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Blackrock Wholesale Australian Share Fund

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Blackrock Wholesale Australian Share Fund BLACKROCK WHOLESALE AUSTRALIAN SHARE FUND FUND UPDATE 31 August 2021 Investment Performance (%) Visit BlackRock.com.au for further Since information, including: 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Incep • Market Insights & Commentary BlackRock Wholesale Australian 2.16 5.72 15.53 24.45 9.52 10.39 8.89 • Fund Performance Share Fund* (Net of Fees) • Unit Prices S&P/ASX 300 Accumulation Index 2.61 6.08 17.21 28.58 10.13 11.05 8.96 Outperformance (Net of Fees) -0.45 -0.36 -1.68 -4.14 -0.61 -0.67 -0.06 * The actual inception of the Fund is 31 December 1993, however the Fund changed from a Fundamental Strategy to a Scientific (quantitative) Strategy on 14 June 2012. Please note that performance information displayed on BlackRock website from the date of the Fund’s actual inception up to and including 14 June 2012 has been calculated for the fundamental strategy, whilst performance on and after 14 June 2012 has been calculated for the scientific strategy. Past performance is not a reliable indicator of future performance. Gross returns are calculated before fees and taxes and assume reinvestment of distributions. Gross returns are provided for products offered to wholesale clients only who may be subject to differential fees. Please refer to the Fund’s product disclosure statement for more information. Net performance is calculated on exit-to-exit price basis, e.g. net of ongoing fees, performance fees and expenses. Performance Summary Fund v Market The S&P/ASX200 Accumulation Index gained +2.5% for August, the 11th consecutive months of positive return for the local index, which has also been up 16 of the 17 months since the start of the pandemic. August coincided with earnings season when most Australian companies report their results for the full year. Overall, most companies reported well with more positive surprises than misses, however investors turned their focus on the forward guidance. The market saw some share price reaction reflecting the outlook rather than the results. Despite the progress in the vaccine roll out, uncertainty continues to weigh on the economy and an increasing number of companies have provided limited or no guidance – something we had also observed in the March reporting season. The Reserve Bank of Australia left the cash rate unchanged and confirmed that it would start tapering in September. Retail sales printed lower than expected at -2.7% for July as the Delta variant continued to see most strict lockdowns in parts of the country. Unemployment decreased to 4.6% however the underemployment rate increased, impacted by lockdowns across the country. The Australian dollar fell against the US dollar ending the month at US 0.73c. The Information Technology sector (+17.0%) was the best performing sector for the month mainly thanks to the strong results of a software company and a successful takeover bid for AfterPay. Consumer Staples (+6.9%) also benefitted from the latest lockdowns across the country. Although the Health Care sector (+6.8%) saw mixed results, it outperformed thanks to the strong earnings result of a biotechnology company. Materials (-7.3%) was the worst performing sector this month as commodity prices weakened, especially iron ore after China announced that it would limit its steel mill production. The strategy had a negative month and outperformed the benchmark. Through a sector lens, most sectors detracted. Consumer Discretionary struggled due to large shorts in diversified consumer services and hotels, restaurants and leisure. Shorts foods and staples retailing as well personal products hurt the Consumer Staples sector while Communications Services lagged through shorts diversified telecommunication services. Real Estate was the top contributing sector this month thanks to longs in REITS. Most signal insights detracted especially Earnings Quality and Timing while Earnings Direction was the only contributor. CBDM0921A/S-1843050-1/3 Investment Insights Insight Performance (%) The stock positions in the portfolio are based on combinations of our signals, which exhibited the following performance characteristics Earnings Direction over the month: Market Relative Valuation signals were negative, Earnings Quality Market signals were negative, Timing Earnings Direction signals were positive, Relative Valuation Earnings Quality signals were the most negative, -1.0 -0.5 0.0 0.5 1.0 Timing signals were negative. Mth Quarter Past performance is not an indicator of future performance Stock Selection Source: BlackRock. On a market adjusted basis, amongst the top contributors for the month were long positions in Wisetech Global (WTC) and James Sector Exposure (Long/Short Strategy) Hardie Industries (JHX). Amongst