DSP BlackRock World Gold FundApril 2011
DSP BlackRock World Gold Fund                                                                                             ...
DSP BlackRock World Gold Fund
Why Invest In DSP BlackRock World Gold Fund?       DSP BlackRock World Gold Fund is a product that gives you            • ...
Gold market Gold Price US$/oz       1600       1400       1200       1000 US$       800       600       400       200     ...
Investment Demand – Key Drivers                                                                                           ...
Returns of gold and silver in a real interest rate environment                                                    Year-on-...
Central bank gold holdings – Strategic shift in attitudeCentral Bank Gold Holdings (1958-2010)                            ...
Central bank gold holdings                                                              Top 20 Central Bank Gold Holdings ...
Jewellery demand• Jewellery demand represents ~40%* of total demand• Largest markets are India and China• Demand tends to ...
Things to think about in 2011:                                                             DEMANDOfficial sector activity•...
A stagnant industry World Gold Mine Production, 1988-2010            3,000                                                ...
Mine supply – Future supply challenged World Discovery Trends                                                             ...
Things to think about in 2011:                                                              SUPPLYMine Supply• 2010 is for...
Relationship between gold equities & gold price                                                                           ...
Why gold: Diversification from core asset classes       Correlation of gold and other selected commodities to a selection ...
Gold Equities – The Sweet Spot                             Focus on cashflow exposed to the gold price                    ...
Gold mining production costs           Operating leverage has returned to the gold sector                   •Mining compan...
Gold companies with large war chests Cash and Short Term Investments and Dividends Paid by Gold Producers                 ...
Other precious metalsFrom being a laggard in 2008, platinum and                    Platinum Exchange Traded Instruments, o...
Corporate events in the Gold Sector• Dividends have resumed or increased and debt markets are reopening     — Barrick incr...
BGF World Gold Performance    • Launched in 1994                                                                          ...
BGF World Gold Top Ten Stock                                                        % of Fund          Geography       Com...
Why Invest In DSP BlackRock World Gold Fund?       DSP BlackRock World Gold Fund is a product that gives you            • ...
DSP BlackRock World Gold Fund: Performance                                             CAGR as on March 31, 2010          ...
DSP BlackRock World Gold Fund: Scheme FeaturesMinimum Investment and Minimum Additional Purchase•   Regular Plan: Rs. 5000...
Thank You
DisclaimerDSP BlackRock World Gold Fund (DSPBRWGF) is an open ended fund of funds scheme, investing in gold mining compani...
Appendix
BlackRock’s Natural Resources team, London                                                  Evy Hambro & Robin Batchelor  ...
BlackRock Natural Resources team biographies (in alphabetical order)        Poppy Allonby, CFA, director and portfolio man...
Team biographies (contd.)        Clive Burstow, vice president and portfolio manager, is responsible for covering the gold...
Team biographies (contd.)        Joshua Freedman, associate and portfolio manager, is responsible for covering the global ...
Team biographies (contd.)       Catherine Raw, CFA, director and portfolio manager, is responsible for covering the gold a...
