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FOR QUALIFIED INVESTORS IN SWITZERLAND
The information contained in the following pages is directed at qualified investors domiciled in Switzerland, which meet the requirements pursuant to Art. 10 para 3 of the Federal Act on Collective Investment Schemes of 23 June 2006, as amended on 1 January 2020 (“CISA”). The content in the following pages is advertising.
The Institutional Cash Series plc is domiciled in Ireland. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zürich, the Swiss Paying Agent. The Prospectus, Key Investor Information Document, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss representative. Investors should read the fund specific risks in the Key Investor Information Document and the Prospectus.
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This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|---|---|---|---|---|
Total Return (%) | 0.2 | 0.0 | ||||||||
Comparator Benchmark 1 (%) | 0.1 | -0.1 |
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
1y | 3y | 5y | 10y | |
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Total Return (%)
as of 31-May-2022 |
- | - | - | - |
Comparator Benchmark 1 (%)
as of 31-May-2022 |
- | - | - | - |
YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | |
---|---|---|---|---|---|---|---|---|
Total Return (%)
as of 31-May-2022 |
- | 0.00 | - | - | - | - | - | - |
Comparator Benchmark 1 (%)
as of 31-May-2022 |
0.23 | 0.08 | 0.18 | 0.24 | - | - | - | - |
From 31-Mar-2017 To 31-Mar-2018 |
From 31-Mar-2018 To 31-Mar-2019 |
From 31-Mar-2019 To 31-Mar-2020 |
From 31-Mar-2020 To 31-Mar-2021 |
From 31-Mar-2021 To 31-Mar-2022 |
|
---|---|---|---|---|---|
Total Return (%)
as of 31-Mar-2022 |
- | - | - | 0.06 | 0.03 |
Comparator Benchmark 1 (%)
as of 31-Mar-2022 |
- | - | - | -0.07 | 0.05 |
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.
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.
This section provides sustainability-related information about the Fund, pursuant to Article 10 SFDR.
A. Summary
The Fund promotes environmental or social characteristics, but does not have as its objective sustainable investment. The Fund does not commit to holding Sustainable Investments, however, they may form part of the portfolio. The Fund seeks to: (i) address key environmental and social issues using ESG scoring; (ii) limit the greenhouse gas emissions intensity of the portfolio; and (iii) apply the BlackRock EMEA Baseline Screens.
The Investment Manager will, subject always to investing in such assets as required for the Fund to meet its investment objective, take into account environmental and other characteristics when selecting the Fund’s investments and will, as a non-financial objective, exclude direct investment in issuers of money market instruments. The binding elements of the investment strategy are as follows: (1) Ensure that more than 90% of the issuers of securities in which the Fund invests shall be ESG rated or have been analysed for ESG purposes. (2) Apply the BlackRock EMEA Baseline Screens and exclusionary screens as referred to above, subject always to investing in such assets as required for the Fund to meet its investment objective; (3) Maintain that at least 80% of Fund assets (which are not investments in government and public securities and instruments) have above average environmental practices as determined by MSCI or such other external ESG research provider used by the Investment Manager from time to time; and (4) Maintain that the Fund will have 20% lower greenhouse gas emissions (measured using data from MSCI) than its Liquidity Funds Investment Universe. The Fund considers PAIs on sustainability factors through the application of its carbon reduction target and its exclusionary policy.
A minimum of 80% of the Fund's total assets will be invested in investments that are aligned with the environmental and/or social characteristics. The Fund may invest up to 20% of its total assets in other investments. The Fund does not currently commit to invest more than 0% of its assets in Sustainable Investments with an environmental objective aligned with the EU Taxonomy, however, these investments may form part of the portfolio.
The Fund does not currently commit to invest in fossil gas and/or nuclear energy related activities that comply with the EU Taxonomy, however, these investments may form part of the portfolio.
BlackRock has developed a highly automated compliance process to help ensure that the Fund is managed in accordance with its stated investment guidelines and applicable regulatory requirements. This includes monitoring of the environmental or social characteristics of the Fund in accordance with the relevant methodology.BlackRock uses a number of methodologies to measure how the social or environmental characteristics promoted by the Fund are met.
BlackRock Portfolio Managers have access to research, data, tools, and analytics to integrate ESG insights into their investment process. ESG datasets are sourced from external third-party data providers, including but not limited to MSCI, Sustainalytics, Refinitiv, S&P and Clarity AI. BlackRock applies a comprehensive due diligence process to evaluate provider offerings with highly targeted methodology reviews and coverage assessments based on the sustainable investment strategy of the product. Data, including ESG data, received through our existing interfaces, and then processed through a series of quality control and completeness checks which seeks to ensure that data is high-quality data before being made available for use downstream within BlackRock systems and applications, such as Aladdin. BlackRock strives to capture as much reported data from companies via 3rd party data providers as practicable, however, industry standards around disclosure frameworks are still evolving, particularly with respect to forward looking indicators. As a result, in certain cases we rely on estimated or proxy measures from data providers to cover our broad investible universe of issuers.
