1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients OnlyDate
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
December 2019
| People | Processes | Performance |
DSP US Flexible* Equity Fund
Quarterly Update
*The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in growth or value investment characteristic securities placing an emphasis
as the market outlook warrants

2. 2
DSP US Flexible* Equity Fund
Accessing one of the Flagship funds of BlackRock in the category
(USD 1.40 bn^)
Indian Investors
BlackRock Global Funds (BGF)
US Flexible Equity Fund
Source: Internal; ^AUM as at end-Jan 2020 (*The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in
growth or value investment characteristic securities placing an emphasis as the market outlook warrants)
*

3. 3
Why BlackRock for active equities?
Combineshumaninsight andinnovativetechnologyin seekingto generatealpha
Continuallydevelopsandattractstalentwith enhancedtechnological skills
Finds newwaysto use technologyin seekingto drive alphaandserve client needs
(e.g.ESG criteria)
There is no guarantee that a positive investment outcome will be achieved.
Source: BlackRock, as of December 31, 2019. While proprietary technology platforms may help manage risk, risk cannot be eliminated.
Globalresearch connectivity andcross-asset classcollaboration
Local footprints worldwide,80offices globally
Real-timeeconomicinsights from BlackRockInvestmentInstitute
Two complementaryalpha-seeking approaches:fundamentaland systematic
Seeks touse scaleandscopetobenefitclients in all BlackRockdoes
Specializesin risk managementwith aclient focus using Aladdin® platform,Risk & Quantitative
Analysisteams
Prime accessto companiesandmarketparticipants
Weareafiduciary to ourclients
Apure asset manager,avoiding the potential conflicts of interestthat couldresult from custodial,
proprietary trading andinvestmentbankingservices
(Human)machine
Differentiated
Perspectives
Personalized
Scale
Fiduciary
Trust

4. 4
BlackRock’s active equity suites provide a full range of solutions
Seek steady income
through dividend
strategies
Capital appreciation
potential
Sustainable investing
through ESG strategies
FeaturesExampleStrategies
Consistent, risk-managed
alpha potential driven by
innovative technologies
Broad, diversified core
exposures
Low cost*
Alpha Tilts
Advantage Series
Defensive Alpha
Equity Dividend
Global Dividend
Impact U.S. Equity
Mega trends/thematics
Specific country, sector and
specialty exposures
Easy way to express a
tactical investment view
Health Sciences
Asian Dragon
Technology
Opportunities
China A Opportunities
Concentrated, high
conviction long-only
Unconstrained strategies
Absolute Return
Emerging Markets
Equity
Mid-Cap Growth
Large Cap Focus Growth
2
HighConviction
Alpha
3
Specialized
Outcomes
4
Precision
Alpha
1
Systematic
Alpha
Source: BlackRock, as of December 31, 2019. This information is for illustrative purposes only. It is not to be interpreted as investment advice or as a recommendation to invest in any of the BlackRock
products or strategies. The above example strategies are not exhaustive lists of all strategies available in their respective suites. *As compared to other active funds.

5. 5
US Fundamental Active Equity: A Two Pillar Research Model
EquityDividend
MidCapDividend
HighEquityIncome
BasicValue
LargeCapCore
LargeCapGrowth
LargeCapConcentrated
Growth
Mid-CapGrowth
Source: BlackRock. As of December 31, 2019. For illustrative purposes only.
USIncome
&Value
Pillar
US
Growth
Pillar
Superior
Analysts
Potential for
BetterPerformance
More
Resources
Strategies Strategies
US Fundamental ActiveEquity