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DSP BlackRock Gold Fund

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DSP BlackRock Gold Fund

  1. 1. DSP BlackRock World Gold FundApril 2011
  2. 2. DSP BlackRock World Gold Fund (US$ 9.0 billion) Indian Investors Investing predominantly in Gold Mining companies Accessing one of the Largest Funds in its category* with a 15 year Performance Track RecordSource: BlackRock; AUM of BGF-WGF on March 31, 2011; *Funds investing in Gold mining companies 2
  3. 3. DSP BlackRock World Gold Fund
  4. 4. Why Invest In DSP BlackRock World Gold Fund? DSP BlackRock World Gold Fund is a product that gives you • International diversification • Access to the growth potential of Equities as well as the strong fundamentals of Gold Access to BlackRock Global Funds - World Gold Fund • One of the largest funds in its category# with a 15 year Performance Track Record • Out-performance over FTSE Gold mines (cap) Index, Gold Bullion and S&P CNX Nifty Index* • Managed by a highly regarded Natural Resources Team A Precious Gem for your Investment Portfolio*Time period under consideration: Dec 30 1994 to May 31, 2010, Source: Bloomberg; #Funds investing in Gold mining companies 4
  5. 5. Gold market Gold Price US$/oz 1600 1400 1200 1000 US$ 800 600 400 200 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: DataStream, as at 28 March 2011 • Gained 29% in 2010 (in US$ terms) • Gold has been in a bull market since 2001 • Financial crisis accelerated an already upward trend • Driven by strong supply as well as demand fundamentals 5
  6. 6. Investment Demand – Key Drivers Currency Volatility / Portfolio Diversifier Inflationary Concerns Dollar Weakness Low correlation to fixed income and Impact of quantitative easing – risk of What will be the next reserve currency? equities inflationary scenario has increased Amount of gold backed by ETFs 80 1500 70 1300 60 Million ounces 1100 50 US$/oz 40 900 30 700 20 500 10 0 300 2003 2004 2005 2006 2007 2008 2009 2010 GBS (ASX) GBS (LSE) New Gold (JSE) GLD (NYSE) IAU (Amex) ZKB Gold ETF-SWX ETFS (London) XETRA (DAX) Julius Baer (SWX) ETFS(NYSE) CS-XMTCH(SIX) UBS-IS Gold ETF Sprott Physical Gold Gold Price (US$/oz)Source: UBS. Data as at 28 March 2011China’s Lion Fund Management launched new gold fund in December 2010 raising $500m to be invested gold-backed ETFs globally 6
  7. 7. Returns of gold and silver in a real interest rate environment Year-on-year returns since 1970 60 50 40 Gold Silver 30 20 % Return 10 0 -10 -20 -30 -40 -50 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 Real short-term FED funds rate (%)Source: Deutschebank March 2011 7
  8. 8. Central bank gold holdings – Strategic shift in attitudeCentral Bank Gold Holdings (1958-2010) Change in official sector gold holdings 2000-2010 40000 400 300 38000 200 100 36000 0 Tonnes Tonnes 34000 -100 -200 32000 -300 30000 -400 -500 28000 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 -600 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*Source: Deutschebank, World Gold Council, December 2010 Source: World Gold Council, December 2010. *Estimate 8
  9. 9. Central bank gold holdings Top 20 Central Bank Gold Holdings as a % of reserves 9,000 90% 8,000 80% Gold Holding (Tonnes) 7,000 70% % of reserves 6,000 60% 5,000 50% 4,000 40% 3,000 30% 2,000 20% 1,000 10% 0 0% USA UK Russia Venezuela ECB India China Italy Austria Saudi Arabia Netherlands Spain Lebanon Japan Portugal IMF Switzerland Taiwan Germany FranceSource: World Gold Council, end Q1 2010 Gold holding (LHS) % of reserves (RHS) • Average Central Bank gold holding as a percentage of foreign reserves ~ 10% • Emerging market holding significantly lower than average 9
  10. 10. Jewellery demand• Jewellery demand represents ~40%* of total demand• Largest markets are India and China• Demand tends to be price sensitive, acting as a support on price dips Jewellery demand by region - 2009 Other 2% Indian Sub- CIS Continent 3% 39% North America 4% Asia (ex China) 7% Middle East 9% Europe China 13% 23%Source: WGC, 2010. *Based on H1 2010 data 10