BlackRock continues to monitor developments in the EU's ongoing implementation of its framework for sustainable investing and its investment methodologies seeking to ensure alignment as the regulatory environment changes. ESG data sets are constantly changing and improving as disclosure standards, regulatory frameworks and industry practice evolve. BlackRock continues to work with a broad range of market participants to improve data quality. Sustainable investing and understanding of sustainability is also evolving along with the data environment. Industry participants face challenges in identifying a single metric or set of standardized metrics to provide a complete view on a company or an investment. BlackRock has therefore established a framework to identify sustainable investments.
BlackRock applies a high standard of due diligence in the selection and ongoing monitoring of investments made by the Fund for the purpose of compliance with the investment, liquidity and risk guidelines of the Fund, as well as the sustainability risk and ESG criteria and general performance.
Engagement with companies in which we invest our clients’ assets occurs at multiple levels within BlackRock. Where investment teams chooses to leverage engagement, this can take a variety of forms but, in essence, the portfolio management team would seek to have regular and continuing dialogue with executives or board directors of engaged investee companies to advance sound governance and sustainable business practices targeted at the identified ESG characteristics and principal adverse indicators, as well as to understand the effectiveness of the company’s management and oversight of activities designed to address the identified ESG issues. Engagement also allows the portfolio management team to provide feedback on company practices and disclosures.
There is no specific index designated as a reference benchmark to determine whether this Fund is aligned with the environmental and/or social characteristics that it promotes.
B. No sustainable investment objective
This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.
The Fund does not commit to investing in Sustainable Investments, however, they may form part of the portfolio. Please refer to 'Section D - Investment Strategy', which describes how the Fund considers PAI on sustainability factors.
C. Environmental or social characteristics of the financial product
This Fund seeks to address key environmental issues that are deemed to be relevant to the issuers’ businesses using environmental scores as a means of assessing issuers’ exposure to and management of those risks and opportunities. The environmental scores recognise that certain environmental issues are more material based on the type of activity that the issuer is involved in by weighting the issues differently in the scoring methodology. The following environmental themes are captured in the environmental score: climate change, natural capital, pollution and waste and environmental opportunities.
Greenhouse gas emissions are categorised into three groups or "scopes" by the most widely-used international accounting tool, the Greenhouse Gas (GHG) Protocol. Scope 1 covers direct emissions from owned or controlled sources. Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting issuer. Scope 3 includes all other indirect emissions that occur in an issuer’s value chain. The Fund seeks to have a lower greenhouse gas emissions intensity of the portfolio relative to the Liquidity Funds Investment Universe, which is the estimated greenhouse gas (Scope 1 and Scope 2) emissions per $1 million of sales revenue across the Fund’s holdings. For the avoidance of doubt, Scope 3 is not currently considered for this calculation.
This Fund applies the BlackRock EMEA Baseline Screens. This set of screens avoids exposures that have negative environmental outcomes by excluding direct investment in issuers that have material involvement in thermal coal and tar sands
extraction, as well as thermal coal-based power generation. Negative social outcomes are also avoided by excluding direct investment in issuers involved in controversial weapons and nuclear weapons, and material involvement in production and distribution of civilian firearms and tobacco. This Fund also excludes issuers deemed to have failed to comply with the 10 UN Global Compact Principles, which cover human rights, labour standards, the environment, and anti-corruption. In addition, the Investment Manager will exclude any issuers who:
i) derive 5% or more of their revenues from fossil fuel mining, exploration and/or refinement;
ii) have a MSCI ESG rating of CCC;
iii) have a MSCI Controversy Score of ‘0’; and
iv) any Supranational and Agency Entities that have an MSCI ESG rating of B or below.
The Fund does not use a reference benchmark for the purposes of attaining the ESG characteristics that it promotes, however, the Liquidity Funds Investment Universe is used to compare certain ESG characteristics promoted by the Fund.
The Fund does not use a reference benchmark for the purposes of attaining the ESG characteristics that it promotes, however, the Liquidity Funds Investment Universe is used to compare certain ESG characteristics promoted by the Fund.
D. Investment strategy
The Investment Manager will, subject always to investing in such assets as required for the Fund to meet its investment objective, take into account environmental and other characteristics when selecting the Fund’s investments and will, as a non-financial objective, exclude direct investment in issuers of money market instruments which (at the time of investment):
i) derive 5% or more of their revenues from fossil fuel mining, exploration and/or refinement and apply the BlackRock EMEA Baseline Screens;
ii) have a MSCI ESG rating of CCC;
iii) have a MSCI Controversy Score of ‘0’; and
iv) any Supranational and Agency Entities that have an MSCI ESG rating of B or below.
The Investment Manager will also aim to ensure that at least 80% of Fund assets (which are not investments in government and public securities and instruments) have above average environmental practices as determined by MSCI or such other external ESG research provider used by the Investment Manager from time to time.
