SlideShare a Scribd company logo
1 of 56
Download to read offline
[Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
| People | Processes | Performance |
DSP Global Innovation Fund of Fund
(An open ended fund of fund scheme investing in Innovation theme)
July 2023
2
DSP Global Innovation Fund of Fund
PRODUCT STRUCTURE
Indian Investors
DSP Global
Innovation Fund of
Fund
BlackRock Next
Generation
Technology Fund
Bluebox Global
Technology Fund
iShares PHLX
Semiconductor ETF
iShares NASDAQ
100 UCITS ETF
The portfolio details are as on 31 July,2023. The investment approach/framework/strategy mentioned herein are currently followed by the scheme and the same may change in
future depending on market conditions and other factors.
Next Generation Technology Fund
A sub-fund of BlackRock Global Fund (BGF)
July 2023
FOR PROFESSIONAL, INSTITUTIONAL AND QUALIFIED INVESTORS/PROFESSIONAL AND
QUALIFIED CLIENTS ONLY- NOT FOR PUBLIC DISTRIBUTION
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE
DOES NOT GUARANTEE THE FUTURE ONES
AEM0723E/M-2990798-1/51
Tony Kim
Managing Director
27 years inv.
experience
Reid Menge
Managing Director
21 years inv.
experience
Caroline Tall
Managing Director
15 years inv.
experience
BGF Next Generation Technology Fund
BGF Next Generation Technology Fund
Lead Portfolio
Manager
Co-Portfolio
Managers
Next Generation Technology Strategy
Global, long-only equity strategy focused on emerging themes in technology
Bottom-up, fundamental process augmented by data tools & technology
Deep industry expertise and heavy interaction with company management
Investment region Global
Market cap focus Typically ex-mega cap
Holdings Typically 100-1601
Companies in
investment universe
2,600+
Market cap of
investment universe
US$29T+
Fund AUM US$2.6B
Strategy AUM US$4.2B
Key facts and
characteristics
There is no guarantee that a positive investment outcome will be achieved. 1Portfolio Managers’ current process, which is subject to change
without notice. The number of holdings is indicative and actual numbers may fall outside the ranges shown. Source: BlackRock, 30 June 2023.
4
AUM Managed by team ($)
Global Technology, 16.3B
Next Generation Technology,
4.2B
AEM0723E/M-2990798-2/51
Philosophy & Process
AEM0723E/M-2990798-3/51
In our view, the ascent of technology has generated significant value for
investors over the past 20 years. We also believe it has become one of the
largest and most important sectors of the economy today.
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.
Source: BlackRock, 30 June 2023. For illustrative purposes only. Dollar figures are shown in USD.
The Investment Universe of Tech Equities
6
2,600+
# of tech companies
globally
US$32.0T
Market value of global
tech sector
US$12.5T
Market value of top 10
tech stocks (mega-caps)
US$19.5T
Market value of tech
sector outside of top 10
North
America
$21.2T
Asia
$8.0T
Europe
$2.6T
MEA
$207.0B
Latam
$166.0B
AEM0723E/M-2990798-4/51
2x
Semiconductors
Electric vehicles contain double the
amount of semiconductor content
than internal combustion engine
(ICE) vehicles2
US$9.4 million
Cybersecurity
Average cost of a data breach in the
US in 2022. Organizations using AI
and automation saved an average of
US$3m more than those without5
75%
Electric vehicles
Electric vehicles (EVs) are projected
to account for at least three out of
every four global passenger car sales
by 20401
US$230 billion
Fintech
Estimated global revenues from
embedded financial services in 2025,
a 10-fold increase from the US$22.5B
of 2020 sales4
100 million
Artificial intelligence
Unique monthly visitors to OpenAI’s
ChatGPT two months after launching,
making it the fastest-growing
consumer application in history3
5,000
Space
The number of estimated satellites
projected to be in low-Earth orbit
(LEO) by the end of 2023, relative to
~700 in 20206
There is no guarantee that any projections made will be met. Reference to the company names mentioned in this communication is
merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of that company. 1
Bloomberg New Energy Finance, Long-Term Electric Vehicle Outlook 2022. 2 Cowen 2022 Compound Semis Report. 3 UBS, February 2023. 4 Plaid, February
2023. 5 IBM 2022 Cost of a Data Breach Report, February 2023. 6 Deloitte Insights, November 2022. Forecasts made may not come to pass. All currency
figures in USD.
Tech is reshaping the global economy
7
AEM0723E/M-2990798-5/51
BlackRock Tech Philosophy & Principles
BlackRock Tech Philosophy believes above-average investment
performance can be generated by leveraging deep industry expertise
applied through an innovative, scalable, and tech-enabled process
Deconstruction
1.
Focus on
disruptors &
growers
2.
Broad, global
scope
3.
Dynamism &
Pace of Change
4.
8
AEM0723E/M-2990798-6/51
Software
Infrastructure & Analytics
Security
DevOps
Analytics
Data Mgmt
Network & Firewall
Identity
Vulnerability Management
Other
Endpoint
Application
Software
Infrastructure
Software
Front
Office
Enterprise
Apps
Vertical
Apps
SMB Apps
Design Software
CAD & Simulation
Construction
Back
Office
Accounting
Sales & Marketing
Commerce
Communications
EDA
Workflow & Collab
Communications
Custom Dev
Productivity
ERP & Financials
IT Operations
HCM
UCaaS
CPaaS
CCaaS
CDN
DB & DW
Storage
Monitoring
Dev Tools
Sales & Marketing
Insurance
Banking
Real Estate
Logistics
Government
Healthcare
Internet
Semis
Hardware
Services
Content
& Infra
New
Industries
Global Tech
Universe
FCF = Free Cash Flow
EV = Enterprise Value
Source: BlackRock, 28 February 2023. For
illustrative purposes only.
Deconstruction: Universe Taxonomy
Financials
• Revenue Growth
• FCF Margin
• Gross Margin
• Capex
• Magic #
Valuations
• EV/Revenue
• EV/Gross Profit
• EV/FCF
9
AEM0723E/M-2990798-7/51
1990
1 IBM
2 Panasonic
3 Hitachi
4 Toshiba
5 Sony
6 NEC
7 Fujitsu
8 Mitsubishi
9 Fanuc
10 Sharp
2010
1 Microsoft
2 Alphabet
3 Apple
4 IBM
5 Cisco
6 Oracle
7 HP
8 Intel
9 Samsung
10 Qualcomm
2023
1 Apple
2 Microsoft
3 Alphabet
4 Amazon
5 Tesla
6 Nvidia
7 Visa
8 Meta
9 TSMC
10 Tencent
2030
1
?
2
3
4
5
6
7
8
9
10
New Entrants
(1990-2010)
New Entrants
(2010-2022)
Leadership in technology is dynamic
In our view, change is constant in the technology sector, presenting
investment opportunities for fundamental active managers with industry
and technological expertise
Source: BlackRock, 28 February 2023. Tables show top 10 Technology companies based on market cap for the period indicated. For illustrative purposes
only - not a recommendation to buy/sell any security .
Top 10 global technology companies by market cap
10
AEM0723E/M-2990798-8/51
Bringing expert insights and disruptive thinking to every idea…
Universe
Taxonomy
• 2,600+ public
companies
• 1,000+ unicorns
(private
companies)
• Global, all-cap
• Breakdown by
industry
Collaborative
Research
• Proprietary
analytical
platform on
modern cloud
stack
• 1,000+ company
meetings p.a.*
• 22,000+ Notes
• Rotating analyst
coverage
Fundamental
Analysis
• Combined price
target framework
• 500+ 7YR DCF
models
• Custom multiples
• Score based on
revenue growth +
free cash flow
margin
Risk
Management
• Diversified,
deliberate and
scaled
• Identify potential
ESG risk factors
• Supported by
Aladdin®,
BlackRock’s
proprietary
investment
platform
…via a collaborative, highly disciplined, research-intensive, multi-
disciplinary, regime-aware, and risk-informed investment process.
There is no guarantee that a positive investment outcome will be achieved. While the investment approach and proprietary
technology platforms described herein seeks to control risk, risk cannot be eliminated. For illustrative purposes only. Information as of 30 June 2023.
*Average annual number of company meetings since PM inception of Tony Kim (3 July 2017). Investment process subject to change and provided here for
illustrative purposes only.
Investment Process: Idea Generation
11
AEM0723E/M-2990798-9/51
Next Generation
Technology Holdings
• Emerging disruptors
• More high risk/high reward
• Investment holding period varies (1-
3 years)
• Potentially more volatile
• Innovative, earlier stage companies
Risk Management in
Portfolio Construction
• Smaller position sizing to mitigate
outsized negative impacts
• Stock-specific, bottom-up
fundamental risk analysis
• Semi-equal weighting across a
portfolio of high conviction stocks
Diversification & Risk Management
12
Risk management cannot fully eliminate the risk of investment loss. Diversification may not fully protect you from market risk. Source: BlackRock, 30 June
2023. The number of holdings is indicative and actual numbers may fall outside the ranges shown.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
33
35
37
39
41
43
45
47
49
51
53
55
57
59
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
101
Position
Size
Number of Holdings
AEM0723E/M-2990798-10/51
Analysts
Models
Notes
Analytics
An evolved team structure allows for more holistic understanding of the
opportunities and risks across the technology landscape
Portfolio Manager
Traditional Structure BLK Tech Team
For illustrative purposes only.
Investment Team Structure
13
AEM0723E/M-2990798-11/51
Portfolio Research Team
Dedicated Portfolio Strategists
Analysts across global
platform dedicated to
Technology
25+
Quantitative analysts, risk
management and trading
professionals across the
globe
1800+
Data Lead
Tyler Nelson (6)
Vice President
Liz Nunez (5)
Vice President
Peter Jegunma (7)
Vice President
Shankar Subramanian (21)
Director
Tomas Hamudis (11)
Vice President
Lisa Zhou (1)
Associate
Titania Hanrahan
Director
USA
Ben Bei
Director
APAC
AJ Ziegler, CFA
Vice President
EMEA
Sam McClellan, CFA
Vice President
USA
Molly Bunker
Analyst
USA
Mohith Ancha
Analyst
USA
Source: BlackRock, 30 June 2023. ( ) reflects number of years experience. For illustrative purposes only. Subject to change.
Adam Kovacs, Associate
Platform & Analytics Support
BlackRock Fundamental Equity Platform
BlackRock Tech Investment Team
Lead Portfolio Manager
Tony Kim
Managing Director
27 years inv. experience
Co-Portfolio Managers
Reid Menge
Managing Director
21 years inv. experience
Caroline Tall
Managing Director
15 years inv. experience
14
AEM0723E/M-2990798-12/51
Outlook
AEM0723E/M-2990798-13/51
16%
-30%
44%
-36%
-11%
-46%
19%
-36%
-3%
-40%
15%
-27%
-31%
-27%
9%
-35%
27%
-33%
Hardware Semis Internet Services Software Content & Infra New Industries Average Tech Nasdaq 100
• Concerns of inflation
• Rising interest rates
• Stretched valuations
• Higher-than-expected rate hikes
• Geopolitical conflict
• Recessionary concerns
2021* 2022*
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and
one cannot invest directly in an index.
Source: BlackRock, FactSet 31 January 2023. * Performance figures represent the average return for stocks in each sub-sector. Average Tech represents the average
company in the global technology equity universe.
Previous Tech Underperformance
16
AEM0723E/M-2990798-14/51
Date ranges of US
Federal Reserve
target interest rate
increase cycles
Increase in target Fed
Funds rate during rate
increase cycle
Nasdaq Composite
Performance during
rate increase cycle
Nasdaq Composite
Performance – 1 Year
after last rate increase
June 2004 – June
2006
425 bps +4% +21%
December 2015 –
December 2018
225 bps +11% +37%
March 2022 - present 500 bps -1% ?
Our sensitivity analysis suggests that a 1% increase in the 10-year US
Treasury yield leads to an approximate -9% impact to the intrinsic value
of our holdings on average
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future
results. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are
unmanaged and one cannot invest directly in an index. Source: Board of Governors of the Federal Reserve System, Refinitiv Eikon, BlackRock,
as of 30 June 2023; return figures shown for periods greater than 12 months are annualized.
Technology equities have historically had strong market performance in
the immediate period following interest rate increase cycles
Previous Tech Underperformance
17
AEM0723E/M-2990798-15/51
Crisis breeds opportunity in tech
2000s
Smartphone Era
Dot-com
Crash
2010s
Cloud Era
Global
Financial
Crisis
2020s
AI Era
COVID
Pandemic
& Inflation
Era-defining tech historically emerges after periods of crisis
Source: BlackRock, May 2023. For illustrative purposes only.
18
AEM0723E/M-2990798-16/51
Crisis and technological breakthroughs are driving transformative trends
that are poised to reshape the global economy
Generative AI
Moore’s
Law
Cloud
Computing
The
Transformer
Vastly improved
computational
power
Scalability,
accessibility, and
cost-savings
Machine
learning model
introduced in ‘17
New secular themes are emerging
Onshoring
COVID-19
pandemic
US/China
rivalry
War in
Ukraine
Supply chains
vulnerabilities
revealed
Technology now
a strategic
imperative
Energy
independence
prioritized
Source: BlackRock, May 2023. For illustrative purposes only.
19
AEM0723E/M-2990798-17/51
Generative AI is a term to describe machine learning models that generate
something new (rather than merely analyze).
Foundation models are a type of generative AI models that are designed to
learn from data and use the knowledge to generate new, synthetic data.
Training Data
text
image
speech
video
structured data
machine data
natural language
code
image/art
computer vision
music
gaming
drug discovery
Foundation Model
Generative AI – foundation models
Synthetic Data
Source: BlackRock, May 2023. For illustrative purposes only.
20
AEM0723E/M-2990798-18/51
Generative AI – Why Now?
AI models are rapidly growing in size and power by building on a decade of
cloud computing, semiconductor, and software investment.
• Model size increasing 2x
every 3 months
• Implies AI models grow:
• 16x in 1 year
• 256x in 2 years
• 4096x in 3 years
• 65,000x in 4 years
• 1,000,000x in 5
years
• GPT-3 today has 175B
parameters
• GPT-4 expected to be
100X larger than GPT-3
or 1.7T parameters
Generative AI – why now?
Reference to individual applications mentioned in this communication is for illustrative purposes only and should not be construed as investment advice or
investment recommendation. Source: BlackRock, January 2023. For illustrative purposes only.
21
AEM0723E/M-2990798-19/51
The AI era calls for a completely new technology stack, which we believe
will create a myriad of investment opportunities in the years ahead.
Closed Source
Foundation
Models
Hyperscale Cloud Service Providers
Compute Silicon
Open Source
Foundation
Models
Tools
Applications
Vertical
Foundation
Models & Apps
Generative AI – the new AI stack
Source: BlackRock, May 2023. For illustrative purposes only.
22
AEM0723E/M-2990798-20/51
The COVID-19 pandemic, war in Ukraine, and rising US/China tensions
have led countries and businesses to increasingly move to onshore,
reshore, and nearshore strategic economic activities.
Onshoring
Electric vehicles
and batteries
The US Inflation Reduction
Act’s impact on the US EV
Fleet in 2030, per analysis by
BloombergNEF2
+20%
Semiconductor
manufacturing
Cost of the chip shortage (in
USD) to US GDP in 2021,
according to the US
Department of Commerce1
-US$240B
Solar
energy
The estimated total solar
capacity in the US by
2032, more than 5x the
amount installed today3
682 GW
There is no guarantee that the estimates stated above will come to pass. Source: (1) US Department of Commerce as of April 2022 (2) BloombergNEF as of
November 2022 (3) Solar Energy Industries Association as of February 2023.
23
AEM0723E/M-2990798-21/51
Semiconductors today play an essential role in modern society, making
them an increasingly strategic component in global competition in both
business and geopolitics
• The CHIPS and Science Act signed into law in August 2022 directs over US$278B in spending over 10 years.
• “America will design and produce the world’s most advanced chips on our shores…..the US will have at least two
new large-scale clusters of leading-edge logic fabs” – US Secretary of Commerce Gina Raimondo
• Spurred by the CHIPS and Science Act, over 40 new semiconductor projects have been announced in the US,
totaling over US$200B in private investments in 16 states
City State Company Investment (US$B) Investment Type
Phoenix Arizona TSMC 40 2 New Fabs
Sherman Texas Texas Instruments 30 4 New Fabs
Chandler Arizona Intel 20 2 New Fabs
Syracuse New York Micron 20 4 New Fabs
New Albany Ohio Intel 20 2 New Fabs
Top US semiconductor manufacturing investments announced from May 2020 – Jan 2023
Semiconductors: The CHIPS Act in the US
Reference to the company name mentioned in this communications is merely for explaining the investment strategy, and should not be construed as
investment advice or investment recommendation of those companies.
Source: Semiconductor Industry Association as of December 2022
24
AEM0723E/M-2990798-22/51
Electric Vehicles: Silicon Carbide
0
5
10
15
20
25
30
35
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
US$(B)
Insulated-gate bipolar transistor Metal-oxide-semiconductor field-effect transistor Silicon carbide modules
Power Semiconductor Revenue by type
Historical (2017-2022) and Estimated (2023-2027)
o Silicon carbide (SiC) is a chemical
compound made up of silicon and
carbon atoms with unique
properties that make it ideal for use
in power semiconductor devices.
o SiC is currently experiencing a
renaissance due to increasing
adoption in electric vehicles.
Source: BlackRock, 28 February 2023. For illustrative purpose only. There is no guarantee that any forecasts made will come to pass.
Fast
Charging
On-Board
Charging
DC/DC
Converter
Powertrain
Systems
Silicon carbide technology delivers superior
performance vs traditional silicon via a variety of EV
applications
25
AEM0723E/M-2990798-23/51
Solar Energy: Multi-year Cycle
-
50,000
100,000
150,000
200,000
250,000
300,000
Annual Solar Installations by Region
China Other Asia Europe USA GEMS
MWh
Polysilicon
Lower prices
Subsidies
US IRA
EUR IRA?
Storage
Battery storage
Geopolitics
Onshore
manufacturing
Key Drivers
Solar Energy: Multi-year Cycle
Residential Utility Commercial
End Markets
GEMS=Global Emerging Markets
Source: BlackRock, 28 February 2023. For illustrative purpose only. There is no guarantee that any forecasts made will come to pass.
26
AEM0723E/M-2990798-24/51
Hardware Semis Internet Services
Content +
Infra
Software New
Industries
Onshore
Manufacturing
Silicon
Carbide
Generative
AI
Embedded
Payments
Generative
AI
Generative
AI
Energy
Storage
Autonomous
Driving
Accelerated
Computing
CTV
Digital
Transformation
Edge
computing
Data
Infrastructure
AI Drug
Development
AR/VR
Geopolitical
competition
Privacy Open Banking
LEO
Constellations
Cloud
Security
Next Gen
Solar Cells
Themes by Sub-Sector
Source: BlackRock, 31 May 2023. For illustrative purpose only.
27
AEM0723E/M-2990798-25/51
Next Generation
Technology Fund
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by
any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the
performance of the Fund. The Index should be used by investors to compare the performance of the Fund.
AEM0723E/M-2990798-26/51
BlackRock Next Gen Technology Strategy
The three portfolio managers have an
average of 20 years of specialized sector
experience
Dedicated 9 person team
Based in San Francisco, the Team’s
proximity to Silicon Valley grants them
access to local emerging and established
technology companies
Global portfolio (investable universe is
approximately 2,600 companies globally)
Exposure to small, mid and large companies
(typically ex-mega caps)
Portfolio risk exposures are deliberate,
diversified and appropriately scaled
Typically 100-150 holdings
Bottom-up, fundamental process augmented
by the use of data tools & technology
Heavy company interaction – 1000+ company
meetings per year
Utilize data visualization tools and
collaboration software to scale knowledge
sharing
Determine upside potential and downside risk
Deep Industry
Expertise
Augmented
Process
Differentiated
Exposure
Proven
Results
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be
the sole factor of consideration when selecting a product or strategy. There is no guarantee that research capabilities will contribute to a
positive investment outcome. Diversification and asset allocation may not fully protect you from market risk. Source: BlackRock. As of 30 June
2023. For illustrative purposes only. Subject to change. The number of holdings is indicative and actual numbers may fall outside the ranges
shown. There is no guarantee that a positive investment outcome will be achieved.
The BGF Next Generation Technology Fund
has generated strong returns over the period
since inception (see slides 31-32 for fund
performance)
The Team runs a US$20.6 billion AUM
platform of dedicated technology strategies
29
AEM0723E/M-2990798-27/51
Performance
BGF Next Generation Technology Fund
30
Net total return in USD (%)
As of 30 June 2023
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be
the sole factor of consideration when selecting a product or strategy. Index returns are for illustrative purposes only. Index performance
returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Source: BlackRock, Morningstar. *Since fund inception: 4 September 2018. Performance is shown in USD (Class A2 on a NAV price basis, with
income reinvested and net of expenses). The return of your investment may increase or decrease as a result of currency fluctuations.
23.9
-50.8
1.6
115.3
47.9
-21.1
13.9
-18.4
18.5 16.3
26.6
-11.8
2023 YTD 2022 2021 2020 2019 2018*
BGF Next Generation Technology A2 MSCI ACWI Index
AEM0723E/M-2990798-28/51
Performance
BGF Next Generation Technology Fund
31
Net total return in USD (annualized %)
As of 30 June 2023
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be
the sole factor of consideration when selecting a product or strategy. Index returns are for illustrative purposes only. Index performance
returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Source: BlackRock, Morningstar. *Since fund inception: 4 September 2018. Performance is shown in USD (Class A2 on a NAV price basis, with
income reinvested and net of expenses). The return of your investment may increase or decrease as a result of currency fluctuations.
23.9
14.8
-1.1
9.6
13.9
16.5
11.0
7.7
YTD 1-Year 3-Year Since Inception*
BGF Next Generation Technology A2 MSCI ACWI Index
AEM0723E/M-2990798-29/51
Portfolio Characteristics
BGF Next Generation Technology Fund
Sector exposure (% NAV) Market cap exposure (% NAV)
32
As of 30 June 2023
Regional exposure (% NAV)
Source: BlackRock. Sectors and Regions shown should not be deemed as a recommendations to buy or sell in those specific sectors or regions.
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a
percentage of the product's total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out
much of their business. Allocations are subject to change. Due to rounding, the total may not be equal to 100%. Dollar figures are shown in USD.
35.1
20.9
17.4
10.3 9.8
3.4 2.0 1.0
Semis Software Hardware Services Internet Content &
Infra
New
Industries
Other
Portfolio
2.5
28.9
55.6
0.7
8.3
<US$2bn US$2-10bn US$10bn-100bn US$100bn- 200bn >US$200bn
Portfolio
52.9
17.4 19.3
1.5
5.7
1.0
Developed
Americas
Emerging
Markets
Developed
Europe
Asia Pacific
ex Japan
Japan Cash
Portfolio
Characteristics Fund
AUM (USD mm) 2,568
Wtd. Avg. Mkt Cap (USD mm) 98,808.55
P/ E (FY1) 31.8
P/ E (FY2) 24.3
EPS Growth (FY1) 39.0%
LT EPS Growth 23.0%
Number of Holdings 113
Overlap with MSCI ACWI IT Index 5.0%
% in Top 10 holdings 29.0%
AEM0723E/M-2990798-30/51
Comparison
BGF Next Generation Technology offers more pureplay exposure
33
BGF World Technology
BGF Next Generation Technology
Source: BlackRock, as of 30 June 2023. For illustrative purposes only. Subject to change. The specific companies identified and described above do not
represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable.
Holdings can change at any time and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities
mentioned above. The data on this slide serves to present how pureplay exposure differentiates BGF Next Generation Technology from BGF World Technology
through its holdings, with no intention of recommending one fund over the other. Please refer to the KID/KIID for comprehensive information on both funds.
Dollar figures shown in USD.
As of 30 June 2023
Num ber of issuers 113 Num ber of issuers 84
Weighted Average M arket Cap US$98.8 billion Weighted Average M arket Cap US$788 billion
Num ber of issuers not in BGF World Technology 78 Com m onality with Next Gen 26%
Summary Characteristics Summary Characteristics
Name % NAV Industry Country Name % NAV Industry Country
Nvidia Corporation 5.3% Semiconductors United States Microsoft Corporation 9.5% Software United States
Synopsys Inc 3.8% Software United States Apple Inc 9.2% Hardware United States
Tesla Inc 3.0% Hardware United States Nvidia Corporation 7.3% Semiconductors United States
Asm International Nv 2.8% Semiconductors Netherlands Asml Holding Nv 3.3% Semiconductors Netherlands
Lattice Semiconductor
Corporation
2.8% Semiconductors United States
Cadence Design
Systems Inc
3.1% Software United States
Informa Plc 2.3% Services United Kingdom Tesla Inc 3.0% Hardware United States
Monolithic Power
Systems Inc
2.3% Semiconductors United States Mastercard Inc 2.6% Services United States
Jabil Inc 2.2% Hardware United States Broadcom Inc 2.6% Semiconductors United States
On Semiconductor
Corporation
2.2% Semiconductors United States Meta Platforms Inc 2.4% Internet United States
Pure Storage Inc 2.1% Hardware United States
Advanced Micro Devices
Inc
2.4% Semiconductors United States
BGF Next Gen Technology - Top 10 Holdings BGF World Technology - Top 10 Holdings
AEM0723E/M-2990798-31/51
Biographies
In Italy: This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID
available on www.blackrock.com/it, which contain a summary of investors’ rights.
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed.
Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of
consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase.
Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may
fall suddenly and substantially. Levels and basis of taxation may change from time to time.
ESG Investment Statements
This information should not be relied upon as research, investment advice, or a recommendation regarding any
products, strategies, or any security in particular. This is for illustrative and informational purposes and is subject
to change. It has not been approved by any regulatory authority or securities regulator.
The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment
team’s decision to invest in certain companies or industries from time to time. Results may differ from portfolios
that do not apply similar ESG considerations to their investment process.
34
AEM0723E/M-2990798-32/51
Biographies
Fund Risk Warnings
BGF Next Generation Technology Fund Risks
Investments in technology securities are subject to absence or loss of intellectual property protections, rapid changes in
technology, government regulation and competition.
Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more
sensitive to any localised economic, market, political or regulatory events.
The value of equities and equity-related securities can be affected by daily stock market movements. Other influential
factors include political, economic news, company earnings and significant corporate events.
The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should
therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG
screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as
counterparty to derivatives or other instruments, may expose the Fund to financial loss.
BGF World Technology Fund Risks
Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more
sensitive to any localised economic, market, political or regulatory events.
The value of equities and equity-related securities can be affected by daily stock market movements. Other influential
factors include political, economic news, company earnings and significant corporate events.
The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should
therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG
screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as
counterparty to derivatives or other instruments, may expose the Fund to financial loss.
35
AEM0723E/M-2990798-33/51
Appendix
AEM0723E/M-2990798-34/51
We have codified existing ESG practices into our investment process and upgraded ESG commitments to
promote E&S and follow Good Governance practices through a 3-pillar framework:
Application of EMEA
Baseline Screens* with
Fundamental Insights
Screen Overlay
Exclusion Of:
Thermal Coal
Controversial Weapons
Nuclear Weapons
Civilian Firearms
Tobacco
UNGC Violators
Exclusionary Screens Good Governance1
Identify whether an issuer
passes or fails the Good
Governance test
Management Structure
Renumeration of Staff
Tax Compliance
Employee Relations
Evaluation Of:
Integration &
Engagement1
ESG thesis documented
for all portfolio holdings
Highest ESG risk
companies identified with
the goal to actively
engage these companies
on their ESG practices
ESG considerations are evaluated alongside a number of other considerations, and/or would not be the sole
consideration when making investment decisions. 1Portfolio Managers’ current process, which is subject to change
without notice.
* https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The Team’s 3 Pillar Approach to ESG Integration
37
AEM0723E/M-2990798-35/51
Higher Temperatures
Wolfspeed is an American manufacturer of semiconductor products for power and radio
frequency applications. The company produces silicon carbide chips, power modules, and
wafers that are an increasingly integral component in electric vehicle (EV) applications.
More Efficient EVs
Advantages of
Silicon Carbide1
Higher Voltages
Reduced Power Loss
More Compact
Higher Power Density
Increased Vehicle Mileage
Reduced Cost
Faster Charging
Infrastructure
Increased EV Adoption
Benefits for EVs
Case studies are for illustrative purposes only; they are not meant as a guarantee of any future results or experience, and should not be
interpreted as advice or a recommendation. Wolfspeed was chosen for this example as it is the world’s largest manufacturer of Silicon
Carbide. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and
should not be construed as investment advice or investment recommendation of those companies.
ESG in Practice: More Efficient EVs with Wolfspeed
38
AEM0723E/M-2990798-36/51
Biographies
Tony Kim, Managing Director, is the lead portfolio manager of the BlackRock Fundamental Equities Technology strategies. Mr.
Kim is a portfolio manager and sector head for the technology vertical and runs the Technology funds.
Mr. Kim joined BlackRock in 2013.He has 23 years of experience in investments at companies including Artisan Partners, Credit
Suisse Asset Management, Neuberger Berman, Merrill Lynch, SG Warburg, and Rockwell Intl.
Mr. Kim has an MBA from Columbia (1994), and a BS in Industrial Engineering from the University of Illinois (1989).
Reid Menge, Managing Director, is co-portfolio manager of the BlackRock Fundamental Equities Technology strategies. He is
co-portfolio manager for the Technology equity portfolios and responsible for coverage of the technology sector.
Prior to joining BlackRock in 2014, Mr. Menge was an associate director of equity research at UBS covering global technology.
From 2006 to 2009, he was an investment research analyst at Citigroup responsible for global software. From 2003 to 2006, Mr.
Menge was a member of the Prudential Equity Group where he was responsible for enterprise software coverage. Mr. Menge
began his investment career in 2001 at Credit Suisse First Boston as an analyst for fixed income sales.
Mr. Menge earned a BA degree in history from Cornell University in 2001.
Caroline Tall, Managing Director, is co-portfolio manager of the BlackRock Fundamental Equities Technology strategies.
Caroline joined BlackRock from Fidelity in 2022, where she was a lead PM and Research Analyst focusing on hardware within the
technology sector.
Caroline began her career as an equity research analyst 14 years ago at Fidelity covering the global technology sector. She was
named the portfolio manager of the Fidelity Select Hardware portfolio in 2017 and of the Fidelity Select Communications
Equipment Fund in 2018.
Caroline earned a Bachelor of Arts in Literature from Wellesley College in 2009.
Shankar Subramanian, Director, is a member of the Technology team within the Fundamental Equities (FE) group.
Prior to joining BlackRock, Mr. Subramanian was a VP in equity research at Bank of America Merrill Lynch, covering software.
From 2014 to 2016, he was responsible for coverage of the semiconductors industry, also at BAML. From 2012 to 2014, Mr.
Subramaniam was a member of Cowen & Company where he was responsible for semiconductor coverage. Mr. Subramaniam
began his career as an engineer at AMD.
Mr. Subramanian earned an MBA from University of California, Berkeley in 2013, and a B.Tech degree in mechanical engineering
from the Indian Institute of Technology in 1998.
Biographies
39
AEM0723E/M-2990798-37/51
Biographies
Biographies (cont.)
Peter Jegunma, Vice President, is a member of the Technology team within the Fundamental Division of BlackRock's Active
Equities Platform. He is responsible for covering internet, semiconductor, and software companies.
Mr. Jegunma joined the firm in 2015 on the graduate programme, during which time he worked with both the Global Equity
team and the European Equity team.
Mr. Jegunma earned a BSc degree in economics and economic history from the London School of Economics & Political
Science in 2015.
Tomas Hamudis, Vice President, is a member of the Technology team within the Fundamental Division of BlackRock's Active
Equities Platform. He is responsible for coverage of the global technology sector
Prior to joining BlackRock in 2021, Mr. Hamudis was a Vice President in J.P. Morgan’s Technology Investment Banking group
based in San Francisco where he covered the technology sector, leading client coverage and deal execution across IPOs, M&A,
debt and equity financings across public and private companies. From 2011 to 2016, Tomas was part of the credit coverage
team at J.P. Morgan’s Investment Bank focused on debt origination in the technology, media and telecommunications sector
based in New York and Buenos Aires, Argentina
Mr. Hamudis earned a BA degree in Economics from Universidad Torcuato Di Tella in Argentina in 2010.
Liz Nunez, Vice President, is a member of the Technology team within the Fundamental Equities (FE) group. She is an equity
research analyst focused on global technology industries.
Prior to this role, she was a product strategist within Fundamental Equities at BlackRock representing sector and thematic
strategies including Health Sciences, Technology and Sustainable Energy.
Ms. Nunez has a Bachelor of Science degree in Finance from The Wharton School of Business and a Bachelor of Arts in
International Studies and Italian from The University of Pennsylvania.
40
AEM0723E/M-2990798-38/51
Biographies
Biographies (cont.)
Tyler Nelson, Vice President, is the Data Lead on the Fundamental Equity (FE) Technology Investing Team. He architects the
team's research & data platform (RDP), integrates data into the fundamental research process, and partners with the global
investments community to advance data integration.
Prior to joining FE, Tyler spent 5 years with RQA Equity, partnering with FE portfolio managers to analyze risk models, factor
themes, liquidity & capacity, and overall portfolio construction. Over his RQA tenure, Tyler partnered with the Event-Driven, Real
Assets, LatAm, US Income & Value, US Growth, Health Sciences, and Private Investor platforms.
Tyler received an M.S. in Applied Analytics from Columbia University, as well as a B.S.E in Electrical & Computer Engineering,
Economics, and a minor in Art History from Duke University. He is a certified Financial Risk Manager (FRM), a member of the
Global Association of Risk Professionals (GARP), and a CFA Level III Candidate.
Lisa Zhou, Associate, is a member of the Technology team within the Fundamental Equities (FE) group. She is responsible for
coverage of the global technology sector.
Prior to joining BlackRock, Lisa worked as the Asia Business Development Manager at Hive, an AI company based in San
Francisco. She has completed internships at Warner Music, Sony, and Bain & Company.
Lisa received her bachelor’s in the Business of Entertainment, Media and Technology from New York University and her Masters
from Tsinghua University in Business and Management.
41
AEM0723E/M-2990798-39/51
42
People
Profound curiosity,
deep conviction
Purpose
Active edge,
sustainable outcomes
Perspective
Astute, diverse,
panoramic
Performance
Long-term lens,
risk-aware results
AEM0723E/M-2990798-40/51
Biographies
Important Information
This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by
any otherpersons.
In the UK and Non-European Economic Area (EEA) countries: This document is Issued by BlackRock Investment Management (UK) Limited, authorised and
regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in
England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list
of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the
Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For
your protection telephone calls are usually recorded.
In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right
available in Italian.
This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which
is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be
published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF and may terminate marketing at any time. In the UK
subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information
Document, and in EEA and Switzerland subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports
and the Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID), which are available in the jurisdictions and local
language where they are registered, these can be found at www.blackrock.com on the relevant product pages. Prospectuses, Key Investor Information
Documents, PRIIPs KID and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised.
Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please
go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions.
43
AEM0723E/M-2990798-41/51
Biographies
Important Information
Austria issue: This document is marketing material. For further information, the prospectus, Packaged Retail and Insurance-based Investment Products Key
Information Document (PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying agent:
Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9 and also from www.blackrock.com/at available in German and English. BlackRock may
terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and
how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in German.
Germany issue:
This document is marketing material.
This is a financial promotion. For further information, the prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document
(PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy form from the German information centre: BlackRock
(Netherlands) B.V., Frankfurt (Germany) Branch, Frankfurt am Main, Bockenheimer Landstraße 2–4, 60306 Frankfurt am Main. The paying agent in Germany
is J.P. Morgan AG, CIB / Investor Services – Trustee & Fiduciary, Taunustor 1 (Taunus Turm), D-60310 Frankfurt am Main and also from www.blackrock.com/de
available in German and English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before
investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right
available in German.
44
AEM0723E/M-2990798-42/51
Biographies
Important Information
Poland issue: This document is marketing material. BGF [or BSF or both BGF and BSF] has been registered on the official list of the Financial Supervision
Commission (Komisja Nadzoru Finansowego) for distribution in Poland. Paying agent in Poland is Bank Handlowy w Warszawie SA, ul. Senatorska 16, 00-950
Warsaw, Poland. The Prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID), as well as the latest
annual and semi-annual reports, can be found at www.blackrock.com/pl available in Polish. BlackRock may terminate marketing at any time. Investors should
40 understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Polish.
Malta issue: This document is marketing material. BlackRock Global Funds (BGF)/BlackRock Strategic Funds (BSF) is an open-ended investment company
established in Luxembourg which is available for sale in certain jurisdictions only. BlackRock Global Funds (BGF)/BlackRock Strategic Funds (BSF) is not
available for sale in the U.S. or to U.S. persons. Product information concerning BGF/BSF should not be published in the U.S. It is recognised under Section 264
of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF/BSF. BGF/BSF is
authorised to the distribution in Malta. Prospectus and PRIIPs KID are available on BlackRock website https://www.blackrock.com/kiid/en-mt?switch=y
available in English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For
information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English.
Greece issue: This document is marketing material. BlackRock Global Funds (BGF)/BlackRock Strategic Funds (BSF) is an open-ended investment company
established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF / BSF is not available for sale in the U.S. or to U.S. persons.
Product information concerning BGF/BSF should not be published in the U.S., registered in Greece for public distribution pursuant to the Greek Law
4099/2012, art. 90, implementing the Directive 2009/65/EC. Prospectus and PRIIPs KID are available on BlackRock website
https://www.blackrock.com/kiid/el-gr?switch=y in both languages Greek and English. Prospectus and PRIIPs KID are also available on Greek intermediaries
websites, appointed as local distributors of BGF/BSF. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the
funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Greek.
