The document discusses the DSP World Energy Fund, which invests in the BlackRock Global Funds - World Energy Fund and BlackRock Global Funds - New Energy Fund. It provides an overview of the BlackRock Natural Resources team, investment process, and outlook for oil prices, demand, supply, and the relative valuation of energy companies. It notes that energy equities are attractively valued versus oil prices and broader markets, and that companies are increasingly focused on shareholder returns through capital discipline.
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DSP World Energy Fund
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
November 2019
| People | Processes | Performance |
DSP World Energy Fund
2. 2
DSP World Energy Fund
Source: Internal; ^AUM as at end-Oct 2019
Indian Investors
USD 1.28 billion
BlackRock Global Funds (BGF)
World Energy Fund (WEF)
USD 1.13 billion
50-100%
Allocation
0-30%
Allocation
BlackRock Global Funds (BGF)
New Energy Fund (NEF)
An Open Ended Fund Of Fund
Scheme investing in BlackRock
Global Funds – World Energy
Fund (BGF – WEF) and
BlackRock Global Funds – New
Energy Fund (BGF – NEF)
3. 3
BlackRock Natural Resources Team
BlackRock Offices worldwide
250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management
1,800+ Professionals
Chief Investment Officer
Evy Hambro
Cailey Barker
Hannah Johnson
Tom Holl
Olivia Markham
Aidan McGuckin
Mining & Gold
Alastair Bishop
Mark Hume
Charlie Lilford
Lindsay Sinclair
Energy & Sustaianble
Energy
Greg Bullock
James Watson
Core Portfolio Managers
Alex Foster
Titania Hanrahan
Eszter Hauber
Courtney O’Shea
Rob Powell
Fred Wood
Product Strategists
Simon McClure
Business Manager
Tom Holl
David Huggins
Nutrition
Names are displayed in alphabeticalorder by surname. BlackRock as at 01 December 2019. Subject to change.
4. Our investment process
Bottom-up
Research
Top-down
Research
Investment Universe
Companymeetings
Financialmodelling
Sitevisits
ESG
Commodityanalysis
Macro trends
Industryanalysis
Portfolio Construction
Diversification
Relative valuation
Active risk
Review process
Risk Oversight(RQA)
Screening:
Financial health
Liquidity
Governance
Investment
Ideas
4FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)
BlackRock, December 2019. ESG: Environmental, Social and Governance. RQA: Risk & Quantitative Analysis Team. Current process for selecting investments in the portfolio is in
accordance with its stated investment objective andpolicies. Process subject to change based on market conditions, portfolio manager's opinion andother factors. Investment process
subject to change and provided here for illustrative purposes only. ESG considerations are evaluated alongside a number of other considerations, and/or would not be the sole
consideration when making investment decisions.
6. Oil Price: Shorter cycles and higher volatility
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7Source: BlackRock, 3 December 2019. For illustrative purposes only. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results
40
30
50
60
70
80
90
100
110
120
US$/bbl
Brentoilprice - last5years
Jul-2014: Oil begins to crash on
US shale revolution + resolution
of supplydisruptions
Jan-2016: “Currentoil prices are
unsustainable and too low to
incentivise the investment that will
be required over themedium-term”
BGF World Energymanagers
Dec-2015: “Oilpricesto
stay below $40/bbl.”
Sell sidebroker
Nov-2014: OPEC
unexpectedly
announces it’s
switching strategy
to pursuing
market share
Nov-2016: OPEC+
announces a co-
ordinated production cap
Oct-2018:“Next
stop $100/bbl.”
Sell sidebroker
Oct-2018: Brent reaches $86/bbl. on
market tightness +political uncertainty
given USsanctions on Iran
Dec-2018:OPEC+
announces removal of
1.2mbd from themarket
Oct-2018: OPECramps
expecting outages from
Iran but US announces
unexpected waivers,
market tips into
oversupply and oil falls
sharply
20
Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19
7. Oil demand outlook
Source: Left: Blackrock, 29 November 2019. The GSP shows where the GDP weighted G7 12- month consensus GDP forecast may stand in three month time. The green line shows the current
12 month economic consensus forecast, as measured by Consensus Economics. Right: IEA, January 2019. There is no guarantee that any forecasts made will come to pass.
