Your SlideShare is downloading. ×
0
DSP BlackRock World Mining FundApril 2011
DSP BlackRock World Mining Fund: Product Structure                                                           BlackRock Glo...
Sectoral Diversification                     BlackRock Global Funds (BGF)                          World Mining Fund      ...
Evolution of World GDP                                A History of World GDP                                70            ...
Mining equity markets in 2011                                                                            Mining equity per...
Demand-side dynamics                     2009 regional breakdown of global commodity demand                               ...
Supply-side dynamics                                                                Challenges to forecast copper producti...
Short term events driving spot prices higher• Markets are tight across a number of key commodities                        ...
Coal prices              Coking Coal Pricing                                                                              ...
Iron ore    Iron ore pricing                                                                            Supply curve to Ch...
LME inventories and base metal prices         Copper inventories & price                                                  ...
From Debt Mountains to Cash Piles       • Mining sector forecast to be in a net cash position by the end of 2011       • F...
A New Trading Range for the Diversifieds?                               25                               20     12m Forwar...
Corporate eventsMining sector financial strength has returned                    2010 a record year for M&A, 2011 looks se...
BGF World Mining Performance • Launched in 1997                                                        1150               ...
BGF World Mining Top Ten Stock                                                        % of Fund           Geography      C...
DSP BlackRock World Mining Fund
DSP BlackRock World Mining Fund: Performance                                         Absolute Return as on March 31, 2010 ...
DSP BlackRock World Mining Fund: Scheme FeaturesMinimum Investment and Minimum Additional Purchase•   Regular Plan: Rs. 50...
Thank You
DisclaimerInvestment Objective: An open ended Fund of Funds Scheme investing in international funds and the primary invest...
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...
Understanding and controlling risk in a metals & mining portfolio                                          Stock Ideas   B...
Understanding and controlling risk in the a metals & mining portfolioUse an in-house interactive desktop trading and risk ...
Upcoming SlideShare
Loading in...5
×

DSP BlackRock World Mining Fund

1,522

Published on

DSP BlackRock World Mining Fund

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,522
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
25
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "DSP BlackRock World Mining Fund"

  1. 1. DSP BlackRock World Mining FundApril 2011
  2. 2. DSP BlackRock World Mining Fund: Product Structure BlackRock Global Funds (BGF) World Mining Fund Indian Investors USD 17.8 billionSource: BlackRock; AUM of BGF – WMF as on March 31, 2010 2
  3. 3. Sectoral Diversification BlackRock Global Funds (BGF) World Mining Fund Sectors in which the fund typically invests in: • Iron Ore • Copper • Aluminum • Energy Coal • Metallurgical Coal • Gold • Nickel • Platinum • Diamonds 3
  4. 4. Evolution of World GDP A History of World GDP 70 60 50 % of Total, 1990 $ at PPP* 40 30 20 10 0 1 1000 1500 1600 1700 1820 1870 1900 1913 1940 1970 2008 China India Japan US France Germany Italy Britain *Purchasing power parity Sources: Angus Maddison, University of Groningen; The Economist 4
  5. 5. Mining equity markets in 2011 Mining equity performance YTD 115 HSBC Global Mining Index: 3.2% Japanese earthquake 110 105 100Rebased to 100 95 90 85 80 HSBC Global Mining Index 75 HSBC Global Mining (Base Metals) HSBC Global Mining (Coal) HSBC Global Mining (Diversified) 70 HSBC Global Mining (Gold) HSBC Global Mining (Uranium) 65 60 1 1 1 1 1 1 1 1 1 0 1 11 11 11 11 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 - - - - pr pr ec ar ar ar ar eb eb eb eb an an an an -M -M -M -M -A -A -D -F -F -F -F -J -J -J -J 01 08 31 07 14 21 28 04 11 18 25 04 11 18 25 5
