BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
DSP World Mining 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
December 2022
| People | Processes | Performance |
DSP World Mining Fund
An open ended fund of fund scheme investing in BlackRock Global Funds –
World Mining Fund (BGF – WMF)
2. 2
DSP World Mining Fund
Indian
Investors
DSP WORLD
MINING FUND
BlackRock Global Funds
World Mining Fund (BGF-WMF)
Source: BlackRock; Internal
70% of its assets in the equity securities
mining and metals companies whose
predominant economic activity is the
production of base metals and industrial
minerals such as iron ore and coal along
with equity securities of companies
whose predominant economic activity is
in gold or other precious metal or
mineral mining.
Product Structure
3. World Mining 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
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5. 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
Namesare displayedin alphabeticalorderby surname.BlackRock, December2022 . Subjectto 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
5
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6. 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 andGovernance. 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 considerationwhen making investment decisions.
6
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7. 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. ”
7
Source:Blackrock, December2022 . For illustrative purposes only.
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8. Environmental, social and corporate governance (E.S.G) is
central to our investment process
8
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 mining 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 e.g. BlackRock’s E.S.G Risk Window
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, December2022 . Subjectto change. For illustrative purposes.
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9. 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
9
FE refers to “FundamentalActive Equity”. RQA refers to the Risk & QuantitativeAnalysis team of BlackRock. Source:BlackRock, December2022. For illustrative purposes only.
Process subject to changebased on market conditions,portfolio manager'sopinionand other factors.
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10. Research trips for the mining & gold pod
10
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, December2022 . For illustrative purposes only.
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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11. 2022 outlook
11
Strong demand outlook for mined commodities: increased global fiscal stimulus plus long-
term structural demand growth stories resulting from the low carbon transition
Mined commodity supply likely to be constrained by the underinvestment of recent years
and continued capital discipline
The mining sector has a robust performance track-record during periods of rising inflation
– we see a number of significant inflationary forces at play today
Mining companies are in an excellent financial position with high levels of free cash flow,
rock-solid balance sheets and a continued focus on returning capital to shareholders
The BGF World Mining Fund aims to provide optimal risk-adjusted active exposure to the
mining sector
Source:BlackRock, December2022. Thereis no guaranteethat any forecasts made willcome to pass.
AEM1222E/M-2632290-9/55
13. Global economic growth
13
Global COVID-19 data
Global GDP growth
Global economic growth rebounded strongly in 2021
Increasing global COVID-19 cases / new variants remain a risk
Source:Datastream,31/12/21. IMF estimates.
There is no guaranteethat any forecasts made will cometo pass.
Source:Datastream,04/07/22.
-4%
-2%
0%
2%
4%
6%
8%
Percent
0%
10%
20%
30%
40%
50%
60%
70%
0
5,00,000
10,00,000
15,00,000
20,00,000
25,00,000
30,00,000
35,00,000
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Percent
Number
of
cases
(weekly)
COVID-19 new cases
% population at least 1 vaccine
% population fully vaccinated
AEM1222E/M-2632290-11/55
14. Leading indicators
14
China total social financing
Manufacturing PMIs
Source:Datastream,15/11/22. Source:Datastream,15/09/22
China’s economic data has deteriorated in recent months, US and Eurozone still strong
Periods in which concerns around China peak have historically been buying opportunities for mining
0
1
2
3
4
5
6
7
Jan-05
Nov-05
Sep-06
Jul-07
May-08
Mar-09
Jan-10
Nov-10
Sep-11
Jul-12
May-13
Mar-14
Jan-15
Nov-15
Sep-16
Jul-17
May-18
Mar-19
Jan-20
Nov-20
Sep-21
Jul-22
Trillion
yuan
Total social financing 12-month moving average
30
35
40
45
50
55
60
65
70
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
PMI
Index
Level
China US Eurozone
AEM1222E/M-2632290-12/55
15. Interest rates and inflation
15
Potential drivers of higher inflation
US 10-year treasury yield breakdown
Source: Left- Datastream, 30/11/22. IMF estimates. Right - BlackRock, December 2021. Any opinions, forecasts represent an assessment of the market environment at a
specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research,
investment advice or a recommendation.
