BlackRock Continental European Income
The managers of BlackRock Continental European Income look to identify undervalued European companies (or companies with a predominant part of their business based on the Continent) that offer reliable, sustainable dividends; potential dividend growth; and protection against inflation, with a lower level of risk.
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Andreas Zoellinger, CFA, is a Managing Director and portfolio manager at BlackRock, where he is part of the European Equity team within the Fundamental Equity division of the Alpha Strategies Group. He co-manages the BGF Euro-Markets Fund and the BGF European Equity Income Fund, along with other Eurozone, Europe ex-UK, and income portfolios. Andreas has been with the firm since 2001, including his tenure with Merrill Lynch Investment Managers, which merged with BlackRock in 2006. Before joining MLIM, he worked as a trainee with a major German bank. Andreas earned a Diplom-Kaufmann degree in Business Administration from the University of Munich and the University of Edinburgh.
Brian Hall, CFA, is a Director and portfolio manager at BlackRock, where he is part of the European Equity team within the Fundamental Equity division of the Alpha Strategies Group. He manages Pan European portfolios with a value investing approach. Brian joined BlackRock in 2007, previously serving as a Director at Lehman Brothers, where he led equity research for the European Capital Goods team. He began his career at Lehman in 1999. Brian holds a BSc with first class honours in Economics with Study in Continental Europe from Bristol University, graduating in 1999.
Andreas Zoellinger, CFA, is a Managing Director and portfolio manager at BlackRock, where he is part of the European Equity team within the Fundamental Equity division of the Alpha Strategies Group. He co-manages the BGF Euro-Markets Fund and the BGF European Equity Income Fund, along with other Eurozone, Europe ex-UK, and income portfolios. Andreas has been with the firm since 2001, including his tenure with Merrill Lynch Investment Managers, which merged with BlackRock in 2006. Before joining MLIM, he worked as a trainee with a major German bank. Andreas earned a Diplom-Kaufmann degree in Business Administration from the University of Munich and the University of Edinburgh.
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Company Description
A part of the US-based BlackRock Group, BlackRock manages assets across equity, fixed income, cash management, alternative investment and real estate strategies. It provides this comprehensive range of products across numerous continents with more than 130 investment teams in 30 countries.
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Quote from the Fund Manager
Our approach to equity income investing is different, capturing steady growth and low risk cash returns by investing flexibly across the economic cycle. We focus on dividend reliability and, while our strict quality criteria do not change, the types of companies which qualify for inclusion do.
Andreas Zoellinger
Co-Manager
Investment process
The investment process of BlackRock Continental European Income is focused on fundamental company analysis, with a strong awareness of macroeconomic trends. The mandate is flexible with regard to company size and country exposure, and the managers move away from the benchmark when necessary to better protect total returns and ensure a superior yield. Andreas and Brian will actively manage the portfolio to find a balance of companies with large but secure dividends, and those able to grow dividends faster than the average company. Research is central to the investment process and a key source of added value for the fund.
Risk
As part of the portfolio construction, the managers follow a rigorous risk control process to reduce volatility, while maximising rewards, resulting in a fund that is less volatile than the index. BlackRock create comprehensive risk reports from a dedicated team to show the factors to which the portfolio is exposed, as well as the impact of each potential change to the portfolio.
ESG
ESG - Integrated
Blackrock’s well-resourced European team has a consistent and sophisticated ESG analysis system built into the investment process. It has specific risk inputs undertaken by analysts, and the output is highlighted as a prominent section of the stock research template. The key risks revolve around governance - such as audit quality, executive pay and ownership structures. There are also environmental factors on toxic emissions and waste, and social concerns on factors such as labour management. Specific scores are provided on each stock for other key ESG issues, such as carbon metrics, which are provided by third party data. These scores do not preclude investment, with the managers having flexibility to choose, but the inherent risks are made very prominent. Ultimately, it is a balance of fulfilling the objective of the income-seeking portfolio whilst being cognisant of the ESG risks some companies may face.
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