  6. 6. Demand-side dynamics 2009 regional breakdown of global commodity demand Copper Demand OECD EM ex China China 20,000 100% 100% Thousand Tonnes 9% 16,000 80% 32% 39% 37% 39%% of global demand 80% 40% 12,000 60% 35% 53% 60% 8,000 40% 22% 26% 31% 27% 4,000 20% 40% 37% 18% 0 0% 56% 46% 2007 2008 2009 2010* 2011* 2012* 2013* 20% 35% 32% 33% 29% 25% 0% OECD (LHS) EM ex China (LHS) China (LHS) Crude oil Nickel Aluminium Copper Zinc Iron ore Steel OECD % of total EM ex China % of total China % of total Chinese and Indian Thermal Coal Imports Sea-borne Iron Ore Demand 250 1,200 100% 200 China 1,000 80% Million Tonnes Million Tonnes India 800 150 60% 600 100 40% 400 50 200 20% 0 0 0% 2010* 2011* 2012* 2007 2008 2009 2007 2008 2009 2010* 2011* 2012* 2013* 2014* 2015* Source: Deutsche Bank, March 2011. *Forecast data Global demand growth driven by China AND other Emerging Market economies 6
  7. 7. Supply-side dynamics Challenges to forecast copper production:Supply constrained by: Increasing depth, decreasing grade and higher risk• Average mined grades falling Open-pit production Average grade Production capacity in low risk regions 74%• Infrastructure challenges 1.17% 88%• Geopolitical challenges• Discovery rates falling 60% 1.03% 80%• Shortage of skilled labour• Long lead times on equipment 2009 2025E 2009 2025E 2009 2025E Source: Rio Tinto, October 2009, based on Brook Hunt dataChallenges to forecast bulk commodity production:Growth constrained by congestion on roads, rail and at portsSource: BBC, Queensland National Rail, Internal 7
  8. 8. Short term events driving spot prices higher• Markets are tight across a number of key commodities Snow impacting supply routes in Canada• Short term disruptions such as flooding and snow have magnified impact on prices• So far in 2011 this has impacted – coking coal, – iron ore – thermal coal (to a lesser extent) Flooding in Queensland impacting coking coal operations 8
  9. 9. Coal prices Coking Coal Pricing Thermal Coal Pricing 450 220 400 200 350 180 160 300 $/tonne fob$/tonne fob 140 250 120 200 100 150 80 100 60 50 40 0 20 May 10 Aug 10 Mar 11 Apr 04 Nov 04 Apr 06 Aug 06 Nov 06 Apr 08 Aug 08 Nov 08 Mar 07 Mar 09 Jan 03 Nov 03 Feb 04 Jun 04 Jan 05 Nov 05 Mar 06 Jun 06 Jan 07 Nov 07 Mar 08 Jun 08 O ct 08 Jan 09 May 09 Nov 09 Mar 10 Jun 10 O ct 10 Jan 11 Oct 09 Jun 07 Sep 07 Jan 08 Jun 09 Jan 10 Dec 10 Jan 04 Jul 04 Feb 05 Jun 05 Sep 05 Jan 06 Sep 04 Sep 06 Apr 03 Aug 03 Apr 05 Aug 05 Apr 07 Aug 07 Aug 09 Spot Coking Coal Price Contract Coking Coal Price Chinese Domestic HCC Richards Bay FOB Newcastle FOB Source: Macquarie data as at 1st April 2011 Source: Macquarie data as at 25 March 2011 • BHP Billiton have departed from annual benchmark for coking coal and settled at US$225/t for Q3 2010 • High quality seaborne product sufficiently differentiated from low quality Chinese supply • Early settlement of thermal coal contracts shows potential of bulk producers to exert pricing power 9
  10. 10. Iron ore Iron ore pricing Supply curve to Chinese market for iron ore fines 220 200 200 180 180 160 CIF Cost China ($/t) 160 140 Current Price 140 120$/tonne 120 100 100 80 80 60 60 40 40 20 20 - May 03 May 04 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1000 1050 1100 1150 1200 1250 1300 1350 1400 1450 Nov 07 Mar 08 Nov 08 Mar 09 Nov 09 Apr 10 Aug 10 Dec Jan 03 Sep Jan 04 Sep Jan 05 Jun 05 Oct 05 Feb 06 Jun 06 Oct 06 Feb 07 Jun 07 Jul 08 Jul 09 Volume (mt) MB China CIF spot price (63.5% Fe) Vale Rio Tinto BHP Billiton FMG Australia FOB contract price Other Australia Other Brazil India Africa China CFR Australia contract price equivalent China OtherSource: CLSA data as at 25th March 2011 Source: Macquarie/The Steel Index as at end March 2011 • Iron ore markets changing significantly with move to quarterly pricing • This appears to be a permanent change though the exact mechanism for pricing is still evolving • Provides greater level of pricing transparency • Directly reference spot price – driven by high cost Chinese and Indian production • Marginal costs of production for iron ore have increased by over $20 to $149 10
