Fund: BGF Global Allocation
Net flows: -€987 million ($1.16 billion)
The $18.4 billion BGF Global Allocation fund has seen the largest outflows of the cross-boarder funds offered by BlackRock.
It is narrowly underperforming the sector’s average manager at 9.05%, while also trailing its Citywire-assigned benchmark. However, manager changes rather than the performance of the fund could be linked to increased redemptions.
In December 2016 Aldo Roldan’s role changed on the fund from manager to an adviser helping with research and analysis. Dennis Stattman, who has managed the strategy available to US investors since 1989, entered retirement in August 2017.
Dan Chamby is now the longest-serving member on the fund, having managed the US strategy since 2003. David Clayton, Kent Hogshire and Russ Koesterich joined him in January 2017.
In terms of holdings, the majority of the fund (56.12%) is in equity and fixed income makes up 32.71% for the fund. US equity is the largest allocation in the fund, while the managers also hold 6.37% of the fund as cash.
Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 31/07/2017.