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
DSP World Gold Fund
An open ended fund of fund scheme investing in BlackRock Global Funds - World Gold Fund (BGF - WGF)
| People | Processes | Performance |
December 2022
2. 2
DSP World Gold Fund
Indian
Investors
DSP WORLD
GOLD FUND
BlackRock Global Funds
World Gold Fund (BGF-WGF)
Negative real rates are constructive for gold
prices
Store of value during periods of crisis
Efficient way to play bullishness in gold
Where does the underlying fund invest?
Source: BlackRock; Internal. Data as on 30 December, 2022
Key Drivers
70% of its assets in the equity securities of
companies whose predominant economic
activity is gold-mining
Gold prices are the key driver for Gold Mining
Companies as they determine the margins
Product Structure
Reasons to Allocate?
3. World Gold Fund
A sub-fund of BlackRock Global Funds (BGF)
Natural Resources Team, London
December 2022
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
Please note that the fund
typically has a risk of high
volatility
AEM1222E/M-2632276-1/46
5. 2022 outlook
5
We see strong arguments for allocating to gold and
gold equities today for diversification
The BGF World Gold Fund aims to provide the most
favourable risk-adjusted exposure to gold equities
There are currently a number of supportive factors for
gold in our view e.g. the outlook for real rates
Source: BlackRock, December 2022. Subject to change. There is no guarantee that any forecasts made will come to pass.
AEM1222E/M-2632276-3/46
6. 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
Names are displayed in alphabetical order by surname. BlackRock, December 2022 . Subject to change.
Cailey Barker
Hannah Johnson
Tom Holl
Olivia Markham
Aidan McGuckin
Mining & Gold
Alastair Bishop
Mark Hume
Charlie Lilford
Tao Ly
Lindsay Sinclair
Energy & Sustainable
Energy
Greg Bullock
Rishi Ramnani
Core Portfolio
Managers
Pragyapti Bhandari
Alex Foster
Titania Hanrahan
Martin Mercau
Courtney O’Shea
Rob Powell
Fred Wood
Product Strategists
Simon McClure
Business Manager
Tom Holl
David Huggins
Nutrition
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7. Our investment process
Bottom-up
Research
Top-down
Research
Investment Universe
Liquidity
Financial health
Governance
Company meetings
Financial modelling
Site visits
ESG
Commodity analysis
Macro trends
Industry analysis
Risk Oversight (RQA)
Portfolio Construction
Diversification
Relative valuation
Active risk
Review process
Screening:
Investment
Ideas
BlackRock, December 2022. 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 and policies. Process subject to change based on market conditions, portfolio manager's opinion and other
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.
7
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8. Integrating
sustainability-related
insights and data
into the investment
process
Engaging companies
on sustainability-related
issues that impact long-
term performance
MSCI ESG metrics
incorporated into
Aladdin to enable
portfolio reporting and
analytics
Natural Resources
Investment
Processes
Investment
Stewardship
Data & Tools
“For Natural Resources
companies, having a ‘social
licence to operate’ mitigates
risks and is a key pillar for
generating long term
investment performance.
Environment, Social and
Governance (ESG) analysis is
systematically incorporated into
our investment process
together with more traditional
metrics, sector and industry
research. ”
8
Source: Blackrock, December 2022. For illustrative purposes only.
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9. Environmental, social and corporate governance (E.S.G) is central to
our investment process
9
What does strong E.S.G. mean to us?
How is E.S.G. incorporated into our
investment process?
Companies behaving in the interest of shareholders, society
and the environment
For a gold company, E.S.G. is crucial as it relates to it
maintaining its social license to operate
We see a positive correlation between strong E.S.G. and
better risk-adjusted returns
Embedding E.S.G. considerations in the investment process
can help avoid ‘blow-up’ incidents
E.S.G. is discussed in detail in meetings with companies’
management teams
Our site visits to companies’ mines enrich our views on their
E.S.G.
We collaborate with BlackRock’s Investment Stewardship
division
We have access to external E.S.G. data and internal E.S.G
tools
Analysts and portfolio managers comment on E.S.G. when
completing research templates
E.S.G. is as important as valuation and fundamentals when
making portfolio decisions
BlackRock, December 2022. Subject to change. For illustrative purposes.
