BlackRock Circular Economy Fund | A2 12:37, 19/11/2024

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Factsheet Prospectus KFS Download

EQUITY

BlackRock Circular Economy Fund

A2 (USD) (Accumulating)

NAV as of 18-Nov-2024 1 Day NAV Change as of 18-Nov-2024

USD 13.69  -0.06 (-0.44%)

52 WK: 12.07 - 14.43

IMPORTANT:
• The Fund's investments in equities could incur significant losses due to higher fluctuation of equity values. Use of environmental, social
and governance (“ESG”) criteria as the investing principles may impact the Fund’s performance. Reliance on third party data may lead to
incorrect evaluation of a security or issuer based on ESG criteria. There may also be a risk of incorrectly applying the relevant ESG criteria on
the Fund. The evaluation methodology adopted by different investment managers may vary due to a lack of standardized taxonomy on
circular economy concept. The Fund’s investments are concentrated in companies that benefit from or contribute to the advancement of the
circular economy concept. This may result in greater volatility than more broad-based investments.
•The Fund is subject to currency risks, emerging market risks, small/mid cap companies’ volatility and liquidity risks, and currency
conversion risk including Renminbi denominated Classes.
•Class
Class 5(G) Shares pay dividends gross of expenses. Class 10 Shares pay dividends gross of expenses and/or from capital at the
Directors’ discretion. Paying dividends gross of expenses may result in more income being available for distribution; however these shares
may effectively pay dividends from capital – may amount to a partial return or withdrawal of an investor’s original investment or capital
gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex-dividend date.
•The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive. The
Fund may suffer losses from its derivatives usage.
•The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your
investment could be lost.
•Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts
Statement for details including risk factors.

Show Less

Overview Performance Key Facts Managers Holdings Documents

Investment Objective
The Circular Economy Fund seeks to maximise total return. The Fund invests at least 80% of its total assets in the equity securities of
companies globally that benefit from, or contribute to, the advancement of the “Circular Economy”. The Circular Economy concept recognises
the importance of a sustainable economic system and represents an alternative economic model to the default “make-use-throw away”
approach of consumption, which is believed to be unsustainable given scarce resources and the rising cost of managing waste. The Circular
Economy concept promotes the redesign of products and systems to minimise waste and to enable greater recycling and reuse of materials.

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

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BlackRock Circular Economy Fund | A2 12:37, 19/11/2024

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

Performance

Chart  Returns

Since Incept.
Calendar Year Average Annual Cumulative
13,000

10,000 30

7,000
31-Dec-2019 31-Dec-2023 20
 View full Chart
10
Values

-10

-20

-30
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Total Return (%) Benchmark (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Total Return (%)  22.01 17.58 -26.99 15.51

Benchmark (%) 16.25 18.54 -18.36 22.20

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the
calculation.

Past performance
BlackRock Circular Economy Fund is not a guide to future performance. Investors may not get
Factsheet back the full amount
Prospectus KFS invested.
Download

Performance is calculated based on the period NAV-to-NAV with dividend reinvested. Performance figures are
Overview Performance Key Facts Managers Holdings Documents
calculated net of fees.

These figures show by how much the Share Class of the Fund increased or decreased in value during the
period being shown. Performance is calculated in the relevant share class currency, including ongoing charges
and taxes and excluding subscription and redemption fees, if applicable.

Where no past performance is shown there was insufficient data available in that period to provide
performance.

Please refer to the Key Facts section for the inception date of the Fund and the Share Class.

