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Blackrock Multi Opportunity Absolute Return Fund

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Blackrock Multi Opportunity Absolute Return Fund JUNE 2019 BlackRock Multi Opportunity Absolute Return Fund The BlackRock Multi Opportunity Absolute Return Fund (Fund) Annual Fund Review provides an overview of market and fund performance over the twelve months to 30 June 2019, along with some key fund information as at 30 June 2019. early 2018, Australia’s economic growth slowed to an annual Market Commentary – Year in Review rate of just 1.4% for the year to June 2019 – the slowest rate The 12 months from 1 July 2018 to 30 June 2019 exhibited since the Global Financial Crisis in 2009. The RBA reduced distinct periods of market performance and proved to be the cash rate by 0.25% to 1.25% in June 2019 in response to a challenging period for investors with many twists and the broader economic slowdown and several indicators of turns. Global share markets moved higher early in the spare capacity in the Australian economy. Australia’s financial year before declining sharply in the fourth quarter unemployment rate remained low, but this has not translated of 2018 to then rebound in the first half of 2019. The global into any meaningful wage growth. Declining property prices economy continued to grow but showed signs of slowing and weak construction data proved to be major headwinds, down, especially towards the end of 2018 when recession with signs of flow-over effects onto the wider economy. fears took hold of financial markets. Corporate earnings However, investors responded positively to the release of the growth also declined meaningfully but remained slightly Royal Commission report, which appeared less severe than positive for the year. Geopolitical tension and many anticipated. Investors also reacted favourably to the developments in US-China trade disputes whipsawed unexpected re-election of the Liberal National coalition financial markets and shifting central bank policy acted as government in May 2019. another key market driver. Global central bank policy pivoted from a tightening Performance Commentary stance to promoting easier financial conditions. The rapid Over the 12 months to 30 June 2019 the BlackRock Multi change in policy direction was most evident in the US Opportunity Absolute Return Fund declined 0.17% after fees, where the Federal Reserve (Fed) changed course several while its cash benchmark returned +1.48%. Although the times over the period. The US Fed initially continued its Fund’s overall return over the period was relatively flat, it was path towards ‘normalisation’ and raised the US cash rate a story of two opposite halves. The Fund recorded negative to a range of 2.25% to 2.50% in December 2018 (as performance in the second half of 2018 and found the widely expected), before shifting to a more neutral position environment challenging. However, the Fund bounced back and then signalling potential interest rate cuts. US strongly in the first half of 2019 and recovered most of its policymakers were not alone in pivoting to a more earlier losses. dovish/easier stance. The Reserve Bank of Australia (RBA) also moved from a tightening bias towards a more H2 2018: The sharp market reversals and rotations seen over neutral/supportive monetary policy stance. China the second half of 2018 caused significant challenges for signalled a move to easier credit and fiscal conditions. The many asset managers. While the Fund is designed to European Central Bank (ECB) lowered its 2019 growth withstand these episodes and has historically acted as a forecast early in the year and announced it would keep valuable diversifier during periods of market stress, the Fund interest rates on hold, saying it would provide a new wave underperformed during this period. Aggressive deleveraging of cheap funding for European banks to spur lending. In by hedge funds was a key source of the underperformance, addition, several European governments signalled an as market prices were pushed away from fundamentals. increase in fiscal stimulus to boost their economies. As a Systematic active equity strategies and Fixed Income Global result of the synchronised efforts by various governments Alpha were affected most, while our Event Driven strategy and central banks around the globe, the widespread (Merger Arbitrage) held up well and offset some of the losses. concerns of an imminent recession that spooked markets towards the end of 2018 eased and risk appetite returned During deleveraging episodes, some hedge funds are forced in the first half of 2019. to buy back their short positions and sell their long positions to reduce risk and/or return capital to their investors. In Australia, the economy weakened as the year Fundamentally, good stocks are sold and poorer stocks are progressed. After growing at an annual rate of over 3% in blackrock.com MKTGH1219A-1043658-1/4MKTG1217A-325619-966446 ANNUAL FUND REVIEW BlackRock Multi Opportunity Absolute Return Fund bought back pushing market prices away from Other – BlackRock Fission Fund 5.60% fundamentals, which impacts other managers/strategies Other – BlackRock Style Advantage Fund (Aust) 5.25% with similar or overlapping stock views. Global small caps Other – PanAsia Opportunities Offshore Fund Ltd 5.33% (where liquidity is limited) and Sentiment insights (i.e. Other – Emerging Markets Alpha Fund Ltd 7.36% indicators of ‘smart money’ and ‘informed traders’) were Other – Global Merger Partners 3.18% adversely affected during this period. Pleasingly, Other – Cash 3.82% fundamentals began to reassert themselves again in December 2018 and most insight groups started to recover – leading to a positive performance over the For further information on the assets held by the Fund, subsequent months. Wholesale Fund and the underlying pooled investment H1 2019: Following the deleveraging episodes towards vehicles into which the Wholesale Fund invests (the Strategy the end of 2018, the Multi Opportunity Absolute Return Funds) please refer to the Fund’s PDS. Fund delivered strong outperformance as fundamentals reasserted themselves. The sources of active returns Fund Liquidity & Liability Maturity Profile were widespread, with almost all sub-strategies adding value in the first half of 2019. Systematic active equity The graph below shows the estimated time required to sell the strategies and Fixed Income Global Alpha recovered assets of a fund, overlaid with the percentage of fund assets strongly, and our two fundamental equity strategies (Event required to meet fund liabilities maturing within the same Driven and UK Long/Short) also delivered meaningful given time period. positive returns. Security selection in Global Large Caps, Small Caps and Emerging Markets were key standouts BlackRock Multi Opportunity Absolute Return Fund driven by strongly performing Sentiment insights, Momentum and Cross-Border Thematics. Within fixed income, the main positive contributors were Rates Relative Value, Mortgages and Macro Rates strategies. Investment performance to 30 June 2019 (% net of fees) 1 MTH 3 MTHS YTD 1 YR 3 YRS 5 YRS SINCE INCEP BlackRock Multi 1.49 2.92 -0.17 -0.17 3.38 2.40 2.63 Opportunity Absolute Return Fund RBA Cash Rate Target 0.10 0.35 1.48 1.48 1.50 1.76 1.88 1.88 0.63 0.75 Outperformance 1.38 2.57 -1.65 -1.65 BlackRock Multi Opportunity Fund Fund inception: 31/07/2013 Past performance is not a reliable indicator of future performance. Performance for periods greater than one year is annualised. Net performance is calculated on exit-to-exit price basis, e.g. net of ongoing fees, performance fees (if applicable) and expenses and assumes the reinvestment of distributions. ASIC Benchmark – Annual Reporting Provided below is key fund information for the BlackRock Multi Opportunity Absolute Return Fund (Fund) as at 30 June 2019. For further information on the Fund, please refer to the Fund’s Product Disclosure Statement (PDS), which is available from our website or upon request by calling or emailing our Client Services Please note the liquidity of the Fund and Wholesale Fund Centre. is dependent on a number of factors including the liquidity offering terms of the Wholesale Fund and Asset Allocation Strategy Funds (i.e. the terms and conditions under which investors invested in the Wholesale Fund or a BlackRock Multi Opportunity Absolute Return Fund Strategy Fund can redeem from these funds) as well as (Fund) the liquidity of the assets to which the Fund, Wholesale ASSET TYPE ASSET ALLOCATION Fund and Strategy Funds are exposed. Other – BlackRock Multi Opportunity Fund 100% BlackRock Multi Opportunity Fund (Wholesale Fund) Other – BlackRock Fixed Income GlobalAlpha Fund 42.72% Other – BlackRock Eos Limited 7.20% Other – The 32 Capital Fund Ltd 15.49% Other – BlackRock Australian Equity Market Neutral Fund 4.05% blackrock.com MKTGH1219A-1043658-2/4MKTG1217A-325619-966446 ANNUAL FUND REVIEW BlackRock Multi Opportunity Absolute Return Fund Annualised Investment Returns Key Service Providers Provided below are annualised fund returns to 30 June The Fund, Wholesale Fund and Strategy Funds have each 2019. Information is provided on a 5 year annualised basis appointed a number of key service providers who are except where a fund is less than 5 years old in which case involved in their ongoing operation and administration. annualised returns since fund inception is provided. There has been no change to the key services providers during NET INVESTMENT RETURNS % the reporting period. BlackRock Multi Opportunity Absolute Return Fund 2.40 Derivative Counterparties GROSS INVESTMENT RETURNS %* Other – Multi Opportunity Fund 4.06 All derivative counterparties are formally approved by the Other – BlackRock Fixed Income GlobalAlpha Fund 4.53 BlackRock Group’s RQA Counterparty and Concentration Other – The 32 Capital Fund Ltd 4.16 Risk Team, prior to a fund engaging in any transaction with Other – BlackRock Australian Equity Market Neutral Fund 2.77 a particular counterparty. No transaction may be entered Other – BlackRock Fission Fund 15.94 into with a counterparty that has not previously been Other – BlackRock Style Advantage Fund (Aust)1 1.67 approved by the RQA Counterparty and Concentration Other – PanAsia Opportunities Offshore Fund Ltd -0.56 Risk Team.
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