Rising nominal yields supported outperformance of value over growth in 2021
Several factors likely to drive inflation expectations higher still in our view
Recovering global economic growth:
Continued release of pent-up consumer
demand
Central bank policy shifts:
Central banks now allowing inflation to
overshoot targets
Rising global production costs:
COVID-19-related supply chain disruptions
and upward pressure on wages
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Percent
Nominal yield Inflation breakeven Real yield
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16. Industrial metals have typically performed strongly during
Fed hiking cycles
16
Copper, metals and commodity performance
during prior Fed hiking cycles
Fed Funds rate hike cycles since 1970
Source:DataStream,31/03/22 Source: Citi Research, Bloomberg, 19/01/22. The figures shown relate to past
performance. Past performance is not a reliable indicator of current or future
results.
12m forward returns (%)
Fed cycle
start date
All
commodities
(GCSI)
Industrial
Metals (GSCI)
Copper
Dec-16 11% 31% 31%
Jun-04 33% 10% 25%
Aug-99 35% 8% 12%
Mar-94 5% 43% 54%
May-88 6% 25% 23%
Apr-83 1% -17% -17%
Dec-77 21% 18%
Jan-73 62%
Average
(’77+)
16% 17% 21%
Cycle start
0
200
400
600
800
1000
0
5
10
15
20
25
1971
1974
1977
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
2016
2019
2022
Fed Treasury Rate (LHS) GSCI GSCI Metals
AEM1222E/M-2632290-14/55
21. China demand stabilising, bias towards easing
China Steel Output (mtpa)
China credit growth bottoming
China Aggregate Financing (yoy change)
Source:Bloomberg,31/12/2021
Source:Datastream,31/12/2021
8%
9%
10%
11%
12%
13%
14%
15%
16%
Oc…
Ja…
Ap…
Jul…
Oc…
Ja…
Ap…
Jul…
Oc…
Ja…
Ap…
Jul…
Oc…
Ja…
Ap…
Jul…
Oc…
Percent
600
700
800
900
1,000
1,100
1,200
1,300
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Delete 5 year range Average 2020 2021
AEM1222E/M-2632290-19/55
22. Energy intensity targets
Thermal coal shortage
Thermal coal shortage and
lower renewable output
Xinjiang
Qinghai
Yunnan
Heilongjiang
% Estimated power shortage
gap compared to highest load
Guangdong, 3%
Inner
Mongolia
Zhejiang, <1%
Jiangsu, 5%
Jilin
Liaoning, 16%
Shandong, <1%
Shaanxi
What’s behind the decline in iron ore prices?
22
Beijing will be keen to keep pollution rises in
check ahead of the Winter Olympics
Chinese power supply outages by primary
cause (September 2021)
China Steel Output (mtpa) Quarterly iron ore prices changes
0
30
60
90
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
mcg
/
cub
m
China PM2.5 concentration – 168 City
Source: Top-left: China National Environmental Monitoring Centre, 31/10/21. Top-right: BNEF, BMO Capital Markets, September 2021. Bottom-left: Datastream,
31/12/21. Bottom-right:DataStream,30/09/22. There is no guaranteethat any forecastsmade will cometo pass.
600
700
800
900
1,000
1,100
1,200
1,300
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Delete 5 year range 2020 2021
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
80
Q2
2012
Q4
2012
Q2
2013
Q4
2013
Q2
2014
Q4
2014
Q2
2015
Q4
2015
Q2
2016
Q4
2016
Q2
2017
Q4
2017
Q2
2018
Q4
2018
Q2
2019
Q4
2019
Q2
2020
Q4
2020
Q2
2021
Q4
2021
Q2
2022
$
/
tonne
change
AEM1222E/M-2632290-20/55
23. Emissions control and power shortages impacting energy
intensive commodities
23
Chinese aluminium production
Chinese monthly steel production
Source:Top-left: Datastream,31/05/22. Bottom-left:Datastream,31/05/22. Right: DataStream, 30/11/22.
China’s focus on reducing emissions means it is no longer a net exporter of aluminium and steel
Steel and aluminium prices rebased to 100
60
70
80
90
100
110
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Million
tonnes
2018 2019 2020 2021 2022
2,200
2,600
3,000
3,400
3,800
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Mt/mth
2017 2018 2019 2020 2021 2022
80
100
120
140
160
180
200
220
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Steel Price Index Aluminium price
AEM1222E/M-2632290-21/55
24. 24
Source:TradingEconomics,31/10/22.
Chile copper supply (1,000 metric tonnes)
Source:WoodMac,Jefferies, 31/12/21.