  11. 11. Things to think about in 2011: DEMANDOfficial sector activity• IMF sales now complete• No planned sales from European Central Banks• Potential for further buying from Emerging Market Central BanksETFs• ETFs now own 2,140t of gold*, equivalent to the 6th largest central bank gold holding – the “People’s Bank”• Drivers for investor demand • Currency volatility • Inflation • Low real interest rates • Market uncertaintyJewellery• India and China are the largest markets• Demand will depend on: • Volatility of the gold price • Rate of wealth increase versus the rise in the gold price (in local currency) Source: UBS, as at 31st December 2010 11
  12. 12. A stagnant industry World Gold Mine Production, 1988-2010 3,000 Level of peak production 2,500 2,000 Tonnes 1,500 1,000 500 0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* South Africa North America Australia China RoW H1 2010 H2 2010 Forecast Source: GFMS 2010, *H1 2010, actual data; H2 2010 GFMS forecast data Prior to 1996, Chinese production is included in Rest of the World • Forecast production growth of 2.4% in 2010 vs. 2009, this compares to 6.9% growth in in 2009 • Total mine production only now above previous peak in 2001, despite a gold price rise of over 350% • Number of world’s largest gold mines are approaching the end of their lives and grades across the industry are falling • We estimate total cost of production (exploration, development and mining) c.US$950/oz 12
  13. 13. Mine supply – Future supply challenged World Discovery Trends 3-Year Rolling Average Discover Cost 350 80 300 70 Discovery Cost (2009 US$/oz 60 250 Million ounces 50 200 40 150 30 100 20 50 10 0 0 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 >10 Moz 1-10 Moz 0.1-1 Moz Other EstSource: Gold Fields, August 2010 Source: Gold Fields, August 2010 13
  14. 14. Things to think about in 2011: SUPPLYMine Supply• 2010 is forecast to be the 2nd year of mine production growth, following three years of decline• Despite a gold price increase of over 350%, production only now to overtake previous peak in 2001• Industry facing significant challenges that are Iimiting growth: • Cost inflation: price of raw materials, labour and the effect of strengthening currencies • Declining average grades at existing operations and for new discoveries • Scarcity – deposits are becoming harder to find• No significant new mines to come on line until post 2015 • These are large capex, low grade bulk mining operations • Require prices to remain at or above current levels to be economicScrap• The balancing item: • As demand has outpaced mine supply, scrap has balanced the market • Largest scrap markets are the Middle East and East Asia 14
  15. 15. Relationship between gold equities & gold price Gold & Gold Shares 4500 4000 May ‘06 – Aug ‘08 3500FTSE Gold Mines Index (US$) 3000 Jan ‘03- June ‘06 Current 2500 Value Jan ‘01- Dec ‘02 2000 Aug ’08 - Present 1500 1000 500 0 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 Gold Price (US$/oz) Source: DataStream. Weekly data January 2001 to 28 March 2011 15
  16. 16. Why gold: Diversification from core asset classes Correlation of gold and other selected commodities to a selection of financial assets – long term view (10 years) Barclays Global MSCI World Trade Weighted % Performance (10 year dataset) S&P 500 Aggregate (Equities) US$ (U$) (Bonds) Gold Bullion 0.16 0.04 0.40 -0.52 455% BGF World Gold Fund* 0.44 0.31 0.35 -0.52 1017% GSCI Commodities Index (Total Return) 0.38 0.29 0.17 -0.34 48% LME Copper spot 0.41 0.33 0.07 -0.26 467% WTI Oil spot 0.27 0.21 0.08 -0.22 306% CBOT Wheat spot 0.19 0.11 0.17 -0.26 72%• Gold has low correlation with almost all financial assets• Superior diversification from equities and US$ compared to other commodities• Exposed to spot rather than futures markets, so not impacted by negative roll yields and usually physically backed Source: DataStream, data as at 31 March 2011 * BGF World Gold shown here as an example of a gold equity fund 16
  17. 17. Gold Equities – The Sweet Spot Focus on cashflow exposed to the gold price and ability to grow per share gold production Exploration Companies Mid Tier Growth Companies Gold Majors Underweight Overweight Underweight Leverage to current gold price Struggle to maintain / grow production Little / no cashflow generation High quality asset base enables internal funding of future growth Difficulty in replacing reserves with Less correlation to moves in new ounces of equal / better quality today’s gold price Multi asset reduces risk / increases rating Need to see stronger dividend growth Difficult to identify outperformers / to drive a potential re-rating generate alpha Development companies with large opportunity land packages are attractive 17