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10. Integrating ESG into the FE Investment Process
Idea generation comes from
a combination of:
Sector analyst views
and fund manager
conviction
Filtering of the
investment universe;
ESG factors can be
considered at this stage
Internal research
and external market
insights
In-depth company analysis
includes:
Team discussion of stock
under review and stock
rating appraised:
Continuous review and
engagement throughout the
investment lifecycle:
Fundamental
analysis and
financial modelling
Company
meetings
Use of RQA’s
sophisticated
risk systems
Portfolio
construction
ESG conclusions embedded in
research template
Quarterly portfolio review of
MSCI ESG scores and
quarterly Ethix portfolio screen
Investment
Stewardship
and/or FE
analysts engage
with companies
on key ESG
issues
Idea Generation Due Diligence Decision Making Continuous Review
FAE refers to “Fundamental Active Equity”. RQA refers to the Risk & Quantitative Analysis team of BlackRock. Source: BlackRock, December 2022. For illustrative purposes
only. Process subject to change based on market conditions, portfolio manager's opinion and other factors. Investment process subject to change.
AEM1222E/M-2632276-8/46
11. 0
0.2
0.4
0.6
0.8
1
1.2
Environmental, social and corporate
governance
1
Carbon emissions per ounce of gold production
9,131 18,262 27,393
Cumulative gold production (000 oz)
GHG
Intensity
(t
CO2
equivalent
/
oz
Au)
25% 50% 75%
Open pit Open pit /
underground
Underground
Open pit
average
Open pit /
underground
average
Underground
average
Source: S&P Global Market Intelligence, Company Sustainability Reports, 12/08/20.
Gold mines emitted 0.8 tonnes of CO2
equivalent on average for every ounce of
gold that was produced in 2019
Carbon pricing would therefore likely be a
negative for margins for the gold sector but
not catastrophic
The World Gold Council estimated 95% of the
greenhouse gas emissions from gold mining
are associated with purchased power or fuel
combustion
Meanwhile, the emissions intensity of power
used in gold production is estimated to fall
by -35% by 2030
Emissions intensity (sales)
(metric tonnes / US$ million
total sales)
Fund
315 400
Benchmark
Emissions Intensity by Sales 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.
Source: BlackRock internal data, 30 December 2022. Refers to the
BGF World Gold Fund which is the representative fund for the Gold
strategy. The benchmark referenced when constructing the Fund’s
portfolio is the FTSE Gold Mining Index . Please see slide 38 for
further details.
Source: World Gold Council, 28/02/2021.
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12. 1
Examples of how gold companies can contribute to UN SDGs
Gold mines can contribute to:
Reducing poverty with gold mines creating opportunities for the
surrounding communities through direct employment and economic
linkages
Industry, innovation and infrastructure through companies investing in
infrastructure projects such as roads, air-linkages and power facilities
Social equality through support for marginalised groups e.g. Endeavour
Mining’s Women in Mining programme
Quality education through vocational training and sponsoring higher
education programmes
Justice through controls to prevent human rights abuses and helping
ensure the proceeds of gold sales don’t end up in the hands of criminals
Resource efficiency through measures to reduce energy and water
usage in mining as well as sourcing energy from renewables
Protecting biodiversity through minimising environmental impact and
investing in post-mine closure rehabilitation e.g. Agnico Eagle’s soil
regeneration initiative
The World Gold Council noted in a recent report that its member companies had contributed to 15 of the 17
UN SDG’s (with only Goal 11 Sustainable Cities & Communities and Goal 14 Life Below Water falling outside
of their influence)
Conducting site visits helps
the team see first-hand how
companies are contributing to
the UN SDGs:
Environmental, social and corporate
governance
Source: World Gold Council, 22/09/20. For illustrative purposes only
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13. 1
Environmental, social and corporate
governance
Gold sector - capital expenditure as a percentage of revenues
The Natural Resources
team had 2,898 meetings
with company
management teams in
2020
The team collaborates
with BlackRock’s
Investment Stewardship
team and have a joint-
engagement model in
place
Source: DataStream, latest data available as at February 2021. The gold sector is represented by the 10
largest companies in the FTSE Gold Mines Index as at 21/02/21
10%
20%
30%
40%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Percent
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14. Dividend yield
1
Gold companies are returning capital
to shareholders
Source: Left - Scotiabank, 25/11/20. Right – DataStream, 31/12/21
There is no guarantee that any forecasts made will come to pass.