45
AEM0723E/M-2990798-43/51
Biographies
Important Information
For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel's Regulation of Investment Advice, Investment Marketing
and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder. This document is provided for informational services
only and is not intended to serve, and should not be treated as Investment Advice. 39 BlackRock could have a direct or indirect benefit from investments
made by investors in Israel in the products mentioned in this document, or in other products managed by third parties with whom BlackRock is involved in a
business contract. In particular, BlackRock manages the traded foreign funds mentioned in this document, and therefore derives a benefit from investments
of Israeli investors in them (inter alia, by charging a "management fee" as specified in the prospectus and in the Annex to the prospectuses of such funds).
Therefore, BlackRock has a "Connection" to such products, might have a personal interest in their sale, and might prefer such products over other products.
Accordingly, any advice BlackRock provides, is considered, for the purpose of the Investment Advice Law, as Investment Marketing (and not Investment
Advising). For complete information about BlackRock's "affiliation" with financial assets (including the types of financial assets and the names of the entities
that issue or manage them), you can contact BlackRock at www.blackrock.com. This Document, as well as any products and services described herein, are
directed at and intended exclusively for individuals or corporations that fall within at least one category in each of the First Schedule of the Investment Advice
Law ("Qualified Clients").
BlackRock does not hold a license and is not insured as required under the Investment Advice Law. Nothing in the fund's past returns in can ensure a similar
return in the future. Investment in the products mentioned in this document is subject to the risks described in the fund prospectus (including the risk of loss
of investment funds). For a concise description of the unique risks for the products mentioned in this document, see the risk section in the annex to the
prospectus intended for investors in Israel, and published on the distribution website of the Israeli Securities Authority and the Tel Aviv Stock Exchange.
Furthermore, although BlackRock invests reasonable efforts to ensure the accuracy of the data presented in this document, it does not guarantee their
accuracy, is not responsible for it, and should not be relied upon when making an investment decision. Therefore, investors considering investing in the
products mentioned in this document should examine the full offer documents of the relevant product (and in particular, the prospectus and the annex to the
prospectus as stated above, and the risks described therein), and consult experts on their behalf regarding the viability of the investment. The Fund and Fund
Manager are not subject to the laws and regulations to which Israeli mutual funds are subject".
46
AEM0723E/M-2990798-44/51
Biographies
Important Information
Netherlands issue: This document is marketing material. BlackRock Global Funds ("BGF") is a UCITS (icbe) as defined in section 1:1 Financial Markets
Supervision Act (Wet op het financieel toezicht; "FMSA"). BGF and its sub funds are listed in the register as defined in section 1:107 FMSA. Please refer to the
Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) Essentiële-informatiedocument (Eid) for further
information about BGF and its sub-funds. The prospectus and EBI of BGF and its sub funds are available on BlackRock's website www.BlackRock.nl. Available
in Dutch 36 and English All financial investments contain a certain risk. The value of the assets managed by BGF and its sub-funds may greatly fluctuate as a
result of the investment policy and your initial investment is not guaranteed. BlackRock may terminate marketing at any time. Investors should understand all
characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English and Dutch.
Spain and Portugal issue: This document is marketing material. Certain funds mentioned here are registered for distribution in Spain. Additionally, certain
funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the Comisión Nacional del
Mercado de Valores de España (CNMV) and BlackRock Strategic Funds (BSF) is registered with the number 626. The Prospectus for each registered fund has
been registered with the CNMV and can be found at www.blackrock.com/es available in Spanish and English. In Portugal, certain share classes of certain BGF
and BSF funds are registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered
with the CMVM and can be found at www.blackrock.com/pt available in Portuguese and English. This document contains products or services of BlackRock,
Inc. (or affiliates thereof) that might be offered directly or indirectly within the Andorran jurisdiction, and it should not be regarded as solicitation of business
in any jurisdiction including the Principality of Andorra. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the
40 funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Spanish and Portuguese.
Sweden issue: This document is marketing material. The prospectus and PRIIPs KID are available at BlackRock (Netherlands) B.V., Stockholm branch,
Malmskillnadsgatan 32, 111 51 Stockholm, Sweden and also from www.blackrock.com/se available in Swedish and English. Investors should read the PRIIPs
KID before making an investment decision. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds
objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English.
47
AEM0723E/M-2990798-45/51
Biographies
Important Information
Finland issue: This document is marketing material. The prospectus (in English language) and PRIIPs KID (in Finnish language) are available at BlackRock
(Netherlands) B.V. and also from www.blackrock.com/fi available in Finnish and English. BlackRock may terminate marketing at any time. Investors should
understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English.
Norway issue: This document is marketing material. The prospectus and PRIIPs KID are available at BlackRock (Netherlands) B.V. www.blackrock.com/no
available in Norwegian and English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective
before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-
right available in English.
Switzerland Issue:
This document is marketing material.
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as
amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA"). For
information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website:
www.blackrock.com/finsa. The BlackRock Global Funds (BGF) Fund is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG, Bahnhofstrasse
39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich,
the Swiss Paying Agent. The Prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) or equivalent,
the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss Representative. Investors
should read the fund specific risks in the PRIIPs KID and the Prospectus.
48
AEM0723E/M-2990798-46/51
Biographies
Important Information
In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration: 200010143N) for use only by Institutional Investors as
defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and professional intermediaries. The above warnings and fund specific
risks are explained in greater detail in in the current Prospectus and you should read them before investing. The funds mentioned herein may not have been
registered with the Monetary Authority of Singapore for offering or distribution in Singapore. Accordingly, this information may not be circulated or
distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant to
Section 304 of the Securities and Futures Act ("SFA") or (ii) otherwise pursuant to and in accordance with the conditions of any other applicable provision of
the SFA. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
In Hong Kong, this information is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures
Commission of Hong Kong. The funds mentioned herein may not have been registered with the Securities and Futures Commission for offering or distribution
in Hong Kong. Accordingly, this material is for distribution to "Professional Investors" (as defined in the Securities and Futures Ordinance (Cap.571 ofthe laws
of Hong Kong) and any rules made under that ordinance) and should not be relied upon by any other persons or redistributed to retail clients in Hong Kong.
Please refer to the relevant Prospectus for details, including risk factors.
In Dubai (DIFC): This presentation relates to a Fund which is not subject to any form of regulation or approval by the Dubai Financial Services Authority
(“DFSA”).The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund. Accordingly, the DFSA
has not approved this presentation or any other associated documents nor taken any steps to verify the information set out in this presentation, and has no
responsibility for it. The Shares to which this presentation relates may be illiquid and/or subject to restrictions on their resale. The Shares will not be offered to
retail investors. Prospective purchasers should conduct their own due diligence on the Shares. If you do not understand the contents of this document you
should consult an authorised financial adviser.
BlackRock Advisors (UK) Limited -Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered
Number 546), with its office at office at Unit L15 - 01A, ICD Brookfield Place, Dubai International Financial Centre, PO Box 506661,Dubai, UAE, and is
regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both
of which are limited to units in a collective investment fund (DFSA Reference Number F000738).
49
AEM0723E/M-2990798-47/51
Biographies
Important Information
For investors in Central America, these securities have not been registered before the Securities Superintendence of the Republic of Panama, nor did the offer,
sale or their trading procedures. The registration exemption has made according to numeral 3 of Article 129 of the Consolidated Text containing of the
Decree-Law No. 1 of July 8, 1999 (institutional investors). Consequently, the tax treatment set forth in Articles 334 to 336 of the Unified Text containing
Decree-Law No. 1 of July 8, 1999, does not apply to them. These securities are not under the supervision of the Securities Superintendence of the Republic
of Panama. The information contained herein does not describe any product that is supervised or regulated by the National Banking and Insurance
Commission (CNBS) in Honduras. Therefore any investment described herein is done at the investor’s own risk. This is an individual and private offer which is
made in Costa Rica upon reliance on an exemption from registration before the General Superintendence of Securities (“SUGEVAL”), pursuant to articles 7
and 8 of the Regulations on the Public Offering of Securities (“Reglamento sobre Oferta Pública de Valores”). This information is confidential, and is not to be
reproduced or distributed to third parties as this is NOT a public offering of securities in Costa Rica. The product being offered is not intended for the Costa
Rican public or market and neither is registered or will be registered before the SUGEVAL, nor can be traded in the secondary market. If any recipient of this
documentation receives this document in El Salvador, such recipient acknowledges that the same has been delivered upon his request and instructions, and
on a private placement basis.
In Latin America, for institutional investors and financial intermediaries only (not for public distribution). This material is for educational purposes only and
does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your
responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in
this material, such funds may not been registered with the securities regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any
other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries. The securities regulators of any country
within Latin America have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general
public in Latin America. The contents of this material are strictly confidential and must not be passed to any third party.
50
AEM0723E/M-2990798-48/51
Biographies
Important Information
In Argentina, only for use with Qualified Investors under the definition as set by the Comisión Nacional de Valores (CNV).
In Chile, the sale of each fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject matter of this sale
may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF. Since the securities are not
registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to
public offering in Chile unless registered with the relevant registry of the CMF.
In Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian Securities Market
Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y AFP.
In Uruguay, the Securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered publicly in or from
Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be announced to the public and offering
materials will not be made available to the general public except in circumstances which do not constitute a public offering of securities in Uruguay, in
compliance with the requirements of the Uruguayan Securities Market Law (Law Nº 18.627 and Decree 322/011).
In Colombia, the sale of each fund discussed herein, if any, is addressed to less than one hundred specifically identified investors, and such fund may not be
promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and
other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia.
51
AEM0723E/M-2990798-49/51
Biographies
Important Information
IN MEXICO, FOR INSTITUTIONAL AND QUALIFIED INVESTORS USE ONLY. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. THIS
MATERIAL IS PROVIDED FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO
SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SHARES OF ANY FUND OR SECURITY. This information does not consider the investment objectives,
risk tolerance or the financial circumstances of any specific investor. This information does not replace the obligation of financial advisor to apply his/her best
judgment in making investment decisions or investment recommendations. It is your responsibility to inform yourself of, and to observe, all applicable laws
and regulations of Mexico. If any funds, securities or investment strategies are mentioned or inferred in this material, such funds, securities or strategies have
not been registered with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”) and thus, may not
be publicly offered in Mexico. The CNBV has not confirmed the accuracy of any information contained herein. The provision of investment management and
investment advisory services (“Investment Services”) is a regulated activity in Mexico, subject to strict rules, and performed under the supervision of the CNBV.
These materials are shared for information purposes only, do not constitute investment advice, and are being shared in the understanding that the addressee
is an Institutional or Qualified investor as defined under Mexican Securities (Ley del Mercado de Valores). Each potential investor shall make its own
investment decision based on their own analysis of the available information. Please note that by receiving these materials, it shall be construed as a
representation by the receiver that it is an Institutional or Qualified investor as defined under Mexican law. BlackRock México Operadora, S.A. de C.V., Sociedad
Operadora de Fondos de Inversión (“BlackRock México Operadora”) is a Mexican subsidiary of BlackRock, Inc., authorized by the CNBV as a Mutual Fund
Manager (Operadora de Fondos), and as such, authorized to manage Mexican mutual funds, ETFs and provide Investment Advisory Services. For more
information on the Investment Services offered by BlackRock Mexico, please review our Investment Services Guide available in www.blackrock.com/mx. This
material represents an assessment at a specific time and its information should not be relied upon by the you as research or investment advice regarding the
funds, any security or investment strategy in particular. Reliance upon information in this material is at your sole discretion. BlackRock México is not
authorized to receive deposits, carry out intermediation activities, or act as a broker dealer, or bank in Mexico. For more information on BlackRock México,
please visit: www.blackRock.com/mx. BlackRock receives revenue in the form of advisory fees for our advisory services and management fees for our mutual
funds, exchange traded funds and collective investment trusts. Any modification, change, distribution or inadequate use of information of this document is
not responsibility of BlackRock or any of its affiliates. Pursuant to the Mexican Data Privacy Law (Ley Federal de Protección de Datos Personales en Posesión
de Particulares), to register your personal data you must confirm that you have read and understood the Privacy Notice of BlackRock México Operadora. For
the full disclosure, please visit www.blackRock.com/mx and accept that your personal information will be managed according with the terms and conditions
set forth therein.
52
AEM0723E/M-2990798-50/51
Biographies
Important Information
UCITS HAVE NO GUARANTEED RETURNAND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation.
No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or
otherwise, without the prior written consent of BlackRock.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being
made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily
reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been
prepared in connection with any such offer.
© 2023 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of
Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational
purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar shall not be
responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use.
The Morningstar Analyst Rating is subjective in nature and reflects Morningstar’s current expectations of future events/behaviour as they relate to a particular
fund. Because such events/behaviour may turn out to be different than expected, Morningstar does not guarantee that a fund will perform in line with its
Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a
fund or of its underlying securities and should not be used as the sole basis for making any investment decision.
© 2023 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its subsidiaries in the
United States and elsewhere.All othertrademarks are thoseof their respective owners.
53
AEM0723E/M-2990798-51/51
54
In this document, DSP Asset Managers Private Limited (“the AMC”) has used information that is
publicly available, including information developed in-house. While utmost care has been exercised
while preparing this document, neither the AMC nor any person connected warrants the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use
of this information. The recipient(s), before acting on any information herein, should make
his/her/their own assessment and seek appropriate professional advice. Past performance may or
may not sustain in future and should not be used as a basis for comparison with other investments.
There is no assurance of any returns/capital protection/capital guarantee to the investors in this
scheme of DSP Mutual Fund.
The investors are bearing the recurring expenses of the scheme, in addition to the expenses of other
schemes in which the Fund of Funds scheme makes investments.
All figures and other data given in this document for the fund are as on date (unless otherwise
specified) and the same may or may not be relevant in future and the same should not be considered
as solicitation/ recommendation/guarantee of future investments by the AMC or its affiliates.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax,
legal and other financial implication or consequence of subscribing to the units of the schemes of the
DSP Mutual Fund.
For scheme specific risk factors, asset allocation details, load structure, investment objective and more
details, please read the Scheme Information Document and Key Information Memorandum of the
scheme available at the Investor Service Centres of the AMC and also available on www.dspim.com.
.
Disclaimer
Scheme Product Suitability
RISKOMETER
Scheme
MSCI All Country World Index (ACWI) - Net Total
Return
DSP Global Innovation Fund
of Fund
(An open ended fund of fund
scheme investing in
Innovation theme)
This Open ended Fund of Funds scheme
(Investing In Overseas Fund) is suitable for
investors who are seeking*
• Long-term capital growth
• Investments in units of overseas funds
which invest in equity and equity related
securities of companies which are
forefront in innovation
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
DSP Global Innovation Fund