  18. 18. Gold mining production costs Operating leverage has returned to the gold sector •Mining companies delivering on margin growth in rising gold price environment The price of gold and cash operating costs of production Average annual gold price vs industry cash operating costs Quarterly, price through second quarter 2010 1100 1300 1000 1200 900 1100 800 1000 900 $/Ounce$/Ounce 700 800 600 700 500 600 400 500 300 400 200 300 100 200 0 100 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 02 03 04 05 06 07 08 09 10 Cash Costs Gold Cash Cost Production Cost Gold Price CPM Group October 2010 18
  19. 19. Gold companies with large war chests Cash and Short Term Investments and Dividends Paid by Gold Producers 16000 350 Included Companies: Total Cash + ST Investments (US$ million) Agnico-Eagle mines Ltd 14000 AngloGold Ashanti Ltd 300 Barrick Gold Corp Eldorado Gold Corp Dividends Paid (US$ Million) 12000 Gold Fuelds Ltd Goldcorp inc 250 IAMGOLD Corp Kinross Gold Corp 10000 Newcrest mining Ltd Newmont Mining Corp 200 Randgold Resources ltd 8000 Yamana Gold Inc 150 6000 100 4000 2000 50 0 0 12/31/2004 6/30/2005 12/31/2005 6/30/2006 12/31/2006 6/30/2007 12/31/2007 6/30/2008 12/31/2008 6/30/2009 12/31/2009 6/30/2010 Total Cash + ST Investments Dividends Paid (4Q Rolling Average)Source: Capital IQ 19
  20. 20. Other precious metalsFrom being a laggard in 2008, platinum and Platinum Exchange Traded Instruments, ozpalladium have started to gain back the relative 2000000 2500ground they lost 2000 • Auto catalyst demand recovering 1500000 Ounces US$/oz 1500 • Supply side issues facing South African producers 1000000 1000 • New ETF products 500000 500 0 0Chinese demand surprises on the upside May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 ZKB ETFS (LSE) ETFS (LSE) Basket • Quicker than expected growth in auto sales ETFS (NYSE) Julius Baer UBS Fund TFS WM Basket Mitsubishi Platinum Price • Exceptional demand for white metal jewellery Source: UBS as at 28 March 2011Silver has outperformed since mid-2010 Silver – Strong Performance continues into 2011 45 • Industrial / electronics applications recovering 40 Silver US$/oz 35 30 • Strong investment demand, especially in the US 25 20 15 • Fund exposure – Fresnillo, Hochschild 10 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Source: DataStream, 7 April 2011 20
  21. 21. Corporate events in the Gold Sector• Dividends have resumed or increased and debt markets are reopening — Barrick increased dividend — Newmont increased dividend — Goldcorp doubles dividend — Alamos issues maiden dividend in March; increase of 17% in September — Newcrest continues to increase dividend — Centerra maiden dividend• Significant M&A activity in the gold sector as companies start to put the cash on their balance sheets to work by increasing their gold reserves through acquisitions of high quality mid-cap producers ― Newcrest Mining bid for Lihir Gold; deal closed end of August ― Kinross bid for Red Back Mining, ― Goldcorp bids for Andean Resources ― Anatolia bids for Avoca 21
  22. 22. BGF World Gold Performance • Launched in 1994 1150 • AUM of U$ 9.0 bn 1050 • Open Ended SICAV 950 • AAA rated – OBSR 850 Rebased to 100 • AAA rated – S&P Fund Research 750 • Elite rated- Morningstar 650 550 450 350 250 150 50 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 BGF WG FT Gold Mines Index Gold Bullion Source: DataStream, data to 4 April 2011 US$ YTD 2010 2009 2008 2007 2006 2005 2004 BGF World Gold Fund -3.9 35.7 48.5 -34.4 33.6 27.5 31.1 -6.2 FTSE Gold Mines Index -3.8 29.0 29.6 -19.9 21.1 12.6 27.8 -6.9 Gold Bullion 1.4 29.4 27.1 3.1 31.8 23.8 17.0 5.0Source: Datastream. Net performance in USD on a NAV pricing basis with income reinvested as at end March 2011. Past performance is not necessarily indicative of future performance. 22
  23. 23. BGF World Gold Top Ten Stock % of Fund Geography Commodity Newcrest Mining 10.2 Australia Gold Goldcorp 7.4 North America Gold Kinross Gold 7.1 North America Gold Fresnillo 6.3 Latin America Silver Buenaventura 5.5 Latin America Gold Penoles 4.8 Latin America Silver Impala Platinum 4.1 South Africa Platinum Randgold Resources 3.8 Africa Gold Newmont 3.6 North America Gold Agnico-Eagle 3.4 Global Gold Total 56.2% Number of Holdings: 58Source: Internal as at end March 2011 Indicative only and subject to change. 23