The Fund will have lower greenhouse gas emissions (measured using data from MSCI) than its Liquidity Funds Investment Universe.
BlackRock evaluates underlying investments in companies according to the good governance criteria outlined in the SFD Regulation where relevant data is available and as appropriate given the underlying investment type. These criteria relate to sound management structures, employee relations, remuneration of staff and tax compliance. BlackRock may consider additional factors relating to good governance in its assessment of the sustainability related characteristics of underlying issuers depending on the particular ESG strategy applicable to the Fund.
Unless expressly stated, the environmental and other criteria set out above are not taken into account when selecting the Fund’s investments in direct government securities and instruments. Such securities and instruments may not comply with the environmental and other criteria set out above and at times the entire Fund could be comprised of such securities and instruments to help meet the Fund’s investment objective.
More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes. The Fund will have 20% lower greenhouse gas emissions (measured using data from MSCI) than its Liquidity Funds Investment Universe.
The binding elements of the investment strategy are as follows:
1. Ensure that more than 90% of the issuers of securities in which the Fund invests shall be ESG rated or have been analysed for ESG purposes.
2. Apply the BlackRock EMEA Baseline Screens and exclusionary screens as referred to above, subject always to investing in such assets as required for the Fund to meet its investment objective.
3. Maintain that at least 80% of Fund assets (which are not investments in government and public securities and instruments) have above average environmental practices as determined by MSCI or such other external ESG research provider used by the Investment Manager from time to time.
4. Maintain that the Fund will have 20% lower greenhouse gas emissions (measured using data from MSCI) than its Liquidity Funds Investment Universe.
Consideration of principal adverse impacts on sustainability factors
The Fund considers PAIs on sustainability factors through the application of its carbon reduction target and its exclusionary policy.
The Fund takes into account the following PAIs:
• GHG Emissions
• GHG intensity of investee companies.
• Exposure to companies active in the fossil fuel sector
• Activities negatively affecting biodiversity sensitive areas
• Emissions to water
• Hazardous waste ratio
• Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises
• Exposure to controversial weapons (anti personnel mines, cluster munitions, chemical weapons and biological weapons)
Good governance policy
BlackRock assesses good governance practices of the investee companies by combining proprietary insights and shareholder engagement by the Investment Manager, with data from external ESG research providers. BlackRock uses data from external ESG research providers to initially identify issuers which may not have satisfactory governance practices in relation to key performance indicators (KPIs) related to sound management structure, employee relations, remuneration of staff and tax compliance.
Where issuers are identified as potentially having issues with regards to good governance, the issuers are reviewed to ensure that, where the Investment Manager agrees with this external assessment, the Investment Manager is satisfied that the issuer has either taken remediation actions or will take remedial actions within a reasonable time frame based on the Investment Manager’s direct engagement with the issuer. The Investment Manager may also decide to reduce exposure to such issuers.
E. Proportion of Investments
A minimum of 80% of the Fund's total assets will be invested in investments that are aligned with the environmental and/or social characteristics.
The Fund may invest up to 20% of its total assets in other investments.
The Fund may use derivatives for hedging purposes only, not to attain environmental or social characteristics.
The Fund does not currently commit to invest more than 0% of its assets in Sustainable Investments with an environmental objective aligned with the EU Taxonomy, however, these investments may form part of the portfolio.
The Fund does not currently commit to invest in fossil gas and/or nuclear energy related activities that comply with the EU Taxonomy, however, these investments may form part of the portfolio.
The Fund does not commit to making investments in transitional and enabling activities, however, these investments may form part of the portfolio.
The Fund does not commit to holding Sustainable Investments, however, they may form part of the portfolio.
Other holdings are limited to 20% and may include derivatives, cash held with the custodian and fixed income transferable securities (also known as debt securities) issued by governments.
These investments may be used for investment purposes in pursuit of the Fund’s (non ESG) investment objective, for the purposes of liquidity management and/or hedging.
No other holdings are considered against minimum environmental or social safeguards.
F. Monitoring of enviromental or social characteristics
BlackRock has developed a highly automated compliance process to help ensure that the Fund is managed in accordance with its stated investment guidelines and applicable regulatory requirements. This includes monitoring of the environmental or social characteristics of the Fund in accordance with the relevant methodology as described in ‘Section G – Methodologies’.
Portfolio Managers have the primary responsibility for complying with the contractual terms of the prospectus and other governing documents for the Fund and are supported by Aladdin, BlackRock’s portfolio and risk management software.
The Portfolio Compliance Group (“PCG”), a group within BlackRock’s Business Operations, is responsible for the coding of the Fund’s investment restrictions, that are capable of being coded, within BlackRock’s pre and post trade compliance monitoring system in Aladdin. Where an investment restriction cannot be coded, a manual process is established for guidelines testing.