the largest detractors were a long Sector Active Weight % position in BHP Group (BHP) and a short position in Downer Edi (DOW). Communication Services -0.04 Consumer Discretionary 0 .15 Top Contributors Consumer Staples -0.11 Energy 1.56 WTC – The long position in software company Wisetech Global Financials 2.42 came from positive views across Earnings Direction, Market, Health Care -1.02 and Earnings Quality. The share price surged after the company Industrials -1.69 reported impressive FY21 results highlighting revenues up +18% Information Technology 0.22 and a +141% increase to its final dividend, well above market expectations. Materials 1.21 Real Estate 0.08 JHX – The long position in building materials firm James Hardie Utilities -1.77 Industries was a result of positive views across all insights. The company posted strong results for the first quarter driven by an increase in sales in its North American and APAC divisions. Contributors/Detractors (Long/Short Strategy) Contributors Detractors Top Detractors WISETECHGLOBAL PTY LTD DOWNER EDI LTD BHP – The long position in resources giant BHP was through JAMES HARDIE INDUSTRIES CDI PLC BLACKMORES LTD favourable views across most insights, especially Timing and STEADFAST GROUP LTD INVOCARE LTD Relative Valuation. Despite strong profit growth posted during the FORTESCUE METALS GROUP LTD BHP BILLITON PLC (GB) month, merger plan of its oil and gas business with another player SCENTRE GROUP ASX LTD as well as the drop in the price of iron ore weighted on the share price. Top Active Holdings (Long/Short Strategy) DOW – The short position in integrated services provider Downer Long Short was led by negative views across most insights, especially Earnings Direction, Market and Timing. After posting a loss last financial SOUTH32 LTD NATIONAL AUSTRALIA BANK LTD year, the company reported a profit for the full year thanks to the TECHNOLOGY ONE LTD SUNCORP GROUP LTD proceeds of divestments from businesses as part of the refocusing COLES GROUP LTD ENDEAVOUR GROUP LTD strategy of the company. BRAMBLES LTD NEXTDC LTD STEADFAST GROUP LTD ASX LTD CBDM0921A/S-1843050-2/3 About the Fund Should be considered by investors who … Investment Objective Seek to gain competitive returns Require a Fund that applies rigor in its underlying investment The Fund has two aims: to achieve capital growth over the long- philosophy and style term through investment in Australian shares and other securities and to provide investors with some tax-effective income through the Prefer a Fund with a proven track record in long-short investing distribution of franking credits. Overall, we aim to achieve this goal by Have a long term investment horizon. outperforming the S&P/ASX 300 Accumulation Index (“Benchmark”) over rolling five year periods. Fund Details Fund Strategy BlackRock Wholesale Australian Share Fund The Fund, through its underlying investments, employs a “long/short” APIR PWA0823AU investment strategy. Unlike “long only” investments, which have just Fund Size 55 mil one source of return; that is buying stocks that are expected to rise in Buy/Sell Spread 0.275%/0.275% value, long/short strategies have two sources of prospective return. Management Fee 0.95% p.a. A fund that employs a long/short investment strategy can generate returns by owning stocks that the manager expects will rise in value (long). At the same time the fund can, sell (short) stocks that are expected to decrease in value. In implementing the underlying index strategy BlackRock takes a full replication approach which means that wherever practical, we seek to hold every stock in the S&P/ASX 300 Accumulation Index, but will trade in less liquid stocks over time to minimize transaction costs. To further counteract the impact of transaction costs we employ low- risk enhancement techniques in an attempt to add value and replicate more closely the return of the S&P/ASX 300 Accumulation Index. These low risk portfolio enhancement activities include the use of dividend reinvestment plans; futures to efficiently reinvest dividend distributions; and trading strategies to manage changes to the S&P/ASX 300 IMPORTANT INFORMATION: Issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdiction. The material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. BIMAL is the responsible entity and issuer of units in the Australian domiciled managed investment schemes referred to in this material. Any potential investor should consider the latest product disclosure statement, prospectus or other offer document (Offer Documents) before deciding whether to acquire, or continue to hold, an investment in any BlackRock fund. Offer Documents can be obtained by contacting the BIMAL Client Services Centre on 1300 366 100. In some instances Offer Documents are also available on the BIMAL website at www.blackrock.com.au.
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