Stock example: Newmont dividend per share
Newmont announce 38% increase in quarterly
dividend
Canacord Genuity, 17th of December 2022
Kirkland Lake Gold returns US$619 per ounce of
FY 2020 production last year
Kirkland Lake Gold, 12th of January 2021
Barrick triples dividend per share over the past 3
years
DataStream, 19th of December 2022
Kinross to pay first dividend in 7 years with gold
rallying
Bloomberg, 17th of December 2020
Stock example represents the largest holding. Reference to the company
names mentioned in this communication is merely for explaining the
investment strategy, and should not be construed as investment advice
or investment recommendation of that company.
1.5%
0.6%
0.7%
1.0%
0.8%
2.3% 2.3%
2.1%
2.0%
1.8%
2.1%
1.7%
1.6%
1.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
2015A 2016A 2017A 2018A 2019A 2020E 2021E
Percent
Gold producers S&P 500
0.1
0.2
0.3
0.56 0.56
1.6
2.2
0
0.5
1
1.5
2
2.5
2015 2016 2017 2018 2019 2020 2021
USD
AEM1222E/M-2632276-12/46
15. Research trips for the mining & gold pod
1
Brazil:
• Antas Mine
• Pilar Mine
Mali:
• Loulo Mine
• Fekola Mine
• Syama Mine
• Oklo Resources’
exploration licence
Turkey:
• Öksüt Mine
• Çöpler Mine
Canada:
• Brucejack
• Hope Bay
Kyrgyzstan:
• Kumtor mine
Egypt:
• Sukari Mine
Ecuador:
• Cascabel Mine
Countries visited for research trips in 2018/2019
Australia:
• Jundee mine
Argentina:
• Cerro Moro Mine
• Cerro Negro Mine
• Veladero Mine
Source: BlackRock, December 2022.
Conferences:
• Indaba
• BMO
• BAML
• Zurich
• Beaver Creek (Junior
Gold)
• Denver Gold
Mexico:
• El Limon-Guajes Mine
South Africa:
• Finsch Mine
Panama:
• Cobre Panama
Belgium:
• Antwerp
Japan:
• Japan Gold, Hokkaido
• Hishikari Mine, Kyushu
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16. Options for investing in gold and gold equities
1
BlackRock, December 2022. Subject to change. *Data refers to the FTSE Gold Mines Index. Annualized volatility based on monthly returns to 30/11/22.
Physical Gold ETF Gold equity ETFs* BGF World Gold Fund
Typically offers beta > 1
to the gold price
No Yes Yes
Opportunity to benefit
from companies adding
value e.g. exploration
success
No Yes Yes
Ability to participate in
IPOs and placements
No No Yes
E.S.G. incorporated into
the investment process
N/A No Yes
Annualized volatility – last
3 years
14.4% 38.4% 38.3%
% in top 4 holdings as at
end Nov-2022
N/A 59.8% 28.9%
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18. Current arguments for diversification
1
Equity markets are still close to all-time highs Geopolitical risk is elevated
Global economic growth is uncertain Gold’s track-record as a diversifier
No. of calendar years the MSCI World Index has
fallen more than -5% since 1970
10
Average return of the gold price over those 10
years
+16.8%
% of those years that gold outperformed the
MSCI World Index
90%
Correlation between calendar year returns of
the MSCI World Index and gold since 1970
-0.1
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: Upper left – Datastream,
01/12/22; Bottom left - Datastream, 15/11/22; Bottom right – Datastream, 31/12/2021. Indices are unmanaged and one cannot invest directly in an index.
0
5
10
15
20
25
30
35
40
45
50
0
1,000
2,000
3,000
4,000
5,000
6,000
Dec-70 Dec-80 Dec-90 Dec-00 Dec-10 Dec-20
S&P 500 - LHS Shiller PE - S&P 500 - RHS
38
40
42
44
46
48
50
52
54
56
Nov-11
May-12
Nov-12
May-13
Nov-13
May-14
Nov-14
May-15
Nov-15
May-16
Nov-16
May-17
Nov-17
May-18
Nov-18
May-19
Nov-19
May-20
Nov-20
May-21
Nov-21
May-22
Nov-22
Global manufacturing PMI
AEM1222E/M-2632276-16/46
20. What has been driving the gold price?
2
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: Left - BlackRock and Bloomberg,
30/09/22; Right – Datastream, 01/12/22, prices in USD. Index performance is shown for illustrative purposes only. Index performance returns do not reflect any
management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
R-squared of 5 key variables in driving the
gold price
Gold price
The US dollar has been the most important driver for gold in recent months
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22
US dollar GSCI Commodity Index
MSCI World Index USD 10 year Real Interest Rate
US inflation
900
1,100
1,300
1,500
1,700
1,900
2,100
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Gold price - US$/oz.
