/05/2009
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
10.9%
1 Year rank in sector
2/2
Sector
IT European Emerging Markets
Yield
3.2%
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.
1.1%
Fund size
£119m
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.
153
Mid price
332
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.
360.19
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.
-7.83
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.
107
Top in this sector
Fund name1 Year
Baring Emerging Europe PLC14.6%
BlackRock Emg Eur Plc10.9%
...more in IT European Emerging Markets

Performance snapshot

Holdings snapshot

  • Russia55.1%
    Poland15.5%
    Turkey13.4%
    Greece6.4%
    Hungary3.6%
  • Financials38.7%
    Energy26%
    Telecommunications Utilities11.5%
    Consumer Staples9.8%
    Health Care5.5%
  • Russian Equities55.1%
    Polish Equities15.5%
    Turkish Equities13.4%
    European Emerging Equities6.4%
    Greek Equities6.4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-6.6%-14.4%-5.5%10.9%44.6%33.1%
Sector-7.4%-12.5%-3.7%12.8%45.7%24.2%
Rank within sector1 / 22 / 22 / 22 / 22 / 21 / 2
Quartile
Calendar performance
 YTD - 20182017201620152014
Fund-6%20.9%47.6%1.8%-25.4%
Sector-4.7%20.1%50.4%1.6%-29.6%
Rank within sector2 / 21 / 22 / 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.
-0.77
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.
1.04
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.
0.81
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%.
18.01
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.
5.38
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.
-0.05
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.
0.91
Price movement
52 week high389
52 week low309
Current bid price326
Current offer price338
Current mid price332
Region
1Russia55.1%
2Poland15.5%
3Turkey13.4%
4Greece6.4%
5Hungary3.6%
6Ukraine3.4%
7European Emerging Markets3%
8Net Current Liabilities-0.4%
Industry sector
1Financials38.7%
2Energy26%
3Telecommunications Utilities11.5%
4Consumer Staples9.8%
5Health Care5.5%
6Materials4%
7Information Technology3.1%
8Consumer Discretionary1.8%
9Net Current Liabilities-0.4%
Asset type
1Russian Equities55.1%
2Polish Equities15.5%
3Turkish Equities13.4%
4European Emerging Equities6.4%
5Greek Equities6.4%
6Hungarian Equities3.6%
7Money Market-0.4%
Individual holdings
1SBERBANK OF RUSSIA9.8%
2LUKOIL OAO9.3%
3GAZPROM OAO8.8%
4POWSZECHNA KASA OSZCZED BK POLSKI5.3%
5LENTA LTD4.3%
6ROSNEFT OIL CO4%
7NOVATEK PAO3.9%
8POWSZECHNY ZAKLAD UBEZPIECZEN SA3.7%
9BANK PEKAO SA3.6%
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 Colunga30/03/2016Christopher 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 Vecht01/05/2009Sam 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 price349.15
CurrencyGBX
Price updated19/04/2018
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 price349.15
CurrencyGBX
Price updated19/04/2018
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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