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2019 base case: global economic growthdecelerating but still positive. Global oil demand growthof >1mbpd
Outlook for global economicgrowth Global oildemand
93
92
94
95
96
97
98
99
100
101
102
Millionbarrelsperday
1.2
1.4
1.6
1.8
2
2.2
2.4
Percent
G7GPS Level G7Consensus
8. Oil supply outlook: US shale
Source: EIA, Blackrock, Bake Hughes..All figures shown in USD. Any opinions and/or forecasts represent an assessment of the market environment at a specific time and is not intended to be
a forecast of future events or a guarantee of future results
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Oil prices - US shalemost sensitiveto oil
prices given shortercycles
Base case: US shaleproduction can’t growsustainably when realised prices are below $50/bbl.
Capital discipline
Infrastructurebottlenecks
Rising marginalcosts
WhatwillimpactUS shalein 2019?
200
400
600
800
1,000
1,200
(1.0)
(0.5)
-
0.5
1.0
1.5
2.0
US shale crude oilproduction
2.5 1,400
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
HorizontalRigs,#
millionbarrelsperday
US TotalYoY Growth HzRigs [RHS]
30
50
70
90
110
6
4
8
12
10
16
14
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
WTIOilPx,USDperbarrel
millionbarrelsperday
USL48 GoM Alaska WTI[ RHS]
9. Oil supply outlook: OPEC+
Source: Left, both charts: IEA, January 2019. Right: BlackRock, June 2019. Any opinions and/or forecasts represent an assessment of the market environment at a
specific time and is not intended to be a forecast of future events or a guarantee of future results.
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Oil prices - OPEC+ doesn’t want
oil prices too low or too high
30
32
31
33
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
Millionbarrelsperday
Spare capacity -low versus
history
Fiscal constraints -oil price
needed to ‘balance thebooks’
Geopolitics: Iran?Venezuela?Libya?
Base case: OPEC+ to continue to manage themarket
Production
cap
9 %
8 %
7 %
6 %
5 %
4 %
3 %
2 %
1 %
0 %
Q12001
Q12002
Q12003
Q12004
Q12005
Q12006
Q12007
Q12008
Q12009
Q12010
Q12011
Q12012
Q12013
Q12014
Q12015
Q12016
Q12017
Q12018
Percent
OPEC crude oilproduction
Pursuing marketshare Managing themarket
Whatwillimpact OPEC+production?
OPECspare capacity as %of demand
10. Oil supply outlook: Rest of the world (Non-OPEC+, ex-US)
Source: Left, both charts: IEA, January 2019. Right: BlackRock, June 2019. Any opinions and/or forecasts represent an assessment of the market environment at a
specific time and is not intended to be a forecast of future events or a guarantee of future results.
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Oil prices - a sustainable move
needed to incentivize investment
Marginal cost- need to reduce
costs
Underinvestment - capital expenditure
down two-thirds since 2014
Decline rates - industry fighting
accelerating decline rates
Base case: limited growthpotential for RoW production from here
30.5
31.0
31.5
32.0
32.5
33.0
33.5
34.0
34.5
35.0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Millionbarrelsperday
RoW(Globalsupply minus OPEC, Russia andUS)
Rest of the World (RoW)production Whatwillimpact RoWproduction in2019?
11. Relative valuation of energy companies
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Relative performance of energyequities
versus the oilprice
Relative price-to-book of the energysector versus
broader equitymarkets*
Energyequitiesattractivelyvaluedversustheoil price and broaderequity markets
110
105
100
95
90
85
80
75
70
65
60
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19
90
80
70
60
50
40
30
20
10
RelativeperformanceofMSCIWorldEnergyrelative
toMSCIWorld
US$/bbl.
