BlackRock Cash A

  • 100.69p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 238.70p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.57%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.20%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 06 August 2020, fund data last updated 17 April 2012

The fund’s objective is to produce a return in excess of 7 day LIBID whilst ensuring the preservation of capital and daily liquidity. This is achieved by investing in short term money market instruments such as certificates of deposits and floating rate notes, where the primary currency exposure is pound sterling. To ensure liquidity the fund has a maximum Weighted Average Maturity of 90 days. The yield that investors receive is calculated on a daily basis and can be found in the 'Income rates' section of our website.

Fund summary

Sector Short Term Money Market
Structure UNIT TRUST
Launched
Size £2,627m
Yield 0.20%
Charging basis Income
Dividends paid 15 Feb, 15 May, 15 Aug, 15 Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.50%
Ongoing charges figure 0.57%

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Investment process

The investment decisions are based on careful analysis of credit, interest rate trends and relative value opportunities. The investment strategy builds on macroeconomic themes such as central bank policies, market behaviour and inflation and then applies these to available short term money market instruments. Blackrock's credit team is made up of 45 analysts who focus is on fundamental analysis of the underlying issuer’s credit worthiness and valuations of a variety of companies within different sector/countries. A list of approved securities is then compiled by Blackrock's Cash and Securities Lending credit committee from which the fund manager, Stuart Niman, and his team can construct the fund. It invests in certificates of deposits, floating rate notes, time deposits and commercial paper. The fund is constrained to investing at least half of the portfolio in the highest credit rated instruments that have a short term rating of A1+ and remainder in A1. LIBID is the interest rate at which banks bid to borrow money off other banks. In reality this rate is set marginally below LIBOR which is the average interbank lending rate.

This cash fund is very defensively positioned although it focuses on achieving a high rate of interest as its primary objective. However, as interest rates remain low money market funds will not produce a yield significantly above the Central Bank's interest rate. This is a retail money market fund and therefore is not an Institutional Money Market Fund Association (IMMFA) member Fund. The equivalent product offered in Sterling which is an IMMFA member fund is the BlackRock Institutional Sterling Liquidity Fund, which is rated by Bestinvest.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

Absolute 0.00% ()
Relative 0.00% ()

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Sector breakdown

Certificates of Deposit 39.00%
Commercial Paper 26.00%
Time Deposits 21.00%
Floating Rate Notes 10.00%
Asset Backed Commercial Paper 3.00%
Commercial Paper 1.00%

Portfolio

Invests in short term money market instruments and primary currency exposure is pound sterling

Key Investor Information - Income

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Key Investor Information - Accumulation

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