The Global Allocation team manages over $85 billion in assets. It has an experienced portfolio management team with over 90 years of cumulative experience. Team members have extensive investment experience across global asset classes and sectors. The team utilizes a flexible approach that seeks to generate competitive returns with lower risk than equity markets alone. It draws on resources throughout BlackRock for investment ideas, analysis, risk management and more.
1) Selecting good mutual funds is extremely difficult as only 20% may outperform their benchmark over the long run and 40% of funds from 10 years ago are no longer in existence.
2) Both qualitative and quantitative factors must be analyzed to select funds, including the people and process behind the fund, fees, performance metrics, and consistency with the stated investment philosophy.
3) Most active funds underperform their benchmarks, so investors must decide whether to pursue an active or passive strategy based on their goals, beliefs about market efficiency, and ability to identify skilled managers. Choosing funds requires extensive research and analytical skills.
The document summarizes the annual general meeting of Claude Resources Inc. held on May 10, 2012. It provides an overview of the company's operations, including its Seabee, Amisk and Madsen gold projects in Canada. It also outlines the company's financial results for 2011, operational highlights for the year, and catalysts and exploration plans for 2012 intended to increase gold production and resources.
This document discusses the importance of dividends for long-term investors. It notes that dividends are less volatile than earnings, are the primary source of total equity returns, and yield is the only consistently positive source of return. The document also summarizes ING Investment Management's dividend investment approach, which combines quantitative screening and fundamental analysis to identify stocks with high and sustainable dividend yields. The goal is to outperform the market through diversification and downside protection while offering higher dividend yields.
This document summarizes a global resource investment company and merchant bank called Aberdeen International. It focuses on building value in private, micro, and small-cap resource companies through an active approach that aims to generate triple digit returns over 2-5 years. It has a broad investment mandate across the resource sector and leverages the infrastructure and deal flow of its parent company, Forbes & Manhattan. Recent investments have generated strong returns for shareholders.
This document discusses strategies for leading organizations through uncertain times. It begins by reviewing the key findings of the 2012 Global Dynamism Index, which measures countries' resilience and ability to recover from economic changes. Australia ranks moderately according to the GDI. The document then outlines challenges facing Australian business leaders, such as high tax rates, workforce issues, and underinvestment in technology and R&D. Finally, it proposes strategies for leading through uncertainty, including managing risk prudently, incremental planning, technology-enabled service delivery, and flexible workforce planning.
1) Selecting good mutual funds is extremely difficult as only 20% may outperform their benchmark over the long run and 40% of funds from 10 years ago are no longer in existence.
2) Both qualitative and quantitative factors must be analyzed to select funds, including the people and process behind the fund, fees, performance metrics, and consistency with the stated investment philosophy.
3) Most active funds underperform their benchmarks, so investors must decide whether to pursue an active or passive strategy based on their goals, beliefs about market efficiency, and ability to identify skilled managers. Choosing funds requires extensive research and analytical skills.
The document summarizes the annual general meeting of Claude Resources Inc. held on May 10, 2012. It provides an overview of the company's operations, including its Seabee, Amisk and Madsen gold projects in Canada. It also outlines the company's financial results for 2011, operational highlights for the year, and catalysts and exploration plans for 2012 intended to increase gold production and resources.
This document discusses the importance of dividends for long-term investors. It notes that dividends are less volatile than earnings, are the primary source of total equity returns, and yield is the only consistently positive source of return. The document also summarizes ING Investment Management's dividend investment approach, which combines quantitative screening and fundamental analysis to identify stocks with high and sustainable dividend yields. The goal is to outperform the market through diversification and downside protection while offering higher dividend yields.
This document summarizes a global resource investment company and merchant bank called Aberdeen International. It focuses on building value in private, micro, and small-cap resource companies through an active approach that aims to generate triple digit returns over 2-5 years. It has a broad investment mandate across the resource sector and leverages the infrastructure and deal flow of its parent company, Forbes & Manhattan. Recent investments have generated strong returns for shareholders.
This document discusses strategies for leading organizations through uncertain times. It begins by reviewing the key findings of the 2012 Global Dynamism Index, which measures countries' resilience and ability to recover from economic changes. Australia ranks moderately according to the GDI. The document then outlines challenges facing Australian business leaders, such as high tax rates, workforce issues, and underinvestment in technology and R&D. Finally, it proposes strategies for leading through uncertainty, including managing risk prudently, incremental planning, technology-enabled service delivery, and flexible workforce planning.
The document outlines considerations for implementing a strategic seed investing program in healthcare. It recommends:
1) Designing an investment model focused on high-quality founders and capital efficient sectors.
2) Developing partnerships with incubators, universities, and other investors to source deals.
3) Establishing a rigorous but efficient due diligence and approval process.
4) Managing financial expectations, with most seed investments unlikely to yield returns but building expertise in emerging areas.
The Imperatives of Investment Suitabilityfinametrica
Presentation given by Paul Resnik (Co-Founder, FinaMetrica) at the National Institute of Securities Markets (NISM) in Mumbai, India. It emphasizes on the importance of measuring risk tolerance of investors in the process of matching investment products to an individual's needs. Visit www.riskprofiling.com to know more.
The document summarizes several investment funds managed by Efficient Select, a division of the Efficient Group. The Efficient Equity Fund invests in South African equities using a growth at a reasonable price strategy. Its top holdings include BHP Billiton and Clicks. The Efficient Property Fund focuses on income and capital growth from South African real estate companies. The Efficient Active Allocation Fund provides global diversification by investing at least 50% offshore.
This document provides an interim report for the UK Leveraged and Diversified Large Cap Alpha Fund. It discusses the fund's investment thesis, team, objectives, strategy, holdings and performance between February and March 2013. Some key themes that emerged were growth in the UK, Eurozone and US economies, the impact of central bank monetary policy, ongoing deleveraging, and positive fund flows indicating a secular bull market. Potential risks discussed included a UK credit downgrade, the Italian election, and a possible UK triple-dip recession. Going forward, the report remains optimistic given themes indicating positive equity market opportunities.
Global resource investment company focused on building value in private resource companies through seed investments and an active role in management. Portfolio valued at $86 million as of October 2010, with exposure to gold, base metals, bulk commodities, agriculture, and energy. Management team has a proven track record of significant returns, such as 3,750% on a gold investment within 4 years through to a $735 million acquisition. The company aims to continue unlocking value from its portfolio of over 20 companies and royalty interests.
A global resource investment company and merchant bank that owns pieces of private, micro, and small-cap resource companies. It takes an active role in building and developing these companies to unlock value over 2-5 years, with a goal of triple digit returns. The company leverages the infrastructure and deal flow of Forbes & Manhattan to provide financing, management expertise, and marketing assistance. It has a diversified portfolio of resource investments and also generates revenue from gold royalties.
Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management. It provides seed financing and takes board seats early to help manage growth. The company's portfolio is valued at $123.7 million and is diversified across commodities like gold, bulk materials, agri-minerals and energy. Aberdeen aims to generate triple digit returns over 2-5 years through its hands-on approach and expertise in developing resource companies.
Aberdeen International is a global resource investment company that owns a portfolio valued at approximately C$117.8 million as of April 30, 2011. The company focuses on private, micro, and small-cap resource companies with the goal of unlocking value over 2-5 years. Aberdeen has exposure to gold and other commodities through its portfolio companies and gold royalty interests. The company aims to continue building its portfolio through new investments in iron ore, coal, agriculture, and energy.
This document discusses using prizes to promote international development. It provides background on the benefits of prizes, including leveraging more investment, being open to diverse solutions, and attracting a global pool of talent. Prizes can help address grand challenges and spur innovation. The document outlines different types of prizes and considerations for prize design, including defining problems, validating needs, designing for desired outcomes, building prize platforms, implementing competitions, and evaluating impacts. It also discusses using prizes to promote agricultural innovation and provides examples from organizations like the World Bank, Gates Foundation, and USAID. Researchers are encouraged to help identify prize opportunities and assess prize impacts.
1) Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management and financing.
2) The company has a portfolio valued at over $117 million including investments in gold, metals, bulk commodities, agriculture, and energy. Top holdings include Sulliden Gold, Black Iron, and Belo Sun Mining.
3) Aberdeen employs a unique strategy of actively managing seed investments in resource companies and supporting them through early development with the goal of generating triple digit returns within 2-5 years.
Target date funds are quickly becoming the dominant investment option within many defined contribution retirement plans. Regulators have taken notice with the Department of Labor (DOL) contemplating new disclosure requirements for plans offering target date funds.
In order for a plan sponsor to meet their fiduciary obligations to prudently select and monitor their target date funds, a thorough analysis is necessary because of the underlying complexity of these products and their unique structure relative to the traditional "core" investment options that defined contribution sponsors are used to evaluating.
In this program, we present a framework for a sound fiduciary evaluation of a target date series.
The document provides an overview of how to develop a comprehensive investment strategy using a behavioral finance approach to meet various financial goals over an individual's lifetime. It discusses combining modern portfolio theory with behavioral finance to account for multiple investment goals and risk tolerances. It then provides a case study of allocating assets for a couple across basic needs, lifestyle, philanthropy, and legacy portfolios based on their specific needs, goals, and risk profiles for each.
1. Determine your risk tolerance through a questionnaire to assess your willingness and ability to take risks.
2. Set a return objective of 6-8% annually over 10 years to beat inflation while balancing risk.
3. Choose an asset mix of 60% stocks, 30% bonds, and 10% gold based on risk tolerance and return goal.
Diversify globally across industries to reduce risk.
This document provides information on Morningstar Investment Services' managed portfolio offerings. It outlines mutual fund portfolios, ETF portfolios, and stock portfolios. For the mutual fund and ETF portfolios, it describes the investment philosophy, portfolio construction process, available strategies, fees, and benefits. It also provides examples of actual portfolio holdings and performance statistics. For the stock portfolios, it gives an overview of the available customized options and stock research approach. Overall, the document aims to showcase Morningstar Investment Services' turnkey portfolio solutions for advisors.
The document discusses current challenges in structuring domestic portfolios. It notes money market outflows in Q2 2012 while unit trusts saw inflows. Balanced funds have been outperforming due to their diversification, flexibility, and strong equity and fixed income teams. The core PSG funds range from high to low risk. The philosophy is to be consistent, conservative, and contrarian in investments. Portfolios are constructed based on moats, management, and margin of safety analysis of companies. Current portfolio themes include offshore, mid-cap domestic industrials, large-cap industrials and resources.
The document summarizes the Stock Analyst Program for Winter 2013. It provides an overview of the program, including plans for the semester, investment strategies recapped, and building an efficient investment thesis. Key dates and evaluation criteria for the stock pitch competition are also outlined.