More Related Content

Similar to DSP Global Innovation Fund

DSP US Flexible Equity Fund
DSP US Flexible Equity FundDSP US Flexible Equity Fund
DSP US Flexible Equity Fund
DSP Mutual Fund
 
DSP Global Innovation Fund of Fund - NFO Presentaion
DSP Global Innovation Fund of Fund - NFO PresentaionDSP Global Innovation Fund of Fund - NFO Presentaion
DSP Global Innovation Fund of Fund - NFO Presentaion
DSP Mutual Fund
 
Momentum_Cybersecurity_Snapshot_July_2023.pdf
Momentum_Cybersecurity_Snapshot_July_2023.pdfMomentum_Cybersecurity_Snapshot_July_2023.pdf
Momentum_Cybersecurity_Snapshot_July_2023.pdf
DigiArts3
 
DSP Global Allocation Fund
DSP Global Allocation FundDSP Global Allocation Fund
DSP Global Allocation Fund
DSP Mutual Fund
 
CISCO SYSTEMS INC. i Strategic Aud.docx
  CISCO SYSTEMS INC.   i Strategic Aud.docx  CISCO SYSTEMS INC.   i Strategic Aud.docx
CISCO SYSTEMS INC. i Strategic Aud.docx
joyjonna282
 
Investor presentation may_2013_-_external_v2
Investor presentation may_2013_-_external_v2Investor presentation may_2013_-_external_v2
Investor presentation may_2013_-_external_v2
John Shay
 

Similar to DSP Global Innovation Fund (20)

DSP US Flexible Equity Fund
DSP US Flexible Equity FundDSP US Flexible Equity Fund
DSP US Flexible Equity Fund
 
DSP Global Innovation Fund of Fund - NFO Presentaion
DSP Global Innovation Fund of Fund - NFO PresentaionDSP Global Innovation Fund of Fund - NFO Presentaion
DSP Global Innovation Fund of Fund - NFO Presentaion
 
Business Continuity And Disaster Recovery Are Top IT Priorities For 2010 And ...
Business Continuity And Disaster Recovery Are Top IT Priorities For 2010 And ...Business Continuity And Disaster Recovery Are Top IT Priorities For 2010 And ...
Business Continuity And Disaster Recovery Are Top IT Priorities For 2010 And ...
 