6. 6
US Income & Value: Key Investment Professionals
William Su
William McSweeney
EnergyCons. Discretionary /Staples
Jason Korn
MarkTexeira
RobRussell
Core PortfolioManagers
DirectorofInvestments, US Equities,
Portfolio Manager EquityDividend
Portfolios
TonyDeSpirito
Dividend
& Value
Portfolios
Franco
Tapia
Industrials/ Utilities / Materials
Portfolio Managers
Financials
Technology / Comm.Services
Nigel Bolton
CIO of Fundamental Developed Market Equities
Helen Jewell
Global Head of Research, FAE
Carrie
King
Value Portfolios Dividend
& Value
Portfolios
David
Zhao
Joseph
Wolfe
Value& Core
Portfolios Core
Portfolios
Todd
Burnside
SamuelDiPasqua
AlexiaLe
Abigail Panitz
Junior ResearchAnalysts
Lisa Yang
AndrewPinheiro
Tung Ngo
Tom Pierce
Rolf Heitmeyer
SamBapasola
KarimLaib
James MacPherson
Deputy CIO, FAE
KatieDay
YakovShenkman
Risk &QuantitativeAnalysis
Ibrahim Kanan
AndrewPinheiro
Health Care
Product Strategy
Scott Winters
AndrewRalph
WayneDavis
Tung Ngo
DavidZhao
TomPierce
Jiayan (Jane)Zhou
Jonathan Jin
Culture of global connectivity across equity teams and asset classes magnifies information advantage
Source: BlackRock, As of December 31, 2019
Co-Directors of Research
Karim Laib
Scott Malatesta
Nathan Achezinski
Sebastian Rodriguez
Steven Farkas
Daniel Dusina
Adam Kovacs

7. 7
Investment Philosophy & Core Beliefs
• Human intuitionandjudgment
• Qualitativeconsiderations
• Prospective
• Flexible to changingmarkets
• Leveragescale &resources
• Disciplined &empirical
• Scientific
• Consistent &reliable
• Scalable &systematic
• Leverages data&technology
Fundamental QuantitativeHigh-conviction portfolio
construction
• Risk managed
• Reducederror/bias
• Positions scaledforconviction
• Consistency andrepeatability
• Combinesources ofalpha
As of December 31, 2019. Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies. Process subject to change
based on market conditions, portfolio manager’s opinion and other factors.
Weblend fundamental &quantitative insightsto identify companies with:
• Fundamental inflectionpoints
• Unique businessmodels
• Favorable industrystructures
Webelievethatahigh convictionportfolioofunderappreciatedcompanieswithstrongor improving
fundamentalscan helpdeliverrisk-adjustedalphaoverthelong-term.

8. 8
Companies with improving fundamentals & reasonable valuations have
historically outperformed
Excess returns of Russell 1000 stocks by quartiles based on
improving fundamentals & valuation*
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Source: BlackRock. Data
from 12/31/1978 through 12/31/2019. *The investment universe is the Russell 1000 Index. Factors included in fundamental composite include Gross Profitability to Assets, ROE, 1-year change in Gross
Profitability, 1-year change in ROE and Forward Earnings to Price. Quartiles are based on an equal weighted basket of these metrics. Shown for illustrative purposes only.
3.34
0.34 0.17
-4.0
0.0
-1.0
-2.0
-3.0
1.0
3.0
2.0
4.0
1st Quartile 2nd Quartile 3rd Quartile
(3.71)
4th Quartile
ExcessReturn(%)

9. 9
Investment Process : Blend Quantitative & Fundamental Insights at Every Stage
• In-depth industry
• expertise
• Determinescritical drivers
of company value
• Develops downside,
upside and base- case
scenarios
• Considers
fundamental&
thematicinsights
• Prioritizes investment
opportunities
• Sets the team’s
researchagenda
• 40-60 securities
• TE range 250–500 basis
points
• Holding active weight
targets + 200 bps at
purchase
• Sector weight +/- 1,000
bps at purchase
• RQA oversight
• Stress testing
• Comprehensiverisk
management imbedded
at all stages of
investment process
Risk
Management
Portfolio
Construction
QuantitativeInsightsFundamentalResearch
• Multi-factor quantitative
model ranks universe
• Russell 1000 + largest
• ADRs
• Top 40% becomes eligible
for investment
• Identify potential
fundamental biases
• Use non-traditional data
sets & quantitative
methods to answer
critical questions
• Systematically blends
quantitative and
fundamental conviction
• Considersrisks,
transactioncosts,&
portfolioguidelines
• Optimizer helps size
positions
• Controls risk exposure
• Manage risk by
monitoringtracking error
& risk allocation
• Change in quant ranking
triggers positionreview
Risk management cannot fully eliminate the risk of investment loss. As of December 31, 2019. Current process for selecting investments in the portfolio in accordance with its stated
investment objectives and policies. Process subject to change based on market conditions, portfolio manager’s opinion and other factors.
Idea
Generation
Research