  11. 11. LME inventories and base metal prices Copper inventories & price Zinc inventories & price 1,200 12,000 1,400 5,000 4,500 1,000 10,000 1,200 Thousands of tonnes Thousands of tonnes 4,000 1,000 3,500 800 8,000 800 3,000 US$/t US$/t 600 6,000 2,500 600 2,000 400 4,000 1,500 400 200 2,000 1,000 200 500 0 0 0 0 Mar-00 Mar-03 Mar-06 Mar-09 Dec-93 Dec-96 Dec-99 Dec-02 Dec-05 Dec-08 LME w arehouse Inventories (t) Copper Price (US$/t) LME w arehouse Inventories (t) Zinc Price (US$/t) Aluminium inventories & price Nickel inventories & price 5,000 3,500 180 60,000 4,500 160 3,000 50,000 Thousands of tonnes Thousands of tonnes 4,000 140 3,500 2,500 120 40,000 3,000 2,000 100 US$/t US$/t 2,500 30,000 1,500 80 2,000 1,500 60 20,000 1,000 1,000 40 500 10,000 500 20 0 0 0 0 Mar-00 Mar-03 Mar-06 Mar-09 Dec-93 Dec-96 Dec-99 Dec-02 Dec-05 Dec-08 LME w arehouse Inventories (t) Aluminium Price (US$/t) LME w arehouse Inventories (t) Nickel Price (US$/t)Source: DataStream. Data as at 31ST March 2011 11
  12. 12. From Debt Mountains to Cash Piles • Mining sector forecast to be in a net cash position by the end of 2011 • First time this has been the case in recent history 100,000 50,000 0 US$(bn) -50,000 -100,000 -150,000 2005 2006 2007 2008 2009 2010e 2011e 2012e Net Cash • Use of improved spending power – capex, M&A and dividendsSource: Citigroup, October 2010 12
  13. 13. A New Trading Range for the Diversifieds? 25 20 12m Forward PE Multiple 15 10 5 0 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 BHP Billiton Forward PE multiple Anglo American Forward PE Multiple Xstrata Forward PE Multiple Rio Tinto Forward PE multiple • Diversified companies have been trading in a lower PE range than during the last cycle (92-02) • Mining stocks trading at a discount compared to historic levelsSource: DataStream. Weekly data to 4th April 2011. 13
  14. 14. Corporate eventsMining sector financial strength has returned 2010 a record year for M&A, 2011 looks set to follow suit• Dividends resumed or increased • In 2010, 186 deals worth US$134 billion that were either completed or • Gold companies initiating and/or increasing dividends live at the end of the year • Dividends re-instated and increased across the mining • Top sectors for M&A: gold, coal and iron ore sector • So far in 2011: – Recent examples: BHP Billiton, Rio Tinto, Xstrata, – Rio Tinto ups bid for Riversdale to US$4bn Anglo American, Teck Resources, OZ Minerals – Equinox announces a US$4.9 bn hostile bid for Lundin Mining • Special dividends announced by Freeport, Vale and Antofagasta – BHP Billiton buys shale gas assets from Chesapeake Energy for US$4.75 bn• Share buybacks • Vale announced and completed US$2 billion buyback – Minmetals Resources announce U$6.3bn hostile bid for Equinox between September and November 2010 • BHP Billiton announced US$10 billion buyback • Rio Tinto announced a $5 billion buyback• Debt markets are open at attractive rates • Teck refinanced high interest debt with longer dated and signficantly lower interest debt • Rio refinanced Alcan-related US$5bn revolving credit line 14
  15. 15. BGF World Mining Performance • Launched in 1997 1150 1050 • AUM of approx $ 17.8 bn 950 • Open Ended SICAV 850 Rebased to 100 • AAA rated – OBSR 750 650 • AA rated – S&P Fund Research 550 450 • Elite rated- Morningstar 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 World Mining Fund HSBC Global Mining Index MG Base Metals Index Source: DataStream, data to 4 April 2011 US$ YTD 2010 2009 2008 2007 2006 2005 2004 BGF World Mining Fund -1.3 29.2 108.3 -64.9 59.6 43.6 41.8 10.4 HSBC Global Mining Index -1.1 29.5 101.7 -59.0 53.7 36.1 38.9 9.9Source: 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. 15
  16. 16. BGF World Mining Top Ten Stock % of Fund Geography Commodity Rio Tinto 9.8 Global Diversified BHP Billiton 8.3 Global Diversified Teck Resources 6.4 Global Diversified Freeport McMoran C&G 5.8 Indonesia Copper/ Gold Vale 5.7 Global Diversified Xstrata 4.6 Global Diversified Newcrest 4.3 Australia Gold Anglo American 3.8 Global Diversified Impala 3.7 South Africa Platinum First Quantum 3.3 Africa Copper Total 55.7%Source: BlackRock Number of Holdings: 73Source: Internal as at end March 2011. Indicative only and subject to change. 16
  17. 17. DSP BlackRock World Mining Fund
  18. 18. DSP BlackRock World Mining Fund: Performance Absolute Return as on March 31, 2010 DSP BlackRock World Mining Fund Benchmark^ Last 1 year 19.27% 22.42% Since Inception 18.06% 17.44% NAV/ Index Value (Rs) 12.3106 33,723.51 Date of allotment Dec 29, 2009 ^ Benchmark = HSBC Mining Index. 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. 18