The figures shown relate to past performance. Past per formance is not a reliable indicator of future
per formance. Markets could develop ver y differently in the future. It can help you to assess how
the fund has been managed in the past
Share Class and Benchmark performance displayed in USD, hedged share class benchmark performance is
displayed in USD.
Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The
return of your investment may increase or decrease as a result of currency fluctuations if your investment is
made in a currency other than that used in the past performance calculation. Source: Blackrock

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Key Facts

Net Assets of Fund USD 1,186,054,643 Share Class Inception Date 02-Oct-2019
as of 18-Nov-2024
Share Class Currency USD
Fund Inception 02-Oct-2019
Asset Class Equity
Fund Base Currency USD
SFDR Classification  Article 9
Benchmark MSCI ACWI
Management Fee 1.50%
Initial Charge 5.00%
Management Fee (incl 1.50%
ISIN LU2041044095 Distribution Fee, if any) 

Performance Fee 0.00% Use of Income Accumulating

Domicile Luxembourg Regulatory Structure UCITS

Management Company BlackRock (Luxembourg) S.A. Morningstar Category Sector Equity Ecology

Dealing Settlement Trade date + 3 days Dealing Frequency Daily, forward pricing basis

Bloomberg Ticker BGBCEAU SEDOL BHNMYQ5

SFC-authorised ESG fund  Yes

For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Number of Holdings 39 Standard Deviation (3y) 18.64%

as of 31-Oct-2024 as of 31-Oct-2024

3y Beta - P/E Ratio  26.37

as of - as of 31-Oct-2024

P/B Ratio  4.51

as of 31-Oct-2024

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 other wise 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 exclusionar y 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) AA MSCI ESG % Coverage  96.98

 as of 21-Sept-2024
as of 21-Sept-2024
MSCI ESG Quality Score - Peer 91.59
MSCI ESG Quality Score (0-10)  7.80 Percentile 
as of 21-Sept-2024 as of 21-Sept-2024

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BlackRock Circular Economy Fund | A2 12:37, 19/11/2024

Fund Lipper Global Classification Equity Global Funds in Peer Group  5,658
 as of 21-Sept-2024
as of 21-Sept-2024
MSCI Weighted Average Carbon 96.06
MSCI Weighted Average Carbon 157.51 Intensity % Coverage 
Intensity (Tons CO2E/$M SALES) as of 21-Sept-2024

as of 21-Sept-2024

All data is from MSCI ESG Fund Ratings as of 21-Sept-2024, based on holdings as of 31-May-2024. 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 Weapons  0.00% MSCI - UN Global Compact 0.00%

as of 31-Oct-2024 Violators 
as of 31-Oct-2024
MSCI - Nuclear Weapons  0.00%
as of 31-Oct-2024 MSCI - Thermal Coal  0.00%
as of 31-Oct-2024
MSCI - Civilian Firearms  0.00%
as of 31-Oct-2024 MSCI - Oil Sands  0.00%
as of 31-Oct-2024
MSCI - Tobacco  0.00%
as of 31-Oct-2024

Business Involvement Coverage 99.73% Percentage of Fund not covered 0.60%

 
as of 31-Oct-2024 as of 31-Oct-2024

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 0.00% 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.

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ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks
and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information,
where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these
material risks are considered within this product, where applicable.

Sustainability-related Disclosures

This section provides sustainability-related information about the Fund, pursuant to Article 10 SFDR.

A . Summary

The Fund invests in Sustainable Investments. BlackRock defines Sustainable Investments as investments in issuers or securities that
contribute to an environmental or social objective, do not significantly harm any of those objectives and where investee companies follow
good governance practices. BlackRock refers to relevant sustainability frameworks to identify the alignment of the investment to
environmental or social objectives. Sustainable Investments should also meet the do no significant harm (DNSH) requirements, as defined
Show harm.
by applicable law and regulation. BlackRock has developed a set of criteria to assess whether an issuer or investment does significant More
BlackRock invests in Sustainable Investments which contribute to a range of environmental and / or social objectives which may include but

Holdings

Top

as of 31-Oct-2024

Name Weight (%) Name Weight (%)

REPUBLIC SERVICES INC 5.40 THERMO FISHER SCIENTIFIC INC 3.88

MICROSOFT CORP 4.59 GRAPHIC PACKAGING HOLDING 3.53

AVERY DENNISON CORP 4.23 SCHNEIDER ELECTRIC 3.48

COCA COLA EUROPACIFIC PARTNERS PLC 4.13 OWENS CORNING 3.46

SMURFIT WESTROCK PLC 3.98 CRH PUBLIC LIMITED PLC 3.24

The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a
recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.
Holdings subject to change.