10. 10
Quantitative Model
Value 20-40%
 EconomicRationale:
Attractively-priced stocks generally offer better
returns over time.
 Factor Examples:
Book to Price, Forward Earnings to Price, Free Cash Flow to
Enterprise Value
 Varies for: Technology, Energy, Financials
 Typically 20-40% of total score
Sentiment 20-40%
 EconomicRationale:
Investors’ initial under-reaction to new information results in a
lag in such information being reflected in market value; hence,
stocks with positive recent sentiment tend to outperform.
 Factor Examples:
12-month return momentum,EPS revisions, FCF revisions
 Varies for: Financials
 Typically 20-40% of total score
As of December 31, 2019. Subject to change.
Accounting 10-30%
 EconomicRationale:
Cleanaccountingpractices andjudicious useof
capitalcharacterize long-termoutperformers.
 Factor Examples:
Accrualsto assets, FCF to sales, ROIC,Share
Buybacks
 Varies for:Financials
 Typically 10-30% of total score
Quality Growth 10-30%
 EconomicRationale:
Companies with stable, growing earnings, high profitability
and low leverage tend to outperform over time.
 Factor Examples:
Debt to equity, Earnings Growth, ROE, Earnings
Stability
 Varies for: Financials
 Typically 10-30% of total score

11. 11
Investment Process: Research
Field Research
As of December 31. 2019. This is the current process for selecting investments in the strategy’s portfolio, in accordance with its stated investment objectives and policies. Process is
subject to change and provided here for illustrative purposes only.
 Meetwith managements, customers, suppliers and
competitors
 Evaluate strength of companymanagement team& franchise
 Seek to identify business drivers &industry trends prior
toconsensus
• Analyze industry supply &demand andpricing trends
• Investigate competitive advantages andpotential threats
• Consider regulatory environment andlocal markets
• Expand research in attractiveindustries torelated companies
IndustryResearch
 Financial statementanalysis
 Examine ratios and multiples
 Focus on balancesheetstrength
 Model cash flows andearnings
 Develop scenario andsensitivity analysis
Company ReportingResearch
FieldResearch

12. 12
Analyst activity list and research output
• Investmentthesis
• Investment screensummary
• ESG summary
• Industryanalysis
• Analysisof key earningsdrivers
• Financial Model:
– Income Statement, Balance Sheet, Cash Flow
• Valuation
• Price targets(Bull, Base,Bear)
• Ownershipanalysis
• Postmortem
• Reviewandsynthesise corporatefilings
• Reviewandsynthesiseindustrydata and research
reports
• Field Research- Engage withtarget
company
(C-level), experts, competitors&suppliers
• Build a financialmodel
• Understand the bearcase
As of December 31, 2019. Process subject to change and provided here for illustrative purposes only.
Structured Fundamental Research andAnalysis ResearchOutput

13. 13
Rationale underlying our stock decisions
Buy Criteria SellDiscipline
Fundamental
 Inflectionpoints
 Distinctive business model / advantages
 Unique industry structures
Quantitative
 Top 40% eligible for investment
 – Flexibility to invest 20% gross active
weight in stocks below 40th percentile
Risk/Portfolio Construction
 Optimizer blends quant and fundamental
conviction to help size positions
 Balance portfolio risks & constraints
Fundamental
 Valuation / investment thesis fully realized
 Fundamental milestones missed
Quantitative
 Quantitative score deteriorates
– Automaticreviewtriggeredif quant score falls
below40th percentile
Risk/Portfolio Construction
 Diversification – sector, industryandsecurity
 Competition for capital– i.e., better
investment opportunitieselsewhere
As of December 31, 2019. Decision making as to buy and sell criteria is subject to change based on market conditions, portfolio manager’s opinion and other factors.