Copper supply – actual vs beginning of year
forecast (kt)
Supply challenges persist
-8.0%
-7.0%
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
-1,600
-1,400
-1,200
-1,000
-800
-600
-400
-200
0
200
400
350
400
450
500
550
600
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016
2017
2018
2019
2020
2021
2022
AEM1222E/M-2632290-22/55
26. Fiscal spending to support demand, particularly base metals
26
EU Next Generation plan: EUR800bn US infrastructure bill: US$500bn
Energy transition metals key beneficiary of investment in transportation, power grid & building renovation
Power up –
clean
technologies
and
renewables
Recharge and
refuel –
sustainable
transport and
charging
stations
Connect –
roll-out of
rapid
broadband
services
Scale up –
data cloud
capabilities
and
sustainable
processors
Modernise –
digitalisation
of public
transport
Reskill /
upskill –
education and
training to
support
digital skills
Renovate –
energy
efficiency of
buildings
110
73
66
55
39
25
17
11
8
8
136
Bridges and roads
Power infrastructure
Rail
Water infrastructure
Public transit repair
Airport
Port infrastructure
Pipelines / trucking
EV charging
EV buses and ferries
Other
AEM1222E/M-2632290-24/55
27. 0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22
Percent
12.3%
15.9%
16.6%
7.2%
0%
5%
10%
15%
20%
Copper Precious
metals
equities
Industrial
metals
equities
MSCI ACWI
TR Index
Percent
We have defined ‘significant increases’ as the 20
quarters since Q1 1998 with the largest increases in the
US TIPS breakeven inflation rate - this worked out to be
quarters with a greater than 21bps rise.
Mining sector performance during periods of rising inflation
27
Average returns during quarters with
‘significant increases’ in inflation expectations
US 10-year breakeven inflation rate
Source:DataStream,30/11/22. The figuresshown relate to past performance. Pastperformanceis nota reliableindicatorof currentorfutureresults. Index performance
returns do not reflect any managementfees, transaction costs or expenses.Indicesare unmanagedand
one cannot invest directlyin an index.
The mining sector has historically performed strongly in absolute terms and relative to broader equity
markets during periods with ‘significant increases’ in inflation expectations
AEM1222E/M-2632290-25/55
30. Demand: supplying the materials required for the transition
to a lower carbon economy
30
2020-2025 metal demand CAGR from EVs
Green copper demand
Source: Woodmac, CRU, Goldman Sachs Global Investment Research, 31/10/21.
There is no guaranteethat any forecasts made will cometo pass.
Source: Morgan Stanley Research estimates, Base Case 2025 BEV penetration
rate = 10%, Bull Case = 20%, Bear Case = 7%, 20/09/21. There is no
guaranteethat any forecastsmade will come to pass.
The mining sector will be critical in the World’s transition to a lower carbon global economy
0
1,000
2,000
3,000
4,000
5,000
6,000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021E
2022E
2023E
2024E
2025E
2026E
2027E
2028E
2029E
2030E
Kmt
Total Solar demand Total Wind demand
Total EV demand Total Copper demand
29%
42%
23%
35%
32%
47%
27%
39%
25%
37%
19%
30%
0%
10%
20%
30%
40%
50%
Copper Nickel Cobalt Lithium
Percent
Base Bull Bear
AEM1222E/M-2632290-28/55
31. Impact of switching from natural gas-fired turbines to wind
turbines
31
Source: Issues In Science and Technology,
The Hard Math of Minerals Report,
27/02/22. For illustrativepurposes only.
Wind turbines required for equivalent energy output
30,000 tonnes of iron ore
500
feet
50,000 tonnes of concrete
900 tonnes of nonrecyclable plastics
1,000 tonnes of specialty metals and minerals e.g. copper
Requires 10 square miles of land
One 100MW
natural gas-fired
turbine
300 tonnes of iron ore
2,000 tonnes of concrete
100 tonnes of specialty metals
and minerals
Approximately the size of a
residential house
AEM1222E/M-2632290-29/55
32. Structural changes to commodity markets from carbon
pricing
32
Carbon pricing to steepen cost curves for
energy intensive commodities
Aluminium global balance
Surplus
Deficit
Source:GoldmanSachs, 31/10/21.There is no guaranteethat any forecastsmade will come to pass.