  24. 24. Why Invest In DSP BlackRock World Gold Fund? DSP BlackRock World Gold Fund is a product that gives you • International diversification • Access to the growth potential of Equities as well as the strong fundamentals of Gold Access to BlackRock Global Funds - World Gold Fund • One of the largest funds in its category# with a 15 year Performance Track Record • Out-performance over FTSE Gold mines (cap) Index, Gold Bullion and S&P CNX Nifty Index* • Managed by a highly regarded Natural Resources Team A Precious Gem for your Investment Portfolio*Time period under consideration: Dec 30 1994 to March 31, 2011, Source: Bloomberg; #Funds investing in Gold mining companies 24
  25. 25. DSP BlackRock World Gold Fund: Performance CAGR as on March 31, 2010 DSP BlackRock World Gold Fund FTSE Gold Mines (Cap) Index Last 1 year 33.30% 27.71% Last 3 year 9.41% 12.03% Since Inception Returns 19.03% 14.82% NAV/ Index Value (Rs) 18.5406 171971.67 Date of allotment Sep 14, 2007 Note: As per the SEBI standards, for performance reporting, the “since inception” returns are calculated on Rs 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The ‘returns’ shown are for the Regular Plan - Growth Option. Performance in INR term. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. 25
  26. 26. DSP BlackRock World Gold Fund: Scheme FeaturesMinimum Investment and Minimum Additional Purchase• Regular Plan: Rs. 5000/- and Rs. 1000/- thereafter• Institutional Plan: Rs. 1 cr. and Rs. 1000/- thereafter• Options available:  Growth (for both plans)  Dividend - Payout - ReinvestEntry Load (both plans) NilExit Load (both plans) For holding period: < 12 months: 1%; holding period >= 12 months: Nil 26
  27. 27. Thank You
  28. 28. DisclaimerDSP BlackRock World Gold Fund (DSPBRWGF) is an open ended fund of funds scheme, investing in gold mining companies through an internationalfund, and the primary investment objective is to seek capital appreciation by investing predominantly in units of BGF - WGF. The Scheme may, at thediscretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of itscorpus.Asset Allocation: Units of BGF – WGF or other similar overseas mutual fund scheme(s): 90% to 100%; Money market securities and/or units of moneymarket/liquid schemes of DSP BlackRock Mutual Fund: 0% to 10%.Features: SIP only in Regular Plan, SWP & STP available in each plan of the scheme. Nomination facility available, subject to applicable conditions as perthe Statement of Additional Information (SAI) and Scheme Information Document (SID). Declaration of NAV on all Business Days. Redemption normallywithin 5 Business Days. Sale and Redemption of Units on all Business Days at Purchase Price and Redemption Price respectively. Minimum investment:Rs. 5,000/- (Reg. Plan)/Rs. 1 crore (Inst. Plan). Entry load: NIL. Exit load: Holding Period < 12 months: 1%, Holding Period >= 12 months: NIL. Investorsshall bear the recurring expenses of the Scheme in addition to the expenses of the underlying scheme(s) in which the Scheme will make investment.Statutory Details: DSP BlackRock Mutual Fund (Fund) was set up as a Trust and the settlors/sponsors are DSP ADIKO Holdings Pvt. Ltd. & DSP HMKHoldings Pvt. Ltd. (collectively) and BlackRock Inc. (Combined liability restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd.Investment Manager: DSP BlackRock Investment Managers Pvt. Ltd. Risk Factors: Mutual funds, like securities investments, are subject to marketand other risks and there can be no assurance that the Scheme’s objectives will be achieved. As with any investment in securities, the NAV ofUnits issued under the Scheme can go up or down depending on the factors and forces affecting capital markets. Past performance of thesponsor/AMC/mutual fund does not indicate the future performance of the Scheme. Investors in the Scheme are not being offered a guaranteed or assuredrate of return. Each Scheme/Plan is required to have (i) minimum 20 investors and (ii) no single investor holding>25% of corpus. If the aforesaid point (i) isnot fulfilled within the prescribed time, the