Q3 2024 Earnings Conference Call and Webcast Slides
DSP World Energy 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
July 2023
| People | Processes | Performance |
DSP World Energy Fund
An open ended fund of fund scheme investing in BlackRock Global Funds – World Energy Fund (BGF –
WEF) and BlackRock Global Funds – Sustainable Energy Fund (BGF – SEF)
2. 2
DSP World Energy Fund
Indian
Investors
DSP World
Energy Fund
BlackRock Global Funds -
Sustainable Energy Fund
(BGF-SEF)
Exposure to renewable energy developments
Well diversified portfolio with various sub-
themes
Longest track-record and one of the largest fund
in this space
Where does the underlying fund invest?
Source: BlackRock; Internal. Data as on 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.
> 70% of its assets in the equity securities of sustainable energy companies.
Sustainable energy companies are those which are engaged in alternative energy
and energy technologies including: renewable energy technology; renewable
energy developers; alternative fuels; energy efficiency; enabling energy and
infrastructure.
Reasons to Allocate?
3. Sustainable Energy Fund
A sub-fund of BlackRock Global Funds
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
FOR PROFESSIONAL CLIENTS, QUALIFIED INVESTORS AND QUALIFIED CLIENTS ONLY/
FOR PROFESSIONAL, INSTITUTIONAL, ACCREDITED INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES USE ONLY
June 2023
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5. 5
BlackRock
definition of a
thematic fund:
A fund backed by
one or more of the
Megatrends, which
invests across
borders and sectors
in companies we
expect to benefit
from a structural
growth theme
The Five Megatrends
Shifting economic
power
Demographics
and social change
Technological
breakthrough
Climate change &
resources scarcity
Rapid
urbanisation
BlackRock, June 2023. For illustrative purposesonly.
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6. Why thematic funds?
6
We expect our themes to drive faster-than-expected
earnings growth for our holdings and this to drive
outperformance versus broader equity markets over
the long-term
Disruption is typically underestimated due to the S-
shaped nature of technology adoption curves
Sustainability-alignment: many of our thematic funds
are inextricably linked to sustainability due to the
nature of what they are investing in
BlackRock, June 2023. For illustrative purposesonly.
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7. Markets consistently underestimate technology progress
7
Capacity
projections
Cost
projections
BlackRock, IEA, BNEF, IRENA, BCG, 25/01/22.For illustrative purposes only. The projectionsare illustrative in nature and do not expressa forecast.
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8. 8
BlackRock’s Thematic ‘Think Tank’
20 investment professionals from across
BlackRock meeting monthly
Representatives from Fundamental Equity,
Equity Index Investments, BlackRock
Sustainable Investing, Multi-Asset and
Risk & Quantitative Analysis
Role
Research and approve / reject new themes
proposed for products
Research if active or index approach is more
optimal for proposed themes
Monitor progress of themes for existing
products
BlackRock’s Advantage in Thematics
Global reach
Scale of resources
Access to companies
Portfolio construction process
Active: fundamental analysis conducted by
named portfolio managers and associated
analysts to pick and weight stocks
Index: universe mapped using FactSet RBICS
data, indices equal-weighted with annual
rebalance
Thematic
Research
Investment
Group (TRIG)
BlackRock, June 2023. For illustrative purposesonly.
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9. Source:BlackRock, June 2023.
For illustrative purposesonly. Themeslistedin alphabeticalorder. *Active ETF clones
Index
Active
SFDR
Article 9
BlackRock’s Thematic Platform
Future Consumer
Future of
Transport
Ageing Population
Automation &
Robotics
Agribusiness
Circular Economy Digital Security
Digitalisation
Climate
Action/Future
Climate*
Electric Vehicles &
Driving Tech
EM Consumer
Growth
Fintech
Global Timber &
Forestry
Global Clean
Energy
Healthcare
Innovation
Global Water
Next Generation
Technology/
Future Tech*
Next Generation
Health Care/Future
Health*
Sustainable
Energy
Smart City
Infrastructure
Nutrition
Multi-
Theme
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10. Positioning thematic funds in portfolios
1. Core-satellite
2. Replacing part of a global equity allocation with thematic exposure
3. Thematics as the core
Core
Satellite
Accounts for the majority of the portfolio
Typically traditional assets such as equities & bonds
Designed to broadly provide the market return
Accounts for the minority of the portfolio
Designed to act as a performance ‘kicker’
Thematic funds are well-suited to act as
satellite investments, in our view, given
that we expect them to outperform
broader equity markets and as they have
relatively limited crossover with the most
popular equity market indices.
We believe this is the most common approach as it is best suited for
investors that construct their portfolios by geographical regions. This
can be achieved by using individual thematic funds or with a multi-
theme product.