The document provides a situation analysis and recommendations for Cirque du Soleil to expand its resident show business. It identifies the key issues of lack of a clear market expansion strategy, need for a new partnership model, and developing effective market penetration strategies. The recommendations include: 1) Pinpointing London, New York, and Sydney as priority markets; 2) Developing partnerships with entertainment complexes to replicate the successful MGM Mirage model; and 3) Developing culturally relevant content and marketing strategies to gain a strong foothold in the new markets. The strategies aim to expand into new markets in a controlled manner while maintaining Cirque's creative control and brand value.
Aberdeen International is a global resource investment company focused on investing in private, micro, and small-cap resource companies. It takes an active role in partnering with and building companies to unlock value. Its portfolio has generated high returns, including 258% over two years. Aberdeen provides shareholders exposure to resource investments with potential for triple digit returns through its unique strategy of seed-level financing and active involvement in partner companies.
This study aims to contribute to the discussion about the opportunities and the limits to the development of a Green Bonds market in Brazil, in line with international experience.
GVces - Center for Sustainability Studies
www.gvces.com.br
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The document summarizes risks identified in the financial markets in 2016. It identifies two main risks:
1) The UK's vote to leave the EU increases long-term uncertainty and is expected to lead to higher risk premiums and volatility. This uncertainty will persist throughout negotiations that could last years. Other countries may also reconsider EU membership.
2) The impact on the organization of European financial markets will be greater if the UK becomes a third country with no specific agreement, requiring new authorizations for cross-border financial services. Trade repositories and clearing houses in the UK would need local authorization.
The document outlines considerations for implementing a strategic seed investing program in healthcare. It recommends:
1) Designing an investment model focused on high-quality founders and capital efficient sectors.
2) Developing partnerships with incubators, universities, and other investors to source deals.
3) Establishing a rigorous but efficient due diligence and approval process.
4) Managing financial expectations, with most seed investments unlikely to yield returns but building expertise in emerging areas.
The Imperatives of Investment Suitabilityfinametrica
Presentation given by Paul Resnik (Co-Founder, FinaMetrica) at the National Institute of Securities Markets (NISM) in Mumbai, India. It emphasizes on the importance of measuring risk tolerance of investors in the process of matching investment products to an individual's needs. Visit www.riskprofiling.com to know more.
The document summarizes several investment funds managed by Efficient Select, a division of the Efficient Group. The Efficient Equity Fund invests in South African equities using a growth at a reasonable price strategy. Its top holdings include BHP Billiton and Clicks. The Efficient Property Fund focuses on income and capital growth from South African real estate companies. The Efficient Active Allocation Fund provides global diversification by investing at least 50% offshore.
This document provides an interim report for the UK Leveraged and Diversified Large Cap Alpha Fund. It discusses the fund's investment thesis, team, objectives, strategy, holdings and performance between February and March 2013. Some key themes that emerged were growth in the UK, Eurozone and US economies, the impact of central bank monetary policy, ongoing deleveraging, and positive fund flows indicating a secular bull market. Potential risks discussed included a UK credit downgrade, the Italian election, and a possible UK triple-dip recession. Going forward, the report remains optimistic given themes indicating positive equity market opportunities.
Global resource investment company focused on building value in private resource companies through seed investments and an active role in management. Portfolio valued at $86 million as of October 2010, with exposure to gold, base metals, bulk commodities, agriculture, and energy. Management team has a proven track record of significant returns, such as 3,750% on a gold investment within 4 years through to a $735 million acquisition. The company aims to continue unlocking value from its portfolio of over 20 companies and royalty interests.
A global resource investment company and merchant bank that owns pieces of private, micro, and small-cap resource companies. It takes an active role in building and developing these companies to unlock value over 2-5 years, with a goal of triple digit returns. The company leverages the infrastructure and deal flow of Forbes & Manhattan to provide financing, management expertise, and marketing assistance. It has a diversified portfolio of resource investments and also generates revenue from gold royalties.
Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management. It provides seed financing and takes board seats early to help manage growth. The company's portfolio is valued at $123.7 million and is diversified across commodities like gold, bulk materials, agri-minerals and energy. Aberdeen aims to generate triple digit returns over 2-5 years through its hands-on approach and expertise in developing resource companies.
Aberdeen International is a global resource investment company that owns a portfolio valued at approximately C$117.8 million as of April 30, 2011. The company focuses on private, micro, and small-cap resource companies with the goal of unlocking value over 2-5 years. Aberdeen has exposure to gold and other commodities through its portfolio companies and gold royalty interests. The company aims to continue building its portfolio through new investments in iron ore, coal, agriculture, and energy.
This document discusses using prizes to promote international development. It provides background on the benefits of prizes, including leveraging more investment, being open to diverse solutions, and attracting a global pool of talent. Prizes can help address grand challenges and spur innovation. The document outlines different types of prizes and considerations for prize design, including defining problems, validating needs, designing for desired outcomes, building prize platforms, implementing competitions, and evaluating impacts. It also discusses using prizes to promote agricultural innovation and provides examples from organizations like the World Bank, Gates Foundation, and USAID. Researchers are encouraged to help identify prize opportunities and assess prize impacts.
1) Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management and financing.
2) The company has a portfolio valued at over $117 million including investments in gold, metals, bulk commodities, agriculture, and energy. Top holdings include Sulliden Gold, Black Iron, and Belo Sun Mining.
3) Aberdeen employs a unique strategy of actively managing seed investments in resource companies and supporting them through early development with the goal of generating triple digit returns within 2-5 years.
Target date funds are quickly becoming the dominant investment option within many defined contribution retirement plans. Regulators have taken notice with the Department of Labor (DOL) contemplating new disclosure requirements for plans offering target date funds.
In order for a plan sponsor to meet their fiduciary obligations to prudently select and monitor their target date funds, a thorough analysis is necessary because of the underlying complexity of these products and their unique structure relative to the traditional "core" investment options that defined contribution sponsors are used to evaluating.
In this program, we present a framework for a sound fiduciary evaluation of a target date series.
The document provides an overview of how to develop a comprehensive investment strategy using a behavioral finance approach to meet various financial goals over an individual's lifetime. It discusses combining modern portfolio theory with behavioral finance to account for multiple investment goals and risk tolerances. It then provides a case study of allocating assets for a couple across basic needs, lifestyle, philanthropy, and legacy portfolios based on their specific needs, goals, and risk profiles for each.
1. Determine your risk tolerance through a questionnaire to assess your willingness and ability to take risks.
2. Set a return objective of 6-8% annually over 10 years to beat inflation while balancing risk.
3. Choose an asset mix of 60% stocks, 30% bonds, and 10% gold based on risk tolerance and return goal.
Diversify globally across industries to reduce risk.
This document provides information on Morningstar Investment Services' managed portfolio offerings. It outlines mutual fund portfolios, ETF portfolios, and stock portfolios. For the mutual fund and ETF portfolios, it describes the investment philosophy, portfolio construction process, available strategies, fees, and benefits. It also provides examples of actual portfolio holdings and performance statistics. For the stock portfolios, it gives an overview of the available customized options and stock research approach. Overall, the document aims to showcase Morningstar Investment Services' turnkey portfolio solutions for advisors.
The document discusses current challenges in structuring domestic portfolios. It notes money market outflows in Q2 2012 while unit trusts saw inflows. Balanced funds have been outperforming due to their diversification, flexibility, and strong equity and fixed income teams. The core PSG funds range from high to low risk. The philosophy is to be consistent, conservative, and contrarian in investments. Portfolios are constructed based on moats, management, and margin of safety analysis of companies. Current portfolio themes include offshore, mid-cap domestic industrials, large-cap industrials and resources.
The document summarizes the Stock Analyst Program for Winter 2013. It provides an overview of the program, including plans for the semester, investment strategies recapped, and building an efficient investment thesis. Key dates and evaluation criteria for the stock pitch competition are also outlined.
The document provides a situation analysis and recommendations for Cirque du Soleil to expand its resident show business. It identifies the key issues of lack of a clear market expansion strategy, need for a new partnership model, and developing effective market penetration strategies. The recommendations include: 1) Pinpointing London, New York, and Sydney as priority markets; 2) Developing partnerships with entertainment complexes to replicate the successful MGM Mirage model; and 3) Developing culturally relevant content and marketing strategies to gain a strong foothold in the new markets. The strategies aim to expand into new markets in a controlled manner while maintaining Cirque's creative control and brand value.
Aberdeen International is a global resource investment company focused on investing in private, micro, and small-cap resource companies. It takes an active role in partnering with and building companies to unlock value. Its portfolio has generated high returns, including 258% over two years. Aberdeen provides shareholders exposure to resource investments with potential for triple digit returns through its unique strategy of seed-level financing and active involvement in partner companies.
This study aims to contribute to the discussion about the opportunities and the limits to the development of a Green Bonds market in Brazil, in line with international experience.
GVces - Center for Sustainability Studies
www.gvces.com.br
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
The document summarizes risks identified in the financial markets in 2016. It identifies two main risks:
1) The UK's vote to leave the EU increases long-term uncertainty and is expected to lead to higher risk premiums and volatility. This uncertainty will persist throughout negotiations that could last years. Other countries may also reconsider EU membership.
2) The impact on the organization of European financial markets will be greater if the UK becomes a third country with no specific agreement, requiring new authorizations for cross-border financial services. Trade repositories and clearing houses in the UK would need local authorization.
This document summarizes an interview with Ron Cordes, the co-founder and executive co-chairman of AssetMark. It discusses Cordes' journey to impact investing and how he transitioned his family foundation's portfolio to be 100% invested for impact and ESG goals. Cordes describes how his initial 20% allocation to impact investing outperformed during the 2008 financial crisis because it was invested in uncorrelated assets in developing markets. He discusses how he helped grow the impact investing field through organizations like ImpactAssets by educating financial advisors and connecting them to impact fund managers. Cordes' theory of change is that impact investing can help solve big social and environmental problems by mobilizing more capital from financial markets beyond just phil
Merrill Edge is an online brokerage service launched in 2010 by Bank of America and Merrill Lynch. By 2015, Merrill Edge had grown to $118 billion in assets from 2 million customers. However, Merrill Edge was only able to fill 280 of 400 open positions in 2015 due to issues with its hiring process. A strategic analysis was conducted including a SWOT analysis and competitive analysis to develop recommendations to improve Merrill Edge's hiring. The analysis found that while Merrill Edge has a strong brand, its hiring goals may be unrealistic and training could be improved. Recommendations focused on attracting diverse talent through a revised recruitment and hiring process.
The document provides a summary of global market performance in the 4th quarter of 2016. It discusses performance of various asset classes including US and international stocks, bonds, real estate, and commodities. US stocks outperformed international developed and emerging market stocks. Value stocks outperformed growth stocks in the US and internationally. The document also provides headlines from financial news that occurred during the quarter for context.