Scheme/Plan concerned will be wound up and in case of breach of the aforesaid point (ii) at the end of theprescribed period, the investor’s holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. DSPBRWGF is the name of theScheme and does not in any manner indicate the quality of the Scheme, its future prospects or returns. If the SEBI limits for overseas investmentsallowed to the Fund are expected to be exceeded, subscriptions and switches into the Scheme may be temporarily suspended / SIP/STP into the Schememay be terminated. For scheme specific risk factors, please refer the Scheme Information Document (SID). For more details, please refer the KeyInformation Memorandum cum Application Forms, which are available on the website, www.dspblackrock.com, and at the ISCs/Distributors. Please readthe SID and SAI carefully before investing. 28
  29. 29. Appendix
  30. 30. BlackRock’s Natural Resources team, London Evy Hambro & Robin Batchelor Joint Chief Investment Officers Mining & Gold Agriculture Energy & New Energy Richard Davis Poppy Allonby Catherine Raw Richard Desmond Alastair Bishop Clive Burstow Davis Cheung Joshua Freedman Tom Holl Portfolio Manager Assistants Product Specialists Simon McClure & Malcolm Smith Greg Bullock Fiona Stubbs & Alex Ball BlackRock Offices worldwide BlackRock Solutions & Risk Management 250+ equity analysts, 300+ fixed income analysts 1,800+ ProfessionalsAs at October 2010 30
  31. 31. BlackRock Natural Resources team biographies (in alphabetical order) Poppy Allonby, CFA, director and portfolio manager, is responsible for co-managing the Team’s energy and alternative energy portfolios. Ms. Allonbys service with the firm dates back to 2000, including her years with Merrill Lynch Investment Managers (MLIM) which merged with BlackRock in 2006. Prior to working on the Natural Resources team, Ms. Allonby was an analyst on the US Equity Team where she was responsible for the basic materials, utilities and energy sectors. Ms. Allonby earned a BSc degree in physics from the Imperial College, London in 2000. Alex Ball, analyst and product specialist for the Natural Resources Equity products, provides a link between the investment teams and the account managers. Mr Ball joined BlackRock in 2009 as part of the graduate scheme. Prior to working on the Natural Resources team, he was a member of the Proprietary Alpha Strategies team. Mr Ball earned a BA degree, in english literature and language from Oxford University in 2009. Robin Batchelor, managing director and portfolio manager, joined the Natural Resources Team in London in 1996 and worked initially on the gold and mining funds. Mr. Batchelor subsequently developed the Team’s energy capability and began managing dedicated energy portfolios in January 1999. Mr. Batchelor is responsible for both traditional oil and gas investment funds as well as alternative energy portfolios. He is also joint chief investment officer of the BlackRock Natural Resources Team. Mr. Batchelor earned his BSc in applied geology from Glasgow University and Colorado State University and his MSc in investment analysis from Stirling University. In 2001, Mr. Batchelor was named "One of the Top Twenty Fund Managers in the World" by Forbes magazine. Alastair Bishop, director and portfolio manager is responsible for covering the energy and alternative energy sectors. Mr. Bishop joined BlackRock in 2010 from Piper Jaffray where he was a Senior Research Analyst covering the Clean Technology industry. Prior to joining Piper Jaffray in 2009, he covered the European Renewable Energy and Industrial sectors for 8 years at Dresdner Kleinwort Investment Bank. Mr. Bishop earned a BSc degree in Economics from the University of Nottingham in 2001. 31