This is an innovative approach that
involves using thematic convictions as
the starting point for portfolio
allocations then adjusting exposures
with active regional, sector and stock
overlays.
1. Start with thematic
convictions – a multi-
thematic and
dynamic allocation
2. Regional overlay
added to manage
unintended country
bets
3. Style factor overlay
to manage growth,
value, momentum,
quality bets
4. Single stocks can be
added to reflect shorter-
term convictions
We see three main ways investors can think about incorporate
thematics in broader portfolios:
There is no guarantee that a positive investment outcome will be achieved. BlackRock, June 2023. For illustrative
purposesonly.
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12. Climate risk is an investment risk
12
Annual global temperatures from 1850-2021
The colour scale represents the change in global temperatures
covering 1.35°C
Source:University of Reading,climatestripes 1850-2021. Imagesfor illustrative purposes only.
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13. What is the Sustainable Energy theme?
13
Clean Power
Examples:
• Clean utilities
• Renewable energy technology
Energy Efficiency
Examples:
• Insulation
• Smart buildings
• Industrial efficiency
Clean Transportation
Examples:
• Electric vehicle (EV)
manufacturers and related sub-
suppliers
• Emission reduction equipment
suppliers for traditional ICE
vehicles
Seeking to invest in the beneficiaries of the low carbon transition
Source:BlackRock June 2023. Forillustrative purposes only.
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14. What is driving the theme?
14
Source:BlackRock, EU Commission,WhiteHouse.gov , Society:European Investment Bank, 31/12/20,, Economics: BloombergNewEnergyFinance,27/12/2022. There is no
guaranteethat any forecastsmade will come to pass. For illustrative purposesonly. Subjectto change.
Regulation Society Economics
Governments are supporting the
transition to a lower carbon world
Society wants to reduce carbon
emissions
Lower carbon solutions are
becoming increasingly cost
competitive
Continued cost declines of renewables
0%
20%
40%
60%
80%
100%
120%
USA China Europe
Percentage of people who intended
to make certain decisions based on
climate change in 2020
Buy fewer plastic products
Fly less
Boycott carbon negative companies
Protest or march for climate change
Inflation
Reduction Act,
$369billion
climate package 0
50
100
150
200
250
1H
2014
1H
2015
1H
2016
1H
2017
1H
2018
1H
2019
1H
2020
1H
2021
1H
2022
US$/MWh
(2020
real)
Solar Onshore wind
Offshore wind Natural gas
Coal
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15. 15
Energy security is now
accelerating the
transition in net importers
– Europe, China, Japan
Policy makers are looking to reduce reliance on
foreign energy sources
REPowerEU
• Diversifying energy imports
• Substituting fossil fuels
• Accelerating Europe’s clean energy transition
• Energy savings - Fit for 55
Source:BlackRock, June 2023. Chart data: EU Commission 18/05/22and Euractiv
27 /06/22.For illustrative purposes only.
387
116
10
37
12
21 17
27
60
0
50
100
150
200
250
300
350
400
450
Gas
demand
Fit
for
55
Behaviour
Buildings
industry
Solar
&
Wind
Biomethane
Green
H2
LNG
REPowerEU: proposal to reduce natural gas demand
EU imported ~155bcm (billion cubic metres) of Russian gas in 2021
Total
EU
gas
imports
bcm
EU member states
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16. US climate legislation
• Aims to cut US CO2 emissions by 40% by 2030.
• Extension of tax credits for at least 10 years
• Solar power (modules, inverters, trackers, installers)
• Wind power ( blades, towers, turbines)
• EV battery manufacturing and materials sourcing
• Low carbon hydrogen production
• Carbon capture and storage
• New vehicle tax credit $7500 for qualifying EVs and
fuel cell vehicles. Includes tax credits for commercial
users to switch to electric and fuel cell vehicles
• EV charging infrastructure
• Building sector support to reduce emissions via
energy efficient appliances, home retrofits,
commercial buildings
16
Inflation Reduction
Act includes
$369billion of
support for key
decarbonization
technologies
Source:BlackRock, WhiteHouse.gov, By the numbers: the InflationReductionAct’,
15/08/22. Allfigures in USD.For illustrative purposesonly.
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17. Clean Power
0%
20%
40%
60%
80%
100%
1970 1980 1990 2000 2010 2020 2030 2040 2050
Source
of
electricity
Coal
Gas
Nuclear
Hydro
Wind
Solar
17
Electricity
Hydrogen
Oil
Bioenergy
Coal
Gas
Other
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
2016 2021 2026 2031 2036 2041 2046
PJ/Year
Source:BlackRock, BloombergNEFNewEnergy Outlook, 13 /09/21. LHS, Greenscenario, final energyconsumptionby fuel. RHS, electricitygenerationby source.
