BlackRock Japan Equity 1 Fund

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Equity

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NAV as of 19/Feb/2024JPY 24,998.25
52 WK: 17,626.08 - 24,998.25
1 Day NAV Change as of 19/Feb/2024108.14(0.43%)
Morningstar Rating
4 stars
SILVER

Investment Approach

The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the equity market in Japan.
The Fund is passively managed and invests so far as possible and practicable in equity securities (e.g. shares) that make up the MSCI Japan Index (the Index), the Fund's benchmark index. The Index should be used by investors to compare the performance of the Fund.
The benchmark index measures the performance of large and mid capitalisation Japanese equity securities, which are subject to MSCI’s size, liquidity and free-float criteria. The Index is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the Index. Free float adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions.

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Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Overseas investment will be affected by movements in currency exchange rates. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. The Fund uses derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

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Performance

Chart

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Growth of Hypothetical 10,000
Historical NAVs

BlackRock Japan Equity 1 Fund (JPY)

Source: For UK-domiciled funds (such as the BlackRock Retail Authorised Unit Trusts and BlackRock Collective Investment Funds 'BCIF'), performance is shown on a bid to bid price basis, with net income reinvested, in the currency indicated on the chart. Performance is shown net of fees. For Luxembourg-domiciled funds (such as BlackRock Global Funds 'BGF' and BlackRock Strategic Funds 'BSF'), performance is shown on a net asset value basis, with gross income reinvested, in the currency indicated in the chart. Performance is shown net of fees. Past performance is not a guide to future performance.

Historical NAVs

Returns

Calendar Year
Discrete Annual
Annualised
Cumulative

This chart shows the fund's performance as the percentage loss or gain per year over the last 7 years.

This chart shows the fund’s performance as the percentage loss or gain per year over the last 7 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

During this period performance was achieved under circ*mstances that no longer apply

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Total Return (%)				19.6	-15.2	18.4	9.0	13.4	-4.5	28.5
Benchmark (%)				19.7	-15.1	18.5	8.8	13.4	-4.5	28.6

	From 31-Dec-2018 To 31-Dec-2019	From 31-Dec-2019 To 31-Dec-2020	From 31-Dec-2020 To 31-Dec-2021	From 31-Dec-2021 To 31-Dec-2022	From 31-Dec-2022 To 31-Dec-2023
Total Return (%) as of 31/Dec/2023	18.41	8.96	13.41	-4.47	28.49
Benchmark (%) as of 31/Dec/2023	18.48	8.76	13.44	-4.49	28.56

	1y	3y	5y	10y	Incept.
Total Return (%)	33.16	14.58	13.11	-	11.88
Benchmark (%)	33.21	14.60	13.09	-	11.78

	YTD	1m	3m	6m	1y	3y	5y	10y	Incept.
Total Return (%)	8.48	8.48	14.38	11.23	33.16	50.41	85.13	-	140.62
Benchmark (%)	8.47	8.47	14.40	11.24	33.21	50.50	84.99	-	138.91

Key Facts

Net Assets of Fundas of 19/Feb/2024JPY 223,926,569,413

Share Class launch date05/Apr/2016

Fund Launch Date31/Mar/2016

Share Class CurrencyJPY

Fund Base CurrencyJPY

Asset ClassEquity

Benchmark IndexMSCI Japan Index

SFDR ClassificationOther

Initial Charge0.00%

Ongoing Charges Figures0.08%

ISINIE00BZCTKC13

Annual Management Fee0.04%

Performance Fee0.00%

Minimum Initial InvestmentJPY 1,000,000,000.00

Minimum Subsequent Investment-

Use of IncomeAccumulating

DomicileIreland

Regulatory StructureUCITS

Management CompanyBlackRock Asset Management Ireland Limited

Morningstar CategoryJapan Large-Cap Equity

Dealing SettlementTrade Date + 3 days

Dealing FrequencyDaily, forward pricing basis

SEDOLBZCTKC1

Portfolio Characteristics

Number of Holdingsas of 31/Jan/2024225

Standard Deviation (3y)as of 31/Jan/202412.69%

3y Betaas of 31/Jan/20240.999

P/E Ratioas of 31/Jan/202416.54

P/B Ratioas of 31/Jan/20241.61

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)as of 19/Jan/2024AA

MSCI ESG % Coverageas of 19/Jan/202498.41

MSCI ESG Quality Score (0-10)as of 19/Jan/20247.36

MSCI ESG Quality Score - Peer Percentileas of 19/Jan/202468.13

Fund Lipper Global Classificationas of 19/Jan/2024Equity Japan

Funds in Peer Groupas of 19/Jan/2024841

MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)as of 19/Jan/202475.49

MSCI Weighted Average Carbon Intensity % Coverageas of 19/Jan/202498.26

MSCI Implied Temperature Rise (0-3.0+ °C)as of 19/Jan/2024> 2.0° - 2.5° C

MSCI Implied Temperature Rise % Coverageas of 19/Jan/202498.26

What is the Implied Temperature Rise (ITR) metric? Learn what the metric means, how it is calculated, and about the assumptions and limitations for this forward-looking climate-related metric.

Climate change is one of the greatest challenges in human history and will have profound implications for investors. To address climate change, many of the world's major countries have signed the Paris Agreement. The temperature goal of the Paris Agreement is to limit global warming to well below 2°C above pre-industrial levels, and ideally 1.5 °C, which will help us avoid the most severe impacts of climate change.

What is the ITR metric?