Aluminium smelter all-in cash costs
(Real US$ 2021 per tonne)
-2,500
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
Kt
China balance Ex-China balance
330
290 290
100 200
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2021E 2030
$50/t
2030
$100/t
700
770 770
750
1490
0
500
1,000
1,500
2,000
2,500
3,000
3,500
1 2 3
Hydro Coal
Other costs Power costs Carbon costs
Carbon price assumption
AEM1222E/M-2632290-30/55
33. Decarbonisation: a multi-decade driver for the mining sector
33
Potential implications
Example company targets
Source: BHP and ArcelorMittal websites, 05/01/22. Reference to the names of each company
mentioned in this communication is merely for explaining the investment strategy, and should not
be construedas investment advice or investment recommendationof those companies
Source:BlackRock, 05/01/22
Mining companies have announced ambitious targets around reducing scope 1 and 2 emissions
More resilient businesses
Investment opportunities in
decarbonisation technology
across the supply chain
Less investment in new supply
AEM1222E/M-2632290-31/55
34. Rock-solid balance sheets
34
Relative to other sectors net debt / EBITDA
European Mining sector net debt / EBITDA
Source:Morgan StanleyResearch Estimates, 20/09/21.IMF estimates. There is no
guaranteethat any forecastsmadewill come to pass..
Source:DataStream,30/11/22
The miners have made fantastic progress in paying down debt
Lower leverage should mean lower risk surrounding these companies
0.0
0.4
0.8
1.2
1.6
2.0
ND/EBITDA
(trailing
12m.)
0
1
2
3
Food
&
Bev
Auto
&
Parts
Telecom
Media
Utilities
Inds
Gds…
Health
Care
Chemicals
Retail
Cons
Prd…
Oil
&
Gas
Tech
Mining
ND/EBITDA
(trailing
12m)
AEM1222E/M-2632290-32/55
35. Valuations
35
EV / EBITDA – World DataStream General Mining Index
Source:DataStream,30/11/22. The figuresshown relate to past performance.Past performanceis not a reliableindicatorof current or future results
EV / EBITDA at the lowest level since 1991
0
5
10
15
20
25
AEM1222E/M-2632290-33/55
37. What has been driving the gold price?
37
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. Indicesare unmanagedand one cannot invest directlyin 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-2632290-35/55
41. Background to fund benchmark changes
41
41
• The Fund’s original benchmark provider was HSBC, the HSBC Global Mining Index Capital Only
• Ownership of this Index changed to Euromoney in 2013 and it became the Euromoney Global Mining Index
Capital Only
• As a result of industry consolidation, the universe became dominated by a handful of very large companies,
which made the index non-UCITS compliant
• In order to solve for this, Euromoney provided a constrained index as a temporary solution, the Euromoney
Global Mining Constrained Weights Total Return Index, which became the Fund’s benchmark in December
2015
• Ownership of this index changed to IHS Markit in 2016 and it became the EMIX Global Mining Constrained
Weights Total Return Index
• After 4 years of using this index, it was found to be both inadequate for assessing performance, due to an
inability to deploy risk, and to have had a recurrence of errors in the index calculation methodology
• A decision was taken by our Risk & Quantitative Analysis Division in 2019 to provide alternative methodology
for constrained weights benchmarks, which resulted in the Fund switching to the current MSCI ACWI Metals &
Mining 30% Buffer 10/40 Total Return Index
• This was finally onboarded in August 2020 resulting in a spliced performance history, where the previous
index performance is included up until the 17th of August 2020 and the new benchmark thereafter
• The new benchmark is a broader and more effective representation of the investable universe, in our view,
including steel companies, for example, and allowing active risk to be deployed in the largest constituents
Source:BlackRock, December2022. It is not possibleto directlyinvest in an index.
AEM1222E/M-2632290-39/55
42. Comparison of index performance
42
42
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 December 2021 in USD. 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. The indexes used above have different strategies and objectives from private equity funds and may calculate their
performance in a manner different from private equity generally. Comparing performance across indexes is, for these and other reasons, not representative or predictive of future
investment performancein any strategy.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMIX Global Mining Constrained Weights TR Index -27.9% 0.3% -25.1% -16.8% -41.1% 66.9% 31.2% -13.6% 28.0% 30.9% 10.3%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index -28.8% 0.2% -19.5% -17.4% -39.1% 60.9% 33.0% -16.9% 20.0% 24.5% 14.1%
-60%
-30%
0%
30%
60%
90%
AEM1222E/M-2632290-40/55
43. Explaining differential returns
43
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when
selecting a product or strategy. Source: BlackRock, 30 November 2022. It is not possible to directly invest in an index Net performance on a NAV pricing basis for the A share class
and the D share class with income re-invested. The return of your investment may increase or decrease as a result of currency fluctuations. Figures shown in USD. Please note the
share classes indicated in the slide may not be available in all the jurisdictions. Please refer to the fund prospectus for more information. Index returns are for illustrative purposes
only. Indexperformancereturnsdo not reflect any managementfees, transactioncosts or expenses.