AEM1222E/M-2632276-18/46
22. Gold supply trends: Declining production and reserves
2
Year end gold reserves for global gold producers (Moz)
Source: Left - World Gold Council, 31/12/21. Right: - Bank of America Global Research, company reports, 07/01/21.
Mined production is declining
0
100
200
300
400
500
600
700
800
900
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Proven
and
probable
gold
reserves
(Moz)
NEM GOLD PLZL NCM GFI ANG KGC AEM GG Other
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2005 2007 2009 2011 2013 2015 2017 2019 2021
Tonnes
Mine production
AEM1222E/M-2632276-20/46
23. Real rates outlook
2
Real rates versus the gold price Central bank interest rates
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.
Source: Datastream and BlackRock Investment Institute, 01/12/22.
There has been a slight disconnect in the inverse relationship of real interest rates
and gold in recent weeks
Medium-term inflation expectations
-1%
0%
1%
2%
3%
4%
Nov-12 Nov-14 Nov-16 Nov-18 Nov-20 Nov-22
Eurozone UK US Japan Austalia
70
75
80
85
90
95
100
105
110
115
900
1,100
1,300
1,500
1,700
1,900
2,100
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Gold price - US$/oz. - LHS DXY Index - Inverted - RHS
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Dec-15 Dec-17 Dec-19 Dec-21
5y5y Inflation Swaps
Eurozone US
AEM1222E/M-2632276-21/46
24. US dollar outlook
2
US dollar versus the gold price What is likely to drive the US dollar from here?
Russia-Ukraine-related risks potentially
impacting European currencies
Monetary policy differentials
Market environment – risk-on or risk-off?
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.
There is no guarantee that any forecasts made will come to pass. Source: Datastream, 01/12/22, prices in USD.
-1.1%
-0.6%
-0.1%
0.4%
0.9%
1.4%
1.9%
300
500
700
900
1,100
1,300
1,500
1,700
1,900
2,100
Gold bullion USD/oz. - LHS 10 year real rates - RHS
AEM1222E/M-2632276-22/46
25. Central banks
2
Central banks demand for gold (tonnes) Official gold reserves
Source: Left – World Gold Council, 31/12/21; Right – World Gold Council, official gold holdings as of 30/09/22.
0
100
200
300
400
500
600
700
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Tonnes % of reserves
Additional demand to take
gold to 20% of reserves
United States 8,133.5 66.8% -
Germany 3,355.1 66.0% -
Italy 2,451.8 63.0% -
France 2,436.6 57.9% -
Russia 2,298.5 20.3% -
Spain 281.6 17.5% 322
UK 310.3 22.3% 279
India 781.3 7.4% 2,114
Switzerland 1,040.0 6.0% 3,475
China 1,948.3 3.3% 11,687
Japan 846.0 3.6% 4,684
Brazil 129.7 2.1% 1,231
Total additional demand (tonnes) 23,793
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26. Why own gold equities?
2
Source: Datastream, 01/12/22. Indices are unmanaged and one cannot invest directly in an index
Beta of gold equities to the gold price over the past 20 years
0
0.5
1
1.5
2
2.5
3
Beta
1-year rolling beta based on weekly returns of the FTSE Gold Mines Index and the gold price
AEM1222E/M-2632276-24/46
27. Gold sector themes: Margin improvement versus two years ago but
early signs of cost inflation in recent months
2
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.
Source: Right - Datastream and World Gold Council, 30/06/22.
Earnings growth
Average gold price for the quarter minus average all-in sustaining costs
0
200
400
600
800
1000
1200
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
AEM1222E/M-2632276-25/46
28. Valuation of gold companies
2
North American gold producers P/NAV North American gold producers EV/EBITDA
Source for both charts: Company reports, RBC Capital Markets estimates, 04/10/22.