14. 14
BGF US Flexible Equity Fund: Portfolio Characteristics
Top 10 Holdings Characteristics
Security Name Sector % NAV Portfolio Characteristics Portfolio Benchmark
Microsoft Corporation Information Technology 6.01 Wtd. Avg.Market Capitalization (mn) $304,590 265,791
Apple Inc. Information Technology 6.01 Number ofHoldings 56 997
Alphabet Inc.* Communication Services 5.25 LT EPS Growth Rate 8.5% 10.9%
JPMorgan Chase & Co. Financials 3.46 P/B (FY0) 2.58x 3.48x
UnitedHealth Group Inc. Health Care 3.20 P/E (FY1) 16.5x 20.0x
Bank ofAmerica Financials 2.94 ActiveShare 77.79% --
Verizon Communications Communication Services 2.86
ComcastCorporation Communication Services 2.73
WalmartInc. Consumer Staples 2.51
Cisco Systems Inc. Information Technology 2.49
Sector Exposures(%)
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Source: BlackRock as of 12/31/2019. Portfolio characteristics are of the BlackRock BGF US Flexible Equity portfolio and are subject to change. It is not possible to invest directly in an unmanaged index. 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.
BlackRock may or may not own the securities referenced and, if such securities are owned, no representation is being made that such securities will continue to be held. Figures shown in USD. *Combines share
Classes A and C. FUND SPECIFIC RISKS: Overseas investment will be affected by movements in currency exchange rates.
12.8 12.6
7.0
5.5
13.4 14.2
20.2
2.9
0.0
1.7
9.9 10.0
6.7
4.1
13.2 13.9
9.6 9.5
23.1
2.8 3.7 3.2
Communication
Services
Consumer
Discretionary
Consumer
Staples
Energy
Financials
HealthCare
Industrials
Information
Technology
Materials
RealEstate
Utilities
BGF US Flexible Equity
Russell 1000Index

15. 15
BGF US Flexible Equity Fund
Using BFRE covariances for equity (EQ) and FX factors. Equity Inter Model Correlations, Equity, Fixed Income (FI) and FX covariances calculated using weighting FMI : 312 week history, 52
week half-life. Factor Exposures: @D_NAMRAP Source: BFRE (BlackRock Fundamental Risk for Equities).
1 RPT Status represents the risk performance target. Portfolio characteristics are those of the BGF US Flexible Equity Fund managed in the BlackRock Large Cap Core style. Allocations are subject to change.
Due to rounding, the total may not be equal to 100%. Included for illustrative purposes only.

16. 16
BGF US Flexible Equity Fund: Historical and Calendar Year Performance
As of 31 December 2019
NettotalreturninUSD (%)
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Performance is shown
as at 31 December 2019 in US$ on a NAV price basis with income reinvested (share class A2 USD). Performance figures are calculated net of annual fees. The return of your investment may increase
or decrease as a result of currency fluctuations. Source: Fund: BlackRock Investment Management (UK) Limited (BIM(UK)L) - Indices: Datastream, BIM(UK)L - ISIN Code: LU0154236417 Net of fees
and expenses. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction
2019 2018 2017 2016 2015 2014 2013
BGF US FlexibleEquity 26.65 -8.93 24.62 8.37 -1.39 12.02 32.80
Russell 1000 Index 31.43 -4.78 21.69 12.05 0.92 13.24 33.11
S&P 500 Index 31.49 -4.38 21.83 11.96 1.38 13.69 32.39

17. 17
BGF US Flexible Equity Fund: Performance
NettotalreturninUSD (annualized%)
As of 31 December 2019
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. *Inception date was 31
October 2002. Not annualized for periods less than one year. Performance is shown as at 31 December 2019 in US$ on a NAV price basis with income reinvested (share class A2). Performance figures
are calculated net of annual fees. The return of your investment may increase or decrease as a result of currency fluctuations. Source: Fund: BlackRock Investment Management (UK) Limited
(BIM(UK)L) – Morningstar. ISIN Code: LU0154236417 Net of fees and expenses. 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. The Performance data do not take account of the commissions and costs incurred on the issue and
redemption of units.
12.85
8.96
10.45
8.35
9.08 9.04 9.07
31.43 31.49
26.65
15.05 15.27
11.48 11.70
13.54 13.56
10.27 10.06
Q42019 YTD InceptionDate*
Returns(%)
3-Year
BGF US Flexible Equity
5-Year
Russell 1000Index
10-Year
S&P 500Index