Launch date
March 1997
Structure
Open-ended SICAV
Fund Managers
Evy Hambro / Olivia Markham
AUM
US $6.2 billion
Net calendar year performance
YTD
2022
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Fund (A share class) 2.4% 16.1% 33.3% 19.6% -17.1% 30.8% 52.3% -41.3% -23.1% -24.0% -3.1% -28.7% 29.2% 103.9% -64.1% 59.6% 43.6%
Fund (D share class) 3.1% 17.0% 34.3% 20.5% -16.4% 31.8% 53.5% -40.9% -22.5% -23.5% -2.4% -28.1% 30.1% 105.4% -63.8% 61.1% -
Spliced benchmark:
EMIX Global Mining
Constrained Weights TR Index
to 17th of August 2020 and
MSCI ACWI Metals & Mining
30% Buffer 10/40 TR Index
thereafter
-0.5% 14.1% 34.0% 28.0% -13.6% 31.2% 66.9% -41.1% -16.8% -25.1% 0.3% -27.9% 32.4% 109.7% -59.1% 56.2% 39.8%
MSCI ACWI Metals & Mining
30% Buffer 10/40 Index -0.5% 14.1% 24.5% 20.0% -16.9% 33.0% 60.9% -39.1% -17.4% -19.5% 0.2% -28.8% 21.9% 92.1% -56.7% 48.6% 43.2%
EMIX Global Mining
Constrained Weights TR Index 2.2% 10.3% 30.9% 28.0% -13.6% 31.2% 66.9% -41.1% -16.8% -25.1% 0.3% -27.9% 32.4% 109.7% -59.1% 56.2% 39.8%
AEM1222E/M-2632290-41/55
45. BGF World Mining Fund
45
Source: BlackRock, 30 November 2022. The specific companies identified and describe 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. The benchmark is the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index. Indices are
unmanagedand one cannot invest directlyin an index.Weightingsdo not necessarilyrepresent currentor future portfolioholdings.
Top 5 overweights at the stock level Top 5 underweights at the stock level
Top 10 holdings Sub-sector breakdown
Stock Sector Theme Fund Benchmark
Glencore Diversified
Free Cash Flow
Generator
9.4% 7.0%
BHP Diversified
Free Cash Flow
Generator
8.9% 6.9%
Vale Diversified Deleverage 7.3% 6.8%
Anglo American Diversified Growth 5.2% 3.1%
Freeport McMoran Copper Growth 4.9% 3.6%
Rio Tinto Diversified
Free Cash Flow
Generator
4.0% 6.9%
Franco Nevada Gold Growth 3.9% 3.0%
Teck Resources Diversified
Free Cash Flow
Generator
3.7% 1.9%
Wheaton Precious
Metals
Gold Growth 3.2% 1.9%
Ivanhoe Mines Copper Growth 3.1% 0.6%
Underweight holding Fund Benchmark Active
Rio Tinto 4.0% 6.9% -2.9%
Fortescue Metals 0.0% 2.4% -2.4%
Agnico Eagle Mines 0.2% 2.4% -2.2%
POSCO 0.0% 1.9% -1.9%
Ma'aden 0.0% 1.7% -1.7%
Overweight holding Fund Benchmark Active
Ivanhoe Mines 3.1% 0.6% 2.6%
Glencore 9.4% 7.0% 2.4%
Anglo American 5.2% 3.1% 2.1%
BHP 8.9% 6.9% 1.9%
Sigma Lithium 1.9% 0.0% 1.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Portfolio Benchmark
AEM1222E/M-2632290-43/55
46. BGF World Mining: Performance to 30 November 2022
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. 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 MSCI ACWI Metals & Mining 30% Buffer 10/40 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 industry 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.
Performance (A Share Class, Net, USD)
Launch date
March 1997
Structure
Open-ended SICAV
Fund Managers
Evy Hambro / Olivia Markham
AUM
US $ 6.2 billion
46
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
YTD
2022
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Fund Benchmark Active (RHS)
AEM1222E/M-2632290-44/55
47. BGF World Mining: Performance to 30 November 2022
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. 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 MSCI ACWI Metals & Mining 30% Buffer 10/40 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 industry 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.
Performance (A Share Class, Net, USD)
Launch date
March 1997
Structure
Open-ended SICAV
Fund Managers
Evy Hambro / Olivia Markham
AUM
US $ 6.2 billion
47
Nov-22 3-Month 1-Year 3-Year p.a. 5-Year p.a. 10-Year p.a.
