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Blackrock Australian Equity Market Neutral Fund

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Blackrock Australian Equity Market Neutral Fund BLACKROCK AUSTRALIAN EQUITY MARKET NEUTRAL 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 Australian Equity Market -0.72 0 .14 -1.10 -4.64 2.79 2.74 9.65 Neutral Fund* • Fund Performance (Gross of Fees) • Unit Prices RBA Cash Rate Target 0.01 0.03 0.07 0 .14 0.69 1.01 3.49 Outperformance (Gross of Fees) -0.73 0 .12 -1.17 -4.78 2.09 1.72 6.16 *Fund inception: 31/08/2001. 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. Fund Performance (Gross of Fees) to 31 August 2021 Monthly Alpha (LHS) Cumulative Alpha (RHS) 15% 500% 12% 400% 9% 300% 6% 200% 3% 100% 0% 0% -3% -100% -6% -200% Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 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. CBDM0921A/S-1835665-1/3 The Information Technology sector (+17.0%) was the best performing Yearly Alpha, Gross of Fees (%) sector for the month mainly thanks to the strong results of a software 30% company and a successful takeover bid for AfterPay. Consumer Staples (+6.9%) also benefitted from the latest lockdowns across the 20% country. Although the Health Care sector (+6.8%) saw mixed results, it RBA Target Cash Rate outperformed thanks to the strong earnings result of a biotechnology 10% company. Materials (-7.3%) was the worst performing sector this 0% month as commodity prices weakened, especially iron ore after China announced that it would limit its steel mill production. -10% The strategy had a negative month and outperformed the benchmark. -20% Through a sector lens, most sectors detracted. Consumer Discretionary 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 Monthly Alpha, Gross of Fees (%) while Communications Services lagged through shorts diversified 4% telecommunication services. Real Estate was the top contributing RBA Target Cash Rate sector this month thanks to longs in REITS. Most signal insights 2% detracted especially Earnings Quality and Timing while Earnings Direction was the only contributor. 0% Investment Insights -2% The stock positions in the portfolio are based on combinations of our signals, which exhibited the following performance characteristics over -4% the month: Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 Relative Valuation signals were negative, Market signals were negative, Risk Contributions (%) Earnings Direction signals were positive, Active Risk: 3.90% Earnings Quality signals were the most negative, Portfolio Beta: 0.02 Timing signals were negative. Specific 80% Act Sys 1% Industry 5% Style 14% Insight Performance (%) Earnings Direction Market Earnings Quality Timing Relative Valuation -1.00 0.00 1.00 Mth Quarter Source: BlackRock. Sector Exposure Sector Active Weight(%) Communication Services -0.04 Consumer Discretionary 0 .16 Consumer Staples -0.12 Energy 1.74 Financials 2.69 Health Care -1.13 Industrials -1.87 Information Technology 0.24 Materials 1.34 Real Estate 0.09 Utilities -1.97 None 0.00 CBDM0921A/S-1835665-2/3 Contributors/Detractors DOW – The short position in integrated services provider Downer was led by negative views across most insights, especially Earnings Contributors Detractors Direction, Market and Timing. After posting a loss last financial year, Wisetechglobal Pty Ltd Downer Edi Ltd the company reported a profit for the full year thanks to the proceeds James Hardie Industries Cdi Blackmores Ltd of divestments from businesses as part of the refocusing strategy of Steadfast Group Ltd Invocare Ltd the company. Fortescue Metals Group Ltd Bhp Billiton (Gb) About the Fund Scentre Group Asx Ltd Investment Objective Top Active Holdings The Fund aims to outperform the RBA Target Cash Rate by 8 p.a. before Long Short fees over rolling three-year periods. South32 Ltd National Australia Bank Ltd Fund Strategy Technology One Ltd Suncorp Group Ltd The Fund has a market neutral strategy that gains exposure to long Coles Group Ltd Endeavour Group Ltd and short positions in Australian equities. It is a highly risk-controlled Brambles Ltd Nextdc Ltd strategy that employs a scientific process to identify mis-priced stocks Steadfast Group Ltd Asx Ltd using a range of fundamental investment insights. These insights are the result of ongoing research by BlackRock’s global team of investment Stock Selection professionals. The insights are broadly categorised as: Earnings Direction – anticipate changes in future earnings On a market adjusted basis, amongst the top contributors for the direction, which affects stock prices; month were long positions in Wisetech Global (WTC) and James Hardie Relative Valuation – analyse multiple measures of underlying Industries (JHX). Amongst the largest detractors were a long position in fundamental value; BHP Group (BHP) and a short position in Downer Edi (DOW). Earnings Quality – assess the quality and sustainability of earnings; Top Contributors Market – focus on market and management behaviour that can influence stock prices; and WTC – The long position in software company Wisetech Global came Timing – consider theme and sector timing. from positive views across Earnings Direction, Market, and Earnings Quality. The share price surged after the company reported impressive Should be considered by investors who … FY21 results highlighting revenues up +18% and a +141% increase to Seek to gain competitive returns, irrespective of equity market its final dividend, well above market expectations. conditions Are seeking the risk benefits of diversification in their portfolios JHX – The long position in building materials firm James Hardie Require a Fund that applies rigor in its underlying investment Industries was a result of positive views across all insights. The company philosophy and style posted strong results for the first quarter driven by an increase in sales Prefer a Fund with a proven track record in long-short investing in its North American and APAC divisions. Have a long term investment horizon. Top Detractors Fund Details BHP – The long position in resources giant BHP was through favourable views across most insights, especially Timing and Relative Valuation. BlackRock Australian Equity Market Neutral Fund Despite strong profit growth posted during the month, merger plan of APIR BGL0064AU its oil and gas business with another player as well as the drop in the Fund Size 149 mil price of iron ore weighted on the share price. Buy/Sell Spread 0.50%/0.50% Tracking Error 5.33% 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. BIMAL, its officers, employees and agents believe that the information in this material and the sources on which it is based (which may be sourced from third parties) are correct as at the date of publication. While every care has been taken in the preparation of this material, no warranty of accuracy or reliability is given and no responsibility for the information is accepted by BIMAL, its officers, employees or agents.
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