Brent oil price- RHS
MSCI WorldEnergy Index relative tothe MSCI World Index
Performance
(%)
Nov-18 -
Nov-19
Nov-17 -
Nov-18
Nov-16 -
Nov-17
Nov-15 -
Nov-16
Nov-14 -
Nov-15
MSCI World
EnergyIndex
-7.68% -5.22% 1.09% 7.10% -17.94%
MSCI World
Index
12.29% -1.73% 21.34% 1.04% -2.59%
0.5
0.7
0.9
1.1
1.3
1.5
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
Nov-11
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Nov-18
Nov-19
Relativepricetobook(x)
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 performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
Source: Datastream, 3 December 2019. *Energy equities represented by the MSCI World Energy Index and broader equity markets represented by MSCI World Index
12. Capital discipline: increasing focus on shareholder returns
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PioneerNatural to
buy back US$2bn
of shares
Suncor Energy
Declaresincreased
dividendand
announces additional
buyback
Schlumberger
lowers 2019 capex
Concho Resources
initiates dividend
Shell launches
US$25bn share
buyback
programme
MarathonPetroleum
Increases quarterly
dividendby15%
Source: Various company websites, March 2019. 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. Thereis no guarantee that any forecasts made will come to pass.
13. Capital discipline: a sustained shift
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Capexdiscipline Investing in the energytransition
-
20
40
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100
120
-
100
200
300
400
500
600
700
800
OilPx,USD/bbl
USDbillions
IOC E&P REF Oil Px[RHS]
Source: Left: Bloomberg, August 2019. Right: BlackRock, August 2019. IOC:=Integrated Oil Company; E&P:=Exploration & Production; REF:=Refining & Marketing. Includes 110 publicly listed
energy companies. There is no guarantee that any forecasts made will come to pass. References to specific securities and their issuers are for illustrative purposes only and are not intended
and should not be interpreted as recommendations to purchase or sell such securities. 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. These securities were chosen as examples as they represent some of the companies which fit into the themes within
the portfolio.
388
389
399
396
370
380
390
400
410
'19E IOCs E&Ps Aug-
Est. 19
'20E IOCs E&Ps Aug-
Est. 19
USDbillions
15. Portfolio Positioning
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Stock Sub-sector Primary riskregion %of theportfolio
Royal DutchShell Integrated Global 9.7%
BP Integrated Global 9.7%
Total Integrated Global 7.3%
Conocophillips E&P Global 6.5%
Chevron Integrated Global 4.9%
Exxon Mobil Integrated Global 4.6%
TC Energy Distribution Canada 4.5%
Suncor Integrated Canada 4.2%
Williams Distribution USA 4.1%
MarathonPetroleum Refining &Marketing Global 4.1%
Total: 59.74%
Top 10 holdings by % of the portfolio
Number ofholdings:
Beta:
30
1.01
PE FY1:
Dividend yieldFY1:
15.5x
4.18%
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. These securities were chosen as examples as they represent some of the companies which fit into the themes within the portfolio. Source: BlackRock,
end November 2019. Subject to change. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have any
future position in these sector(s)/stock(s)/issuer.
16. Largest Over weights and under weights
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Largest overweights
Stock %ofthe portfolio %ofthe benchmark Activeposition
Total 7.3% 4.5% 2.8%
Conocophillips 6.5% 3.8% 2.8%
Williams 4.1% 1.6% 2.6%
BP 9.7% 7.1% 2.5%
TC Energy 4.5% 2.7% 1.9%
Largest underweights
Stock %of the portfolio %ofthe benchmark Activeposition
Exxon Mobil 4.6% 8.9% -4.3%
Chevron 4.9% 8.8% -3.9%
Phillips 0.0% 2.9% -2.9%
Schlumberger 0.0% 2.8% -2.8%
KinderMorgan 0.0% 2.3% -2.3%
Source: BlackRock, end November 2019.
References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such
securities. These securities were chosen as examples as they represent some of the companies which fit into the themes within the portfolio.
17. Sub sector exposure
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Source: BlackRock, end November 2019. The fund’s benchmark is the MSCI 10/40 DW Energy (Net) Index. Indices are unmanaged and one cannot invest directly in an index. For illustrative
purposes only. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have any future position in these
sector(s)/stock(s)/issuer.