18. 18
BGF US Flexible Equity Fund Key Themes
AREAS OF HIGH-CONVICTION POSITIONING
Bullish on Communication
Services
US Banks are Very Attractive
Optimistic Outlook for
Consumer Spending
• Employment, demographics, consumer confidence, and strong balance sheets all bode
well for strength in consumer spending.
• We remain bullish on housing with low interest rates and pent-up demand
• supporting the market for new construction and remodeling activity.
• Dollar Stores and Auto Parts Retailers trade at reasonable valuations and offer an
attractive combination of predictable square footage growth, market share gains, and
defensive counter-cyclical demand drivers.
• Wireless Telecom Services and High Speed Data providers that offer utility-like
products with rising consumption trends trade at historically wide discount to “bond
proxy” peers.
• Ongoing proliferation of connected devices (cars, homes, industrial machinery) offers
untapped/new revenue streams, opportunities for market share gains, and increasing
pricing power for data providers.
• Solid balance sheets, strong free-cash-flow generation and improving predictability of
earnings support valuations.
• Valuations reflect expectations for “peaking” profitability/returns, which we view
• as overly-pessimistic.
• Easing regulatory burdens, rising capital returns, steady credit trends and revamped
cost structures are likely to support higher profitability and returns in the intermediate
term.
• Banks remain unloved by the sell-side and under-owned by investors.

19. 19
Why choose BGF US Flexible Equity Fund?
 Time-tested long-term investment philosophy driven by an experienced portfolio
management team
 Strong fundamental research supported by enhanced US Income & Value pillar resources,
as well as BlackRock’s extensive capabilities.
 Quantitative model adds discipline and focus to the investment process
 Portfolio construction capabilities blend quantitative and fundamental insights, disciplined
risk management tools and cost/liquidity constraints to mitigate portfolio risk.
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. As of December 31, 2019. There is no guarantee that
research capabilities will contribute to a positive investment outcome. Risk management cannot fully eliminate the risk of investment loss. Current process for selecting investments in
the portfolio in accordance with its stated investment objectives and policies. Process subject to change based on market conditions, portfolio manager’s opinion and other factors.

20. 20
Disclaimer
In the preparation of the material contained in this document, DSP Investment Managers Pvt. Ltd. (“AMC”) has used information that is publicly available, including information developed in-house or basis information received
from its affiliates. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should
not be construed as any research report/research recommendation.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are
“forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to,
exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
Neither the DSP Mutual Fund nor any of its schemes are registered in any jurisdiction except in India, under SEBI (Mutual Fund) Regulations, 1996; except for DSP Equity Opportunities Fund and DSP Dynamic Asset Allocation
Fund, which are also registered with the Securities and Commodities Authority, UAE. The distribution of this material in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons
who come into possession of this material in such jurisdictions are required to inform themselves about, and to observe, any such restrictions.
Asset Allocation
1. Units of BGF – USFEF# or other similar overseas mutual fund scheme(s): 95% to 100%
2. Money market securities and/ or units of money market/liquid schemes of DSP Mutual Fund: 0% to 5%
# in the shares of BGF – USFEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or may not have any future position in these
sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of its Offer document. Past performance may or not sustain in future and should not be used as a basis for
comparison with other investments.
All figures and other data given in this document are dated 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 DSP
Investment Managers Pvt. Ltd. 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 DSP Mutual Fund (“Fund”).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/ capital guarantee to the investors in the Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
Scheme Product Suitability Riskometer
DSP US Flexible^
Equity Fund
(An open ended fund of fund scheme
investing in BlackRock Global Funds –
US Flexible Equity Fund)
This Open Ended Fund of Funds Scheme (Investing In US Equity Fund) is suitable for investors who are seeking*
 Long-term capital growth
 Investment in units of overseas funds which invest primarily in equity and equity related securities of
companies domiciled in, or exercising the predominant part of their economic activity in the USA
^The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can
invest either in Growth or value investment characteristic securities placing an emphasis as the market outlook
warrants.
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.

21. INVESTMENT MANAGERS