Pre-Trade & Post Trade Monitoring
When a trade or order is created, the transaction is reviewed against the Fund’s investment guidelines by the front-end compliance system on a real time basis prior to execution. If a non-compliant condition is detected, the trade or order will be unable to progress further.
Compliance tests are also run on a post trade basis overnight based on the end-of-day positions and reported on a T+1 basis. Compliance exceptions and warnings are identified and escalated for investigation to relevant investment professionals, who will engage with relevant subject matter experts as appropriate to resolve. Identification and investigation of potential items is recorded on an electronic system that contains a comprehensive workflow which provides an audit trail. Appropriate corrective action will be taken as needed to resolve exceptions.
The monitoring of certain ESG characteristics may not be able to be automated due to system functionality or data limitations. Such ESG characteristics are subject to periodic review and monitoring, to ensure that the product adheres to the related commitments.
Breaches are reported as required under our regulatory obligations to the revelant management company, auditor, depositary and regulator.
Where BlackRock delegates part of the management of a Fund to a third-party manager, the third-party manager is responsible for ensuring compliance with the investment guidelines and investment restrictions as per the agreed Investment Management Agreement in place, including those pertaining to the environmental or social characteristics for the Fund. The investment restrictions pertaining to the environmental or social characteristics are generally communicated to the third-party manager which may updated by BlackRock from time to time in line with the environmental and social characteristics of the Fund. When the third-party manager runs a passive strategy, the third-party manager may also monitor whether the environmental or social characteristics are met by tracking a benchmark index embedding these characteristics in its methodology. BlackRock receives a daily feed of the positions held by the third-party manager and runs post-trade compliance checks in accordance with the back-end compliance process previously described. BlackRock also undertakes periodic due diligence on third party manager to ensure the monitoring frameworks in place remain appropriate.
G. Methodologies
BlackRock has adopted the following methodologies in respect of this Fund:
1. The Fund uses MSCI ESG scoring as a means of assessing issuers' exposure to and management of environmental and social risks and opportunities. Further details on the MSCI ESG scoring methodology are available at: https://www.msci.com/our-solutions/esg-investing/esg-ratings
2. The Fund measures the greenhouse gas emissions intensity of the portfolio. Further details on the methodology for calculating greenhouse gas emissions intensity are set out in 'Section C – Environmental or social characteristics' above.
3. The Fund applies a set of exclusionary screens. Further details on the methodology of the exclusionary screens are set out in 'Section C – Environmental or social characteristics' above.
H. Data sources and processing
Data Sources
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, Sustainalytics, Refinitiv, S&P and Clarity AI. These datasets may include headline ESG scores, carbon emissions data, business involvement metrics or controversies and have been incorporated into Aladdin tools that are available to Portfolio Managers and employed in BlackRock investment strategies. Such tools support the full investment process, from research, to portfolio construction and modelling, to reporting.
Measures taken to ensure Data Quality
BlackRock applies a comprehensive due diligence process to evaluate provider offerings with highly targeted methodology reviews and coverage assessments based on the sustainable investment strategy (and the environmental and social characteristics or sustainable objective) of the product. Our process entails both qualitative and quantitative analysis to assess the suitability of data products in line with regulatory standards as applicable.
We assess ESG providers and data across five core areas outlined below:
1. Data Collection: this includes but is not limited to assessing the data providers underlying data sources, technology used to capture data, process to identify misinformation and any use of machine learning or human data collection approaches. We will also consider planned improvements
2. Data Coverage: our assessment includes but is not limited to the extent to which a data package provides coverage across our investible universe of issuers and asset classes. This will include consideration of the treatment of parent companies and their subsidiaries as well as use of estimated data or reported data
3. Methodology: our assessment includes but is not limited to consideration of the third-party providers methodologies employed, including considering the collection and calculation approaches, alignment to industry or regulatory standards or frameworks, materiality thresholds and their approach to data gaps.,
4. Data Verification: our assessment will includes but is not limited to the third party providers’ approaches to verification of data collected and quality assurance processes including their engagement with issuers
5. Operations: we will assess a variety of aspects of a data vendors operations, including but not limited to their policies and procedures (including consideration of any conflicts of interest) the size and experience of their data research teams, their training programs, and their use of third-party outsourcers
Additionally, BlackRock, actively participates in relevant provider consultations regarding proposed changes to methodologies as they pertain to third party data sets or index methodologies and submits considered feedback and recommendations to data provider technical teams. BlackRock often has ongoing engagement with ESG data providers including index providers to keep abreast of industry developments.
How data is processed
At BlackRock, our internal processes are focused on delivering high-quality standardized and consistent data to be used by investment professionals and for transparency and reporting purposes. Data, including ESG data, received through our existing interfaces, and then processed through a series of quality control and completeness checks which seeks to ensure that data is of a high-quality before being made available for use downstream within BlackRock systems and applications, such as Aladdin. BlackRock’s integrated technology enables us to compile data about issuers and investments across a variety of environmental, social and governance metrics and a variety of data providers and make those available to investment teams and other support and control functions such as risk management.