0.60x
0.80x
1.00x
1.20x
1.40x
1.60x
1.80x
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
P/NAV
P/NAV Average 1 SD 2 SD
2x
4x
6x
8x
10x
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
EV/EBITDA
EV-EBITDA Average 1 SD 2 SD
AEM1222E/M-2632276-26/46
30. 2022 portfolio activity
3
Stock % of Fund % of benchmark Active weight
Wheaton Precious
Metals
5.1% 0.0% 5.1%
Endeavour Mining 5.9% 2.0% 3.9%
Franco-Nevada 3.8% 0.0% 3.8%
Polyus 3.6% 0.0% 3.6%
SSR Mining 4.7% 1.8% 2.9%
Largest 5 overweight positions end Dec-2021 Largest 5 overweight positions end Nov-22
Stock % of Fund % of benchmark Active weight
Franco-Nevada 7.3% 0.0% 7.3%
Endeavour Mining 7.3% 2.2% 5.0%
Wheaton Precious
Metals
4.8% 0.0% 4.8%
Freeport-McMoran 3.1% 0.0% 3.1%
Osisko Gold
Royalties
2.3% 0.0% 2.3%
Stock % of Fund % of benchmark Active weight
Newmont 8.1% 24.1% -16.0%
Barrick Gold 7.0% 16.3% -9.3%
Agnico Eagle Mines 1.1% 6.3% -5.2%
Newcrest Mining 3.9% 7.0% -3.1%
AngloGold Ashanti 1.1% 4.2% -3.1%
Largest 5 underweight positions end Dec-2021 Largest 5 underweight positions end Nov-22
Stock % of Fund % of benchmark Active weight
Newmont 4.9% 22.3% -17.4%
Barrick Gold 7.0% 17.0% -10.0%
Agnico Eagle Mines 4.5% 13.5% -9.0%
Anglogold Ashanti 0.7% 4.5% -3.8%
Gold Fields 3.2% 5.8% -2.6%
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. Source: BlackRock, 30 November 2022.
AEM1222E/M-2632276-28/46
31. 2022 portfolio activity continued…
3
Largest new purchases Largest complete sells
Largest additions Largest reductions
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. Source: BlackRock, 30 November 2022.
1. Yamana Gold
2. Pan American Silver
3. Sprott Physical Silver
4. Marathon Gold
5. Predictive Discovery
1. Gold Fields ADR
2. Equinox Gold
3. OceanaGold
4. Kirkland Lake
5. Sibanye Stillwater
1. Franco Nevada
2. Invesco Physical Gold
3. Kinross Gold
4. B2Gold
5. Freeport McMoRan
1. Newmont
2. Agnico Eagle Mines
3. Kinross Gold
4. Northern Star Resources
5. Alamos Gold
AEM1222E/M-2632276-29/46
32. BGF World Gold Fund: Performance to 30 November 2022
3
Performance (A Share Class, Net %, USD)
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 30 November 2022 in USD on a NAV prices basis with income re-invested. Performance
figures are calculated net of annual fees. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or
expenses. Indexes are unmanaged and one cannot invest directly in an index. The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so,
the IA will refer to the FTSE Gold Mines Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of
deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index
when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the sector requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index
should be used by investors to compare the performance of the Fund.
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Since
Inceptio
n p.a.
BGF World Gold Fund - A -18.56% -10.59% 28.38% 34.55% -17.58% 2.68% 50.92% -21.89% -5.19% -48.06% -8.16% 4.19%
FTSE Gold Mines Index -17.91% -12.72% 23.22% 41.21% -11.31% 9.11% 59.59% -21.42% -15.20% -53.17% -15.43% -0.55%
-70.0%
-50.0%
-30.0%
-10.0%
10.0%
30.0%
50.0%
70.0%
Return
(%)
AEM1222E/M-2632276-30/46
33. Top 10 holdings
33
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. Source: BlackRock, 30 November 2022.
Stock % of the portfolio Commodity Primary risk region Theme Key risk
Franco Nevada 7.30% Gold Canada Growth
Lack of leverage in
rising market
Endeavour Mining 7.26% Gold Ghana Growth M&A / Geopolitical risk
Barrick Gold 7.01% Gold Global Deleverage Operational execution
Northern Star
Resources
5.30% Gold Australia Growth Australian cost inflation
Newcrest Mining 4.98% Gold Australia Growth Asset concentration
Newmont Mining 4.93% Gold Global
Free Cash Flow
Generator
Operational execution
Wheaton Precious
Metals
4.81% Gold Canada Growth M&A
Agnico Eagle Mines 4.47% Gold Canada Growth Project execution
Alamos Gold 4.15% Gold North America Growth Project execution
B2Gold 4.01% Gold Canada Growth Mali risk
Total 54.22%
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34. Sector and company type exposure
34
Source: BlackRock, 30 November 2022. For illustrative purposes only. Weightings as of date shown and not necessarily represent current or future portfolio holdings.