Sub-sectorexposure Changes versus 12 monthsago
0 %
10%
20%
30%
40%
50%
60%
Percent
0.1%
-0.5%
0.2% 0.1%
-0.1%
0.0%
0.7%
-0.6%
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Percent
Fund Benchmark
18. BGF World Energy: Performance to 30th November 2019
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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.
Source: BlackRock, 30 November 2019. Performance shown as at 30 November 2019 in USD on a NAV prices basis with income re-invested. Performance figures are calculated net of
annual fees. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Performance (AShare Class,Net,USD)
Launch date
April2001
Structure
Open-endedSICAV
Fund Managers
AlastairBishop
MarkHume
AUM
$1.3billion
November 2018-
November 2019
November 2017-
November 2018
November 2016-
November 2017
November 2015-
November 2016
November 2014-
November 2015
BGF World Energy Fund -A -3.87% -8.13% -1.56% 6.45% -21.21%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
Return(%)
MSCI World Energy 10/40 -4.05% -2.74% 3.92% 11.11% -16.01%
21. Why invest in the Sustainable Energy Theme?
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Source: Blackrock 2019 | For illustrative purposes only.
The pace of change is accelerating
A multi-faceted growthopportunity
A climate change hedge with ESG
embedded in the investment process
22. Climate Change: An increasingly important consideration for investors
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Source: Left: Mercer, accessed January 2019. Right: Blackrock 2019. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund
may or may not have any future position in these sector(s)/stock(s)/issuer.
Technological disruption to reduce carbon
emissions is affecting all industries
Climate change will impact thevalue
of assets - riskof strandedassets
Regulatorypressuresoninvestors
-6.0 %
-4.0%
-2.0 %
0.0%
2.0%
4.0%
Medianadditionalannualreturns
Minimum Impact Additional Variability
The BGFSustainableEnergyfundhasacarbon riskratingof
10.33-thelowestinitssector
(Source:CityA.M,30April2019)
Climate Change Impacton Returns(35years)
6.0%
23. The shift to a lower carbon economy is supported by global regulations
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Source: Left: Carbon brief, accessed Jan 2019. Right: Credit Suisse and ACEA, April 2019. There is no guarantee that any forecasts made will come to pass | For illustrative purposes only.
0
20
40
80
60
100
120
140
160
180
2005
2008
2011
2014
2017
2020E
2023E
2026E
2029E
2032E
2035E
2038E
GramsCO2/km
European NewCar Average EuropeanTarget
EUtargets atleast
40% cutin
greenhouse gas
emissions by2030
comparedwith 1990
Norway pledges
to become
carbon neutral
by 2030
8 African cities
pledged to cut
emissions to
zero by 2050
India is targeting
175GW greenpower
capacity by2022
China launched an
emissions trading
scheme, the world’s
largest mechanism
to reducecarbon
Yet to submit
climate pledge
Submitted
climate pledge
Submitted but
exiting thedeal
The Paris Climate Agreement: country emissions pledges Regulatory Targets in Europe for New cars
24. Lower carbon alternatives are increasingly more economic
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I
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0
20
40
60
80
100
120
140
160
180
200
Offshorewind
Conventional
combustionturbine
Biomass
Advancednuclear
Advanced
combustionturbine
SolarPV
Hydroelectric
Onshorewind
Conventional
naturalgas
Advanced
naturalgas
US$/mWH
2014 2017
100
0
200
300
400
500
600
700
800
900
1,000
$/kWh
2010 2013 2016 2019 2022 2025 2028
Observedprice 18%learningrate
BNEFobserved
values:annual
lithium-ionbattery
priceindex
2010-17.
2030
average
lithium-
ion
battery
price:
$70/kWh
2025average
lithium-ion
batteryprice:
$96/kWh
Average Levelised Costsof Electricity Lithium-ion battery prices
Source: Left: EIA, 2018. Right: Bloomberg New Energy Finance, May 2018. There is no guarantee that any forecasts made will come to pass | For illustrative purposes only.
25. The pace of adoption continues to be underestimated
F
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Source: Left: BP Energy Outlook, 2018. Right: IEA, IRENA, Bloomberg, Goldman Sachs Global Investment Research 2018. The chart shows IEA annual projections for global solar capacity.
Forecasts may not come to pass.