Use of Estimated Data
BlackRock strives to capture as much reported data from companies via 3rd party data providers as practicable, however, industry standards around disclosure frameworks are still evolving, particularly with respect to forward looking indicators. As a result, in certain cases we rely on estimated or proxy measures from data providers to cover our broad investible universe of issuers. Due to current challenges in the data landscape, while BlackRock relies on material amount of estimated data across our investible universe, the levels of which may vary from data set to data set, we seek to ensure that use of estimates is in line with regulatory guidance and that we have necessary documentation and transparency from data providers on their methodologies. BlackRock recognizes the importance in improving its data quality and data coverage and continues to evolve the data sets available to its investment professionals and other teams. Where required by local country-level regulations, funds may state explicit data coverage levels.
I. Limitations to methodologies and data
Limitations to Methodology
Sustainable investing is an evolving space, both in terms of industry understanding but also the regulatory frameworks on both a regional and global basis. BlackRock continues to monitor developments in the EU's ongoing implementation of its framework for sustainable investing and is seeking to evolve its investment methodologies to ensure alignment as the regulatory environment changes. As a result, BlackRock may update these disclosures, and the methodologies and sources of data used, at any time in the future as market practice evolves or further regulatory guidance becomes available.
The UN Sustainable Development Goals and sub-targets are used by BlackRock as a list of environmental and/or social objectives. Any assessment will be undertaken strictly in accordance with the methodology set out in the Prospectus. Assumptions associated with the conventional use of the SDGs are not considered as part of the assessment including but not limited to applicable geographical limitations and those commitments that may be limited by time or scope, such as goals that may be applicable only to governments.
Limitations in relation to the data sources are noted below.
Limitations to Data
ESG data sets are constantly changing and improving as disclosure standards, regulatory frameworks and industry practice evolve. BlackRock continues to work with a broad range of market participants to improve data quality.
Whilst each ESG metric may come with its own individual limitations, data limitations may broadly be considered to include, but not be limited to:
• Lack of availability of certain ESG metrics due to differing reporting and disclosure standards impacting issuers, geographies or sectors
• Nascent statutory corporate reporting standards regarding sustainability leading to differences in the extent to which companies themselves can report against regulatory criteria and therefore some metric coverage levels may be low
• Inconsistent use and levels of reported vs estimated ESG data across different data providers, taken at varied time periods which makes comparability a challenge.
• Estimated data by its nature may vary from realized figures due to the assumptions or hypothesis employed by data providers.
• Differing views or assessments of issuers due to differing provider methodologies or use of subjective criteria
• Most corporate ESG reporting and disclosure takes place on an annual basis and takes significant time to produce meaning that this data is produced on a lag relative to financial data. There may also inconsistent data refresh frequencies across different data providers incorporating such data into their data sets.
• Coverage and applicability of data across asset classes and indicators may vary
• Forward looking data, such as climate related targets may vary significantly from historic and current point in time metrics.
For more information about how metrics that are presented with sustainability indicators are calculated, please see the Fund's annual report.
J. Due Diligence
BlackRock applies a high standard of due diligence in the selection and ongoing monitoring of investments made by the Fund for the purpose of compliance with the investment, liquidity and risk guidelines of the Fund, as well as the sustainability risk and ESG criteria and general performance. Portfolio Managers are subject to pre and post trade controls within the investment platform where the funds promote environmental or social characteristics, integrate sustainability into the investment process in a binding manner or have a sustainable investment objective. The Investment Oversight team conducts due diligence engagement with the portfolio managers and oversees internal restrictions that may expand upon requirements set out in the fund prospectus. The Portfolio Managers also comply with related EMEA policies, including Investment Due Diligence policies which have been updated to integrate sustainability risk. Legal and Compliance have implemented a framework to ensure that the relevant policies and procedures are adopted and complied with by all employees, including Portfolio Managers.
The Investment Manager integrates sustainability risks into the investment due diligence process of the Fund. The portfolio managers of the Fund are primarily responsible for considering sustainability risks. They are subject to an oversight framework within the Investment Manager and BlackRock's risk management function, RQA group also provides independent reviews of sustainability risks and the compliance team provides further oversight and monitors the ESG requirements relevant to each fund and the investment restrictions for each fund. RQA, serves as the second line of defence in BlackRock’s risk management framework. RQA is responsible for BlackRock’s Investment and Enterprise risk management framework which includes oversight of sustainability-related investment risks. RQA Investment Risk conducts regular reviews with portfolio managers to ensure investment teams are advised of relevant sustainability risks, complementing the first-line monitoring and oversight of sustainability considerations across our investment platform. RQA also has a dedicated Sustainability Risk Team that partners with risk managers and businesses to reinforce this constructive engagement. RQA collaborates with working groups throughout the Investments Platform and with Aladdin Sustainability Lab to advance the firm’s sustainability toolkit through consultation on firmwide data, modelling, methodologies, and analytics. For further information on sustainability risks, please refer to BlackRock's sustainability risk disclosure available here. In addition, BlackRock makes data relating to principal adverse impacts available to all portfolio managers and BlackRock integrates consideration of the principle adverse impacts of investment decisions on sustainability factors in the investment due diligence process. For further information, please see ‘Section D – Investment strategy’ above.