CGI Final
CGI FinalCGI Final
CGI Final
 
Cloud Security Market.pptx
Cloud Security Market.pptxCloud Security Market.pptx
Cloud Security Market.pptx
 
Momentum_Cybersecurity_Snapshot_July_2023.pdf
Momentum_Cybersecurity_Snapshot_July_2023.pdfMomentum_Cybersecurity_Snapshot_July_2023.pdf
Momentum_Cybersecurity_Snapshot_July_2023.pdf
 
DSP Global Allocation Fund
DSP Global Allocation FundDSP Global Allocation Fund
DSP Global Allocation Fund
 
CISCO SYSTEMS INC. i Strategic Aud.docx
  CISCO SYSTEMS INC.   i Strategic Aud.docx  CISCO SYSTEMS INC.   i Strategic Aud.docx
CISCO SYSTEMS INC. i Strategic Aud.docx
 
Cloud Infrastructure Services Market.pdf
Cloud Infrastructure Services Market.pdfCloud Infrastructure Services Market.pdf
Cloud Infrastructure Services Market.pdf
 
Tcs+iit industry analysis
Tcs+iit industry analysisTcs+iit industry analysis
Tcs+iit industry analysis
 
STKI Israeli IT market study 2022__2 pages
STKI Israeli IT market study 2022__2 pagesSTKI Israeli IT market study 2022__2 pages
STKI Israeli IT market study 2022__2 pages
 
Investor presentation may_2013_-_external_v2
Investor presentation may_2013_-_external_v2Investor presentation may_2013_-_external_v2
Investor presentation may_2013_-_external_v2
 
Keynote address channel middle east 2013
Keynote address channel middle east 2013Keynote address channel middle east 2013
Keynote address channel middle east 2013
 
IoE Value index Mexico
IoE Value index MexicoIoE Value index Mexico
IoE Value index Mexico
 
August 2017 digital realty company overview
August 2017 digital realty company overview August 2017 digital realty company overview
August 2017 digital realty company overview
 
GSA Asia Pacific Executive Summit 2019, Taipei, Taiwan
GSA Asia Pacific Executive Summit 2019, Taipei, TaiwanGSA Asia Pacific Executive Summit 2019, Taipei, Taiwan
GSA Asia Pacific Executive Summit 2019, Taipei, Taiwan
 
GSA Asia Pacific Executive Summit 2019, Taipei, Taiwan
GSA Asia Pacific Executive Summit 2019, Taipei, TaiwanGSA Asia Pacific Executive Summit 2019, Taipei, Taiwan
GSA Asia Pacific Executive Summit 2019, Taipei, Taiwan
 
JCOM Strategic Valuation - Report
JCOM Strategic Valuation - ReportJCOM Strategic Valuation - Report
JCOM Strategic Valuation - Report
 
Merger and acquisitions it sector in india
Merger and acquisitions   it sector in indiaMerger and acquisitions   it sector in india
Merger and acquisitions it sector in india
 
Merger and acquisitions it sector in india
Merger and acquisitions   it sector in indiaMerger and acquisitions   it sector in india
Merger and acquisitions it sector in india
 

More from DSP Mutual Fund (20)

DSP World Gold Fund
DSP World Gold FundDSP World Gold Fund
DSP World Gold Fund
 
DSP World Energy Fund
DSP World Energy FundDSP World Energy Fund
DSP World Energy Fund
 
DSP Global Allocation Fund
DSP Global Allocation FundDSP Global Allocation Fund
DSP Global Allocation Fund
 
DSP Equity Savings Fund
DSP Equity Savings FundDSP Equity Savings Fund
DSP Equity Savings Fund
 
DSP Healthcare Fund
DSP Healthcare FundDSP Healthcare Fund
DSP Healthcare Fund
 
DSP Quant Fund
DSP Quant FundDSP Quant Fund
DSP Quant Fund
 
DSP CRISIL SDL Plus G-Sec Apr 2033 5050 Index Fund
DSP CRISIL SDL Plus G-Sec Apr 2033 5050 Index FundDSP CRISIL SDL Plus G-Sec Apr 2033 5050 Index Fund
DSP CRISIL SDL Plus G-Sec Apr 2033 5050 Index Fund
 
DSP World Mining Fund
DSP World Mining FundDSP World Mining Fund
DSP World Mining Fund
 
DSP World Gold Fund
DSP World Gold FundDSP World Gold Fund
DSP World Gold Fund
 
DSP World Agriculture Fund
DSP World Agriculture FundDSP World Agriculture Fund
DSP World Agriculture Fund
 
DSP Focus Fund
DSP Focus FundDSP Focus Fund
DSP Focus Fund
 
DSP Equity Oppotunities Fund
DSP Equity Oppotunities FundDSP Equity Oppotunities Fund
DSP Equity Oppotunities Fund
 
DSP Equity & Bond Fund
DSP Equity & Bond FundDSP Equity & Bond Fund
DSP Equity & Bond Fund
 
DSP Quant Fund
DSP Quant FundDSP Quant Fund
DSP Quant Fund
 
DSP Midcap Fund
DSP Midcap FundDSP Midcap Fund
DSP Midcap Fund
 
DSP Arbitrage Fund
DSP Arbitrage FundDSP Arbitrage Fund
DSP Arbitrage Fund
 
DSP Value Fund
DSP Value FundDSP Value Fund
DSP Value Fund
 
DSP India T.I.G.E.R. Fund
DSP India T.I.G.E.R. FundDSP India T.I.G.E.R. Fund
DSP India T.I.G.E.R. Fund
 
DSP Nifty 50 Equal Weight Index
DSP Nifty 50 Equal Weight IndexDSP Nifty 50 Equal Weight Index
DSP Nifty 50 Equal Weight Index
 
DSP Nifty IT ETF
DSP Nifty IT ETFDSP Nifty IT ETF
DSP Nifty IT ETF
 

Recently uploaded

一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书
一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书
一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书
atedyxc
 
PPT- Chapter 5- Cost Allocation presentation pdf
PPT- Chapter 5- Cost Allocation presentation pdfPPT- Chapter 5- Cost Allocation presentation pdf
PPT- Chapter 5- Cost Allocation presentation pdf
Kalkaye
 
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
atedyxc
 
一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书
atedyxc
 
一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书
一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书
一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书
atedyxc
 
一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书
一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书
一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书
atedyxc
 
wiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdfwiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdf
allysaamping
 
Zepto Case study(On Track to Profitability).pptx
Zepto Case study(On Track to Profitability).pptxZepto Case study(On Track to Profitability).pptx
Zepto Case study(On Track to Profitability).pptx
aryan963438
 

Recently uploaded (20)

一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书
一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书
一比一原版(ASU毕业证书)亚利桑那州立大学毕业证成绩单学位证书
 
how can I sell my pi coins in the United States at the best price
how can I sell my pi coins in the United States at the best pricehow can I sell my pi coins in the United States at the best price
how can I sell my pi coins in the United States at the best price
 
PPT- Chapter 5- Cost Allocation presentation pdf
PPT- Chapter 5- Cost Allocation presentation pdfPPT- Chapter 5- Cost Allocation presentation pdf
PPT- Chapter 5- Cost Allocation presentation pdf
 
Human Capital: Education and Health in Economic Development
Human Capital:  Education and Health      in Economic DevelopmentHuman Capital:  Education and Health      in Economic Development
Human Capital: Education and Health in Economic Development
 
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
 
how do i convert pi coins to usdt easily.
how do i convert pi coins to usdt easily.how do i convert pi coins to usdt easily.
how do i convert pi coins to usdt easily.
 
Maximize Your Business Potential with Falcon Invoice Discounting
Maximize Your Business Potential with Falcon Invoice DiscountingMaximize Your Business Potential with Falcon Invoice Discounting
Maximize Your Business Potential with Falcon Invoice Discounting
 
Monthly Market Risk Update: May 2024 [SlideShare]
Monthly Market Risk Update: May 2024 [SlideShare]Monthly Market Risk Update: May 2024 [SlideShare]
Monthly Market Risk Update: May 2024 [SlideShare]
 
一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加利福尼亚理工学院毕业证成绩单学位证书
 
Canvas Business Model Infographics by Slidesgo.pptx
Canvas Business Model Infographics by Slidesgo.pptxCanvas Business Model Infographics by Slidesgo.pptx
Canvas Business Model Infographics by Slidesgo.pptx
 
一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书
一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书
一比一原版(UW毕业证书)华盛顿大学毕业证成绩单学位证书
 
Consumer rights and its importance and value
Consumer rights and its importance and valueConsumer rights and its importance and value
Consumer rights and its importance and value
 
What exchange can I sell my pi coins in 2024
What exchange can I sell my pi coins in 2024What exchange can I sell my pi coins in 2024
What exchange can I sell my pi coins in 2024
 
International economics – 2 classical theories of IT
International economics – 2 classical theories of ITInternational economics – 2 classical theories of IT
International economics – 2 classical theories of IT
 
一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书
一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书
一比一原版(BU毕业证书)波士顿大学毕业证成绩单学位证书
 
Economics - Development 01 _ Handwritten Notes.pdf
Economics - Development 01 _ Handwritten Notes.pdfEconomics - Development 01 _ Handwritten Notes.pdf
Economics - Development 01 _ Handwritten Notes.pdf
 
wiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdfwiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdf
 
How can I withdraw my pi coins to real money in India.
How can I withdraw my pi coins to real money in India.How can I withdraw my pi coins to real money in India.
How can I withdraw my pi coins to real money in India.
 
Indirect tax .pptx Supply under GST, Charges of GST
Indirect tax .pptx  Supply under GST, Charges of GSTIndirect tax .pptx  Supply under GST, Charges of GST
Indirect tax .pptx Supply under GST, Charges of GST
 
Zepto Case study(On Track to Profitability).pptx
Zepto Case study(On Track to Profitability).pptxZepto Case study(On Track to Profitability).pptx
Zepto Case study(On Track to Profitability).pptx
 