Not a recommended allocation.
Sector exposure Exposure to different company types
5%
9%
40%
15%
28%
Emerging Producer Explorer
Intermediate Producer Royalty Company
Senior Producer
87.4%
4.9%
3.1%
1.7% 2.8%
Gold Silver
Copper Platinum Group Metals
Cash
AEM1222E/M-2632276-32/46
35. 2021 performance review
3
Performance rebased to 100
Drivers of absolute performance:
2021 was a disappointing year for gold and gold equities.
US dollar strength acted as a headwind, whilst strong performance from
broader equity markets dampened demand for ‘safe-havens’.
Meanwhile, real interest rates rose over the period, increasing the
opportunity cost for holding gold.
What contributed positively to relative performance?
The Fund’s off-benchmark exposure to more defensive royalty / streaming
names, such as Franco Nevada and Wheaton Precious Metals, benefitted
relative performance.
Our underweight position in Agnico Eagle was also among the top-
performers. We significantly reduced our position in the company in 2020
due to concerns around cost inflation and operational issues and doing so
benefitted relative performance in 2021 as we saw that play out.
What detracted from relative performance?
Our structural underweight position in Newmont Mining was a notable
detractor as it performed well operationally.
Due to UCITS concentration limits, the maximum position size permitted in
the Fund is 10% and we averaged close to that in Newmont Mining.
Source: LHS – Datastream, 31/12/21. RHS – BlackRock, 31/12/21. The figures shown relate to past performance. Past performance is not a reliable indicator of current
or future results and should not be the sole factor of consideration when selecting a product or strategy. Index returns are for illustrative purposes only. Index
performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past
performance does not guarantee future results.
70
80
90
100
110
120
BGF World Gold FTSE Gold Mines Index Gold
AEM1222E/M-2632276-33/46
36. BGF World Gold Fund: Performance since inception
3
Rebased to 100
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 30 November 2022 in USD on a NAV prices basis with income re-
invested. Performance figures are calculated net of annual fees. Index returns are for illustrative purposes only. Index performance returns do not reflect any management
fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. The return of your investment may increase or decrease as a result
of currency fluctuations.
0
100
200
300
400
500
600
700
800
900
Rebased
to
100
BGF World Gold Fund (A share class in USD) FTSE Gold Mines Index
AEM1222E/M-2632276-34/46
37. Calendar year performance
3
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, 31 December 2021. Performance shown in USD on a NAV
prices basis with income re-invested. Performance figures are calculated net of annual fees. Index returns are for illustrative purposes only. Index
performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an
index. The return of your investment may increase or decrease as a result of currency fluctuations.
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Percent
Percent
BGF World Gold Fund (A share class in USD) FTSE Gold Mines Index Active - RHS
AEM1222E/M-2632276-35/46
39. Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the
amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or
strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly
marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may
change from time to time.
3
Fund Specific risks
BGF World Gold Fund:
Exchange rate risk: Overseas investment will be affected by movements in currency exchange rates.
Sector Specific: The fund invests in a limited number of market sectors. Compared to investments which spread investment risk through investing in a
variety of sectors, share price movements may have a greater effect on the overall value of this fund.
Smaller Company investments: Smaller company investments are often associated with greater investment risk than those of larger company shares.
Emerging markets: Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore the
value of these investments may be unpredictable and subject to greater variation.
Gold / mining: Mining shares typically experience above average volatility when compared to other investments. Trends which occur within the general
equity market may not be mirrored within mining securities.
AEM1222E/M-2632276-37/46
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.
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. 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, which are available in registered jurisdictions and available in local language where registered can be
found at www.blackrock.com on the relevant product pages. . Prospectuses, Key Investor Information Documents 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.
Austria: This document is marketing material. For further information, the prospectus, Key Investor Information Document, 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, Key Investor Information Document, 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.
Important Information
4
AEM1222E/M-2632276-38/46
41. Finland: This document is marketing material. The prospectus (in English language) and KIID (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.
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/BSF should not be published in the U.S., registered in Greece for public distribution pursuant to the Greek Law 4099/2012, art. 90,
implementing the Directive 2009/65/EC. Prospectus and KIIDs are available on BlackRock website https://www.blackrock.com/kiid/el-gr?switch=y in both
languages Greek and English. Prospectus and KIIDs 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
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
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.