Forecastsmay not come to pass. PJ: onequadrillionjoules.“Other” includesbiomassand otherenergy sources.
Electricity’s share of energy is growing With two-thirds provided by renewables
Oil
Other
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18. Superior thin film (Cadmium-Telluride) PV solutions
provide energy yield and cost advantage over silicon-
based PV technology
Aim to expand to 16GW in 2024 (from 8GW) and add
further 3.5GW facility in 2025
Advanced recycling program for closed-loop
semiconductor recovery
18
Clean Power Stock example:
First Solar
Largest US manufacturer of solar panels
Cumulative global installed PV capacity
665
1051
1336
0
500
1000
1500
2020 2023e 2025e
GW
Source: First Solar results presentation. Chart: IHS Market, Global Power and
Renewables2021. Forecastsmay not come to pass.
First Solar is the largest solar technology stock held in the portfolio. Reference to
individual investments mentioned in this communication is for illustrative purposes only
and should not be construed as investment advice or investment recommendation.
Image for illustrative purposesonly
Case studies are for illustrative purposesonly; they are not meant as a guaranteeof any
future results or experience,and shouldnot be interpretedas advice or a
recommendation.
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19. Energy Efficiency
Source:IngersollRand. 4 August 2022 Q2 results presentation.
* Company estimates based on May 2022 energy prices. ** Sustainability Report September 2022, company management estimates. Ingersoll Rand is an example of an
industrialenergyefficiencystock heldin the portfolio, within the top 10 holdingsas at 30 September2022.
Reference to individual investments mentioned in this communication is for illustrative purposes only and should not be construed as investment advice or investment
recommendation.
19
• Focus on near-shoring production +
high energy costs we expect to drive
industrial efficiency capex
• Buildings account for c.42% of the final
energy consumption in Europe*
• €1.6tn of spend forecast on energy
efficiency by 2030*, heat pumps and
insulation in Europe into “best-available
technology”
Source:BlackRockJune 2023. * GoldmanSachs, Carbonomics,20 July 2022. ec.europa.eufor REPowerEU.
For illustrative purposesonly. Forecastsmay not cometo pass.
Airflow and
climate
Power
management
Rooftop
solar
Building
materials +
insulation
Smart
design
Water treatment
+ management
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20. 20
Energy Efficiency Stock example: Ingersoll Rand
Business overview and rationale
Provision of energy efficient critical components in
manufacturing and industrial facilities – air
compression, air and fluid management solutions.
• Strategic pivot to sustainable end markets.
• Customers seeking to lower carbon emissions and
reduce energy costs.
• Higher energy prices increase the relative
attractiveness of energy efficient investment.
15%
Midpoint energy
efficiency gains of
upgrade-ready
compressors.
Typically a<2 year
payback*
15B kWh
Annual reduction in
electricity consumed
from improving
compressed air
system efficiency
by15%**
Source:IngersollRand. 4 August 2022 Q2 results presentation.
* Company estimates based on May 2022 energy prices. ** Sustainability Report September 2022, company management estimates. Ingersoll Rand is the largest industrial energy
efficiencystock heldin the portfolio, within the top 10 holdingsas at 30 November2022.
Reference to individual investments mentioned in this communication is for illustrative purposes only and should not be construed as investment advice or investment
recommendation.
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21. Clean transportation
21
Global plug-in electric light vehicle sales worldwide by
calendar year
BNEF 2040 forecast (made in 2019):
58 million EV sales
Now revised to 73 million
This would imply a 13.4% CAGR
in global electric vehicle sales from
2021-2040
However, this this is likely to be
underestimating the speed of
adoption in our view
Major
underestimation of
the speed of adoption
Source:BlackRock, Statista, 31/10/22. BloombergNew EnergyFinanceEV Outlook 2019 and2022 (BNEF),31/05/19 and 30 June 2022. There is no guaranteethat
forecastsmadewill come to pass.
3.7
6.7
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 2019 2020 . . . .
Million
BNEF
2021
forecast
(made in
2019)
2021
actual
sales
BNEF
2040
forecast
(made in
2022)
BNEF
2040
forecast
(made in
2019)
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22. 22
Clean transportation - stock example: Samsung SDI
Source:EV +PHEV, IHS Markit data, taken from Samsung SDI 2019 and2021 SustainabilityReports. Forecastsmay not come to pass.
Samsung SDI is the largest battery manufacturer/automotive technology stock held in the portfolio. Reference to individual investments mentioned in this communication
is for illustrative purposes only and should not be construed as research, investment advice or a recommendation, or an offer or solicitation to buy or sell any securities or to
adoptany investment strategy
EV Li-ion battery projected growth
466
738
1095
1426
1768
2122
0
500
1000
1500
2000
2500
2022 2023 2024 2025 2026 2027
GWh/annum
2019 forecast 2021 forecast
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24. The sustainable energy team
24
Thereis no guaranteethat a positive investment outcomewill be achieved.