DSP Global Innovation Fund

  • 1. [Title to come] [Sub-Title to come] Strictly for Intended Recipients Only Date * DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class | People | Processes | Performance | DSP Global Innovation Fund of Fund (An open ended fund of fund scheme investing in Innovation theme) July 2023
  • 2. 2 DSP Global Innovation Fund of Fund PRODUCT STRUCTURE Indian Investors DSP Global Innovation Fund of Fund BlackRock Next Generation Technology Fund Bluebox Global Technology Fund iShares PHLX Semiconductor ETF iShares NASDAQ 100 UCITS ETF The portfolio details are as on 31 July,2023. The investment approach/framework/strategy mentioned herein are currently followed by the scheme and the same may change in future depending on market conditions and other factors.
  • 3. Next Generation Technology Fund A sub-fund of BlackRock Global Fund (BGF) July 2023 FOR PROFESSIONAL, INSTITUTIONAL AND QUALIFIED INVESTORS/PROFESSIONAL AND QUALIFIED CLIENTS ONLY- NOT FOR PUBLIC DISTRIBUTION UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES AEM0723E/M-2990798-1/51
  • 4. Tony Kim Managing Director 27 years inv. experience Reid Menge Managing Director 21 years inv. experience Caroline Tall Managing Director 15 years inv. experience BGF Next Generation Technology Fund BGF Next Generation Technology Fund Lead Portfolio Manager Co-Portfolio Managers Next Generation Technology Strategy Global, long-only equity strategy focused on emerging themes in technology Bottom-up, fundamental process augmented by data tools & technology Deep industry expertise and heavy interaction with company management Investment region Global Market cap focus Typically ex-mega cap Holdings Typically 100-1601 Companies in investment universe 2,600+ Market cap of investment universe US$29T+ Fund AUM US$2.6B Strategy AUM US$4.2B Key facts and characteristics There is no guarantee that a positive investment outcome will be achieved. 1Portfolio Managers’ current process, which is subject to change without notice. The number of holdings is indicative and actual numbers may fall outside the ranges shown. Source: BlackRock, 30 June 2023. 4 AUM Managed by team ($) Global Technology, 16.3B Next Generation Technology, 4.2B AEM0723E/M-2990798-2/51
  • 6. In our view, the ascent of technology has generated significant value for investors over the past 20 years. We also believe it has become one of the largest and most important sectors of the economy today. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: BlackRock, 30 June 2023. For illustrative purposes only. Dollar figures are shown in USD. The Investment Universe of Tech Equities 6 2,600+ # of tech companies globally US$32.0T Market value of global tech sector US$12.5T Market value of top 10 tech stocks (mega-caps) US$19.5T Market value of tech sector outside of top 10 North America $21.2T Asia $8.0T Europe $2.6T MEA $207.0B Latam $166.0B AEM0723E/M-2990798-4/51
  • 7. 2x Semiconductors Electric vehicles contain double the amount of semiconductor content than internal combustion engine (ICE) vehicles2 US$9.4 million Cybersecurity Average cost of a data breach in the US in 2022. Organizations using AI and automation saved an average of US$3m more than those without5 75% Electric vehicles Electric vehicles (EVs) are projected to account for at least three out of every four global passenger car sales by 20401 US$230 billion Fintech Estimated global revenues from embedded financial services in 2025, a 10-fold increase from the US$22.5B of 2020 sales4 100 million Artificial intelligence Unique monthly visitors to OpenAI’s ChatGPT two months after launching, making it the fastest-growing consumer application in history3 5,000 Space The number of estimated satellites projected to be in low-Earth orbit (LEO) by the end of 2023, relative to ~700 in 20206 There is no guarantee that any projections made will be met. Reference to the company names mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of that company. 1 Bloomberg New Energy Finance, Long-Term Electric Vehicle Outlook 2022. 2 Cowen 2022 Compound Semis Report. 3 UBS, February 2023. 4 Plaid, February 2023. 5 IBM 2022 Cost of a Data Breach Report, February 2023. 6 Deloitte Insights, November 2022. Forecasts made may not come to pass. All currency figures in USD. Tech is reshaping the global economy 7 AEM0723E/M-2990798-5/51
  • 8. BlackRock Tech Philosophy & Principles BlackRock Tech Philosophy believes above-average investment performance can be generated by leveraging deep industry expertise applied through an innovative, scalable, and tech-enabled process Deconstruction 1. Focus on disruptors & growers 2. Broad, global scope 3. Dynamism & Pace of Change 4. 8 AEM0723E/M-2990798-6/51
  • 9. Software Infrastructure & Analytics Security DevOps Analytics Data Mgmt Network & Firewall Identity Vulnerability Management Other Endpoint Application Software Infrastructure Software Front Office Enterprise Apps Vertical Apps SMB Apps Design Software CAD & Simulation Construction Back Office Accounting Sales & Marketing Commerce Communications EDA Workflow & Collab Communications Custom Dev Productivity ERP & Financials IT Operations HCM UCaaS CPaaS CCaaS CDN DB & DW Storage Monitoring Dev Tools Sales & Marketing Insurance Banking Real Estate Logistics Government Healthcare Internet Semis Hardware Services Content & Infra New Industries Global Tech Universe FCF = Free Cash Flow EV = Enterprise Value Source: BlackRock, 28 February 2023. For illustrative purposes only. Deconstruction: Universe Taxonomy Financials • Revenue Growth • FCF Margin • Gross Margin • Capex • Magic # Valuations • EV/Revenue • EV/Gross Profit • EV/FCF 9 AEM0723E/M-2990798-7/51
  • 10. 1990 1 IBM 2 Panasonic 3 Hitachi 4 Toshiba 5 Sony 6 NEC 7 Fujitsu 8 Mitsubishi 9 Fanuc 10 Sharp 2010 1 Microsoft 2 Alphabet 3 Apple 4 IBM 5 Cisco 6 Oracle 7 HP 8 Intel 9 Samsung 10 Qualcomm 2023 1 Apple 2 Microsoft 3 Alphabet 4 Amazon 5 Tesla 6 Nvidia 7 Visa 8 Meta 9 TSMC 10 Tencent 2030 1 ? 2 3 4 5 6 7 8 9 10 New Entrants (1990-2010) New Entrants (2010-2022) Leadership in technology is dynamic In our view, change is constant in the technology sector, presenting investment opportunities for fundamental active managers with industry and technological expertise Source: BlackRock, 28 February 2023. Tables show top 10 Technology companies based on market cap for the period indicated. For illustrative purposes only - not a recommendation to buy/sell any security . Top 10 global technology companies by market cap 10 AEM0723E/M-2990798-8/51
  • 11. Bringing expert insights and disruptive thinking to every idea… Universe Taxonomy • 2,600+ public companies • 1,000+ unicorns (private companies) • Global, all-cap • Breakdown by industry Collaborative Research • Proprietary analytical platform on modern cloud stack • 1,000+ company meetings p.a.* • 22,000+ Notes • Rotating analyst coverage Fundamental Analysis • Combined price target framework • 500+ 7YR DCF models • Custom multiples • Score based on revenue growth + free cash flow margin Risk Management • Diversified, deliberate and scaled • Identify potential ESG risk factors • Supported by Aladdin®, BlackRock’s proprietary investment platform …via a collaborative, highly disciplined, research-intensive, multi- disciplinary, regime-aware, and risk-informed investment process. There is no guarantee that a positive investment outcome will be achieved. While the investment approach and proprietary technology platforms described herein seeks to control risk, risk cannot be eliminated. For illustrative purposes only. Information as of 30 June 2023. *Average annual number of company meetings since PM inception of Tony Kim (3 July 2017). Investment process subject to change and provided here for illustrative purposes only. Investment Process: Idea Generation 11 AEM0723E/M-2990798-9/51
  • 12. Next Generation Technology Holdings • Emerging disruptors • More high risk/high reward • Investment holding period varies (1- 3 years) • Potentially more volatile • Innovative, earlier stage companies Risk Management in Portfolio Construction • Smaller position sizing to mitigate outsized negative impacts • Stock-specific, bottom-up fundamental risk analysis • Semi-equal weighting across a portfolio of high conviction stocks Diversification & Risk Management 12 Risk management cannot fully eliminate the risk of investment loss. Diversification may not fully protect you from market risk. Source: BlackRock, 30 June 2023. The number of holdings is indicative and actual numbers may fall outside the ranges shown. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 101 Position Size Number of Holdings AEM0723E/M-2990798-10/51
  • 13. Analysts Models Notes Analytics An evolved team structure allows for more holistic understanding of the opportunities and risks across the technology landscape Portfolio Manager Traditional Structure BLK Tech Team For illustrative purposes only. Investment Team Structure 13 AEM0723E/M-2990798-11/51
  • 14. Portfolio Research Team Dedicated Portfolio Strategists Analysts across global platform dedicated to Technology 25+ Quantitative analysts, risk management and trading professionals across the globe 1800+ Data Lead Tyler Nelson (6) Vice President Liz Nunez (5) Vice President Peter Jegunma (7) Vice President Shankar Subramanian (21) Director Tomas Hamudis (11) Vice President Lisa Zhou (1) Associate Titania Hanrahan Director USA Ben Bei Director APAC AJ Ziegler, CFA Vice President EMEA Sam McClellan, CFA Vice President USA Molly Bunker Analyst USA Mohith Ancha Analyst USA Source: BlackRock, 30 June 2023. ( ) reflects number of years experience. For illustrative purposes only. Subject to change. Adam Kovacs, Associate Platform & Analytics Support BlackRock Fundamental Equity Platform BlackRock Tech Investment Team Lead Portfolio Manager Tony Kim Managing Director 27 years inv. experience Co-Portfolio Managers Reid Menge Managing Director 21 years inv. experience Caroline Tall Managing Director 15 years inv. experience 14 AEM0723E/M-2990798-12/51
  • 16. 16% -30% 44% -36% -11% -46% 19% -36% -3% -40% 15% -27% -31% -27% 9% -35% 27% -33% Hardware Semis Internet Services Software Content & Infra New Industries Average Tech Nasdaq 100 • Concerns of inflation • Rising interest rates • Stretched valuations • Higher-than-expected rate hikes • Geopolitical conflict • Recessionary concerns 2021* 2022* The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Source: BlackRock, FactSet 31 January 2023. * Performance figures represent the average return for stocks in each sub-sector. Average Tech represents the average company in the global technology equity universe. Previous Tech Underperformance 16 AEM0723E/M-2990798-14/51
  • 17. Date ranges of US Federal Reserve target interest rate increase cycles Increase in target Fed Funds rate during rate increase cycle Nasdaq Composite Performance during rate increase cycle Nasdaq Composite Performance – 1 Year after last rate increase June 2004 – June 2006 425 bps +4% +21% December 2015 – December 2018 225 bps +11% +37% March 2022 - present 500 bps -1% ? Our sensitivity analysis suggests that a 1% increase in the 10-year US Treasury yield leads to an approximate -9% impact to the intrinsic value of our holdings on average The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Source: Board of Governors of the Federal Reserve System, Refinitiv Eikon, BlackRock, as of 30 June 2023; return figures shown for periods greater than 12 months are annualized. Technology equities have historically had strong market performance in the immediate period following interest rate increase cycles Previous Tech Underperformance 17 AEM0723E/M-2990798-15/51
  • 18. Crisis breeds opportunity in tech 2000s Smartphone Era Dot-com Crash 2010s Cloud Era Global Financial Crisis 2020s AI Era COVID Pandemic & Inflation Era-defining tech historically emerges after periods of crisis Source: BlackRock, May 2023. For illustrative purposes only. 18 AEM0723E/M-2990798-16/51
  • 19. Crisis and technological breakthroughs are driving transformative trends that are poised to reshape the global economy Generative AI Moore’s Law Cloud Computing The Transformer Vastly improved computational power Scalability, accessibility, and cost-savings Machine learning model introduced in ‘17 New secular themes are emerging Onshoring COVID-19 pandemic US/China rivalry War in Ukraine Supply chains vulnerabilities revealed Technology now a strategic imperative Energy independence prioritized Source: BlackRock, May 2023. For illustrative purposes only. 19 AEM0723E/M-2990798-17/51
  • 20. Generative AI is a term to describe machine learning models that generate something new (rather than merely analyze). Foundation models are a type of generative AI models that are designed to learn from data and use the knowledge to generate new, synthetic data. Training Data text image speech video structured data machine data natural language code image/art computer vision music gaming drug discovery Foundation Model Generative AI – foundation models Synthetic Data Source: BlackRock, May 2023. For illustrative purposes only. 20 AEM0723E/M-2990798-18/51
  • 21. Generative AI – Why Now? AI models are rapidly growing in size and power by building on a decade of cloud computing, semiconductor, and software investment. • Model size increasing 2x every 3 months • Implies AI models grow: • 16x in 1 year • 256x in 2 years • 4096x in 3 years • 65,000x in 4 years • 1,000,000x in 5 years • GPT-3 today has 175B parameters • GPT-4 expected to be 100X larger than GPT-3 or 1.7T parameters Generative AI – why now? Reference to individual applications mentioned in this communication is for illustrative purposes only and should not be construed as investment advice or investment recommendation. Source: BlackRock, January 2023. For illustrative purposes only. 21 AEM0723E/M-2990798-19/51
  • 22. The AI era calls for a completely new technology stack, which we believe will create a myriad of investment opportunities in the years ahead. Closed Source Foundation Models Hyperscale Cloud Service Providers Compute Silicon Open Source Foundation Models Tools Applications Vertical Foundation Models & Apps Generative AI – the new AI stack Source: BlackRock, May 2023. For illustrative purposes only. 22 AEM0723E/M-2990798-20/51
  • 23. The COVID-19 pandemic, war in Ukraine, and rising US/China tensions have led countries and businesses to increasingly move to onshore, reshore, and nearshore strategic economic activities. Onshoring Electric vehicles and batteries The US Inflation Reduction Act’s impact on the US EV Fleet in 2030, per analysis by BloombergNEF2 +20% Semiconductor manufacturing Cost of the chip shortage (in USD) to US GDP in 2021, according to the US Department of Commerce1 -US$240B Solar energy The estimated total solar capacity in the US by 2032, more than 5x the amount installed today3 682 GW There is no guarantee that the estimates stated above will come to pass. Source: (1) US Department of Commerce as of April 2022 (2) BloombergNEF as of November 2022 (3) Solar Energy Industries Association as of February 2023. 23 AEM0723E/M-2990798-21/51
  • 24. Semiconductors today play an essential role in modern society, making them an increasingly strategic component in global competition in both business and geopolitics • The CHIPS and Science Act signed into law in August 2022 directs over US$278B in spending over 10 years. • “America will design and produce the world’s most advanced chips on our shores…..the US will have at least two new large-scale clusters of leading-edge logic fabs” – US Secretary of Commerce Gina Raimondo • Spurred by the CHIPS and Science Act, over 40 new semiconductor projects have been announced in the US, totaling over US$200B in private investments in 16 states City State Company Investment (US$B) Investment Type Phoenix Arizona TSMC 40 2 New Fabs Sherman Texas Texas Instruments 30 4 New Fabs Chandler Arizona Intel 20 2 New Fabs Syracuse New York Micron 20 4 New Fabs New Albany Ohio Intel 20 2 New Fabs Top US semiconductor manufacturing investments announced from May 2020 – Jan 2023 Semiconductors: The CHIPS Act in the US Reference to the company name mentioned in this communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. Source: Semiconductor Industry Association as of December 2022 24 AEM0723E/M-2990798-22/51
  • 25. Electric Vehicles: Silicon Carbide 0 5 10 15 20 25 30 35 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 US$(B) Insulated-gate bipolar transistor Metal-oxide-semiconductor field-effect transistor Silicon carbide modules Power Semiconductor Revenue by type Historical (2017-2022) and Estimated (2023-2027) o Silicon carbide (SiC) is a chemical compound made up of silicon and carbon atoms with unique properties that make it ideal for use in power semiconductor devices. o SiC is currently experiencing a renaissance due to increasing adoption in electric vehicles. Source: BlackRock, 28 February 2023. For illustrative purpose only. There is no guarantee that any forecasts made will come to pass. Fast Charging On-Board Charging DC/DC Converter Powertrain Systems Silicon carbide technology delivers superior performance vs traditional silicon via a variety of EV applications 25 AEM0723E/M-2990798-23/51
  • 26. Solar Energy: Multi-year Cycle - 50,000 100,000 150,000 200,000 250,000 300,000 Annual Solar Installations by Region China Other Asia Europe USA GEMS MWh Polysilicon Lower prices Subsidies US IRA EUR IRA? Storage Battery storage Geopolitics Onshore manufacturing Key Drivers Solar Energy: Multi-year Cycle Residential Utility Commercial End Markets GEMS=Global Emerging Markets Source: BlackRock, 28 February 2023. For illustrative purpose only. There is no guarantee that any forecasts made will come to pass. 26 AEM0723E/M-2990798-24/51
  • 27. Hardware Semis Internet Services Content + Infra Software New Industries Onshore Manufacturing Silicon Carbide Generative AI Embedded Payments Generative AI Generative AI Energy Storage Autonomous Driving Accelerated Computing CTV Digital Transformation Edge computing Data Infrastructure AI Drug Development AR/VR Geopolitical competition Privacy Open Banking LEO Constellations Cloud Security Next Gen Solar Cells Themes by Sub-Sector Source: BlackRock, 31 May 2023. For illustrative purpose only. 27 AEM0723E/M-2990798-25/51
  • 28. Next Generation Technology Fund The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the performance of the Fund. The Index should be used by investors to compare the performance of the Fund. AEM0723E/M-2990798-26/51