  19. 19. DSP BlackRock World Mining 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 19
  20. 20. Thank You
  21. 21. DisclaimerInvestment Objective: An open ended Fund of Funds Scheme investing in international funds and the primary investment objective of the Scheme is toseek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Mining Fund (BGF – WMF). 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. The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRockMutual Fund (Fund), in order to meet liquidity requirements from time to time. There is no assurance that the investment objective of the Scheme will berealized.Asset Allocation: 1. Units of BGF – WMF# or other similar overseas mutual fund scheme(s): 80% to 100% 2. Money market securities and/or units ofmoney market/liquid schemes of DSP BlackRock Mutual Fund: 0% to 20%#in the shares of BGF – WMF, Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.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 was set up as a Trust and the settlors/sponsors are DSP ADIKO Holdings Pvt. Ltd. & DSP HMK HoldingsPvt. Ltd. (collectively) and BlackRock Inc. (Combined liability restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd. InvestmentManager: DSP BlackRock Investment Managers Pvt. Ltd. Risk Factors: Mutual funds, like securities investments, are subject to market and otherrisks and there can be no assurance that the Scheme’s objectives will be achieved. As with any investment in securities, the NAV of Units issuedunder the Scheme can go up or down depending on the factors and forces affecting capital markets. Past performance of the sponsor/AMC/mutualfund does not indicate the future performance of the Scheme. Investors in the Scheme are not being offered a guaranteed or assured rate of return. EachScheme/Plan is required to have (i) minimum 20 investors and (ii) no single investor holding>25% of corpus. If the aforesaid point (i) is not fulfilled within theprescribed time, the Scheme/Plan concerned will be wound up and in case of breach of the aforesaid point (ii) at the end of the prescribed period, theinvestors holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. If the SEBI limits for overseas investments allowed to the Fundare expected to be exceeded, subscriptions and switches into the Scheme may be temporarily suspended/SIP/STP into the Scheme may be terminated.DSPBRWMF is the name of the Scheme and does not in any manner indicate the quality of the Scheme, its future prospects or returns. Forscheme specific risk factors, please refer the Scheme Information Document. For more details, please refer the Key Information Memorandum cumApplication Forms, which are available on the website, www.dspblackrock.com, and at the ISCs/Distributors. Please read the SID and SAI carefullybefore investing. 21
  22. 22. Appendix
  23. 23. 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 23
  24. 24. 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. 24
  25. 25. 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. 25
  26. 26. 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. 26
  27. 27. 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. 27
  28. 28. Understanding and controlling risk in a metals & mining portfolio Stock Ideas BlackRock Solutions (BRS) BlackRock Natural Risk and Quantitative Resources Team Analysis (RQA) • Risk management is a core • Use investment experience to component of Blackrock’s culture capture additional, sector specific risk factors • Over 380 individuals provide Portfolio Construction portfolio managers with in-house Risk is: For example: risk systems and models • Geological risk DIVERSIFIED • Technical hurdles • BRS and RQA partner with the DELIBERATE • Political stability Natural Resources Team to SCALED • Management track-record improve investment performance • Open architecture provides transparency and facilitates communication High Conviction Portfolio 28
  29. 29. Understanding and controlling risk in the a metals & mining portfolioUse an in-house interactive desktop trading and risk system (Aladdin) that provides: • Pre-trade position compliance modelling • Impact of adding or removing stock positions on the broader portfolioSource: BlackRock, The Aladdin system including Green Package and Impact 29
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×