Thereis no guaranteethat research capabilitieswill contributeto a positive investmentoutcome.
BlackRock. For illustrativepurposes only. 31 May 2023. Staff might be subject to changewithout notice.
Charlie Lilford, Director and Portfolio Manager, is a
member of BlackRock's Fundamental Equity division. Mr.
Lilford co-manages the BGF Sustainable Energy and BGF
Future of Transport funds.
Mr. Lilford joined BlackRock in 2016.
Lindsay Sinclair, CFA, Vice President, is a member of BlackRock’s
Fundamental Equity division. She has analyst responsibilities for the BGF
Sustainable Energy and BGF Future of Transport funds.
Ms. Sinclair joined BlackRock in 2016.
Alastair Bishop, Managing Director and Portfolio
Manager, is a member of BlackRock’s Fundamental Equity
division. Mr. Bishop co-manages the BGF Sustainable
Energy Fund, the BGF Future of Transport Fund, the
BlackRock Utilities, Infrastructure & Power Opportunities
Trust as well as a number of natural resources strategies.
Mr. Bishop joined BlackRock in 2010.
Supported by scale and resources of BlackRock
Active Equity
Platform
220+ equity analysts in 14
different cities
Global Scale
Risk & Quantitative
Analysis Team (RQA)
150+ RQA professionals
monitoring >5,000 factors
Risk Management
Thematics Research
Group
14 Portfolio Managers and
Analysts
Research Capabilities
Core-PM and
Dealing Teams
Located across the global
aiming for best execution
Trading & Execution
Charlie Brew, Analyst, is a member of BlackRock’s Fundamental Equity
division. He has analyst responsibilities for the BGF Sustainable Energy
and BGF Future of Transport funds.
Mr. Brew joined BlackRock in 2020.
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25. Investment
strategies
managed
Purple = Sector
Green = Thematic
BlackRock Thematics and Sectors Team
BlackRock Offices worldwide
250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management
1,800+ Professionals
Team lead:
Evy Hambro
Namesare displayedin alphabeticalorderby surname.BlackRock, June 2023. Subjectto change. *Tom Holl sits on our Materialsand our Agricultureand Nutritionpods.
Cailey Barker
Capucine Brunet
Hannah Johnson
Tom Holl
David Katz
Olivia Markham
Sumana Manohar
Aidan McGuckin
Materials pod
Alastair Bishop
Charlie Brew
Mark Hume
Charlie Lilford
Tao Ly
Lindsay Sinclair
Energy Transition pod
Greg Bullock
Rishi Ramnani
Core Portfolio Managers
Pragyapti Bhandari
Alex Foster
Brian Knowles (APAC)
Martin Mercau
Courtney O’Shea
Rob Powell
Fred Wood
Product Strategists
Simon McClure
Business Manager
Tom Holl*
Zheng Li
Agriculture &
Nutrition pod
25
Energy
Mining
Gold
Future of Transport
Sustainable Energy
Broad natural resources
Nutrition
Climate Action
Circular Economy
Portfolio
managers and
analysts
Brown to Green Materials
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26. How do we pick stocks for BGF Sustainable Energy?
26
Source: BlackRock 2020. For illustrative purposes only.
Fundamentals Valuation E.S.G.
• Sector specialists
• Company meetings
• Site visits
• Screens
• Financial modelling
• Research templates
• Formal exclusions
• Ethix screens
• Engagement
Portfolio Manager’s currentprocess, which is subject to changewithout notice.Source:BlackRock, June 2023. For illustrative purposesonly.
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27. BGF Sustainable Energy: Investment process summary
Source:BlackRockJune 2023. Investmentprocess subjectto changeand providedhere for illustrative purposesonly.
*RQA refers to Risk & Quantitative analysis.
27
Investment
universe
Macro and
industry view
Company
template
Portfolio
• Data packs
• Weekly meetings
• BII insights
• Industry super-groups
• Site visits
• Meeting management
• Financial modelling
• E.S.G.
• Devil’s advocate
• Portfolio construction
• R.Q.A.*
• High conviction
• Typically 30-60 stocks
• Review trigger
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28. A Sustainability solution for portfolios
E.S.G. incorporated into investment process
5 globe Morningstar sustainability rating
Aligned to the UN’s Sustainable Development
Goals
77% of the portfolio rated A or above by MSCI ESG
Ratings
Source:BlackRock, June 2023
28
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30. BGF Sustainable Energy: Performance to 31 May 2023
30
FOR PROFESSIONAL CLIENTS, INSTITUTIONAL AND QUALIFIED INVESTORS ONLY - NOT FOR PUBLIC DISTRIBUTION
Launch date
April 2001
Structure
Open-ended SICAV
Fund Managers
Alastair Bishop
Charlie Lilford
AUM
$ 7.1 billion
Performance (A Share Class, Net %, USD)
30
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, performance shown as at 31 May 2023 in USD on a NAV prices
basis with income re-invested. Performance figures are calculated net of annual fees. 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. *Inception date:
16/02/2011.