  32. 32. Team biographies (contd.) Clive Burstow, vice president and portfolio manager, is responsible for covering the gold and mining sectors. Mr. Burstow joined BlackRock in 2010 from Alliance Bernstein where he was a EMEA Materials Analyst and Growth equities Precious Metals analyst. Prior to joining Alliance Bernstein in 2007, he was with Baring Asset Management as lead analyst for the Global Resources Fund. Mr. Burstow earned a BEng degree in mining from the Camborne School of Mines in 1993. Desmond Cheung, director and portfolio manager, is responsible for covering the agriculture sector and China. Prior to joining BlackRock in 2007, Mr. Cheung spent five years at Hang Seng Bank Ltd, a major subsidiary of HSBC Group in Hong Kong, as a credit and relationship manager specializing in financing metal companies in the Greater China region. Mr. Cheung earned a BA degree in accounting from the Chinese University of Hong Kong in 2000 and an MBA degree from Judge Business School, Cambridge University in 2006. Richard Davis, managing director and portfolio manager, is responsible for managing a range of natural resources portfolios, including agriculture, mining, gold and income strategies. Mr. Davis service with the firm dates back to 1994, including his years with Mercury Asset Management and Merrill Lynch Investment Managers (MLIM). Prior to joining MLIM, he worked as a geologist for three years in Ireland and worked on mineral exploration and resource evaluation projects in base metals, gold and diamonds. Mr. Davis earned a BA degree in geology from Trinity College, Dublin in 1989 and an MSc degree in mineral exploration from Imperial College, London in 1990. 32
  33. 33. Team biographies (contd.) Joshua Freedman, associate and portfolio manager, is responsible for covering the global energy and energy technology sectors. Mr Freedmans service with the firm dates back to 2005, including his time with Merrill Lynch Investment Managers (MLIM). Prior to joining the team, he worked on MLIMs Emerging Europe team. Mr. Freedman earned a BA degree in engineering from Downing College, Cambridge. Evy Hambro, managing director and portfolio manager, is responsible for the management of several gold and mining portfolios and is joint chief investment officer of the BlackRock Natural Resources Team. Mr. Hambros service with the firm dates back to 1994, including his years with Mercury Asset Management and Merrill Lynch Investment Managers (MLIM). Mr. Hambro earned a BSc degree in marketing, from Newcastle University. Thomas Holl, CFA, associate and portfolio manager, is responsible for covering the gold and mining sectors. Mr. Holl moved to his current role in 2008. His service with the firm dates back to 2005, including his time with Merrill Lynch Investment Managers (MLIM). At MLIM, Mr. Holl was a member of the Global Equity Team and the Real Estate Team as a member of the graduate training program. Mr. Holl earned a BA degree in Land Economy from Cambridge University in 2006. 33
  34. 34. Team biographies (contd.) Catherine Raw, CFA, director and portfolio manager, is responsible for covering the gold and mining sectors. Ms. Raws service with the firm dates back to 2003, including her years with Merrill Lynch Investment Managers. Prior to joining MLIM, she worked at Anglo American Plc. in London and Johannesburg and at Bolidens Laisvall mine in Sweden as a geological field assistant underground. Ms. Raw earned a MA degree in Natural Sciences from Downing College, Cambridge University in 2002 and an MSc degree in Mineral Project Appraisal from Imperial College, London in 2003. Malcolm Smith, vice president and product specialist, is responsible for all product specialist functions for the Natural Resources Equity products. Mr. Smiths service with the firm dates to 2005, including his time with Merrill Lynch Investment Managers (MLIM). At MLIM, he worked within the retail business with a particular focus upon the Luxembourg and UK unit trust fund ranges. He moved to his current role with the Natural Resources Team in 2006. Prior to joining MLIM, he worked on the European equity team of a global multi-manager. Mr. Smith earned an MA degree in accountancy from Aberdeen University in 2004. Fiona Stubbs, associate and product specialist for the Natural Resources Equity products providing a link between the investment teams and account managers. Ms Stubbs’ time with the firm dates back to 2007. Prior to joining the Natural Resources team she worked in Global Consultant Relations with a number of assigned investment consultancies alongside their lead relationship managers, engaging in a variety of activities designed to support consultants work with mutual and potential clients. Prior to joining BlackRock in 2007, Miss Stubbs earned a BSc in Biology at Oxford Brookes University in 2002. 34
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