K. Engagement Policies
The Fund
The Fund does not use engagement as a means of meeting its binding commitments to environmental or social characteristics or sustainable investment objectives. Engagement may form part of the Due Diligence carried out by the investment team for funds pursuing Cash Management investment strategies in order to assess how companies manage ESG risks and opportunities and how these impact company performance. Where applicable, we use engagement to discuss concerns, understand opportunities and share constructive feedback, based on the view that material ESG issues are intractably tied to a business’s long term strategy and fundamental value. Engagement may be undertaken in collaboration with the BlackRock’s Investment Stewardship team, however this is not always the case and can be undertaken directly.
General
Engagement with companies in which we invest our clients’ assets occurs at multiple levels within BlackRock.
Where engagement is specifically identified by a particular portfolio management team as one of the means by which they seek to demonstrate a commitment to environment, social and governance issues within the context of SFDR, the methods by which the effectiveness of such engagement policy and the ways in which such an engagement policy may be adapted in the event that they do not achieve the desired impact (usually expressed as a reduction in specified principal adverse indicators) would be described in the prospectus and website disclosures particular to that fund.
Where investment teams chooses to leverage engagement, this can take a variety of forms but, in essence, the portfolio management team would seek to have regular and continuing dialogue with executives or board directors of engaged investee companies to advance sound governance and sustainable business practices targeted at the identified ESG characteristics and principal adverse indicators, as well as to understand the effectiveness of the company’s management and oversight of activities designed to address the identified ESG issues. Engagement also allows the portfolio management team to provide feedback on company practices and disclosures.
Where a relevant portfolio management team has concerns about a company’s approach to the identified ESG characteristics and/or principal adverse indicators, they may choose to explain their expectations to the company’s board or management and may signal through voting at general meetings that they have outstanding concerns, generally by voting against the re-election of directors they view as having responsibility for improvements in the identified ESG characteristics or principal adverse indicators.
Separate from the activities of any particular portfolio management team, at the highest level, as part of its fiduciary approach, BlackRock has determined that it is in the best long-term interest of its clients to promote sound corporate governance as an informed, engaged shareholder. At BlackRock, this is the responsibility of BlackRock Investment Stewardship. Principally through the work of BIS team, BlackRock meets the requirements in the Shareholder Rights Directive II (‘SRD II”) relating to engagement with public companies and other parties in the investment ecosystem. A copy of BlackRock’s SRD II engagement policy can be found at https://www.blackrock.com/corporate/literature/publication/blk-shareholder-rights-directiveii-engagement-policy-2022.pdf.
BlackRock’s approach to investment stewardship is outlined in the BIS Global Principles and market-level voting guidelines. The BIS Global Principles set out our stewardship philosophy and our views on corporate governance and sustainable business practices that support long-term value creation by companies. We recognize that accepted standards and norms of corporate governance differ between markets; however, we believe there are certain fundamental elements of governance practice that are intrinsic globally to a company’s ability to create long-term value. Our market-specific voting guidelines provide detail on how BIS implements the Global Principles – taking into consideration local market standards and norms – and inform our voting decisions in relation to specific ballot items for shareholder meetings. BlackRock’s overall approach to investment stewardship and engagement can be found at: https://www.blackrock.com/uk/professionals/solutions/shareholder-rights-directive and https://www.blackrock.com/corporate/about-us/investment-stewardship
In undertaking its engagement, BIS may focus on particular ESG themes, which are outlined in BlackRock’s voting priorities https://www.blackrock.com/corporate/literature/publication/blk-stewardship-priorities-final.pdf
L. Designated reference benchmark
There is no specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes. However, please note that the Liquidity Funds Investment Universe is used to compare certain ESG characteristics promoted by the Fund.
Source: Moody's, S&P, or Fitch, as applicable. As at 14 January 2019. The Fund is rated by an external rating agency(ies). Such rating is solicited and financed by BlackRock.