The Xavier Student Bond Investment Fund outperformed its benchmark, the Bloomberg Barclays US Government/Credit Bond Index, for the 6-month period from April 1 to September 30, 2016, returning 3.63% versus the benchmark return of 3.08%. The outperformance was attributed to the fund's overweight position in corporate debt and expanded allocation to high yield and mortgage-backed securities. As of September 30, the fund maintained a shorter duration than the benchmark and a higher allocation to credit positions, positioning it to potentially benefit from moderately rising interest rates.
The document summarizes key findings from the 2016 Internet Security Threat Report. It finds that a new zero-day vulnerability was discovered on average each week in 2015, with 54 total found representing a 125% increase from the previous year. Over half a billion personal records were stolen or lost in 2015 due to data breaches, more than previously reported. Major security vulnerabilities were found in three quarters of popular websites putting all users at risk, as web administrators struggle to patch systems quickly. Mobile devices and the growing Internet of Things introduced new areas of risk, while targeted attacks and social engineering techniques continued to effectively compromise systems.
The document presents Investment Management Services (IMS) as an investment consultant responsible for researching investment products and managers, monitoring over 800 billion dollars in assets, and supporting investment-related sales and marketing efforts. IMS has over 100 team members conducting extensive manager research and due diligence, with a focus on understanding multiple types of risk beyond just past performance. The summary highlights IMS' process, resources, experience, size, and commitment to oversight and risk management.
This document provides information on the DSP US Flexible* Equity Fund, an open-ended fund of funds scheme that invests in the BlackRock Global Funds - US Flexible Equity Fund. The DSP US Flexible* Equity Fund provides Indian investors access to one of BlackRock's flagship US equity funds and seeks long-term capital growth by investing in US companies. The document includes information on portfolio characteristics, top holdings, and performance of the underlying BlackRock Global Funds - US Flexible Equity Fund.
The document discusses Barclays' process for evaluating and selecting investment managers. It states that identifying the right asset allocation and implementing it properly are both important for achieving investment goals. The process involves both science, through a formal and structured methodology, and art, by applying judgment and philosophy. Barclays aims to identify managers most likely to perform well through rigorous due diligence and ongoing monitoring. The paper will explain Barclays' comprehensive approach to manager analysis, selection, and review.
The document discusses strategic management concepts including strategic intent, vision, mission, goals, and objectives. It provides examples of each from various companies like Reliance Industries, Indian Oil Corporation, and Infosys. Strategic intent is defined as a long-term ambitious goal that builds on a firm's core competencies. Vision describes an ideal future state while mission explains why an organization exists. Goals and objectives then further define how the vision and mission will be achieved, with objectives being more specific and measurable. The document emphasizes the importance of each component in strategic planning and formulation.
Principles of strategic portfolio managementSmartOrg
This document discusses principles of strategic portfolio management and provides an overview of SmartOrg, a consulting firm that helps companies improve their portfolio management processes. Some key points:
- David Matheson is the President and CEO of SmartOrg. He has helped companies improve results from portfolio management, product development, and other areas.
- SmartOrg provides software, services, and training to help companies build their capability for strategic portfolio management. This includes tools to evaluate projects, focus stakeholders, and compare portfolios.
- Good strategic portfolio management principles include having an aligned decision forum, focusing on value creation, using credible and comparable evaluations, embracing uncertainty, and having an inclusive process.
This document provides an agenda and objectives for an upcoming webinar on integrated reporting. The webinar will feature a panel of experts who will share practices and trends in integrated reporting, deliver insights and best practices, and provide information on getting involved in integrated reporting standards evolution. The panelists will represent organizations like the International Integrated Reporting Council, SASB, and companies currently implementing integrated reporting.
The document summarizes an economic forum hosted by Executive Wealth Management. It featured presentations from Dr. Bob, the chief investment strategist of The Hartford, and State Representative Bill Rogers. The document also provides an overview of Executive Wealth Management, including new partners in various locations. It discusses the company's investment approaches, which include tactical asset allocation across global markets using fundamental and relative strength research to identify opportunities. Performance charts show two of the company's models outperforming benchmarks since inception in 2007.
The structure of retirement plan investment menus continues to evolve, from "more choice is better" to "less is more". Many fiduciaries initially sought protection under ERISA §404(c) by offering a wide array of investment choices to their participants, but participants found themselves overwhelmed by the task of evaluating and selecting from amongst so many managers. Plan sponsors soon realized that less could be more, and built menus that offered a few fixed income options and a diverse set of a dozen or more stock funds, but in the bear market of 2008, many of those plans saw similar declines across their investment menu.
With an increasing number of plans utilizing automatic enrollment and QDIA, just providing adequate choice is no longer enough. Fiduciaries are again asking, what does an effective investment menu look like? In this presentation, we cover:
Incorporating the science of behavioral finance into your investment menu design;
Selecting appropriate asset classes;
Whether a tiered structure could be right for your plan;
Passive versus active investment options;
Options for low risk investments; and
When to use target date funds.
The decision to nominate individuals as “top talent” or “high potential” is no easy task. Unfortunately, these important decisions are often undermined by a lack of due diligence, vague criteria, and questionable accuracy. Use our complimentary guidebook to learn how to avoid the most common issues and challenges involved in the high-potential evaluation and nomination processes.
You’ll learn about the 5 best practices for making the right talent investments in your organization, and as a bonus, get key takeaways to help you start identifying your future leaders.
LWM Consultants provides financial planning and investment management services with the objectives of maximizing returns while minimizing risk of loss. They employ a rigorous selection process to identify high-quality funds and asset managers and construct diversified portfolios. Key aspects of their investment philosophy and process include long-term holding periods, rebalancing annually to control risk, and ongoing monitoring of existing and potential assets. As of 2019, they managed over £127 million in assets across portfolios with varying risk profiles.
- Waddell & Reed Financial Inc. is a publicly traded investment management company with $1.5 billion in market capitalization and 84.7 million shares outstanding.
- They provide investment management services through distinct distribution channels serving retail, wholesale, and institutional clients. They have a dedicated network of over 2,000 financial advisors and a comprehensive family of mutual funds.
- As of Q1 2009, they have $47.6 billion in total assets under management, with 83% in equity funds and 13% in fixed income funds.
HAHN ETF Managed Portfolios - An Introductionrobyn_gra
This document provides an overview of HAHN Investment Stewards, a global macro investment manager that utilizes ETFs. It discusses their experienced investment strategy committee, core and focus portfolio strategies, attractive long-term performance record utilizing downside protection, philosophy of taking a global thematic and opportunistic approach through pragmatic use of ETFs, risk-sensitive nature, tactical asset mix changes, ETF portfolio construction process, example of a moderate core portfolio, and communications including their website and thought leadership in the media.
The document provides an overview of strategic portfolio management. It discusses the rationale for portfolio management, including aligning projects with organizational strategy and goals. Benefits of portfolio management include improved resource utilization and risk management. Challenges include lack of consensus, poor prioritization, and weak controls. Critical success factors include senior management commitment, robust governance processes, and ensuring project alignment with objectives. The document also outlines portfolio management roles and provides examples of how organizations can categorize their portfolio management effectiveness.
Fundraising cycle and partnership mobilisation with Global Education Investmentsjuliennavier
This document outlines the process for fundraising and partnerships. It involves 1) understanding the client and developing a strategy, 2) launching fundraising programs and deploying operational plans, and 3) periodically reassessing performance and reallocating funds. The goal is to mobilize resources and flexibly allocate funds to best achieve the budget and objectives of both donors and recipient organizations.
Research has shown that top performing organizations that practice project portfolio management (PPM) and IT Governance have a 40% greater return on IT investments than their competitors. During this presentation the speaker will cover tips and techniques such as:
•Portfolio Optimization practices that work
•How to categorize your PPM inventory
•Understanding the difference between project reviews and portfolio management reviews
•How should risk management impact your PPM environment
•What Top 3 soft skills must PPM managers develop
•RACI for PPM Governance
To learn more: http://developingaculturethatworks.com/
The document discusses the DSP US Flexible Equity Fund, which invests in the BlackRock Global Funds – US Flexible Equity Fund. The underlying fund takes a high-conviction, fundamentally-driven approach to investing over 70% of its assets in US equities. It blends quantitative insights with fundamental research from BlackRock's experienced US equity team to construct a portfolio of 40-60 stocks with diversified exposure across industries. Recent performance and portfolio characteristics are also reviewed.
STIA-LAN:Balance.Score.Card on Strategic.ManagementDjadja Sardjana
This document discusses strategic management tools like the balanced scorecard, scenario planning, and strategic maps. It provides an overview of:
1) Common strategic purposes and frameworks like analyzing the organization's position, resources, and developing simple rules.
2) Tools for strategic analysis, design, and implementation including external mapping, decision trees, scenarios, and internal assessments.
3) The challenge of developing strategies in an uncertain world and how to identify trends, opportunities, and plan for turbulence.
4) How the balanced scorecard can be used for strategic management by translating strategies into measurable objectives across key perspectives.
This document outlines the strategic planning cycle and process. It discusses conducting external and internal analyses to understand opportunities, threats, strengths, and weaknesses. This includes a SWOT analysis and examining the 5 key strategic questions of what an organization wants to achieve, where it will operate, how it will win, if it has the capabilities required, and what enablers are needed. The document emphasizes the importance of ongoing monitoring and learning to ensure the strategic plan supports long-term sustainability.
The webinar discussed good practices in promoting microinsurance products. It provided a 10 step framework for developing a successful promotional campaign including selecting target audiences, defining goals and messages, developing creative elements, and choosing communication channels. Three case presenters then shared examples from Haiti, South Africa, and Guatemala. Their promotional campaigns utilized a variety of channels such as radio, print, online, and in-person events to raise awareness and drive sales of microinsurance policies tailored to low-income customers.
Social Impact Measurement Among Canadian Impact InvestorsPurpose Capital
This document discusses social impact measurement among Canadian impact investors. It aims to determine investors' knowledge and use of social impact metrics in investment decisions. Key findings include that investors vary in their motivations from optimizing financial returns to optimizing social impact. Investors use metrics differently depending on the investment lifecycle stage, favoring qualitative data for due diligence and outcome metrics for monitoring. However, few have the ability to collect outcome data. The challenges of standardization and isolating a venture's impact are also discussed.
Tikehau Capital Markets Strategies document provides disclosures and disclaimers regarding Tikehau Investment Management and its funds. It notes that investing in the funds carries risks of capital loss as capital is not guaranteed. It warns that some funds have exposure to high-yield or unrated bonds which are speculative in nature. It also lists credit risk, interest rate risk, currency risk, liquidity risk and risk from use of derivatives as risks investors must consider.