YTD
2023
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Since
Inceptio
n p.a.
BGF Sustainable Energy Fund - A 9.61% -18.32% 15.73% 50.42% 30.21% -14.03% 24.51% 1.32% -2.82% -3.11% 26.61% 6.03%
MSCI ACWI 7.68% -18.36% 18.54% 16.25% 26.60% -9.41% 23.97% 7.86% -2.36% 4.16% 22.80% 7.42%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Return
(%)
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31. BGF Sustainable Energy: Performance to 31 May 2023
31
FOR PROFESSIONAL CLIENTS, INSTITUTIONAL AND QUALIFIED INVESTORS ONLY - NOT FOR PUBLIC DISTRIBUTION
Launch date
April 2001
Structure
Open-ended SICAV
Fund Managers
Alastair Bishop
Charlie Lilford
AUM
$ 7.1 billion
Performance (A Share Class, Net %, USD)
31
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, performance shown as at 31 May 2023 in USD on a NAV prices basis with
income re-invested. Performance figures are calculated net of annual fees. The Fund is actively managed The IA has discretion to select the Fund's investments and is not
constrainedby any benchmarkin this process. The MSCI AllCountries World Indexshould be usedby investors to comparethe performanceof the Fund.
May-23 3-Month 1-Year 3-Year p.a. 5-Year p.a. 10-Year p.a.
BGF Sustainable Energy Fund - A 0.00% 2.90% 8.60% 17.50% 11.94% 8.90%
MSCI ACWI -1.07% 3.44% 0.85% 10.07% 6.77% 7.82%
-5%
0%
5%
10%
15%
20%
Return
(%)
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32. BGF Sustainable Energy – positioning
32
Source: BlackRock, 31 March 2023. Data shown above is for illustrative purposes only and does not necessarily represent the current or future allocation of the fund. Due to
rounding,the total may not be equal to 100%. Holdings are subject to change.
Evolution of fund changes by sector
0%
5%
10%
15%
20%
25%
30%
Clean
Power
Renewable
Energy
Technology
Energy
Storage
&
Infrastructure
Building
&
Consumer
Industrial
Efficiency
Automotive
Technology
Materials
Components
&
Systems
Cash
31/12/2021 30/06/2022 31/12/2022 31/03/2023
AEM0623E/M-2948797-30/47
33. 26.4%
3.0%
8.4%
4.7%
20.4%
3.1%
10.3%
18.4%
5.3%
Clean Power
Energy Storage & Infrastructure
Renewable Energy Technology
Components & Systems
Automotive Technology
Materials
Building & Consumer
Industrial Efficiency
Cash
BGF Sustainable Energy
33
Top 10 holdings Sector exposure by GICs sectors
Listing country allocation
Source: BlackRock, 31 May 2023. 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. 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 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. Due to rounding, the total may not be equal to 100%. Holdings are subject to change.
Company Sector
Country of
assets
% of
Fund
NextEra Energy Clean Power USA 6.3%
RWE Clean Power Germany 5.2%
Enel Clean Power Europe 5.2%
EDP Renovaveis Clean Power Global 3.2%
Samsung SDI Automotive Technology Global 3.1%
Analog Devices Automotive Technology USA 3.1%
Linde Industrial Efficiency Global 3.0%
LG Chem Automotive Technology Global 2.9%
Air Liquide Industrial Efficiency Global 2.9%
Vestas Renewable Energy Technology Global 2.8%
Total: 34.82%
Sector exposure by Sustainable Energy sectors
31.3%
25.7%
23.8%
12.1%
5.3%
Information Technology
Utilities
Industrials
Materials
Cash
41.4%
9.8%
7.8%
6.2%
6.1%
5.1%
4.4% 3.0%2.2% 2.0%
1.6%
1.6%
1.3%
1.2%
1.1%
5.3%
United States
France
Germany
Italy
Korea (South), Republic of
Portugal
Denmark
China
Netherlands
Ireland
Japan
Sweden
Switzerland
Hong Kong
United Kingdom
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34. Alignment to the UN Sustainable Development Goals (SDGs)
34
Source:UN SustainableDevelopmentGoals,BlackRockanalysis, 30/09/22. Subjectto change.