  • 29. BlackRock Next Gen Technology Strategy The three portfolio managers have an average of 20 years of specialized sector experience Dedicated 9 person team Based in San Francisco, the Team’s proximity to Silicon Valley grants them access to local emerging and established technology companies Global portfolio (investable universe is approximately 2,600 companies globally) Exposure to small, mid and large companies (typically ex-mega caps) Portfolio risk exposures are deliberate, diversified and appropriately scaled Typically 100-150 holdings Bottom-up, fundamental process augmented by the use of data tools & technology Heavy company interaction – 1000+ company meetings per year Utilize data visualization tools and collaboration software to scale knowledge sharing Determine upside potential and downside risk Deep Industry Expertise Augmented Process Differentiated Exposure Proven Results The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. There is no guarantee that research capabilities will contribute to a positive investment outcome. Diversification and asset allocation may not fully protect you from market risk. Source: BlackRock. As of 30 June 2023. For illustrative purposes only. Subject to change. The number of holdings is indicative and actual numbers may fall outside the ranges shown. There is no guarantee that a positive investment outcome will be achieved. The BGF Next Generation Technology Fund has generated strong returns over the period since inception (see slides 31-32 for fund performance) The Team runs a US$20.6 billion AUM platform of dedicated technology strategies 29 AEM0723E/M-2990798-27/51
  • 30. Performance BGF Next Generation Technology Fund 30 Net total return in USD (%) As of 30 June 2023 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Source: BlackRock, Morningstar. *Since fund inception: 4 September 2018. Performance is shown in USD (Class A2 on a NAV price basis, with income reinvested and net of expenses). The return of your investment may increase or decrease as a result of currency fluctuations. 23.9 -50.8 1.6 115.3 47.9 -21.1 13.9 -18.4 18.5 16.3 26.6 -11.8 2023 YTD 2022 2021 2020 2019 2018* BGF Next Generation Technology A2 MSCI ACWI Index AEM0723E/M-2990798-28/51
  • 31. Performance BGF Next Generation Technology Fund 31 Net total return in USD (annualized %) As of 30 June 2023 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Source: BlackRock, Morningstar. *Since fund inception: 4 September 2018. Performance is shown in USD (Class A2 on a NAV price basis, with income reinvested and net of expenses). The return of your investment may increase or decrease as a result of currency fluctuations. 23.9 14.8 -1.1 9.6 13.9 16.5 11.0 7.7 YTD 1-Year 3-Year Since Inception* BGF Next Generation Technology A2 MSCI ACWI Index AEM0723E/M-2990798-29/51
  • 32. Portfolio Characteristics BGF Next Generation Technology Fund Sector exposure (% NAV) Market cap exposure (% NAV) 32 As of 30 June 2023 Regional exposure (% NAV) Source: BlackRock. Sectors and Regions shown should not be deemed as a recommendations to buy or sell in those specific sectors or regions. Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product's total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business. Allocations are subject to change. Due to rounding, the total may not be equal to 100%. Dollar figures are shown in USD. 35.1 20.9 17.4 10.3 9.8 3.4 2.0 1.0 Semis Software Hardware Services Internet Content & Infra New Industries Other Portfolio 2.5 28.9 55.6 0.7 8.3 <US$2bn US$2-10bn US$10bn-100bn US$100bn- 200bn >US$200bn Portfolio 52.9 17.4 19.3 1.5 5.7 1.0 Developed Americas Emerging Markets Developed Europe Asia Pacific ex Japan Japan Cash Portfolio Characteristics Fund AUM (USD mm) 2,568 Wtd. Avg. Mkt Cap (USD mm) 98,808.55 P/ E (FY1) 31.8 P/ E (FY2) 24.3 EPS Growth (FY1) 39.0% LT EPS Growth 23.0% Number of Holdings 113 Overlap with MSCI ACWI IT Index 5.0% % in Top 10 holdings 29.0% AEM0723E/M-2990798-30/51
  • 33. Comparison BGF Next Generation Technology offers more pureplay exposure 33 BGF World Technology BGF Next Generation Technology Source: BlackRock, as of 30 June 2023. For illustrative purposes only. Subject to change. The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. Holdings can change at any time and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned above. The data on this slide serves to present how pureplay exposure differentiates BGF Next Generation Technology from BGF World Technology through its holdings, with no intention of recommending one fund over the other. Please refer to the KID/KIID for comprehensive information on both funds. Dollar figures shown in USD. As of 30 June 2023 Num ber of issuers 113 Num ber of issuers 84 Weighted Average M arket Cap US$98.8 billion Weighted Average M arket Cap US$788 billion Num ber of issuers not in BGF World Technology 78 Com m onality with Next Gen 26% Summary Characteristics Summary Characteristics Name % NAV Industry Country Name % NAV Industry Country Nvidia Corporation 5.3% Semiconductors United States Microsoft Corporation 9.5% Software United States Synopsys Inc 3.8% Software United States Apple Inc 9.2% Hardware United States Tesla Inc 3.0% Hardware United States Nvidia Corporation 7.3% Semiconductors United States Asm International Nv 2.8% Semiconductors Netherlands Asml Holding Nv 3.3% Semiconductors Netherlands Lattice Semiconductor Corporation 2.8% Semiconductors United States Cadence Design Systems Inc 3.1% Software United States Informa Plc 2.3% Services United Kingdom Tesla Inc 3.0% Hardware United States Monolithic Power Systems Inc 2.3% Semiconductors United States Mastercard Inc 2.6% Services United States Jabil Inc 2.2% Hardware United States Broadcom Inc 2.6% Semiconductors United States On Semiconductor Corporation 2.2% Semiconductors United States Meta Platforms Inc 2.4% Internet United States Pure Storage Inc 2.1% Hardware United States Advanced Micro Devices Inc 2.4% Semiconductors United States BGF Next Gen Technology - Top 10 Holdings BGF World Technology - Top 10 Holdings AEM0723E/M-2990798-31/51
  • 34. Biographies In Italy: This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights. Risk Warnings Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. ESG Investment Statements This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This is for illustrative and informational purposes and is subject to change. It has not been approved by any regulatory authority or securities regulator. The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s decision to invest in certain companies or industries from time to time. Results may differ from portfolios that do not apply similar ESG considerations to their investment process. 34 AEM0723E/M-2990798-32/51
  • 35. Biographies Fund Risk Warnings BGF Next Generation Technology Fund Risks Investments in technology securities are subject to absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening. Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. BGF World Technology Fund Risks Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening. Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 35 AEM0723E/M-2990798-33/51
  • 37. We have codified existing ESG practices into our investment process and upgraded ESG commitments to promote E&S and follow Good Governance practices through a 3-pillar framework: Application of EMEA Baseline Screens* with Fundamental Insights Screen Overlay Exclusion Of: Thermal Coal Controversial Weapons Nuclear Weapons Civilian Firearms Tobacco UNGC Violators Exclusionary Screens Good Governance1 Identify whether an issuer passes or fails the Good Governance test Management Structure Renumeration of Staff Tax Compliance Employee Relations Evaluation Of: Integration & Engagement1 ESG thesis documented for all portfolio holdings Highest ESG risk companies identified with the goal to actively engage these companies on their ESG practices ESG considerations are evaluated alongside a number of other considerations, and/or would not be the sole consideration when making investment decisions. 1Portfolio Managers’ current process, which is subject to change without notice. * https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf The Team’s 3 Pillar Approach to ESG Integration 37 AEM0723E/M-2990798-35/51
  • 38. Higher Temperatures Wolfspeed is an American manufacturer of semiconductor products for power and radio frequency applications. The company produces silicon carbide chips, power modules, and wafers that are an increasingly integral component in electric vehicle (EV) applications. More Efficient EVs Advantages of Silicon Carbide1 Higher Voltages Reduced Power Loss More Compact Higher Power Density Increased Vehicle Mileage Reduced Cost Faster Charging Infrastructure Increased EV Adoption Benefits for EVs Case studies are for illustrative purposes only; they are not meant as a guarantee of any future results or experience, and should not be interpreted as advice or a recommendation. Wolfspeed was chosen for this example as it is the world’s largest manufacturer of Silicon Carbide. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. ESG in Practice: More Efficient EVs with Wolfspeed 38 AEM0723E/M-2990798-36/51
  • 39. Biographies Tony Kim, Managing Director, is the lead portfolio manager of the BlackRock Fundamental Equities Technology strategies. Mr. Kim is a portfolio manager and sector head for the technology vertical and runs the Technology funds. Mr. Kim joined BlackRock in 2013.He has 23 years of experience in investments at companies including Artisan Partners, Credit Suisse Asset Management, Neuberger Berman, Merrill Lynch, SG Warburg, and Rockwell Intl. Mr. Kim has an MBA from Columbia (1994), and a BS in Industrial Engineering from the University of Illinois (1989). Reid Menge, Managing Director, is co-portfolio manager of the BlackRock Fundamental Equities Technology strategies. He is co-portfolio manager for the Technology equity portfolios and responsible for coverage of the technology sector. Prior to joining BlackRock in 2014, Mr. Menge was an associate director of equity research at UBS covering global technology. From 2006 to 2009, he was an investment research analyst at Citigroup responsible for global software. From 2003 to 2006, Mr. Menge was a member of the Prudential Equity Group where he was responsible for enterprise software coverage. Mr. Menge began his investment career in 2001 at Credit Suisse First Boston as an analyst for fixed income sales. Mr. Menge earned a BA degree in history from Cornell University in 2001. Caroline Tall, Managing Director, is co-portfolio manager of the BlackRock Fundamental Equities Technology strategies. Caroline joined BlackRock from Fidelity in 2022, where she was a lead PM and Research Analyst focusing on hardware within the technology sector. Caroline began her career as an equity research analyst 14 years ago at Fidelity covering the global technology sector. She was named the portfolio manager of the Fidelity Select Hardware portfolio in 2017 and of the Fidelity Select Communications Equipment Fund in 2018. Caroline earned a Bachelor of Arts in Literature from Wellesley College in 2009. Shankar Subramanian, Director, is a member of the Technology team within the Fundamental Equities (FE) group. Prior to joining BlackRock, Mr. Subramanian was a VP in equity research at Bank of America Merrill Lynch, covering software. From 2014 to 2016, he was responsible for coverage of the semiconductors industry, also at BAML. From 2012 to 2014, Mr. Subramaniam was a member of Cowen & Company where he was responsible for semiconductor coverage. Mr. Subramaniam began his career as an engineer at AMD. Mr. Subramanian earned an MBA from University of California, Berkeley in 2013, and a B.Tech degree in mechanical engineering from the Indian Institute of Technology in 1998. Biographies 39 AEM0723E/M-2990798-37/51
  • 40. Biographies Biographies (cont.) Peter Jegunma, Vice President, is a member of the Technology team within the Fundamental Division of BlackRock's Active Equities Platform. He is responsible for covering internet, semiconductor, and software companies. Mr. Jegunma joined the firm in 2015 on the graduate programme, during which time he worked with both the Global Equity team and the European Equity team. Mr. Jegunma earned a BSc degree in economics and economic history from the London School of Economics & Political Science in 2015. Tomas Hamudis, Vice President, is a member of the Technology team within the Fundamental Division of BlackRock's Active Equities Platform. He is responsible for coverage of the global technology sector Prior to joining BlackRock in 2021, Mr. Hamudis was a Vice President in J.P. Morgan’s Technology Investment Banking group based in San Francisco where he covered the technology sector, leading client coverage and deal execution across IPOs, M&A, debt and equity financings across public and private companies. From 2011 to 2016, Tomas was part of the credit coverage team at J.P. Morgan’s Investment Bank focused on debt origination in the technology, media and telecommunications sector based in New York and Buenos Aires, Argentina Mr. Hamudis earned a BA degree in Economics from Universidad Torcuato Di Tella in Argentina in 2010. Liz Nunez, Vice President, is a member of the Technology team within the Fundamental Equities (FE) group. She is an equity research analyst focused on global technology industries. Prior to this role, she was a product strategist within Fundamental Equities at BlackRock representing sector and thematic strategies including Health Sciences, Technology and Sustainable Energy. Ms. Nunez has a Bachelor of Science degree in Finance from The Wharton School of Business and a Bachelor of Arts in International Studies and Italian from The University of Pennsylvania. 40 AEM0723E/M-2990798-38/51
  • 41. Biographies Biographies (cont.) Tyler Nelson, Vice President, is the Data Lead on the Fundamental Equity (FE) Technology Investing Team. He architects the team's research & data platform (RDP), integrates data into the fundamental research process, and partners with the global investments community to advance data integration. Prior to joining FE, Tyler spent 5 years with RQA Equity, partnering with FE portfolio managers to analyze risk models, factor themes, liquidity & capacity, and overall portfolio construction. Over his RQA tenure, Tyler partnered with the Event-Driven, Real Assets, LatAm, US Income & Value, US Growth, Health Sciences, and Private Investor platforms. Tyler received an M.S. in Applied Analytics from Columbia University, as well as a B.S.E in Electrical & Computer Engineering, Economics, and a minor in Art History from Duke University. He is a certified Financial Risk Manager (FRM), a member of the Global Association of Risk Professionals (GARP), and a CFA Level III Candidate. Lisa Zhou, Associate, is a member of the Technology team within the Fundamental Equities (FE) group. She is responsible for coverage of the global technology sector. Prior to joining BlackRock, Lisa worked as the Asia Business Development Manager at Hive, an AI company based in San Francisco. She has completed internships at Warner Music, Sony, and Bain & Company. Lisa received her bachelor’s in the Business of Entertainment, Media and Technology from New York University and her Masters from Tsinghua University in Business and Management. 41 AEM0723E/M-2990798-39/51
  • 42. 42 People Profound curiosity, deep conviction Purpose Active edge, sustainable outcomes Perspective Astute, diverse, panoramic Performance Long-term lens, risk-aware results AEM0723E/M-2990798-40/51
  • 43. Biographies Important Information This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any otherpersons. In the UK and Non-European Economic Area (EEA) countries: This document is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian. This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF and may terminate marketing at any time. In the UK subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, and in EEA and Switzerland subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID), which are available in the jurisdictions and local language where they are registered, these can be found at www.blackrock.com on the relevant product pages. Prospectuses, Key Investor Information Documents, PRIIPs KID and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions. 43 AEM0723E/M-2990798-41/51
  • 44. Biographies Important Information Austria issue: This document is marketing material. For further information, the prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9 and also from www.blackrock.com/at available in German and English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in German. Germany issue: This document is marketing material. This is a financial promotion. For further information, the prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy form from the German information centre: BlackRock (Netherlands) B.V., Frankfurt (Germany) Branch, Frankfurt am Main, Bockenheimer Landstraße 2–4, 60306 Frankfurt am Main. The paying agent in Germany is J.P. Morgan AG, CIB / Investor Services – Trustee & Fiduciary, Taunustor 1 (Taunus Turm), D-60310 Frankfurt am Main and also from www.blackrock.com/de available in German and English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in German. 44 AEM0723E/M-2990798-42/51
  • 45. Biographies Important Information Poland issue: This document is marketing material. BGF [or BSF or both BGF and BSF] has been registered on the official list of the Financial Supervision Commission (Komisja Nadzoru Finansowego) for distribution in Poland. Paying agent in Poland is Bank Handlowy w Warszawie SA, ul. Senatorska 16, 00-950 Warsaw, Poland. The Prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID), as well as the latest annual and semi-annual reports, can be found at www.blackrock.com/pl available in Polish. BlackRock may terminate marketing at any time. Investors should 40 understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Polish. Malta issue: This document is marketing material. BlackRock Global Funds (BGF)/BlackRock Strategic Funds (BSF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BlackRock Global Funds (BGF)/BlackRock Strategic Funds (BSF) is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF/BSF should not be published in the U.S. It is recognised under Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF/BSF. BGF/BSF is authorised to the distribution in Malta. Prospectus and PRIIPs KID are available on BlackRock website https://www.blackrock.com/kiid/en-mt?switch=y available in English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English. Greece issue: This document is marketing material. BlackRock Global Funds (BGF)/BlackRock Strategic Funds (BSF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF / BSF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF/BSF should not be published in the U.S., registered in Greece for public distribution pursuant to the Greek Law 4099/2012, art. 90, implementing the Directive 2009/65/EC. Prospectus and PRIIPs KID are available on BlackRock website https://www.blackrock.com/kiid/el-gr?switch=y in both languages Greek and English. Prospectus and PRIIPs KID are also available on Greek intermediaries websites, appointed as local distributors of BGF/BSF. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Greek. 45 AEM0723E/M-2990798-43/51