Este informe resume el rendimiento de una cartera de inversiones entre el 31 de diciembre de 2020 y el 30 de marzo de 2021. La cartera comenzó con un patrimonio de 100.000 euros y terminó con 104.642,67 euros, lo que representa una plusvalía del 4,64%. La cartera está compuesta principalmente por fondos de inversión (90,44%), con un pequeño porcentaje en depósitos (9,56%). La mayor parte de la cartera se centra en renta variable global (31,61%), Europa (16,44%) y sectores específ
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Técnico o Fundamental ¿Por qué no un método que combine ambos análisis? por J...Rankia
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Charla Inaugural de la Sala Kostolany en la Rankia Markets Experience 2019 organizada por Rankia. Guillermo Higón analiza el ciclo económico en el que nos encontramos, incidiendo en USA.
El pasado 2 de Octubre Rankia organizó un nuevo evento en Castellón, en el Hotel Tryp Castellón Center donde hablamos sobre las diferentes Soluciones de Inversión para las carteras conservadoras de la mano de las gestoras de fondos Buy&Hold y Amiral Gestion, y bajo la moderación de Enrique Roca.
El pasado miércoles, 26 de Septiembre estuvimos en el Hotel NH Príncipe de Vergara de Madrid en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, ODDO BHF Asset Management y Araceli de Frutos Casado EAFI y donde también contamos con Victoria Torre (Self Bank), como moderadora de de la mesa redonda.
El pasado martes, 25 de Septiembre estuvimos en el Hotel Conde Luna de León en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, Amiral Gestion y Araceli de Frutos Casado EAFI y donde también contamos con Juan Pablo Garia Valadés (Asesor de inversiones de Renta4), como moderador de de la mesa redonda.
Tesis de inversión Signify - Quedada de foreros 2018Rankia
Este documento resume la información sobre Magallanes Value Investors y Signify. Magallanes es una gestora de fondos independiente especializada en value investing. Gestiona activos por 2.3 mil millones de euros. El documento también describe las divisiones de negocio, estrategia, posicionamiento e innovación de Signify, el líder mundial en iluminación. Signify está transformándose hacia soluciones LED e IoT y tiene objetivos de mejorar sus márgenes operativos a través de reducción de costes.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
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OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. GA_1
BGF Global Allocation: Investment Philosophy
“Competitive returns with low-to-moderate levels of risk can be achieved through a flexible, research-
intensive, value-oriented approach that seeks the best investment opportunities worldwide, broadly
diversified across asset classes, countries and securities.”
– Global Allocation Portfolio Management Team
Broadly diversified across asset classes, countries, sectors and market capitalizations
Seeks to offer investors competitive returns at lower than equity market risk
• We believe that arbitrary categorizations (size/style boxes/target weights) make little sense in a global financial economy that is
becoming increasingly integrated
An experienced investment team can exploit inefficiencies in corners of the global capital markets that
most specialized managers typically ignore, or are precluded from investing in
A “total return” investment approach coupled with a broad investment mandate allows for capital
appreciation opportunities in many market conditions with less risk than typical equity-only investments
• Philosophy is fundamentally distinct from most long-only managers, who measure performance, conformity, and risk relative to
passive indices – this approach can result in sizeable absolute losses during difficult market conditions
• By comparison, most absolute return managers who seek consistent, annualized target performance goals, may sacrifice long-
term upside potential in more favorable market environments
As of 31 March 2012.
2
3. GA_7
BGF Global Allocation Fund: Portfolio Management Team
Global Allocation team manages more than $85 billion in open-end funds and sub-advisory portfolios
Experienced and deep investment management team
• Portfolio Managers have more than 90 years cumulative experience
• PMs and Senior Analysts average over 20 years of investment experience
• More than half of the team’s PMs and/or Senior Analysts have worked on the portfolio for over a decade
Analysts have a wide degree of flexibility in the development of investment ideas
• Responsibilities are only loosely categorized by global sector
• Can explore opportunities across a firm’s total capital structure; having both equity and fixed income expertise
• Strong team interaction and knowledge sharing
Team utilizes worldwide BlackRock resources for investment ideas, fundamental analysis, technology,
risk analysis and cash management
As of 31 March 2012.
3
4. GA_7
BGF Global Allocation Fund: Portfolio Management Team
Product Specialist Team Product and
Quantitative
Oscar Pulido, CFA Research
Strategy Strategy
Patrick Sewards
Randy Berkowitz Matt Estes Judy Rice
Sam Indyawan Brian Miller, CFA Erica Quinn, CFA
Meghan Heil Reid Ross, CFA
Senior Analysts
Ben Moyer, CFA Eric Mitofsky Karen Morely, CFA Kate Rauscher, CFA Lisa Walker, CFA Greg Spencer
31 years experience 29 years experience 26 years experience 26 years experience 26 years experience 23 years experience
Asia Pacific Quantitative Analysis, Equity & Fixed Income, Equity & Fixed Income, Equity & Fixed Income, Equity & Fixed Income,
Investments Derivatives, Healthcare, Energy, Utilities, Industrials, Financial Services, Telecom, Media,
Risk Management Defense Alternative Energy Banks, REITS Technology
Portfolio Management
Kevin McKenna, co-COO Mike Trudel, CFA, JD
29 years experience Dan Chamby, CFA Dennis Stattman, CFA Aldo Roldan, Ph.D
Portfolio Manager Portfolio Manager Portfolio Manager Global Strategist
Lisa O’Donnell, JD, co-COO* 24 years experience 32 years experience 28 years experience 15 years experience
25 years experience Global Macro Strategy,
Asset Allocation & Asset Allocation & Asset Allocation &
Team Development, Risk, Quantitative Analysis,
Investment Strategy Investment Strategy Investment Strategy
Operations, Compliance Risk Evaluation
Senior Analysts Research Associates Senior Analysts
David Clayton, CFA, JD Mike Walsh, CFA Patrick Edelmann, CFA Kent Hogshire, CFA
22 years experience 21 years experience Kevin Bynum, CFA* – Macro 13 years experience 12 years experience
Equity & Fixed Income, Fixed Income, Derivatives, Daniel D. Daniel, CMT – Technology Equity & Fixed Income, Equity & Fixed Income,
Private Placements, Risk Management Martin Fransson, Ph.D – Materials & Precious Metals Converts, Derivatives, Converts, Derivatives,
Distressed Debt Lindsay Klitsch, CFA – Consumer & Derivatives Technology, Healthcare, Materials, Industrials
Energy Consumer
Matt Litwin – Energy & Industrials
Jonathan Lux, CFA – Industrials & Generalist
Portfolio Portfolio
Chirayu Patel, CFA – Asia Pacific, India
Transactions Sonia Wang – Asia Pacific, Japan
Administration
Marie Dwyer Angela Yu, CFA – Asia Pacific, China Nicole Everett
Pete Mathern Christine Garvey
Kim Moore Lisa Gill
Mike Carlucci Wendy Held
Lisa Peterson
*Lisa O’Donnell and Kevin Bynum are currently on leave.
As of 29 February 2012.
4
5. GA_1
Leveraging BlackRock’s Global Investment Capabilities Worldwide
The Global Allocation Team benefits directly and materially from BLK’s worldwide investment operations
• Headquartered in NYC with investment centers across asset classes worldwide
• Operating in 24 countries and more than 60 cities
• Daily investment research calls involving various areas of the firm including global equity, fixed income, currencies,
commodities, real estate, and alternative investments representing over $3.5 trillion in AUM*
BlackRock Solutions
• Pioneer in risk management and technology
• Provides risk management and enterprise investment services for $9 trillion in assets
• BlackRock Solutions® offers independent risk management products
Risk & Quantitative Analytics
• Team of over 130 Quantitative Analysts worldwide, led by Ben Golub, Ph.D, and Ed Fishwick
• RQA partners with BLK investment teams to analyze and manage portfolio risks
• Andrew Damm, Managing Director, is based in Princeton, NJ alongside the Global Allocation Team
Global Multi-Asset Investment Platform
• Investment operations in London, New York, Princeton, and San Francisco in both traditional long-only and alternative
asset classes
• Innovative strategies and services within and across asset classes
• Client dialogues have resulted in advisory assignments
*AUM as of 31 December 2011.
5
6. GA_1
BGF Global Allocation Fund: Portfolio Construction
Asset allocation is driven largely by relative valuations and absolute risk across asset classes, currencies,
sectors and securities
Entire asset classes, countries, and/or sectors can be omitted based on valuations
Internal reference benchmark serves as a neutral asset mix and performance standard
• Created to reflect global opportunity set, does not necessarily reflect our perception of value at a given point in time
• The portfolio can deviate significantly from the reference benchmark
• Benchmark has remained consistent since inception
Internal Reference Benchmark Universe of Securities
Neutral asset class allocation In addition to conventional securities, the portfolio has the
• 60% Equity flexibility to invest in
• 40% Fixed Income • Private placements
16% • High yield fixed income
Neutral regional allocation • Distressed fixed income
36% • 60% US • Convertible fixed income
• 40% Non-US • Inflation-linked bonds
• Preferred equity
24%
• Equity and fixed income index futures
S&P 500 • Structured products
FTSE World ex-US • Options
24% • Warrants
BofA ML 5-Yr US Treasuries
• Real estate investment trusts (REITS)
Citigroup Non-USD World Gov’t Bond
• Precious metal-related securities
As of 31 March 2012. Subject to change. This fund is not a “balanced” product, as its weightings are not rigidly adhered to. The fund is actively managed and its characteristics will vary. Benchmark
referred to is the Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16% Citigroup Non-USD World Gov’t
Bonds. It is not possible to invest directly in an index.
6
7. GA_1
BGF Global Allocation Fund: Investment Process
Research Asset Allocation Portfolio Construction
• Equity: Bottom-up, value-driven, • Combine top-down asset, • Diversified across many holdings
fundamental process currency and sector allocation (700+) and many countries (~40)
• Fixed Income: Focus on total with bottom-up security selection • No min/max industry or country
return and credit analysis • Utilize a variety of allocation constraints
• Ongoing research of over valuation metrics • Maximum of 35% assets in non-
1,000 companies • Compare relative value among investment grade fixed income
and within asset classes • Derivatives are employed
• Avoid overvalued asset classes primarily to hedge (protect) the
value of assets against adverse
movements in the markets
Top-down strategy targets an attractive risk/return trade-off across asset classes, countries and
market capitalizations
Bottom-up fundamental research evaluates the relative attractiveness of securities within various global
market sectors and asset classes
• Securities are evaluated based on their expected risk/return profiles
Fundamental analysis, valuation metrics, and quantitative screening identify opportunities for analysts to
pursue
• Valuation screens include EV/EBITDA, P/E, P/CF, P/B, and a large variety of other metrics
• Security selection based on fundamental research, not benchmark composition
Flexible, price-sensitive process designed to add value from a very broad investment universe
As of 31 March 2012. Current process for selecting investments in the fund’s portfolio in accordance with its stated investment objectives and policies. Process subject to change based on market
conditions, portfolio manager’s opinion and other factors.