SDG 7
SDG 11
SDG 12
SDG 13
SDG 9
Fund alignment with UN SDGs
44%
18%
15%
30%
86%
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36. Risk summary
36
Source: BlackRock, 31 May 2023. For illustrative purposes only. The specific companies identified and described above do not represent all of the companies purchased or sold,
and no assumptions shouldbe made that the companiesidentifiedanddiscussed were or will be profitable.
36
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37. Carbon emissions
Source BlackRock,Carbon Trust briefing,26/02/23.For illustrative purposes only
37
• Scope 1 emissions are direct emissions from
company-owned and controlled resources.
• Scope 2 emissions are indirect emissions from
the generation of purchased energy, from a
utility provider.
• Scope 3 emissions are all indirect emissions -
not included in scope 2 - that occur in the value
chain of the reporting company, including both
upstream and downstream emissions.
37
Company
facilities
Company
vehicles
Purchased electricity,
heating, cooling for own
use
Investments Franchise Leased
assets
End-of-life
treatment of
sold
products
Use of sold
products
Processing
of sold
products
Transportation
and distribution
Purchased
materials/
goods/
services
Capital
goods
Fuel &
energy
related
Transportation
& distribution
Waste from
operations
Business
travel
Employee
commuting
Upstream
Downstream
Process
emissions
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38. 38
ESG Reporting Methodology and Assumptions
Metrics Definition and Methodology
ESG Coverage The coverage represents the sum of the market value weights of the funds’ underlying holdings that have been assigned an ESG score by MSCI. It is
expressed as a percentage of the fund’s total market value. For further details regarding MSCI’s methodology, see footnote 1 at the bottom of the
page.
ESG Adjusted Score The ESG Adjusted Score is calculated as the weighted average of the underlying holdings’ ESG Scores. It is provided on a 0-10 scale, with 0 and 10
being the respective lowest and highest possible scores. MSCI scores underlying holdings according to their exposure to 37 industry specific ESG
risks and their ability to manage those risks relative to peers. For further details regarding MSCI’s methodology, see footnote 1 at the bottom of the
page.
Environment (E)
Social (S)
Governance (G)
Scores
The Environment (E), Social (S) and Governance (G) Scores are each calculated as the weighted average of the underlying holdings’ E, S, and G
scores respectively. They are also provided on a 0-10 scale, with 0 and 10 being the respective lowest and highest possible scores. MSCI scores
underlying holdings according to their exposure to industry- specific Environmental, Social and Governance risks and their ability to manage those
risks relative to peers. For further details regarding MSCI’s methodology, see footnote 1 at the bottom of the page.
Emissions Intensity
(Sales)
A portfolio's Weighted Average Carbon Emissions Intensity by Sales is achieved by calculating the carbon intensity (Scope 1 + 2 Emissions / $M
Sales) for each portfolio company and calculating the weighted average by portfolio weight. The underlying holdings’ Emissions Intensity data is
sourced from MSCI. For further details regarding MSCI's methodology, see footnote 2 at the bottom of the page.
Emissions Intensity
(Total Capital)
A portfolio's Weighted Average Carbon Emissions Intensity by Capital is achieved by calculating the carbon intensity (Scope 1 + 2 Emissions / $M
Total Capital) for each portfolio company and calculating the weighted average by portfolio weight. The underlying holdings’ Scope 1 + 2 Emissions
data is sourced from MSCI and BlackRock divides emissions by Total Capital (Total Debt + Total Equity). For further details regarding MSCI's
methodology, see footnote 2 at the bottom of the page.
Emissions Scope Emissions Intensity by Sales and Total Capital cover Scope 1 + 2 Emissions where scopes are defined as indicated below:
• Scope 1 emissions are those from sources owned or controlled by the company, typically direct combustion of fuel as in a furnace or vehicle.
• Scope 2 emissions are those caused by the generation of electricity purchased by the company.
• Scope 3 emissions include an array of indirect emissions resulting from activities such as business travel, distribution of products by third
parties, and downstream use of a company's products (i.e. by customers).
Active Risk
Contribution
The risk model is BlackRock’s Fundamental Equity Risk Model (BFRE World Equity). We are using 1 year of daily observations with a 40-days half-
life. Ex-ante risk is calculated as annualized 1 standard deviation volatility of portfolio and active returns. Assuming a normal distribution, roughly
2/3rds of the time annualized returns should lie within -1 and +1 standard deviations.
Tracking error is calculated by assuming a long position in the portfolio and a short position in the benchmark.
Direct Ownership
Filter
A direct ownership filter is applied in order to reflect the direct capital financing to issuers. The direct ownership filter retains long equity and fixed
income positions to show the direct financing to issuers, and excludes all the shorts and derivative positions. It is applied to all the ESG analytics of
the report except the active risk decomposition chart for which it is relevant to keep a total portfolio exposure view.