Israel: BlackRock Investment Management (UK) Limited is not licensed under Israel's Regulation of Investment Advice, Investment Marketing and
Portfolio Management Law, 5755-1995 (the “Advice Law”). No action has been taken or will be taken in Israel that would permit a public offering or
distribution of the products mentioned in this document to the public in Israel. The products mentioned in this document have not been approved by the
Israel Securities Authority. In addition, the products mentioned in this document are not regulated under the provisions of Israel’s Joint Investment Trusts
Law, 5754-1994 (the “Joint Investment Trusts Law”). This document has not been approved by the Israel Securities Authority and will only be distributed
to Israeli residents in a manner that will not constitute "an offer to the public" under sections 15 and 15a of the Israel Securities Law, 5728-1968 (the
"Securities Law") or section 25 of the Joint Investment Trusts Law, as applicable.
This document and the products mentioned herein are being offered to those categories of investors listed in the First Addendum (the “Addendum") to
the Securities Law, ("Institutional Investors"); in all cases under circumstances that will fall within the private placement or other exemptions of the Joint
Investment Trusts Law, the Securities Law and any applicable 39 guidelines, pronouncements or rulings issued from time to time by the Israel Securities
Authority. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies
have been sent. Nothing in this document should be considered investment advice or investment marketing as defined in the Regulation of Investment
Advice, Investment Marketing and Portfolio Management Law, 5755-1995.
This document does not constitute an offer to sell or solicitation of an offer to buy any securities, nor does it constitute an offer to sell to or solicitation of
an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person
making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation.
Important Information
4
AEM1222E/M-2632276-39/46
42. 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 KIIDs 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
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
Netherlands: The risk indicator shown on this document refers to the D share class of the Fund. Higher or lower risk may apply to the other share
classes of the Fund.
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 Key
Investor Information Document (essentiële beleggersinformatie; "EBI") 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 KIID 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 [or BSF or both BGF and BSF] has been registered on the official list of the Financial Supervision
Commission (Komisja Nadzoru Finansowego) for distribution in Poland. Paying agent in Poland is Bank Handlowy w Warszawie SA, ul. Senatorska 16,
00-950 Warsaw, Poland. The Prospectus, the Key Investor Information Document, 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
42
AEM1222E/M-2632276-40/46
43. 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 KIID 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
KIID 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 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, Key Information Document 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 Key Information Document 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
43
AEM1222E/M-2632276-41/46
44. 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
4
AEM1222E/M-2632276-42/46
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..
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.
Important Information
4
AEM1222E/M-2632276-43/46
46. Important Information
46
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.
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 Brazil, this private offer does not constitute a public offer, and is not registered with the Brazilian Securities and Exchange Commission, for use only
with professional investors as such term is defined by the Comissão de Valores Mobiliários.
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.
AEM1222E/M-2632276-44/46
47. Important Information
47
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 Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian Securities
Market Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y AFP.
In Uruguay, the Securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered publicly in or
from Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be announced to the public and
offering materials will not be made available to the general public except in circumstances which do not constitute a public offering of securities in
Uruguay, in compliance with the requirements of the Uruguayan Securities Market Law (Law Nº 18.627 and Decree 322/011).
.
AEM1222E/M-2632276-45/46
49. Disclaimer
49
In this material DSP Investment 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, the AMC nor any person
connected does not warrant 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/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 guarantee of returns/ income generation in the Scheme.
Further, there is no assurance of any capital protection/ capital guarantee to the investors in the Scheme.
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.
All figures and other data given in this document for the fund 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 DSP Mutual Fund.
Investors should note that they will be bearing the recurring expenses of the scheme, in addition to the expenses of other schemes
in which the Fund of Funds Scheme makes investments.
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 on ISC of AMC and also available on
www.dspim.com.
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50. 50
*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
Scheme Product Suitability
RISKOMETER
Scheme Benchmark - FTSE Gold Mine TRI(In INR Terms)
DSP World Gold 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 gold
mining companies
![[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
DSP World Gold Fund
An open ended fund of fund scheme investing in BlackRock Global Funds - World Gold Fund (BGF - WGF)
| People | Processes | Performance |
December 2022](https://image.slidesharecdn.com/dsp-world-gold-fund-presentationdec22-230726181453-6c994dff/85/dsp-world-gold-fund-1-320.jpg)