7
8. GA_1
BGF Global Allocation Fund: Sell Discipline
Security weightings are a trade-off between discount to intrinsic value and contribution to risk; sale
triggers include:
• Nearing estimated intrinsic value
• Deteriorating fundamentals
• Re-balancing as necessary for risk management
• More compelling investment opportunity
Turnover has historically ranged between 40–60% per annum
Fixed income may turnover more rapidly than equity
8
9. GA_1
Risk & Quantitative Analysis (RQA) Provides Objectivity & Independence
Risk Assessment
• RQA monitors dozens of active
risk factors globally on a
continuous basis
• Helps the GA team ensure that the
portfolio is not unintentionally
overexposed to specific
top-down factors
• Risk cannot (and should not) be
Performance Attribution entirely eliminated, but it can – and Stress Testing
must be – identified
• Periodically reviews the cumulative • Allows the PM team to pro-actively
effect of investment decisions to estimate how changes in identified
identify those factors contributing market prices affect the portfolio
to, and subtracting from, both in relative and absolute terms
alpha generation • Stress testing allows the GA team
• Attribution is comprehensive to the to quantify the portfolio effects of
portfolio as a whole and includes specific market scenarios rather,
country, sector, currency, and Risk Alignment than relying on intuition
individual security analysis • Regularly scheduled meetings between
RQA and the Global Allocation team
helps ensure that current portfolio
positioning is consistent with the team’s
market views
• In addition to traditional purchases and
sales, derivatives can be used to hedge
away undesired top-down exposures
9
10. GA_1
BGF Global Allocation Fund: Flexibility in Practice
Flexible investment style offers opportunities in a variety of market environments
Cash is actively managed
• Cash assets may be diversified across global currencies: not solely USD-denominated
• Cash is currently considered primarily “zero duration” fixed income
The chart demonstrates management's allocation strategy since inception, highlighting the fund's
flexibility and active management
As of 31 December 2011. Source: BlackRock. Subject to change. This fund is not a “balanced” product, as its weightings are not rigidly adhered to. The fund is actively managed and its
characteristics will vary. Benchmark referred to is the Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16%
Citigroup Non-USD World Gov’t Bonds. The information depicted above is for the BlackRock Global Allocation Fund (Investor A), inception date of 3/2/1989 and is for illustrative purposes only. The
investment team uses the same investment process for the BGF Global Allocation.
10
11. GA_7
BGF Global Allocation Fund: Flexibility in Practice
Portfolio Composition (December 1993 to December 2011)
As of 31 December 2011. Source: BlackRock. The information depicted above is for the BlackRock Global Allocation Fund (Investor A), inception date of 3/2/1989 and is for illustrative purposes
only. The investment team uses the same investment process for the BGF Global Allocation.
11
12. GA_1
BGF Global Allocation Fund: Currency Flexibility
USD Exposure (March 1989 to March 2012)
As of 31 March 2012. Source: BlackRock, Bloomberg. Subject to change. Data begins first quarter-end after inception March 31, 1989. The information depicted above is for the BlackRock Global
Allocation Fund (Investor A), inception date of 3/2/1989 and is for illustrative purposes only. The investment team uses the same investment process for the BGF Global Allocation.
*The DXY Index indicates the general international value of the USD. The index averages the exchange rates between the USD and 6 major currencies (Euro, Yen, Pound, Swiss Franc, Canadian
Dollar, Swedish Krona).
12
13. GA_7
BGF Global Allocation Fund: Portfolio Snapshot as of 31 March 2012
Equity Strategy (64% ~ Overweight) Asset Allocation
• Overweight:
11%
– Regions: Asia (Japan & Asia-ex) and Latin America
– Sectors: Materials, Energy, Telecom Services, 36%
15%
Information Technology, Healthcare, and Utilities
US Equities
• Underweight:
Non-US Equities
– Regions: Europe and US
10% US Fixed Income
– Sectors: Financials, Consumer Staples, Consumer
Non-US Fixed Income
Discretionary, and Industrials
Cash
28%
Fixed Income Strategy (25% ~ Underweight)
• Overweight: Currency Allocation
– Convertibles (4%) and Corporates (4%)
4%
• Underweight: 3%4%
6%
– Nominal US Treasuries, European Sovereign Debt, US Dollar
and Japanese Government Bonds 3% Japanese Yen
Other Asia
Cash (11% ~ Overweight) 10% British Pound Sterling
• Actively Managed, both USD and non-USD Euro
64%
6% Other Europe
Latin America
Rest of the World
As of 31 March 2012. Note: Portfolio allocation subject to change. The asset allocations illustrated are shown as a percentage of net assets. Asset allocation strategies do not assure profit and do
not protect against loss. Overweight/Underweight indicators are relative to fund’s Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML US 5-
Year Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.
13
14. GA_1
BGF Global Allocation Fund: Characteristics as of 31 March 2012
Equity Regions (% of Net Assets) Equity Sectors (% of Net Assets) Fixed Income Regions (% of Net Assets)
Info Technology 10.5
37.6 9.0 14.7
North America North America
37.6 8.5 24.5
Financials
11.0
9.7 8.4 4.2
Europe Energy Europe
11.5 6.4 8.1
Materials 8.0
4.1
6.5 3.8
Japan 7.1 Asia ex-Japan
3.6 Healthcare 0.3
5.8
Industrials 5.5
6.3 6.5 1.8
Asia ex-Japan Latin America
5.1 0.1
Cons. Discretionary 4.8
6.4
2.8 4.2 0.3
Latin America Telecom Services Japan
2.3 7.0
1.4
Cons. Staples 4.1
6.4 0.0
0.9 Africa/Middle
Africa/Middle
2.5 East/Other 0.0
East/Other 0.8 Utilities
2.1
BGF Global Allocation Fund
Internal Reference Benchmark*
Fixed Income Credit Quality (% of Net Assets)† Top 10 Equity Holdings (% of Net Assets) Characteristics
Total Fixed Income Weight = 25% Apple Inc. 1.6% Number of Countries in Portfolio 40
3% Exxon Mobil Corp. 1.2% Portfolio Holdings 700+
7% SPDR Gold Shares 1.1% Turnover ~40-50%
2%
Microsoft Corp. 0.9% Duration 3.82 years
US Go v't
Oracle Corp. 0.7% Price/Earnings (FY1) 12.3
1% AAA
International Business Machines Co. 0.7% Price/Book 1.7
AA
A General Electric Co. 0.6% Price/Cash Flow 7.2
3%
BBB Johnson & Johnson 0.6% Market Capitalization (Sm / Mid / Lg) 4% / 18% / 78%
BB AT&T Inc. 0.6%
B
2% 6% JPMorgan Chase & Co. 0.6%
NR
1% TOTAL 8.60%
All data as of 31 March 2012. The fund is actively managed and it's characteristics will vary. Holdings are provided for informational purposes only and should not be deemed as recommendations
to buy or sell securities or sectors mentioned in the industries shown.
* Internal Reference Benchmark is comprised of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.
† Please see ‘Important Notes’ for further information on credit quality.
14
15. GA_7
BGF Global Allocation Fund: Performance as of 31 March 2012
Average Annual Total Return Performance
25%
20%
15% 12.92%
10%
7.54% 7.75%
5% 3.53%
0%
-0.57%
-5%
YTD 1 Year 3 Years 5 Years Since Inception
BGF Global Allocation Fund 7.54% -0.57% 12.92% 3.53% 7.75%
Internal Reference Benchmark* 6.99% 4.51% 15.53% 3.86% 6.34%
FTSE World Index 12.01% 0.12% 21.23% 0.36% 5.82%
Morningstar Mod. Allocation Peer Group (USD) 6.48% -0.92% 12.35% -1.25% 3.13%
As of 31 March 2012. Source: BlackRock, Morningstar. Inception date: January 3, 1997. Fund size US $14,015 M. Launch date: 3 January 1997 ‘A’ shares. Basis: NAV prices, with gross
dividends reinvested, net of expenses. Performance figures are calculated net of annual fees. Past performance is not a guide to future performance. ISIN code: LU0072462426.
* Internal Reference Benchmark is comprised of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.
15
16. GA_7
BGF Global Allocation Fund: The Benefits of Active Management
Seeking to Preserve and Reward Over the Long Term (January 1997 to March 2012)
As of 31 March 2012. Source: Lipper, Bloomberg, Morningstar. Bid to bid prices with income reinvested, net of fees. Returns data quoted is based on the cumulative returns in US$. Sector:
Morningstar Moderate Allocation (US$). Benchmark is 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16% Citigroup Non-USD Gov’t Bonds.
16
17. GA_1
BGF Global Allocation Fund: Historical Perspective as of 31 March 2012
BGF Global Allocation Fund Distribution of Monthly Returns (January 1997 to March 2012)
% of Months Positive: 64% % of Months Positive: 59%
% of Months Negative: 36% % of Months Negative: 41%
Annualized Return (%) Annualized Standard Deviation (%) Sharpe Ratio
As of 31 March 2012. Source: BlackRock, Zephyr Style Advisor.
* 3-Month US Treasury Bills are used as a proxy for cash.
17
18. GA_7
BGF Global Allocation Fund: A Diversified Fund Designed to Perform in all
Market Conditions
Cumulative Total Returns (January 2000 to March 2012)
Technology Global Market Global Credit
Combined Period
Bubble Recovery Crisis
150%
117.41%
111.10%
100%
50%
5.27%
0%
-2.17%
-50%
1/1/2000 - 12/31/2002 1/1/2003 - 12/31/2007 1/1/2008 - 3/31/2012 1/1/2000 - 3/31/2012
BGF Global Allocation Fund A -2.17% 111.10% 5.27% 117.41%
Internal Reference Benchmark -16.88% 79.67% 11.52% 66.54%
FTSE World Index -39.56% 133.92% -6.23% 32.39%
MSCI World Index -42.14% 118.86% -9.15% 15.05%
Citigroup World Gov't Bond Index 20.19% 39.03% 26.53% 111.48%
Source: BlackRock, Morningstar, Bloomberg. Performance in US$ terms as at 31 March 2012. Past performance is not a guarantee of future results. Basis: NAV prices, with gross dividends
reinvested, net of expenses. Performance figures are cumulative returns.
