Fund Research

BlackRock Frontiers Investment Trust

Last update 14 November 2018
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BlackRock Frontiers Investment Trust is the leading listed fund for investors seeking exposure to the high development potential in frontier markets, and one of few options across the open and closed-ended space.

Managers Sam Vecht and Emily Fletcher’s investment universe is those countries that are not listed in the MSCI index of developed countries and are not one of the largest eight countries on the MSCI Emerging Markets index, so they are not bound to the constituents of the MSCI Frontiers index. The team has the flexibility to short companies, up to 10% of NAV.

The team are bottom-up stock pickers, and as a result the trust has been one of the leading alpha generators in the open and closed ended universe over the past five years and has offered a growing income despite its focus on capital growth. It currently yields 4%.

The fund offers exposure to markets that tend to have lower correlations to the more developed regions, thereby giving the potential to improve risk-adjusted returns on a portfolio. Over the past five years the correlation of the MSCI Frontier Markets index to the MSCI Emerging Markets benchmark has been just 0.56, and to the FTSE 100 just 0.36.

The trust is the roll-over option for investors in BlackRock Emerging Europe trust, which is being liquidated and is issuing up to £150m in C-Shares to investors who wish to take up the offer.

The trust has tended to trade on a premium in recent years, although this has come down slightly in recent months during the sell-off in emerging markets, currently trading on a premium of 3.5%.

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Fund History: BlackRock Frontiers Investment Trust

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