BGF World Mining Fund - A 18.61% 18.26% 9.34% 20.17% 11.61% 1.14%
Spliced benchmark - EMIX Global Mining
Constrained Weights TR Index to 17th of August
2020 and MSCI ACWI Metals & Mining 30% Buffer
10/40 TR Index thereafter
20.57% 17.24% 6.51% 18.60% 13.20% 3.56%
0%
5%
10%
15%
20%
25%
Return
(%)
AEM1222E/M-2632290-45/55
48. BGF World Mining: Performance to 30 November 2022
48
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. 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 MSCI ACWI Metals & Mining 30% Buffer 10/40 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 industry 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.
Performance (D Share Class, Net, USD)
Launch date
March 1997
Structure
Open-ended SICAV
Fund Managers
Evy Hambro / Olivia Markham
AUM
US $ 6.2 billion
48
Nov-22 3-Month 1-Year 3-Year p.a. 5-Year p.a. 10-Year p.a.
BGF World Mining Fund - D 18.69% 18.48% 10.17% 21.08% 12.46% 1.90%
Spliced benchmark - EMIX Global Mining
Constrained Weights TR Index to 17th of August
2020 and MSCI ACWI Metals & Mining 30% Buffer
10/40 TR Index thereafter
20.57% 17.24% 6.51% 18.60% 13.20% 3.56%
0%
5%
10%
15%
20%
25%
Return
(%)
AEM1222E/M-2632290-46/55
49. Risks 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.
49
Fund Specific Risks
BGF World Mining:
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.
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.
AEM1222E/M-2632290-47/55
50. 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
50
AEM1222E/M-2632290-48/55
51. 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
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.
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.
Important Information
51
AEM1222E/M-2632290-49/55
52. 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
52
AEM1222E/M-2632290-50/55
53. 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
53
AEM1222E/M-2632290-51/55
54. 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
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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
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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
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BlackRock fund be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the
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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
54
AEM1222E/M-2632290-52/55
55. Important Information
55
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.
AEM1222E/M-2632290-53/55
56. Important Information
56
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.
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-2632290-54/55
58. 58
Disclaimer
In the preparation of the material contained in this document, DSP Investment Managers Private Limited (“AMC”) has used information that is publicly
available, including information developed in-house or basis information received from its affiliates. The AMC however does not warrant the accuracy,
reasonableness and / or completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should not
be construed as any research report/research recommendation. All logos used in the image are trademarks™ or registered® trademarks of their respective
holders. Use of them does not imply any affiliation with or endorsement by them.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe”
and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by
the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks,
general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and
interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
Asset Allocation of DSP World Mining Fund
1. Units of BGF – WMF# or other similar overseas mutual fund scheme(s): 95% to 100%
2. Money market securities and/ or units of money market/liquid schemes of DSP Mutual Fund: 0% to 5%
#in the shares of BGF – WMF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or may
not have any future position in these sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of its Offer
document. Past performance may or not sustain in future and should not be used as a basis for comparison with other investments.
All figures and other data given in this document are dated and the same may or may not be relevant in future and the same should not be considered as
solicitation/recommendation/guarantee of future investments by DSP Investment Managers Pvt. Ltd. or its affiliates.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of
subscribing to the units of the DSP Mutual Fund (“Fund”). Investors should know that they are bearing the recurring expenses of the scheme ( DSP World
Mining Fund), in addition to the expenses of other schemes in which the Fund of Funds Scheme makes investments (BlackRock Global Funds - World Mining
Fund).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/ capital guarantee to the
investors in the Scheme. For scheme specific risk factors and more details, please read the Scheme Information Document, Statement of Additional
Information and Key Information Memorandum of respective Scheme available on ISC of AMC and also available on www.dspim.com.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
59. 59
Disclaimer
Scheme Product Suitability
RISKOMETER
Scheme
Benchmark -MSCI ACWI
Metals and Mining 30% Buffer
10/40 (1994) Net Total Return
Index
An open ended fund of
fund scheme investing in
BlackRock Global Funds –
World Mining Fund (BGF –
WMF)
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 mining companies.
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
![[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
December 2022
| People | Processes | Performance |
DSP World Mining Fund
An open ended fund of fund scheme investing in BlackRock Global Funds –
World Mining Fund (BGF – WMF)](https://image.slidesharecdn.com/dsp-world-mining-fund-presentationdec22-230216101008-b17bb8ea/85/dsp-world-mining-fund-1-320.jpg)