18
19. GA_4
BGF Global Allocation Fund: Drawdown Periods
BGF Global Allocation Fund Investor A and FTSE World Index (January 1997 to March 2012)
Growth of a Hypothetical Investment of $100,000*
$312,109
$236,782
Technology Bubble and 2001-2002 Recession Global Credit Crisis
BGF Global Allocation BGF Global Allocation
FTSE World Index FTSE World Index
Fund A Fund A
Time Period Jun 2001 – Sept 2002 Apr 2000 – Sept 2002 Time Period Jun 2008 – Feb 2009 Nov 2007 – Feb 2009
Drawdown -18.53% -44.72% Drawdown -30.24% -54.01%
Return Needed to Breakeven 22.74% 80.90% Return Since the Low 40.41% 72.66%
Number of Months Number of Months to
9 38 20 TBD*
to Breakeven Breakeven
As of 31 March 2012. Source: BlackRock, Bloomberg.
* As of 31 March 2012, the FTSE World Index needed 12.64% to breakeven.
19
20. GA_7
Why Choose BGF Global Allocation Fund?
BGF Global Allocation Fund is a unique portfolio which offers its shareholders
• A highly-diversified core holding, selections from equities, fixed income and cash equivalents worldwide
• Proven long-term returns relative to global equities at about 1/3rd less volatility
• Flexible and consistent investment style able to capitalize on opportunities in many market environments
• Experienced and consistent management team possessing a high degree of cohesiveness
• Disciplined risk management process and capabilities
• Ability to leverage BlackRock resources worldwide
20
21. GA_7
Important Notes
Principal risks
• Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions
• International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and
the possibility of substantial volatility due to adverse political, economic or other developments
• The two main risks related to fixed-income investing are interest rate risk and credit risk. Typically, when interest rates rise,
there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will
not be able to make principal and interest payments
• The fund may also invest in non-investment-grade debt securities (those rated below Baa by Moody’s Investors Service, Inc., or
below BBB by Standard & Poor’s). These securities, commonly referred to as “junk bonds,” generally involve greater volatility of
price and risks to principal and income than securities in higher rating categories
• The fund’s equity holdings, industries and asset mix are subject to change as the fund is actively managed
• Investing in derivatives entails specific risks relating to liquidity, leverage and credit that may reduce returns and/or
increase volatility
21
23. GA_4
BlackRock Global Allocation Team
Dennis Stattman, CFA
Portfolio Manager
Dennis Stattman, CFA, Managing Director and portfolio manager, is head of the Global Allocation team within BlackRock’s Portfolio Management Group and a member of the
BlackRock PMG Executive Committee, Leadership Committee and Central Strategy Group.
Mr. Stattman’s service with the firm dates back to 1989, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr.
Stattman joined Merrill Lynch Investment Managers in 1989 as an Associate Portfolio Manager of the Merrill Lynch Global Allocation Fund, and was named Portfolio Manager
of the Fund in 2002. He has been a manager of the BlackRock Global Allocation Fund since its inception. From 1989 through 1996, he was also a Portfolio Manager of the
Merrill Lynch Special Value Fund. Prior to joining MLIM, Mr. Stattman served as the Director of Research for Meridian Management Company, and as Pension Investment
Officer for the World Bank, supervising the management of U.S. equities in the Bank’s Retirement Plan.
Mr. Stattman earned a BS degree in commerce from the University of Virginia in 1973 and an MBA degree, with honors, from the University of Chicago in 1980. He is a CFA®
Charterholder.
Dan Chamby, CFA
Portfolio Manager
Dan Chamby, CFA, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group.
Mr. Chamby’s service with the firm dates back to 1993, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr.
Chamby joined Merrill Lynch Investment Managers in 1993 as a Research Analyst for the Merrill Lynch Global Allocation Fund. He was named Associate Portfolio Manager of
the Fund in 2003 and named Portfolio Manager of the Fund in 2011. Prior to joining Merrill Lynch Investment Managers, he worked for Fujitsu Ltd. in their Tokyo headquarters
as a Research Analyst. He began his investment career at Mellon Bank in 1982 as an Asia/Pacific Credit Analyst, and later managed the International Money Market Desk.
Mr. Chamby received his BA degree in political science and French literature from Duquesne University in 1982, and an MBA degree from the Wharton School, University of
Pennsylvania in 1988. Mr. Chamby speaks Japanese and French, and is a CFA® Charterholder.
Aldo Roldan, Ph.D
Portfolio Manager
Aldo Roldan, Ph.D, Managing Director and portfolio manager, is a member Global Allocation team within BlackRock’s Portfolio Management Group.
Mr. Roldan’s service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Roldan
joined Merrill Lynch Investment Managers in 1998 as Portfolio Manager for various Global Fixed Income portfolios, including the Merrill Lynch World Income Fund in 1999, and
was also Head of Emerging Market Debt. Mr. Roldan joined the BlackRock Global Allocation Fund as an Associate Portfolio Manager in 2006 and was named Portfolio
Manager of the Fund in 2011. Prior to joining MLIM, he was a Senior Vice President at Santander Investments, and earlier was a global economic analyst at JP Morgan
Chase. Mr. Roldan began his investment career at Chase Econometrics, where he founded and managed the emerging markets research group.
Mr. Roldan earned a BA degree in economics from the University of Chile in 1973, and a Ph.D. in economics and econometrics from the Wharton School, University of
Pennsylvania in 1978. Mr. Roldan is fluent in Spanish.
23
24. GA_4
BlackRock Global Allocation Team
Kevin McKenna
Co-Chief Operating Officer
Kevin McKenna, Managing Director and co-chief operating officer, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is
primarily responsible for team development, risk operations and compliance.
Mr. McKenna joined the BlackRock Global Allocation team in January 2011. Prior to joining BlackRock, he was Head of US Agent Securities Lending and Cash Products at
Credit Suisse and was responsible for the Bank’s agent securities lending business. Previously, he served as Global Head of Short Duration Products for Credit Suisse Asset
Management. Mr. McKenna began his investment career at Merrill Lynch Investment Managers (MLIM) in 1982. At MLIM also, Mr. McKenna was Portfolio Manager of Money
Market Funds (1983-1986), Senior Portfolio Manager of Institutional Fixed Income (1986-1990), Senior Portfolio Manager and Head of Money Market Funds (1990-2000),
culminating with his role as Head of Fixed Income MLIM (Americas) from 2000-2006.
Mr. McKenna earned a BS degree, summa cum laude, in economics from Fordham University in 1979.
Lisa O’Donnell, JD
Co-Chief Operating Officer
Lisa O’Donnell, JD, Managing Director and co-chief operating officer, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is
primarily responsible for team development, risk operations and compliance.
Ms. O’Donnell’s service with the firm dates back to 1991, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms.
O’Donnell joined Merrill Lynch Investment Managers in 1991 as an attorney in the legal department. She joined the Merrill Lynch Global Allocation Fund in 1995 as a Senior
Analyst and was named Chief Operating Officer of the Fund in 2010. Prior to joining Merrill Lynch Investment Management, she was an associate of the law firm Dilworth,
Paxson, Kalish, and Kauffman in Philadelphia, Pennsylvania.
Ms. O’Donnell earned a BA degree from the College of William and Mary in 1984 and a JD degree, cum laude, from Rutgers University School of Law in 1987.
Mike Trudel, CFA, JD
Global Strategist
Michael Trudel, CFA, JD, Managing Director and global strategist, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is
primarily responsible for global macro strategy, quantitative analysis, and risk evaluation.
Mr. Trudel's service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Trudel
joined Merrill Lynch Investment Managers in 1998 as a Senior Analyst in MLIM's Managed Solutions Group. Mr. Trudel joined the Merrill Lynch Global Allocation Fund in 2005
as a Portfolio Specialist and become a Senior Analyst for the Fund in 2010. Prior to joining MLIM, he was a Vice President in the media and telecommunications corporate
lending area at the Bank of New York.
Mr. Trudel earned a BS degree in political science and psychology, cum laude, from the University of Massachusetts in 1991, a JD degree, cum laude, from Suffolk University
in 1994, and an MBA degree from Boston University in 1997. Mr. Trudel is a CFA® Charterholder.
24
25. GA_4
BlackRock Global Allocation Team
Ben Moyer, CFA
Senior Analyst
Ben Moyer, CFA, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily
responsible for Asia Pacific.
Mr. Moyer’s service with the firm dates back to 1994, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Moyer
joined Merrill Lynch Investment Managers in 1994 as a Senior Fund Analyst for the ML Pacific Fund and was named Senior Portfolio Manager of the fund in 1996. Mr. Moyer
joined the BlackRock Global Allocation team in 2008 as a Senior Analyst. From 1991 to 1994, Mr. Moyer was a senior industry analyst for Merrill Lynch Japan where he was
primarily responsible for the Japanese automobile and machinery industries. Mr. Moyer began his investment career as a junior equity analyst with Okasan Securities in Tokyo
in 1981.
Mr. Moyer earned a BA degree in sociology and anthropology from Haverford College in 1979, and studied Japanese at the University of Pennsylvania and Middlebury
College from 1978 to 1980. Mr. Moyer is fluent in Japanese and is a CFA® Charterholder.
Eric Mitofsky
Senior Analyst
Eric Mitofsky, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for
quantitative analysis, derivatives, and risk management.
Mr. Mitofsky’s service with the firm dates back to 1992, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr.
Mitofsky joined Merrill Lynch Investment Managers in 1992 to manage the Index Fund platform. Mr. Mitofsky joined the Merrill Lynch Global Allocation Fund in 2004 as a
Quantitative Analyst. Previously, he was with Merrill Lynch, initially with the Quantitative Analysis Group in Equity Research, and then as a desk analyst on Merrill’s program
trading desk in 1987.
Mr. Mitofsky earned a BS degree in applied mathematics and statistics from the State University of New York at Stony Brook in 1975 and an MS degree in Economics while
enrolled in the doctoral program at New York University in 1978.
Karen Morely-Westcott, CFA
Senior Analyst
Karen Morely-Westcott, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily
responsible for healthcare, energy, and defense.
Ms. Morely-Westcott’s service with the firm dates back to 1987, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.
Ms. Morely-Westcott joined Merrill Lynch Investment Managers in 1990 as a Senior Credit Analyst on the Insurance Company Portfolio Management Group. Ms. Morely-
Westcott joined the Merrill Lynch Global Allocation Fund in 1992 as a Senior Analyst. Previously, she worked at Merrill Lynch, Pierce, Fenner & Smith Incorporated as a Thrift
Institutions Analyst in Securities Research and began her investment career began as a Bank Stock Analyst at Tucker, Anthony & R.L. Day in 1985.