Review the MSCI methodologybehindthe SustainabilityCharacteristics: 1https://www.msci.com/esg-ratings;2https://www.msci.com/index-carbon-footprint-metrics. Last accessed
on 31/01/23.
38
AEM0623E/M-2948797-36/47
39. For investors 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.
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.
Risk Warnings
39
BGF Sustainable Energy:
Concentration Risk: 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.
Equity Risk: 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.
Investments in the new energy securities are subject to environmental concerns, taxes, government regulation, price and supply fluctuations.
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.
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.
Fund Specific Risks
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40. 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 other persons
In the UK and Non-European Economic Area (EEA) countries: this 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.
BlackRock Global Funds (BGF)
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.
BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand
whether our product is suitable, please read the fund specific risks in the Key Information Document (KID) which gives more information about
the risk profile of the investment. The Prospectus and KID, amongst other documentation, are available on the relevant product pages at
www.blackrock.com. We recommend you seek independent professional advice prior to investing.
Important Information
40
AEM0623E/M-2948797-38/47
41. Austria: 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: 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.
Greece: 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., 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. 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.
Finland: 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.
Important Information
41
AEM0623E/M-2948797-39/47
42. 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.
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.
Important Information
42
AEM0623E/M-2948797-40/47
43. Malta: This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg
which is available for sale in certain jurisdictions only. BlackRock Global Funds (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. 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. BGF is authorized 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.
Netherlands: 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 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.
Norway: 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.
Poland: This document is marketing material. BGF 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, the 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 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.
Important Information
43
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44. Portugal/Spain: 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 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 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. 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 Spanish and Portuguese.
Sweden: 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.
Switzerland: 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.
BlackRock Global Funds (BGF) Future of Transport 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, CH8002 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.
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 of the 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.
•
Important Information
44
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45. • In Singapore, this is issued by BlackRock (Singapore) Limited (company registration number: 200010143N) for accredited investors,
institutional investors and professional intermediaries only. The Fund is not authorised or recognised by the Monetary Authority of Singapore
(“MAS”) and is not allowed to be offered to the Singapore retail public. This is not a prospectus as defined in the Securities and Futures Act,
Chapter 289 of Singapore (the “SFA”). Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply.
You should consider carefully whether the investment is suitable for you. This has not been registered as a prospectus with the Monetary
Authority of Singapore. Accordingly, this and any other document or material in connection with the offer or sale, or invitation for subscription
or purchase, of interests may not be circulated or distributed, nor may interests be offered or sold, or be made the subject of an invitation for
subscription or purchase, whether directly or indirectly, to persons in Singapore other than (I) to an institutional investor (as defined in Section
4A of the SFA) under Section 304 of the SFA, (II) to relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to Section
305(2), and in accordance with the conditions, specified in Section 305 of the SFA or (III) otherwise pursuant to, and in accordance with the
conditions of, any other applicable provision of the SFA.
• Southeast Asia (for such purposes, Brunei, Indonesia, Malaysia, Philippines, and Thailand), this document is issued by BlackRock and is
intended for the exclusive use of any existing professional intermediary client of BlackRock who warrants, by receipt of this material, that such
recipient is an institutional investor or professional/sophisticated/qualified/accredited/expert investor as such term may apply under the
relevant legislations in Southeast Asia. BlackRock does not hold any regulatory licenses or registrations in Southeast Asia, and is therefore not
licensed to conduct any regulated business activity under the relevant laws and regulations as they apply to any entity intending to carry on
business in Southeast Asia, nor does BlackRock purport to carry on, any regulated activity in Southeast Asia. BlackRock funds and/or services
shall not be offered or sold to any person in any jurisdiction in which such an offer, solicitation, purchase, or sale would be deemed unlawful
under the securities laws or any other relevant laws of such jurisdiction(s). This material is provided to the recipient on a strictly confidential
basis and is intended for informational or educational purposes only. Nothing in this document, directly or indirectly, represents to you that
BlackRock will provide, or is providing BlackRock products or services to the recipient or is making available, inviting, or offering for
subscription or purchase, or invitation to subscribe for or purchase, or sale, of any BlackRock fund, or interests therein. This material neither
constitutes an offer to enter into an investment agreement with the recipient of this document nor is it an invitation to respond to it by making
an offer to enter into an investment agreement. No approval of, or recognition by, any relevant regulatory authority, has been, or will be,
obtained for the making available, invitation, or offer for subscription or purchase, or invitation to subscribe for or purchase, or the sale, of
BlackRock funds to any persons in Southeast Asia. This document is not intended to be a prospectus, and has not been registered as a
prospectus with any regulatory body in Southeast Asia. Accordingly, this document and any other documents and materials, in connection
with the offer or sale, or invitation for subscription or purchase of, BlackRock products, may not be circulated or distributed, nor may any
BlackRock fund be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the
public or any members of the public in Southeast Asia which may trigger public offering requirements and will violate the securities laws or any
other relevant laws of such jurisdiction(s). The distribution of the information contained herein may be restricted by law, and any person who
accesses it is required to comply with any such restrictions. By reading this information you confirm that you are aware of the laws in your own
jurisdiction regarding the provision and sale of funds and related financial services or products, and you warrant and represent that you will
not pass on or utilise the information contained herein in a manner that could constitute a breach of such laws by BlackRock, its affiliates, or
any other person.