The ITR metric is used to provide an indication of alignment to the temperature goal of the Paris Agreement for a company or a portfolio. Scientific consensus suggests that reducing emissions until they reach net zero around mid-century (2050-2070) is how this goal could be met. A net zero emissions economy is one that balances emissions and removals.

How is the ITR metric calculated?

The ITR metric is calculated by looking at the current emissions intensity of companies within the fund's portfolio as well as the potential for those companies to reduce its emissions over time. If emissions in the global economy followed the same trend as the emissions of companies within the fund's portfolio, global temperatures would ultimately rise within this band.

Note, only corporate issuers are covered within the calculation. A summary explanation of MSCI’s methodology and assumptions for its ITR metric can be found here.

Because the ITR metric is calculated in part by considering the potential for a company within the fund’s portfolio to reduce its emissions over time, it is forward-looking and prone to limitations. As a result, BlackRock publishes MSCI’s ITR metric for its funds in temperature range bands. The bands help to underscore the underlying uncertainty in the calculations and the variability of the metric.

What are the key assumptions and limitations of the ITR metric?

This forward-looking metric is calculated based on a model, which is dependent upon multiple assumptions. Also, there are limitations with the data inputs to the model. Importantly, an ITR metric may vary meaningfully across data providers for a variety of reasons due to methodological choices (e.g., differences in time horizons, the scope(s) of emissions included and portfolio aggregation calculations).

There is not a universally accepted way to calculate an ITR.There is not a universally agreed upon set of inputs for the calculation.At present, availability of input data varies across asset classes and markets. To the extent that data becomes more readily available and more accurate over time, we expect that ITR metric methodologies will evolve and may result in different outputs.Where data is not available, and / or if data changes, the estimation methods vary, particularly those related to a company’s future emissions.

The ITR metric estimates a fund’s alignment with the Paris Agreement temperature goal. However, there is no guarantee that these estimates will be reached. The ITR metric is not a real time estimate and may change over time, therefore it is prone to variance and may not always reflect a current estimate.

The ITR metric is not an indication or estimate of a fund’s performance or risk. Investors should not rely on this metric when making an investment decision and instead should refer to a fund’s prospectus and governing documents. This estimate and the associated information is not intended as a recommendation to invest in any fund, nor is it intended to indicate any correlation between a fund’s ITR metric and its future investment performance.

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All data is from MSCI ESG Fund Ratings as of 19/Jan/2024, based on holdings as of 30/Sept/2023. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.

Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weaponsas of 31/Jan/20240.00%

MSCI - UN Global Compact Violatorsas of 31/Jan/20240.22%

MSCI - Nuclear Weaponsas of 31/Jan/20240.00%

MSCI - Thermal Coalas of 31/Jan/20240.14%

MSCI - Civilian Firearmsas of 31/Jan/20240.00%

MSCI - Oil Sandsas of 31/Jan/20240.00%

MSCI - Tobaccoas of 31/Jan/20240.84%

Business Involvement Coverageas of 31/Jan/202499.96%

Percentage of Fund not coveredas of 31/Jan/20240.00%

BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 5.53% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.

Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

Risk Indicator

Low RiskHigh Risk

Typically low rewards Typically high rewards

Ratings

Morningstar Rating

Overall

4 stars

Overall Morningstar Rating for BlackRock Japan Equity 1 Fund, Class J, as of 31/Jan/2024 rated against 1058 Japan Large-Cap Equity Funds.

Morningstar Medalist Rating

Morningstar has awarded the Fund a Silver medal. (Effective 31/Dec/2023)

Holdings

as of 31/Jan/2024

Name	Weight (%)
TOYOTA MOTOR CORP	5.72
SONY GROUP CORP	3.33
MITSUBISHI UFJ FINANCIAL GROUP INC	2.86
TOKYO ELECTRON LTD	2.36
KEYENCE CORP	2.33

Name	Weight (%)
HITACHI LTD	1.95
SHIN ETSU CHEMICAL LTD	1.92
SUMITOMO MITSUI FINANCIAL GROUP IN	1.76
MITSUBISHI CORP	1.59
NINTENDO LTD	1.55

Holdings subject to change

Exposure Breakdowns

Sector

as of 31/Jan/2024

% of Market Value

Type	Fund	Benchmark	Net

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Negative weightings may result from specific circ*mstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Investor Class	Currency	Distribution Frequency	NAV	NAV Amount Change	NAV % Change	NAV As Of	52wk High	52wk Low	ISIN
Class J	JPY	None	24,998.25	108.14	0.43	19/Feb/2024	24,998.25	17,626.08	IE00BZCTKC13
Class J Hedged	GBP	Annual	210.39	0.95	0.46	19/Feb/2024	210.39	145.06	IE00BZCTKG50
Class J Hedged	USD	None	266.49	1.23	0.46	19/Feb/2024	266.49	179.39	IE00BZCTKD20
Class J Hedged	EUR	None	226.59	1.03	0.46	19/Feb/2024	226.59	155.16	IE00BZCTKF44

Portfolio Managers

Kieran Doyle

Group Index Equity PM Core DM EMEA

Literature

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BlackRock Japan Equity 1 Fund | Class J (2024)

Performance

Chart

Returns

Key Facts

Portfolio Characteristics

Sustainability Characteristics

Business Involvement

Risk Indicator

Ratings

Morningstar Rating

Morningstar Medalist Rating

Holdings

Exposure Breakdowns

Pricing & Exchange

Portfolio Managers

Literature