Ms. Morely-Westcott earned a BA degree in European history from the University of Massachusetts and an MBA in finance from Boston College in 1984. She is a CFA®
Charterholder.
25
26. GA_4
BlackRock Global Allocation Team
Kate Brady-Rauscher, CFA
Senior Analyst
Kate Brady-Rauscher, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily
responsible for utilities, industrials and alternative energy.
Ms. Brady-Rauscher’s service with the firm dates back to 1994, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.
Ms. Brady-Rauscher joined Merrill Lynch Investment Managers in 1994 as a Senior Analyst for the Merrill Lynch Global Allocation Fund. Previously, she was a Vice President
and Manager of the Bank Group in the Corporate Bond Research Department at Salomon Brothers, Inc. Ms. Brady-Rauscher began her investment career in 1986 at
Provident National Bank as an Investment Officer in Fixed Income Research.
Ms. Brady-Rauscher earned a BS degree in administrative management from the Pennsylvania State University in 1984 and an MBA in finance from St. Joseph’s University in
1986. She is a member of the Association for Investment Management Research, the New York Society of Securities Analysts and the Bank and Financial Analysts
Association. She is a CFA® Charterholder.
Lisa Walker, CFA
Senior Analyst
Lisa Walker, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. She is primarily responsible for
financial services, banks and REITs.
Ms. Walker’s service with the firm dates back to 1997, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Walker
joined Merrill Lynch Investment Managers in 1997 as a Fundamental Analyst for the Developed Capital Markets Fund. Ms. Walker joined the BlackRock Global Allocation
Fund in 2010. Previously she was a member of BlackRock’s Global Small Cap Equity team where she was responsible for coverage of the financial and telecom services
sectors. From 2000 to 2004, she was the portfolio manager for LDM Investments, LLC, which focused on the US equity markets. Ms. Walker began her investment career in
1986 at JP Morgan, working in equity research, capital markets and mergers and acquisitions corporate finance.
Ms. Walker earned a BSBA degree in accounting from Georgetown University in 1986 and an MBA degree, with honors, from Harvard Business School in 1995. She is a
CFA® Charterholder.
Greg Spencer
Senior Analyst
Greg Spencer, Director and senior analyst, is a member of the BlackRock Global Allocation team. He is primarily responsible for telecom and media.
Mr. Spencer joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock, he was a high yield fixed income analyst at MacKay Shields. Prior to joining
MacKay Shields, Mr. Spencer spent thirteen years at Merrill Lynch Investment Managers (MLIM), initially as a high yield fixed income analyst and most recently as a portfolio
manager for the Global High Yield Bond and the MLIIF US Dollar funds.
Mr. Spencer received a BBA degree in business administration from The George Washington University and an MBA degree from the Simon School of Business at the
University of Rochester.
26
27. GA_4
BlackRock Global Allocation Team
David Clayton, CFA, JD
Senior Analyst
David Clayton, CFA, JD, Managing Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily
responsible for private placements and distressed debt.
Mr. Clayton joined the BlackRock Global Allocation team in 2010. Prior to joining BlackRock, he was Of Counsel in the Financial Restructuring Group at Milbank, Tweed,
Hadley & McCloy LLP. Previously he was a Managing Director and analyst with The Blackstone Group, responsible for distressed and special situations investments across
multiple industries. Prior to joining Blackstone, Mr. Clayton spent six years at Merrill Lynch Investment Managers (MLIM), initially as an attorney specializing in corporate
finance transactions and restructurings, and most recently as a Vice President and analyst in the Global High Yield Bond & Bank Debt Group. Mr. Clayton began his career as
an attorney specializing in corporate finance transactions, first at Blake, Cassels & Graydon in Toronto and then at Milbank in New York.
Mr. Clayton earned a BA degree, with honors, in economics from the University of Western Ontario in 1990 and MBA and LLB degrees from Dalhousie University in 1994. He
is a CFA® Charterholder.
Mike Walsh, CFA
Senior Analyst
Mike Walsh, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for
fixed income analytics.
Mr. Walsh joined the BlackRock Global Allocation Team in 2011. Prior to joining BlackRock, he was the head of cash strategies at Oppenheimer Funds and most recently, a
fixed income portfolio manager at Credit Suisse Asset Management. Prior to joining Oppenheimer Funds, Mr. Walsh spent fifteen years at Merrill Lynch Investment Managers
(MLIM), where he served most recently as a portfolio manager of a range of short term fixed income funds.
Mr. Walsh received a BA degree in economics from Villanova University in 1990. He is a CFA® Charterholder.
Patrick Edelmann, CFA
Senior Analyst
Patrick Edelmann, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible
for convertible bonds, derivatives, technology, healthcare and energy.
Mr. Edelmann joined the BlackRock Global Allocation team in 2007. Prior to BlackRock, he was on the Institutional Sales Desk at UBS AG. Prior to pursuing his MBA, Mr.
Edelmann was a member of the Global Allocation Fund from 2001 to 2002 at Merrill Lynch Investment Managers (MLIM). He began his career at MLIM in 1999, where he
worked on the Variable Series Funds as a research associate.
Mr. Edelmann earned a BS degree from Vanderbilt University in 1999 and an MBA degree from The Darden School at the University of Virginia in 2004. He is a CFA®
Charterholder.
27
28. GA_4
BlackRock Global Allocation Team
Kent Hogshire, CFA
Senior Analyst
Kent Hogshire, CFA, Director and senior analyst, is a member of the Global Allocation team within BlackRock’s Portfolio Management Group. He is primarily responsible for
convertible bonds, derivatives, materials, industrials and consumer.
Mr. Hogshire’s service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr.
Hogshire began his investment career in 2000 at MLIM, initially as a research associate on Merrill Lynch Global Allocation Fund.
Mr. Hogshire earned a BA degree in international affairs from Princeton University in 2000. He is a CFA® Charterholder.
28
29. GA_4
BlackRock Global Allocation Team
Kevin Bynum, CFA Daniel Daniel, CMT
Research Associate Research Associate
Kevin Bynum, CFA, Associate and research associate, is a member of the Global Daniel Daniel, Vice President and research associate, is a member of the Global
Allocation team within BlackRock’s Portfolio Management Group. He is primarily Allocation team within BlackRock’s Portfolio Management Group. He is primarily
responsible for macroeconomic research and data analysis. responsible for technology.
Mr. Bynum joined the BlackRock Global Allocation team in 2010. Prior to joining Mr. Daniel joined the BlackRock Global Allocation team in 2011. Prior to joining
BlackRock he was an associate at Aqueren, LLC where he was responsible for BlackRock, he was a special situations analyst at Wall Street Access and
advising private financial services firms on business development and strategic responsible for identifying and evaluating investment opportunities for the firm's
initiatives. Previously, Mr. Bynum spent three years at BlackRock, including his clients. Previously, Mr. Daniel was special situations analyst and global hedge
years with Merrill Lynch Investment Managers (MLIM) which merged with fund sales director at UBS.
BlackRock in 2006, where he held a number of roles within the Global Client Group
advising retail and institutional clients on investment solutions and asset allocation. Mr. Daniel earned a BS in finance from the University of Utah in 1999, and an MBA
from the Wharton School of the University of Pennsylvania in 2002.
Mr. Bynum earned a BBA degree in finance and mathematics from Emory
University in 2005. He is a CFA® Charterholder.
Martin Fransson, Ph.D Lindsay Klitsch, CFA
Research Associate Research Associate
Martin Fransson, Ph.D, Vice President and research associate, is a member of Lindsay Klitsch, CFA, Vice President and research associate, is a member of the
the Global Allocation team within BlackRock’s Portfolio Management Group. He is Global Allocation team within BlackRock’s Portfolio Management Group. She is
primarily responsible for materials and precious metals. primarily responsible for consumer and derivatives.
Mr. Fransson joined BlackRock and the Global Allocation team in 2007 as a Ms. Klitsch’s service with the firm dates back to 2006, including her years with
research associate. Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.
Ms. Klitsch joined Merrill Lynch Investment Managers in 2006 as a research
Mr. Fransson earned a MS degree from Chalmers University of Technology in associate on the Merrill Lynch Global Allocation Fund.
Sweden in 1999, a MA degree in Chemistry from Princeton University in 2001, and
a Ph.D. in Physical Chemistry from Princeton University in 2005. He is fluent in Ms. Klitsch earned a BA in economics from Princeton University in 2006. She is a
Swedish. CFA® Charterholder.
29
30. GA_4
BlackRock Global Allocation Team
Matt Litwin Jonathan Lux
Research Associate Research Associate
Matt Litwin, Vice President and research associate, is a member of the Global Jonathan Lux, Vice President and research associate, is a member of the Global
Allocation team within BlackRock’s Portfolio Management Group. He is primarily Allocation team within BlackRock’s Portfolio Management Group. He is primarily
responsible for industrials and energy. responsible for industrials.
Mr. Litwin joined BlackRock and the Global Allocation team in 2008 as research Mr. Lux joined the BlackRock Global Allocation team in 2011. Prior to joining
associate. BlackRock, he was a research analyst at Aberdeen Asset Management where he
supported global equity funds. Previously Jonathan worked for Zebra Capital
Mr. Litwin earned a BS degree in operations research from Cornell University in Management, a quantitative equity hedge fund managed by Yale University
2007 and a MS in financial engineering from Cornell University in 2008. Professor Roger Ibbotson. Prior to that Jonathan worked with Professor Ibbotson
as his Research Assistant at Yale University.
Mr. Lux earned a BBA in finance from Loyola University in 1998, and an MBA from
the Yale School of Management in 2006. He is a CFA® Charterholder.
Chirayu Patel, CFA Sonia Wang
Research Associate Research Associate
Chirayu Patel, Associate and research associate, is a member of the Global Sonia Wang, Vice President and research associate, is a member of the Global
Allocation team within BlackRock’s Portfolio Management Group. He is primarily Allocation team within BlackRock’s Portfolio Management Group. She is primarily
responsible for Asia Pacific and India. responsible for Asia Pacific and Japan.
Mr. Patel joined BlackRock in 2006 as an analyst in the Portfolio Analytics Group. Ms. Wang joined the BlackRock Global Allocation team in 2011. Prior to joining
Mr. Patel joined the BlackRock Global Allocation team in 2008. Prior to joining the BlackRock, she was an equity analyst at Ironbound Capital Management LP where
fund, he was a research associate on the BlackRock Pacific Fund. she covered Japan and Asia. Previously, Ms. Wang worked within the
pharmaceutical industry doing global market analytics for Pfizer, Inc., TargetRx
Mr. Patel earned a BS degree, cum laude, in finance from the Pennsylvania State and Eli Lilly & Company.
University in 2006. He is fluent in Gujarati. He is a CFA® Charterholder.