Exposure Breakdowns

Sector Geography Market Cap

as of 31-Oct-2024 % of Weight

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BlackRock Circular Economy Fund | A2 12:37, 19/11/2024

Type ► Fund ▼ Benchmark ► Net ► Fund Benchmark

Materials 25.85 29.29 -3.43

Capital Goods 20.45 14.43 6.02

Commercial & Professional … 17.96 2.65 15.31

Software & Services 6.39 1.01 5.38

Pharma, Biotech & Life Scie… 5.15 1.07 4.08

Consumer Durables 4.74 3.34 1.39

Consumer Discretionary 4.71 5.74 -1.04

Food Bevg Tobacco 4.13 22.52 -18.39

Tech Hardware & Equip 3.39 0.98 2.41

Real Estate 2.64 0.00 2.64

Show More

Negative weightings may result from specific circumstances (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.
Due to rounding, the total may not be equal to 100%

Pricing & Exchange

Share Class ▲ Currency ► NAV ► NAV Amount Change ► NAV % Change ► NAV As Of ► 52wk High ► 52wk Low ► ISIN

A10 USD 10.15 -0.04 -0.39 18-Nov-2024 10.87 9.61 LU2597095632

A10 Hedged CNH 97.07 -0.45 -0.46 18-Nov-2024 105.92 94.07 LU2597099972

A10 Hedged HKD 99.96 -0.44 -0.44 18-Nov-2024 107.66 95.35 LU2597099626

A10 Hedged AUD 9.84 -0.04 -0.40 18-Nov-2024 10.66 9.44 LU2597099899

A2 USD 13.69 -0.06 -0.44 18-Nov-2024 14.43 12.07 LU2041044095

A2 EUR 12.95 -0.10 -0.77 18-Nov-2024 13.29 11.03 LU2041044178

A2 Hedged HKD 98.54 -0.43 -0.43 18-Nov-2024 104.02 87.85 LU2298321311

A2 Hedged NZD 9.78 -0.04 -0.41 18-Nov-2024 10.31 8.68 LU2298321238

A2 Hedged CAD 9.82 -0.05 -0.51 18-Nov-2024 10.37 8.75 LU2298321071

A2 Hedged EUR 9.27 -0.04 -0.43 18-Nov-2024 9.79 8.33 LU2298320859

1 to 10 of 20 Previous
1 2 
Unless otherwise specified, all information as of the month end.

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BlackRock Circular Economy Fund | A2 12:37, 19/11/2024

Portfolio Managers

Evy Hambro

Olivia Markham

Sumana Manohar

Documents

BlackRock Circular Economy Fund A2 Prospectus

U.S. Dollar Factsheet

BlackRock Global Funds Circular BGF Monthly Dividend Notice

Economy Fund Product Key Facts

BGF Dividend Composition Details BGF Dividend Composition Details

(Monthly) (Quarterly)

BGF Annual Dividend Notice BGF Quarterly Dividend Notice-

Quarterly

BlackRock Global Funds (BGF) BlackRock Global Funds (BGF)

Annual Report and Accounts Interim Report and Accounts

 See all documents

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BlackRock Circular Economy Fund | A2 12:37, 19/11/2024

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The Sustainable Finance Disclosure Regulations (“SFDR”) Classification is related to European Union’s regulation and is not equivalent to a
certification or official recommendation as an SFC-authorised ESG fund in Hong Kong. Please refer to the full list of SFC-authorised ESG funds on
the SFC website: https://www.sfc.hk/en/regulatory-functions/products/list-of-esg-funds . Investors should read the relevant offering documents
carefully including the disclosure on ESG investing. For further details regarding BlackRock’s approach to sustainable investing and investment
stewardship, please refer to the website at www.blackrock.com/corporate/sustainability and https://www.blackrock.com/corporate/about-
us/investment-stewardship#our-responsibility.

