Investment Objective
The BlackRock Global Event Driven Fund seeks to achieve a positive absolute return for investors regardless of market movements. The fund seeks to achieve this investment objective by taking long, synthetic long and synthetic short investment exposures on a global basis.Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through equities and equity-related securities. The Fund may also invest in fixed income transferable securities (including non-investment grade fixed income transferable securities), fixed income-related securities, units of undertakings for collective investment (including Exchange Traded Funds), derivatives and when determined appropriate, cash and near-cash instruments.
Latest Meeting Note
Conference Call 19 Mar 2020
The fund came into the year with a very conservative risk position with exposure just c.80% LMV. March has seen aggressive spread widening and in response the PM has made some modest reductions to single name event exposures. The team ha... Read more
The fund came into the year with a very conservative risk position with exposure just c.80% LMV. March has seen aggressive spread widening and in response the PM has made some modest reductions to single name event exposures. The team have been focussed on identifying 'correlated risks' in the current stressed environment. This has led them to focus on their LBO-linked deals which can show heightened risk in this environment. Their single largest LBO-linked position closed last week, one is likely to close shortly, and residual exposure is limited. Even if there is elevated deal risk, spreads are now more than compensating for this. The fund is currently 81% LMV invested.
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 0.4 | 0.7 | 0.5 | 0.1 | 0.4 | 0.0 | 0.7 | 0.7 | 0.3 | 0.2 | 0.3 | 0.3 | 0.6 | |
| 2021 | 0.6 | 0.6 | 0.2 | 0.4 | 0.8 | 0.4 | 0.9 | 0.1 | 0.7 | 0.9 | 0.2 | 0.0 | 1.0 |