Austria
Denmark
Finland
France
Germany
Ireland
Isle of Man
Italy
Luxembourg
Netherlands
Norway
Singapore
Spain
Sweden
Switzerland
United Kingdom
Position Description | Asset Type | Amortized Cost | %Par | Par | Market Value | ISIN | Final Maturity | Maturity/Reset |
---|---|---|---|---|---|---|---|---|
BRED BANQUE POPULAIRE GB | Other Instrument (Time Deposit) | GBP 251,549,786.00 | 2.57 | 251,549,786.00 | 251,549,786.33 | - | 21-Jan-2025 | 21-Jan-2025 |
SUMITOMO MITSUI TRUST BANK LTD (LO | Other Instrument (Time Deposit) | GBP 211,731,804.00 | 2.16 | 211,731,804.00 | 211,731,804.08 | - | 21-Jan-2025 | 21-Jan-2025 |
DZ BANK AG DEUTSCHE ZENTRAL GENOSS | Other Instrument (Time Deposit) | GBP 210,187,487.00 | 2.15 | 210,187,487.00 | 210,187,486.56 | - | 21-Jan-2025 | 21-Jan-2025 |
TRI-PARTY BNP PARIBAS | Government Agency Repurchase Agreement | GBP 200,000,000.00 | 2.04 | 200,000,000.00 | 200,000,000.00 | - | 21-Jan-2025 | 21-Jan-2025 |
TRI-PARTY GOLDMAN SACHS INTERNATIO | Government Agency Repurchase Agreement | GBP 200,000,000.00 | 2.04 | 200,000,000.00 | 200,000,000.00 | - | 21-Jan-2025 | 21-Jan-2025 |
SANTANDER UK PLC | Treasury Repurchase Agreement | GBP 200,000,000.00 | 2.04 | 200,000,000.00 | 200,000,000.00 | - | 21-Jan-2025 | 21-Jan-2025 |
MIZUHO BANK LTD (LONDON BRANCH) GB | Other Instrument (Time Deposit) | GBP 150,599,878.00 | 1.54 | 150,599,878.00 | 150,599,877.64 | - | 21-Jan-2025 | 21-Jan-2025 |
ABN AMRO BANK NV | Certificate of Deposit | GBP 145,968,860.00 | 1.53 | 150,000,000.00 | 149,384,323.80 | XS2875800885 | 21-Feb-2025 | 21-Feb-2025 |
TRI-PARTY NATIONAL AUSTRALIA BANK | Government Agency Repurchase Agreement | GBP 150,000,000.00 | 1.53 | 150,000,000.00 | 150,000,000.00 | - | 21-Jan-2025 | 21-Jan-2025 |
HM TREASURY GB | Other Instrument (Time Deposit) | GBP 150,000,000.00 | 1.53 | 150,000,000.00 | 150,000,000.00 | - | 21-Jan-2025 | 21-Jan-2025 |
% of Weight
Type | Fund |
---|---|
Certificate of Deposit | 35.08 |
Other Repurchase Agreement | 28.37 |
Non-Negotiable Time Deposit | 10.70 |
Other Instrument - Note | 10.13 |
Financial Company Commercial Paper | 8.89 |
Non-U.S. Sovereign, Sub- Sovereign and Supra-National debt | 2.51 |
Asset Backed Commercial Paper | 2.39 |
Non-Financial Company Commercial Paper | 1.93 |
% of Weight
Type | Fund |
---|---|
United Kingdom | 32.10 |
Japan | 14.07 |
France | 12.61 |
Australia | 9.98 |
Canada | 7.73 |
Netherlands | 5.29 |
Germany | 3.86 |
Finland | 3.70 |
Singapore | 3.22 |
United States | 3.15 |
% of Weight
Type | Fund |
---|---|
1-7 | 54.53 |
8-14 | 4.75 |
15-30 | 5.03 |
31-60 | 10.83 |
61-90 | 9.88 |
91-120 | 3.71 |
121-150 | 0.57 |
151-180 | 2.03 |
181-210 | 0.87 |
211-240 | 0.70 |
% of Weight
Matt Clay, Managing Director and portfolio manager, is the Head of International Portfolio Management for Cash Management within BlackRock Global Markets.
Matt Clay, Managing Director and portfolio manager, is the Head of International Portfolio Management for Cash Management within BlackRock Global Markets.
Mr. Clay's service with the firm dates back to 2009, including his years with Barclay's Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was responsible for portfolio management and trading in BGI's European Cash Management Group. Prior to joining BGI, Mr. Clay was a portfolio manager at Lehman Brothers Asset Management. He began his career at Northern Trust in 1997, initially within the Securities lending operation and then as a portfolio manager for the Liquidity products within the Investment Management Division.
Paul Hauff, Director and portfolio manager, is a member of the International Cash Management team within BlackRock Global Markets.
Paul Hauff, Director and portfolio manager, is a member of the International Cash Management team within BlackRock Global Markets.
Prior to his existing role, Mr. Hauff was a trader working on the Fixed Income Trading desk.
Mr. Hauff's service with the firm dates back to 1994, including his years with SG Warburg & Co Ltd, Mercury Asset Management (MAM) & Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, and prior to joining the Cash business, Mr.Hauff was a Senior Trader with the Global Fixed Income Trading Team. At MAM, Mr. Hauff worked as a Fixed Income Trader within the Private Client's Division. At SG Warburg & Co. Ltd, he worked as a Senior Foreign Settlements Officer. He began his career at Lloyds Merchant Bank in 1990, working for Lloyds Investment Managers Ltd, initially within the UK Corporate Actions team and then as a member of the Global Settlements Team.