BlackRock Portfolio Managers have access to research, data, tools, and analytics to integrate ESG insights into their investment process. Aladdin is
the operating system that connects the data, people and technology necessary to manage portfolios in real time, as well as the engine behind
BlackRock’s ESG analytics and reporting capabilities. BlackRock’s Portfolio Managers use Aladdin to make investment decisions, monitor portfolios
and to access material ESG insights that can inform the investment process to attain ESG characteristics of the fund.

ESG datasets are sourced from external third-party data providers, including but not limited to MSCI and Sustainalytics. These datasets include
headline ESG scores, carbon data, business involvement metrics or controversies and have been incorporated into Aladdin tools that are available to
Portfolio Managers. Such tools support the full investment process, from research, to portfolio construction and modeling, to reporting.

In addition to having access to these datasets in Aladdin, where applicable, Portfolio Managers could also supplement these sources with sell side
research, non-government organization reports, company reported data, fundamental research insights prepared by BlackRock equity and credit
investment research teams as well as the BlackRock Investment Stewardship team.

For further SFDR related fund/sub-fund level disclosures, please refer to the fund/ sub-fund specific Investment Objective and Policy section(s) and
benchmark information in the prospectus that is available on the website.

Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1 ESG Fund Ratings
Ratings; 2 Index Carbon Footprint
Metrics; 3 Business Involvement Screening Research
Metrics Research; 4 ESG Screened Index Methodology
Methodology; 5 ESG Controversies
Controversies; 6 MSCI Implied Temperature
Rise

For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or
index to passively hold securities that may not comply with ESG criteria. Please refer to the fund’s prospectus for more information. The screening applied by the
fund's index provider may include revenue thresholds set by the index provider. The information displayed on this website may not include all of the screens that
apply to the relevant index or the relevant fund. These screens are described in more detail in the fund’s prospectus, other fund documents, and the relevant
index methodology document.

Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and
may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not
be reproduced or redisseminated in whole or in part without prior written permission. The Information has not been submitted to, nor received approval from, the
US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy
or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or
guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated
based on the fund’s assets under management or other measures. MSCI has established an information barrier between equity index research and certain
Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is
provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Neither MSCI ESG
Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for
any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law
be excluded or limited.

Unless otherwise specified, all information as of the month end. Sources: BlackRock and Morningstar. Performance is shown as of the month end in
share class currency on a NAV to NAV price basis with income reinvested, net of fees. The above Fund data is for information only and does not
constitute an offer or invitation to anyone to invest in any BlackRock Global Funds (BGF) and has not been prepared in connection with any such
offer. BGF is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BGF is not
available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. Investment involves risk. Past
performance is not necessarily a guide to future performance or returns. The value of investments and the income from them can fluctuate and is not
guaranteed. Rates of exchange may cause the value of investments to go up or down. Investors may not get back the amount they invest. Individual
stock price/figure does not represent the return of the Fund. The investment returns are denominated in share class dealing currency, which may be
a foreign currency. If so, US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar/foreign currency exchange rate. For
Hong Kong investors, please refer to the BGF offering documents for details, including risk factors. Issued by BlackRock Asset Management North
Asia Limited. This material and the BlackRock website (www.blackrock.com/hk) have not been reviewed by the Securities and Futures Commission of
Hong Kong. ©2024 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All
other trademarks are those of their respective owners.
For further details regarding BlackRock’s approach to sustainable investing and investment stewardship, please refer to the website at
https://w w w.blackrock.com/corporate/sustainability and https://w w w.blackrock.com/corporate/about-us/investment-stewardship#our-
responsibility
responsibility.

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