Ms. Wang earned a BA and MA in commerce from Kansai University in Japan in
1996 and an MBA from the Wharton School of the University of Pennsylvania in
2002. She is fluent in Mandarin and Japanese.
30
31. GA_4
BlackRock Global Allocation Team
Angela Yu, CFA Randy Berkowitz
Research Associate Quantitative Strategist
Angela Yu, CFA, Vice President and research associate, is a member of the Randy Berkowitz, Vice President and quantitative strategist, is a member of the
BlackRock Global Allocation team. She is primarily responsible for Asia Pacific and Global Allocation team within BlackRock’s Portfolio Management Group. He is
China. primarily responsible for overseeing the development and integration of the team’s
research management system and quantitative platform.
Ms. Yu joined BlackRock in 2007 as a research associate for the BlackRock
Pacific Fund. Ms. Yu joined the BlackRock Global Allocation team in 2008 as a Mr. Berkowitz joined BlackRock in 2004 as an analyst in the Portfolio Analytics
research associate. Group. Mr. Berkowitz joined the BlackRock Global Allocation team in 2008. Prior
to this, he helped manage the MLIM/BlackRock Equity integration for the Portfolio
Ms. Yu earned a BBA degree from Stephen M. Ross School of Business, Analytics Group. Previously, he led strategic initiatives to improve BlackRock's
University of Michigan in 2007. She is fluent in Mandarin. She is a CFA® Green Package analytic suite.
Charterholder.
Mr. Berkowitz earned a BA degree in astrophysics from Columbia University in
2004.
Sam Indyawan
Quantitative Strategist
Sam Indyawan, Associate, is a quantitative specialist on the Global Allocation
Team within BlackRock’s Portfolio Management Group. He is primarily
responsible for overseeing the development and integration of the quantitative
platform and augmenting the Team’s reporting capabilities.
Mr. Indyawan joined BlackRock in 2009 as an analyst in the Portfolio Management
Tools group. Mr. Indyawan joined the BlackRock Global Allocation Team in 2011.
Prior to this, he helped develop custom applications to analyze risk across the firm
within the Portfolio Management Tools group.
Mr. Indyawan earned a BS degree in electrical and computer engineering from
Cornell University in 2008. He speaks Indonesian.
31
32. GA_4
BlackRock Global Allocation Team
Judy Rice Erica Quinn, CFA
Product & Research Strategist Product & Research Strategist
Judy Rice, Director and product & research strategist is a member of the Global Erica Quinn, CFA, Associate and product & research strategist, is a member of
Allocation team within BlackRock’s Portfolio Management Group. She is primarily the Global Allocation team within BlackRock’s Portfolio Management Group. She is
responsible for the team’s internal communications, product information, and team primarily responsible for the team’s internal communications, product information,
development. and team development.
Ms. Rice’s service with the firm dates back to 1998, including her years with Merrill Ms. Quinn joined BlackRock in 2007. Prior to her current role, Ms. Quinn was a
Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. product specialist for the Global Allocation Fund.
Rice joined Merrill Lynch Investment Managers in 1998 as a research associate on
the Merrill Lynch Global Allocation Fund. Ms. Quinn earned a BS degree, cum laude, in finance and economics from
Villanova University in 2007. She is a CFA® Charterholder.
Ms. Rice earned a BA degree in finance and marketing from the University of
South Florida in 1982, and an MBA degree from Drexel University in 1995.
Reid Ross, CFA
Product & Research Strategist
Reid Ross, CFA, Associate, is a quantitative specialist on the Global Allocation
Team within BlackRock’s Portfolio Management Group. He is primarily responsible
for overseeing the development and integration of the team’s research
management system and augmenting the team’s reporting capabilities.
Mr. Ross joined BlackRock in 2007 as an analyst in the Portfolio Analytics Group.
Mr. Ross joined the BlackRock Global Allocation team in 2011. Prior to this, he
supported various equity portfolio management teams within the Portfolio Analytics
Group. Previously, Mr. Ross was part of the Global Wealth Management Group at
Morgan Stanley.
Mr. Ross earned a BA degree in Government from Wesleyan University in 2005.
He is a CFA® Charterholder.
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33. GA_4
BlackRock Global Allocation Team
Marie Dwyer Kim Moore
Transaction Center Transaction Center
Marie Dwyer, Vice President and Transaction Center manager, is a member of the Kim Moore, Vice President, is a member of the Global Allocation team within
Global Allocation team within BlackRock’s Portfolio Management Group. She is BlackRock’s Portfolio Management Group. As a member of the Transaction
primarily responsible for overseeing the Transaction Center, responsible for Center, she is primarily responsible for implementing all portfolio strategies at the
implementing all portfolio strategies at the direction of the portfolio management direction of the portfolio management senior team, including execution and trade
senior team, including execution and trade support for currency, fixed income, support for currency, fixed income, equities and cash.
equities and cash.
Ms. Moore’s service with the firm dates back to 1986, including her years with
Ms. Dwyer’s service with the firm dates back to 1985, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.
Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Ms. Moore joined the Global Allocation team in 1993. Previously, she was the
Ms. Dwyer joined the Global Allocation team in 2008. Prior to this, Ms. Dwyer Fund Accountant for the Global Allocation and Euro Funds.
headed the Ops-PCS team and Equity Custody Operations. At MLIM, Ms. Dwyer
served several roles including Business Manager for the Fixed Income Department Ms. Moore earned an associates degree in business administration from Mercer
and Portfolio Manager for various Money Market Funds. County Community College in 1999.
Ms. Dwyer earned a BS degree in finance from Rider University in 1992.
Pete Mathern Mike Carlucci
Transaction Center Transaction Center
Pete Mathern, Vice President, is a member of the Global Allocation team within Mike Carlucci, Associate, is a member for the Global Allocation team within
BlackRock’s Portfolio Management Group. As a member of the Transaction Center BlackRock’s Portfolio Management Group. As a member of the Transaction
he is primarily responsible implementing all portfolio strategies at the direction of Center, he is primarily responsible implementing all portfolio strategies at the
the portfolio management senior team, including execution and trade support for direction of the portfolio management senior team, including execution and trade
currency, fixed income, equities and cash. support for currency, fixed income, equities and cash.
Mr. Mathern's service with the firm dates back to 2000, including his years with Mr. Carlucci joined BlackRock in 2008 as an analyst in BlackRock Operations. Mr.
Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Carlucci joined the BlackRock Global Allocation team in 2011.
Mr. Mathern joined Merrill Lynch Investment Managers in 2000 as the manager of
the Quantitative Advisors Operations group. Mr. Mathern joined the Global Mr. Carlucci earned a BSBA in finance and economics from Rider University in
Allocation team in 2010. Previously, he was responsible for managing equity index 2008.
funds as part of BlackRock's Quantitative Investments team, and was the manager
of Americas Equity Operations. Prior to joining MLIM, Mr. Mathern was with
Prudential Global Asset Management in investment operations and accounting.
Peter earned a BS degree in business economics from Rutgers University in 1987.
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34. GA_4
BlackRock Global Allocation Team
Oscar Pulido, CFA Patrick Sewards
Senior Product Specialist Product Specialist
Oscar Pulido, CFA, Managing Director and product specialist, is a member of the Patrick Sewards, Vice President and product specialist, is a member of the
Fundamental Equity division of BlackRock's Portfolio Management Group. He is a Fundamental Equity division of BlackRock's Portfolio Management Group. He is a
senior product specialist for the BlackRock Global Allocation and Global Dynamic product specialist for the BlackRock Global Allocation and Global Dynamic Equity
Equity Funds, responsible for representing the investment team on a global basis Funds, responsible for representing the investment team on a global basis to both
to both retail and institutional clients. retail and institutional clients.
Mr. Pulido's service with the firm dates back to 1999, including his years with Mr. Sewards' service with the firm dates back to 2006, including his years with
Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.
At MLIM, he was the lead product manager for the retail separately managed At MLIM, Mr. Sewards worked on the Global Sales desk as an Associate Asset
account business. He began his career with MLIM as an asset manager advisor on Management Advisor where he assisted financial advisors with portfolio strategies
the Global Sales desk. for separately managed accounts, alternative investments, and mutual funds.
Mr. Pulido earned a BBA degree with a concentration in finance and international
Mr. Sewards earned a BS degree in economics from Pennsylvania State University
business from George Washington University in 2001 and is currently pursuing his
in 2003.
MBA degree at New York University's Stern School of Business. He is a CFA®
Charterholder and a member of the CFA Institute and NYSSA.
Matt Estes Meghan Heil
Product Specialist Product Specialist
Matt Estes, CIMA, Director and product specialist, is a member of the Meghan Heil, Associate and product specialist, is a member of the Fundamental
Fundamental Equity division of BlackRock's Portfolio Management Group. He is a Equity division of BlackRock's Portfolio Management Group. She is a product
product specialist for the BlackRock Global Allocation and Global Dynamic Equity specialist for the BlackRock Global Allocation and Global Dynamic Equity Funds,
Funds, providing a link between the investment team and account managers. responsible for representing the investment team on a global basis to both retail
and institutional clients.
Prior to assuming his current responsibilities in 2010, Mr. Estes served as a
relationship manager in the Strategic Alliances Group responsible for covering Ms. Heil's service with the firm dates back to 2009, when she joined the firm as
variable annuity, variable life and retirement platforms across US insurers. Within part of BlackRock's Analyst Program.
this role he was responsible for analyzing investment lineups and recommending
strategies for sub-advised opportunities. Mr. Estes' service with the firm dates back Ms. Heil earned a BS degree in finance, magna cum laude, from Boston College in
to 2004, including his years with Merrill Lynch Investment Managers (MLIM), which 2009.
merged with BlackRock in 2006. Prior to joining MLIM, Mr. Estes was with Pioneer
Investments, where he was a senior market research analyst in the firm's product
specialist group.
Mr. Estes earned a BA degree, cum laude, in political science from Union College
in 1996.
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35. GA_4
BlackRock Global Allocation Team
Brian Miller, CFA
Product Specialist
Brian Miller, CFA, Vice President and product specialist, is a member of the
Fundamental Equity division of BlackRock's Portfolio Management Group. He is a
product specialist for the BlackRock Global Allocation and Global Dynamic Equity
Funds, responsible for representing the investment team on a global basis to both
retail and institutional clients.
Mr. Miller’s service with the firm dates back to 2004, including his years with
Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.
Prior to assuming his current responsibilities in 2012, he supported various equity
portfolio management teams within the Portfolio Analytics Group and was the
primary relationship manager for Global Allocation for the migration to the Aladdin
trading system.
Mr. Pulido earned a BS degree with a concentration in information sciences and
technology from Pennsylvania State University in 2005. He is a CFA®
Charterholder.
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