0
1
2
3
4
5
6
7
8
9
Energy Outlook 2018
ThousandTWh
Change to the projected level of renewable power
in 2035
Energy Outlook 2015
Solar Wind Other
0
200
400
600
800
1,000
1,200
1,400 Actual &
2017
Forecast
2006
2007
2008
2008
2009
2010
2011
2012
Shiftto renewablescontinuestoaccelerate Thepace oftransition continuesto beunder-estimated
+59%
27. F
O
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P
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Source: Blackrock New Energy Finance , 2018
Investment continues to accelerate RegulationCosts are falling
64%of investment in
new power
generation through
to 2050 is expected
to be on renewables
PV moduleprices
have fallen83%
since 2010 and wind
turbine prices are
down32%
since 2010
Governments are
having to change
their power
generation mix to be
more renewables
focused, in orderto
meet emissions
targets
Power: Pace of decarbonisation continues to upside surprise
28. Energy Efficiency: Doing more with less
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Source: Left: NRDC, 14th August 2018. Centre: The energy Saving Trust 2017, Right: Blackrock , 2019
Consumersaremore energy conscious TechnologyEconomics
U.S. energy use is
about the same nowas it
was in 2000,despite
economic growthof
about 30percent
Changingyour
boiler from a G
efficiency rating to
an A rating can
save you £340 a
yearon your gasbill
Improvements in
technology are
making appliances
more energy
efficient, ultimately
reducing energy
wastage. These new
technologies are now
becoming the
conventional choice
29. Transportation: On the cusp of a multi decade transformation
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Source: Blackrock , 2019
China EconomicsTechnology
Due to license plate
restrictions, consumers in
Beijing has a 0.1% chance of
success when applying for a
internal combustion engine
(ICE) vehicle in 2017 but a
50% chance of success for
an EV
European
Regulation
European auto
manufacturers must reduce
average CO2 emissions for
new cars sold to 95 g/km by
2021 or face hefty fines.
The average in 2017 was
119 g/km.
The Tesla Model S can
accelerate from 0 to 60
miles per hour in as little as
2.4 seconds. That’s faster
than any Ferrari currently
available.
The battery accounts for
most of the cost differential
between an EV and an ICE
vehicle. However, costs are
falling rapidly, with battery
costs having fallen 79% in
the last 7 years.
31. BGF Sustainable Energy Fund – Strategy Overview
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Source: Blackrock , Oct 2019. For illustrative purposes only. * ESG refers to Environmental, social and governance | Past performance is not a reliable indicator of current or future results
BlackRock
offering:
Strong-trackrecord in
Thematics
Specialists
Benefit ofBlackRock
community
Researching:
Equities enabling or
benefitting from the
transition to a lower
carbon economy
Approach:
Activefundamental
analysis
Concentrated
portfolio
Investing inbusiness
fundamentals and
valuation; avoiding
“hype” stocks
32. BGF Sustainable Energy: Investment process
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8Source: BlackRock 2019. Investment process subject to change and provided here for illustrative purposes only. *RQA refers to Risk & Quantitative analysis.
InvestmentUniverse
Macro andIndustryView
CompanyTemplate
Portfolio
Review
trigger
Data
packs
Weekly
meeting
BII
Insights
Industry
Super-
Groups
Meetingswith
management
Site
visits
Financial
modellingand
ESG
Devil’sadvocate
Portfolio
construction RQA*
Rejected
ideas
34. BGF Sustainable Energy Fund looks to capture these growth opportunities
F
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Source: Blackrock , 30th Nov 2019. For illustrative purposes only. Percentages shown relate to the Fund’s current position in each sector. 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.