Scenario |
If you exit after 1 year
|
|
---|---|---|
Minimum
There is no minimum guaranteed return. You could lose some or all of your investment.
|
||
Stress
What you might get back after costs
Average return each year
|
9,880 GBP
-1.2%
|
|
Unfavourable
What you might get back after costs
Average return each year
|
9,990 GBP
-0.1%
|
|
Moderate
What you might get back after costs
Average return each year
|
10,020 GBP
0.2%
|
|
Favourable
What you might get back after costs
Average return each year
|
10,530 GBP
5.3%
|
The stress scenario shows what you might get back in extreme market circumstances.
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.
In order to offer scalable solutions to investors across different asset classes and investment styles, BlackRock has developed a set of exclusionary screens, “BlackRock EMEA Baseline Screens”, that seeks to address a majority of our clients’ requests for exclusions.
As an example, these exclusionary screens eliminate holdings with more than de minimis exposure to certain sectors/industries including but not limited to controversial weapons, nuclear weapons, fossil fuels, civilian firearms, tobacco, and UN Global Compact violators. BlackRock EMEA Baseline Screens are applied on all new active funds in Europe, Middle East and Africa (“EMEA”), on a comply or explain basis by our portfolio management teams within our product governance structure. For all new sustainable index strategies in EMEA, BlackRock works with the index provider to reflect the same screens in the custom index. Qualified investors with separate accounts can have exclusionary screens set with specific criteria as determined by the investor. The definition of the baseline screens and its adoption into sustainable screened funds is governed by the Sustainable Product Council (“SPC”). The current default ESG data provider for these Baseline Screens is MSCI but investment teams can choose to use Sustainalytics or other custom data sources as required.
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: 1ESG Fund Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI 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.
The Fund is rated by an external rating agency(ies). Such rating is solicited and financed by BlackRock.
Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.
Risks
Applicable to BlackRock ICS Sterling Liquid Environmentally Aware Fund
Accumulating share class risk: On any day where the net return (i.e. return less costs and expenses) of the Fund is negative an Accumulating Share Class of the fund will see a decrease in the NAV per Share.
Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Short Term Money Market Funds: Short Term Money Market Funds do not generally experience extreme price variations. Changes in interest rates will impact the Fund.
In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
Past performance is not a guide to current or future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
Institutional Cash Series ICS (Institutional Liquidity Funds or ILF)
This document is for Professional Clients only and should not be relied upon by any other persons. This document is marketing material.
The Institutional Cash Series plc (the “Company”) is an investment company with variable capital and having segregated liability between its funds incorporated with limited liability under the laws of Ireland. The Company is an umbrella undertaking for collective investment in transferable securities (UCITS) governed by Irish law and authorised by the Central Bank of Ireland.
Nothing herein constitutes an offer to invest in the Institutional Cash Series plc (“The Company”). Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts, which are available in registered jurisdictions and available in local language where registered can be found at www.blackrock.com on the relevant product pages. Investors should understand all characteristics of the funds objective before investing, and should read the fund specific risks in the Key Investor Information Document. The distribution of this information in certain jurisdictions may be restricted and, persons into whose possession this information comes are required to inform themselves about and to observe such restrictions. Prospective investors should take their own independent advice prior to making a decision to invest in this fund about the suitability of the fund for their particular circumstances, including in relation to taxation, and should inform themselves as to the legal requirements of applying for an investment. Blackrock may terminate marketing at any time. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions.
Investments in the fund are not deposits with a bank or deposit-taking institution. While distributing shares of the fund seek to maintain a stable net asset value per share, investors may lose money by investing in the funds.
The Netherlands: The risk indicator may not be a reliable indication of the future risk profile of the fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
This document is marketing material. The Fund is a UCITS (icbe) as defined in section 1:1 Financial Markets Supervision Act (Wet op het financieel toezicht; "FMSA"). The Fund and its sub funds are listed in the register as defined in section 1:107 FMSA. Please refer to the Key Investor Information Document (essentiële beleggersinformatie; "EBI") for further information about the Fund and its sub funds. The prospectus and EBI of the Fund and its subfunds are available on BlackRock's website, www.BlackRock.nl available in Dutch and English. All financial investments contain a certain risk. The value of the assets managed by the Fund and its sub funds may greatly fluctuate as a result of the investment policy and your initial investment is not guaranteed. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Dutch.
Switzerland: This document is marketing material.
From 1 January 2022, this document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services (“FinSA”).
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa. The Institutional Cash Series plc (ICS) is domiciled in Ireland. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zürich, the Swiss Paying Agent. The Prospectus, Key Information Document or equivalent, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss Representative. Investors should read the fund specific risks in the Key Information Document or equivalent and the Prospectus.
© 2024 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK, SO WHAT DO I DO WITH MY MONEY are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.