  • 46. Biographies Important Information For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel's Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder. This document is provided for informational services only and is not intended to serve, and should not be treated as Investment Advice. 39 BlackRock could have a direct or indirect benefit from investments made by investors in Israel in the products mentioned in this document, or in other products managed by third parties with whom BlackRock is involved in a business contract. In particular, BlackRock manages the traded foreign funds mentioned in this document, and therefore derives a benefit from investments of Israeli investors in them (inter alia, by charging a "management fee" as specified in the prospectus and in the Annex to the prospectuses of such funds). Therefore, BlackRock has a "Connection" to such products, might have a personal interest in their sale, and might prefer such products over other products. Accordingly, any advice BlackRock provides, is considered, for the purpose of the Investment Advice Law, as Investment Marketing (and not Investment Advising). For complete information about BlackRock's "affiliation" with financial assets (including the types of financial assets and the names of the entities that issue or manage them), you can contact BlackRock at www.blackrock.com. This Document, as well as any products and services described herein, are directed at and intended exclusively for individuals or corporations that fall within at least one category in each of the First Schedule of the Investment Advice Law ("Qualified Clients"). BlackRock does not hold a license and is not insured as required under the Investment Advice Law. Nothing in the fund's past returns in can ensure a similar return in the future. Investment in the products mentioned in this document is subject to the risks described in the fund prospectus (including the risk of loss of investment funds). For a concise description of the unique risks for the products mentioned in this document, see the risk section in the annex to the prospectus intended for investors in Israel, and published on the distribution website of the Israeli Securities Authority and the Tel Aviv Stock Exchange. Furthermore, although BlackRock invests reasonable efforts to ensure the accuracy of the data presented in this document, it does not guarantee their accuracy, is not responsible for it, and should not be relied upon when making an investment decision. Therefore, investors considering investing in the products mentioned in this document should examine the full offer documents of the relevant product (and in particular, the prospectus and the annex to the prospectus as stated above, and the risks described therein), and consult experts on their behalf regarding the viability of the investment. The Fund and Fund Manager are not subject to the laws and regulations to which Israeli mutual funds are subject". 46 AEM0723E/M-2990798-44/51
  • 47. Biographies Important Information Netherlands issue: This document is marketing material. BlackRock Global Funds ("BGF") is a UCITS (icbe) as defined in section 1:1 Financial Markets Supervision Act (Wet op het financieel toezicht; "FMSA"). BGF and its sub funds are listed in the register as defined in section 1:107 FMSA. Please refer to the Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) Essentiële-informatiedocument (Eid) for further information about BGF and its sub-funds. The prospectus and EBI of BGF and its sub funds are available on BlackRock's website www.BlackRock.nl. Available in Dutch 36 and English All financial investments contain a certain risk. The value of the assets managed by BGF and its sub-funds may greatly fluctuate as a result of the investment policy and your initial investment is not guaranteed. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English and Dutch. Spain and Portugal issue: This document is marketing material. Certain funds mentioned here are registered for distribution in Spain. Additionally, certain funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the Comisión Nacional del Mercado de Valores de España (CNMV) and BlackRock Strategic Funds (BSF) is registered with the number 626. The Prospectus for each registered fund has been registered with the CNMV and can be found at www.blackrock.com/es available in Spanish and English. In Portugal, certain share classes of certain BGF and BSF funds are registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered with the CMVM and can be found at www.blackrock.com/pt available in Portuguese and English. This document contains products or services of BlackRock, Inc. (or affiliates thereof) that might be offered directly or indirectly within the Andorran jurisdiction, and it should not be regarded as solicitation of business in any jurisdiction including the Principality of Andorra. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the 40 funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Spanish and Portuguese. Sweden issue: This document is marketing material. The prospectus and PRIIPs KID are available at BlackRock (Netherlands) B.V., Stockholm branch, Malmskillnadsgatan 32, 111 51 Stockholm, Sweden and also from www.blackrock.com/se available in Swedish and English. Investors should read the PRIIPs KID before making an investment decision. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English. 47 AEM0723E/M-2990798-45/51
  • 48. Biographies Important Information Finland issue: This document is marketing material. The prospectus (in English language) and PRIIPs KID (in Finnish language) are available at BlackRock (Netherlands) B.V. and also from www.blackrock.com/fi available in Finnish and English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English. Norway issue: This document is marketing material. The prospectus and PRIIPs KID are available at BlackRock (Netherlands) B.V. www.blackrock.com/no available in Norwegian and English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor- right available in English. Switzerland Issue: This document is marketing material. This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA"). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa. The BlackRock Global Funds (BGF) Fund is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich, the Swiss Paying Agent. The Prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) or equivalent, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss Representative. Investors should read the fund specific risks in the PRIIPs KID and the Prospectus. 48 AEM0723E/M-2990798-46/51
  • 49. Biographies Important Information In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration: 200010143N) for use only by Institutional Investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and professional intermediaries. The above warnings and fund specific risks are explained in greater detail in in the current Prospectus and you should read them before investing. The funds mentioned herein may not have been registered with the Monetary Authority of Singapore for offering or distribution in Singapore. Accordingly, this information may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act ("SFA") or (ii) otherwise pursuant to and in accordance with the conditions of any other applicable provision of the SFA. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this information is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. The funds mentioned herein may not have been registered with the Securities and Futures Commission for offering or distribution in Hong Kong. Accordingly, this material is for distribution to "Professional Investors" (as defined in the Securities and Futures Ordinance (Cap.571 ofthe laws of Hong Kong) and any rules made under that ordinance) and should not be relied upon by any other persons or redistributed to retail clients in Hong Kong. Please refer to the relevant Prospectus for details, including risk factors. In Dubai (DIFC): This presentation relates to a Fund which is not subject to any form of regulation or approval by the Dubai Financial Services Authority (“DFSA”).The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund. Accordingly, the DFSA has not approved this presentation or any other associated documents nor taken any steps to verify the information set out in this presentation, and has no responsibility for it. The Shares to which this presentation relates may be illiquid and/or subject to restrictions on their resale. The Shares will not be offered to retail investors. Prospective purchasers should conduct their own due diligence on the Shares. If you do not understand the contents of this document you should consult an authorised financial adviser. BlackRock Advisors (UK) Limited -Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered Number 546), with its office at office at Unit L15 - 01A, ICD Brookfield Place, Dubai International Financial Centre, PO Box 506661,Dubai, UAE, and is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738). 49 AEM0723E/M-2990798-47/51
  • 50. Biographies Important Information For investors in Central America, these securities have not been registered before the Securities Superintendence of the Republic of Panama, nor did the offer, sale or their trading procedures. The registration exemption has made according to numeral 3 of Article 129 of the Consolidated Text containing of the Decree-Law No. 1 of July 8, 1999 (institutional investors). Consequently, the tax treatment set forth in Articles 334 to 336 of the Unified Text containing Decree-Law No. 1 of July 8, 1999, does not apply to them. These securities are not under the supervision of the Securities Superintendence of the Republic of Panama. The information contained herein does not describe any product that is supervised or regulated by the National Banking and Insurance Commission (CNBS) in Honduras. Therefore any investment described herein is done at the investor’s own risk. This is an individual and private offer which is made in Costa Rica upon reliance on an exemption from registration before the General Superintendence of Securities (“SUGEVAL”), pursuant to articles 7 and 8 of the Regulations on the Public Offering of Securities (“Reglamento sobre Oferta Pública de Valores”). This information is confidential, and is not to be reproduced or distributed to third parties as this is NOT a public offering of securities in Costa Rica. The product being offered is not intended for the Costa Rican public or market and neither is registered or will be registered before the SUGEVAL, nor can be traded in the secondary market. If any recipient of this documentation receives this document in El Salvador, such recipient acknowledges that the same has been delivered upon his request and instructions, and on a private placement basis. In Latin America, for institutional investors and financial intermediaries only (not for public distribution). This material is for educational purposes only and does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in this material, such funds may not been registered with the securities regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries. The securities regulators of any country within Latin America have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America. The contents of this material are strictly confidential and must not be passed to any third party. 50 AEM0723E/M-2990798-48/51
  • 51. Biographies Important Information In Argentina, only for use with Qualified Investors under the definition as set by the Comisión Nacional de Valores (CNV). In Chile, the sale of each fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject matter of this sale may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF. Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant registry of the CMF. In Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian Securities Market Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y AFP. In Uruguay, the Securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered publicly in or from Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be announced to the public and offering materials will not be made available to the general public except in circumstances which do not constitute a public offering of securities in Uruguay, in compliance with the requirements of the Uruguayan Securities Market Law (Law Nº 18.627 and Decree 322/011). In Colombia, the sale of each fund discussed herein, if any, is addressed to less than one hundred specifically identified investors, and such fund may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia. 51 AEM0723E/M-2990798-49/51
  • 52. Biographies Important Information IN MEXICO, FOR INSTITUTIONAL AND QUALIFIED INVESTORS USE ONLY. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. THIS MATERIAL IS PROVIDED FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SHARES OF ANY FUND OR SECURITY. This information does not consider the investment objectives, risk tolerance or the financial circumstances of any specific investor. This information does not replace the obligation of financial advisor to apply his/her best judgment in making investment decisions or investment recommendations. It is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of Mexico. If any funds, securities or investment strategies are mentioned or inferred in this material, such funds, securities or strategies have not been registered with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”) and thus, may not be publicly offered in Mexico. The CNBV has not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services (“Investment Services”) is a regulated activity in Mexico, subject to strict rules, and performed under the supervision of the CNBV. These materials are shared for information purposes only, do not constitute investment advice, and are being shared in the understanding that the addressee is an Institutional or Qualified investor as defined under Mexican Securities (Ley del Mercado de Valores). Each potential investor shall make its own investment decision based on their own analysis of the available information. Please note that by receiving these materials, it shall be construed as a representation by the receiver that it is an Institutional or Qualified investor as defined under Mexican law. BlackRock México Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión (“BlackRock México Operadora”) is a Mexican subsidiary of BlackRock, Inc., authorized by the CNBV as a Mutual Fund Manager (Operadora de Fondos), and as such, authorized to manage Mexican mutual funds, ETFs and provide Investment Advisory Services. For more information on the Investment Services offered by BlackRock Mexico, please review our Investment Services Guide available in www.blackrock.com/mx. This material represents an assessment at a specific time and its information should not be relied upon by the you as research or investment advice regarding the funds, any security or investment strategy in particular. Reliance upon information in this material is at your sole discretion. BlackRock México is not authorized to receive deposits, carry out intermediation activities, or act as a broker dealer, or bank in Mexico. For more information on BlackRock México, please visit: www.blackRock.com/mx. BlackRock receives revenue in the form of advisory fees for our advisory services and management fees for our mutual funds, exchange traded funds and collective investment trusts. Any modification, change, distribution or inadequate use of information of this document is not responsibility of BlackRock or any of its affiliates. Pursuant to the Mexican Data Privacy Law (Ley Federal de Protección de Datos Personales en Posesión de Particulares), to register your personal data you must confirm that you have read and understood the Privacy Notice of BlackRock México Operadora. For the full disclosure, please visit www.blackRock.com/mx and accept that your personal information will be managed according with the terms and conditions set forth therein. 52 AEM0723E/M-2990798-50/51
  • 53. Biographies Important Information UCITS HAVE NO GUARANTEED RETURNAND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2023 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Morningstar Analyst Rating is subjective in nature and reflects Morningstar’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, Morningstar does not guarantee that a fund will perform in line with its Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. © 2023 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere.All othertrademarks are thoseof their respective owners. 53 AEM0723E/M-2990798-51/51
  • 54. 54 In this document, DSP Asset Managers Private Limited (“the AMC”) has used information that is publicly available, including information developed in-house. While utmost care has been exercised while preparing this document, neither the AMC nor any person connected warrants the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The recipient(s), before acting on any information herein, should make his/her/their own assessment and seek appropriate professional advice. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. There is no assurance of any returns/capital protection/capital guarantee to the investors in this scheme of DSP Mutual Fund. The investors are bearing the recurring expenses of the scheme, in addition to the expenses of other schemes in which the Fund of Funds scheme makes investments. All figures and other data given in this document for the fund are as on date (unless otherwise specified) and the same may or may not be relevant in future and the same should not be considered as solicitation/ recommendation/guarantee of future investments by the AMC or its affiliates. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of the schemes of the DSP Mutual Fund. For scheme specific risk factors, asset allocation details, load structure, investment objective and more details, please read the Scheme Information Document and Key Information Memorandum of the scheme available at the Investor Service Centres of the AMC and also available on www.dspim.com. .
  • 55. Disclaimer Scheme Product Suitability RISKOMETER Scheme MSCI All Country World Index (ACWI) - Net Total Return DSP Global Innovation Fund of Fund (An open ended fund of fund scheme investing in Innovation theme) This Open ended Fund of Funds scheme (Investing In Overseas Fund) is suitable for investors who are seeking* • Long-term capital growth • Investments in units of overseas funds which invest in equity and equity related securities of companies which are forefront in innovation *Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them. Mutual Fund investments are subject to market risks, read all scheme related documents carefully