•
Important Information
45
AEM0623E/M-2948797-43/47
46. • For recipients in India: This document is issued by BlackRock and is intended for the exclusive use of DSP. BlackRock does not hold any
regulatory licenses or registrations in India to conduct any regulated business activity under the relevant laws and regulations as they apply to
any entity intending to carry on business in India, nor does BlackRock purport to carry on, any regulated activity in India.
• BlackRock funds, and/or services shall not be offered or sold to any person in any jurisdiction in which such an offer, solicitation, purchase, or
sale would be deemed unlawful under the securities laws or any other relevant laws of such jurisdiction(s).
• This material is provided to the recipient on a strictly confidential basis and is intended for informational or educational purposes only.
Nothing in this document, directly or indirectly, represents to you that BlackRock will provide, or is providing BlackRock products or services to
the recipient or is making available, inviting, or offering for subscription or purchase, or invitation to subscribe for or purchase, or sale, of any
BlackRock fund, or interests therein. This material neither constitutes an offer to enter into an investment agreement with the recipient of this
document nor is it an invitation to respond to it by making an offer to enter into an investment agreement.
• No approval of, or recognition by, any relevant regulatory authority, has been, or will be, obtained for the making available, invitation, or offer
for subscription or purchase, or invitation to subscribe for or purchase, or the sale, of BlackRock funds to any persons in India. This document
is not intended to be a prospectus, and has not been registered as a prospectus with any regulatory body in India. Accordingly, this document
and any other documents and materials, in connection with the offer or sale, or invitation for subscription or purchase of, BlackRock products,
may not be circulated or distributed, nor may any BlackRock fund be offered or sold, or be made the subject of an invitation for subscription or
purchase, whether directly or indirectly, to the public or any members of the public in India which may trigger public offering requirements and
will violate the securities laws or any other relevant laws.
• The distribution of the information contained herein may be restricted by law, and any person who accesses it is required to comply with any
such restrictions. By reading this information you confirm that you are aware of the laws in your own jurisdiction regarding the provision and
sale of funds and related financial services or products, and you warrant and represent that you will not pass on or utilize the information
contained herein in a manner that could constitute a breach of such laws by BlackRock, its affiliates, or any other person.
• This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other
things, projections, forecasts, estimates of yields or returns, and proposed or expected portfolio composition. Moreover, certain historical
performance information of other investment vehicles or composite accounts managed by BlackRock has been included in this material and
such performance information is presented by way of example only. No representation is made that the performance presented will be
achieved by any BlackRock Funds, or that every assumption made in achieving, calculating or presenting either the forward-looking
information or the historical performance information herein has been considered or stated in preparing this material. Any changes to
assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented
herein by way of example. The information and opinions contained in this material are derived from proprietary and non-proprietary sources
deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. There is no guarantee that any
forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. 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. Unless otherwise specified, all information contained in this document is current
as at the date on the front page of this presentation.
•
Important Information
46
AEM0623E/M-2948797-44/47
47. 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. 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. Neither
should this material be used for any other purpose other than that indicated above.
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.
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.
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.
Important Information
47
AEM0623E/M-2948797-45/47
48. 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. BlackRock® is a registered trademark of BlackRock, Inc. All other
trademarks are the property of their respective owners.
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).
Important Information
48
AEM0623E/M-2948797-46/47
50. 50
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.
.
51. 51
Scheme Product Suitability
RISKOMETER
Scheme
Benchmark –50% MSCI World Energy
30% Buffer 10/40 Net Total Return + 50%
MSCI World (Net) – Net & Expressed in
INR
DSP World Energy Fund
An open ended fund of fund
scheme investing in
BlackRock Global Funds –
World Energy Fund (BGF –
WEF) and BlackRock Global
Funds – Sustainable Energy
Fund (BGF – SEF)
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.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
![[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
July 2023
| People | Processes | Performance |
DSP World Energy Fund
An open ended fund of fund scheme investing in BlackRock Global Funds – World Energy Fund (BGF –
WEF) and BlackRock Global Funds – Sustainable Energy Fund (BGF – SEF)](https://image.slidesharecdn.com/dsp-worldenergyfund-presentation-july23-230828202039-1b5f8384/85/dsp-world-energy-fund-1-320.jpg)