24.2% 20.8%
13.1% 12.3%
4.2%
5.3%
Power
CleanPower
Renewable
EnergyTechnology
5.4%
Energy
Storage &
Infrastructure
Building &
Consumer
Industrial
Efficiency
Automotive
Technology
Materials
:
Components
&
Systems10.2%
Energyefficiency Transport
35. BGF Sustainable Energy: Performance to 30th November 2019
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8
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. Source: BlackRock, 30 November 2019. Performance shown as at 30 November 2019 in USD on a NAV prices basis with income re-invested. Performance figures are
calculated net of annual fees. The fund does not have an official performance benchmark
Performance (AShare Class,Net,USD)
Launch date
April2001
Structure
Open-endedSICAV
Fund Managers
AlastairBishop
Charlie Lilford
AUM
$1.1billion
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
November 2018 -
November 2019
November 2017 -
November 2018
November 2016 -
November 2017
November 2015 -
November 2016
November 2014 -
November 2015
Returns(%)
BGF Sustainable Energy Fund - A 17.34% -8.27% 24.24% 0.26% -5.61%
36. BGF Sustainable Energy: Performance to 30th November 2019
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S
U
R
8
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. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past
performance calculation. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in a n index.
Source: Data stream, 30 November 2019. Performance shown as at 30 November 2019 in USD
10-year relative performance vs. S&P Clean energy Index
Launch date
April2001
Structure
Open-endedSICAV
Fund Managers
AlastairBishop
Charlie Lilford
AUM
$1.1billion
Performance (%) Nov-18 - Nov-19 Nov-17 - Nov-18 Nov-16 -Nov-17 Nov-15 -Nov-16 Nov-14 -Nov-15
BGF Sustainable Energy Fund (Netof
fees for Ashareclass)
17.34% -8.27% 24.24% 0.26% -5.61%
S&P Global CleanEnergy 23.04% 0.22% 12.34% -14.82% -8.59%
80
70
60
50
40
30
20
10
0
-10
-20
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
Jul-12
Nov-12
Mar-13
Jul-13
Nov-13
Mar-14
Jul-14
Nov-14
Mar-15
Jul-15
Nov-15
Mar-16
Jul-16
Nov-16
Mar-17
Jul-17
Nov-17
Mar-18
Jul-18
Nov-18
Mar-19
Jul-19
Nov-19
Relativeperformancerebasedto100
37. BGF Sustainable Energy Fund looks to capture these growth opportunities
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8
24.2%
5.4%
10.2%
4.2%
5.3%
12.3%
20.8%
13.1%
CleanPower
Energy Storage & Infrastructure
Renewable Energy Technology
Components &Systems Automotive
Technology
Materials
Building &Consumer
Industrial Efficiency
Cash
Company Sector Country of assets %ofFund
Nextera Energy Clean Power USA 6.2%
Enel Clean Power Europe 4.9%
EDP Renovaveis Clean Power Global 4.9%
Schneider Electric
Building &
Consumer
Global 4.4%
Vestas Wind
Systems
Renewable Energy
Technology
Global 4.3%
Eaton Corporation
Building &
Consumer
Global 3.5%
RWE Clean Power Germany 3.5%
First Solar
Renewable Energy
Technology
USA 3.3%
Sika
Building &
Consumer
Global 3.2%
Hexagon Industrial Efficiency Global 3.2%
Total: 41.47%
Top 10 Holdings Sector exposure by GICs and Sustainable Energy Sectors
Listing country allocation
28.2%
26.9%
14.5%
2.0%
4.4%
Industrials
Utilities
Information Technology
Materials
24.0%
Consumer Discretionary
Cash
4.4%
36.6%
49.2%
5.3% 2.0%
2.4%
4.4%
USA
Europe ex UK
UnitedKingdom
Asia ex China
China
Cash
The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions sho uld be made that the companies identified and
discussed were or will be profitable. Data shown above is for illustrative purposes only and does not necessarily represent the current or future allocation of the fund. 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 pro duct's to tal holdings. However, in some
instances it can reflect the country where the issuer of the securities carries out much of their business. Due to rounding the total may not be equal to 100. Holdings are subject to change.
Source – Blackrock as on 30th Nov 2019.
38. 38
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
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Asset Allocation
1. Units of BGF – WEF# and BGF-SEF# 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 – WEF and BGF - SEF, 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”).
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Mutual Fund investments are subject to market risks, read all scheme related documents carefully
Scheme Product Suitability Riskometer
DSP World Energy Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – World Gold Fund
(BGF – WGF)
This Scheme 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 in the energy and alternative energy sectors
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.