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DSP Global Allocation Fund Presentation.pdf
1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
| People | Processes |
Performance |
DSP Global Allocation Fund
(An open ended fund of fund scheme investing in BlackRock Global
Funds – Global Allocation Fund)
September 2023
2. 2
DSP Global Allocation Fund
PRODUCT STRUCTURE
WHERE DOES THE UNDERLYING FUND INVEST?
Globally across assets and seeks to provide equity like returns with lower volatility across a market cycle
KEY PORTFOLIO CHARACTERISTICS
Unconstrained style Can seek opportunities globally
Diversified Across more geographies, currencies and asset classes
History & Pedigree Dedicated investment team with >2 decade history across bull & bear cycles
INVESTMENT STYLE
+
MACRO REGIME
IDENTIFICATION
ASSET ALLOCATION
(Across regions, sectors &
currencies)
SECURITY SELECTION
(Fundamental selection +
optimization)
+
Indian Investors
DSP Global Allocation
Fund
BlackRock Global Funds - Global
Allocation Fund (BGF-GAF)
ANALYSIS AND REVIEW
(via BlackRock’s RQA & proprietary
platforms)
+
Opportunistic exposures across the world
Balance between global equity and fixed income
One stop solution for investor’s allocation outside
India
REASONS
TO
ALLOCATE
As of 30 September, 2023. Source: BlackRock, Internal
3. Global Allocation Fund
a sub-fund of BlackRock Global Funds (BGF)
The Fund is actively managed, and the Investment Adviser (IA) has discretion to select the Fund's investments. In doing so, the IA will
refer to a composite benchmark comprising the S&P 500 (36%); FTSE World (ex-US) (24%); 5 Yr US Treasury Note (24%) and FTSE
Non-USD World Government Bond Index (16%) (the “Index”) when constructing the Fund’s portfolio, and also for risk management
purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the
Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting
investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific
investment opportunities. The Index should be used by investors to compare the performance of the Fund. In addition, given the
fund’s ability to invest in global stocks and global bonds, investors may use the FTSE World Index to compare the performance of the
Fund vs. global equities and the FTSE World Government Bond Index to compare the performance of the Fund vs. global bonds (and
the IA intends to include these comparisons in its reports on the Fund from time to time).
October 2023
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
Not approved for use in
France. Please check RO for
list of approved countries.
GA_A
Past performance is not a reliable indicator of current or future results.
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT
GUARANTEE THE FUTURE ONES
FIM1023E/S-3176149-1/28
4. 4
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
1. Flexible alpha
Pursue a book of high conviction equities
with systematic tilts and thematic
strategies
2. Diversified risk
Combined with a diversified fixed income
allocation in an effort to provide cushion
and carry to the portfolio
3. Risk-aware process
Hedge tail risk and manage volatility
The fund embraces a flexible, risk-aware
style of investing……
BGF Global
Allocation
….. to search for the best investment
opportunities worldwide
MERGAAI
(A2 USD)
There is no guarantee that a positive investment
outcome will be achieved. Diversification and asset
allocation may not fully protect you from market risk.
While the investment approach described herein seeks
to control risk, risk cannot be eliminated.
As of 30 September 2023. Source: BlackRock.
GA_A
FIM1023E/S-3176149-2/28
5. Annual performance to last quarter end
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and
should not be the sole factor of consideration when selecting a product or strategy. Index performance returns do not reflect
any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
As of 30 September 2023. Source: BlackRock, Bloomberg, Morningstar. Launch date: 3 January 1997 ‘A2’ shares. Basis: NAV
prices, with gross dividends reinvested, net of expenses, in $USD. Index returns are for illustrative purposes only. Index
performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot
invest directly in an index. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE
BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.
1/10/22-
30/9/23
1/10/21-
30/9/22
1/10/20-
30/9/21
1/10/19-
30/9/20
1/10/18-
30/9/19
1/10/17–
30/9/18
1/10/16–
30/9/17
1/10/15–
30/9/16
1/10/14–
30/9/15
1/10/13–
30/9/14
BGF Global Allocation Fund (A) 8.81% -19.16% 16.07% 13.84% 1.64% 1.67% 9.83% 6.47% -5.48% 6.79%
Reference Benchmark* 13.95% -18.57% 15.72% 9.06% 4.97% 6.23% 10.08% 10.65% -2.98% 8.17%
FTSE World Index 22.67% -19.70% 29.33% 10.41% 1.99% 10.96% 19.22% 12.50% -5.79% 12.05%
FTSE World Government Bond Index 1.04% -22.14% -3.33% 6.77% 8.13% -1.54% -2.69% 9.71% -3.83% -0.07%
5
FIM1023E/S-3176149-3/28
6. BGF Global Allocation Fund has delivered on its mission of
seeking to maximize total return
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and
should not be the sole factor of consideration when selecting a product or strategy. Index performance returns do not reflect
any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
As of 30 September 2023. Source: BlackRock, Bloomberg, Morningstar. Launch date: 3 January 1997 ‘A2’ shares. Basis: NAV
prices, with gross dividends reinvested, net of expenses, in $USD. Index returns are for illustrative purposes only. Index
performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot
invest directly in an index. Global stocks represented by the FTSE World Index and Morningstar peer group by the EAA Fund USD
Moderate Allocation category average. *These numbers represent the number of 3-year periods with a negative cumulative return.
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
• Historical returns competitive with global stocks with approximately 1/3 less volatility
• Flexibility to deviate from benchmark to capture opportunity and avoid areas of the market that are believed to be inefficient
• Combines traditional and non-traditional asset classes to access across the capital stack
GA_A
6
Consistent attractive returns
Best, worst, and average
3-year rolling returns
72.2%
95.1%
45.9%
22% 26%
12%
-11.7%
-43.4%
-19.3%
BGF Global
Allocation (A) Global stocks
Morningstar Peer
Group
10.5%
15.9%
8.6%
BGF Global
Allocation Fund (A)
Global stocks Morningstar Peer
Group
Ann.
std.
deviation
since
inception
Lower volatility
~1/3 less risk vs. global (per annualized
standard deviation)
Competitive
returns
Limited
drawdowns
Overall investor experience: Global Allocation has generated a positive 3-year return 94% of the time since inception.
17* 47*
60*
# of 3 year periods
with a negative
cumulative return
FIM1023E/S-3176149-4/28
7. A structure designed to seek a better outcome
All investment decisions are made by the Team with asset allocation, risk management, and
security selection decisions synchronized. As a result, the fund can create unique expressions with
the ability to manage exposures swiftly, efficiently, and precisely – all critical in finding
differentiated alpha.
7
Risk Management
Customized factor
exposures, systematic
tilts, precious metals,
active FX
management
Differentiated
Alpha
Macro Positioning
Equity and bond futures
to manage beta and
duration, convexity via
options
Core Exposures
Fundamental equities,
customized thematic
baskets, pre-IPO equity,
IG/HY credit,
government bonds,
securitized
As of 30 September 2023. Source: BlackRock. Subject to change. There is no guarantee that a positive investment
outcome will be achieved.
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY FIM1023E/S-3176149-5/28
8. The reference benchmark serves as a performance standard. It does not, however, represent the team’s entire
investment universe.
• Benchmark represents a neutral asset mix and a way to communicate overweight and underweight positions.
• Portfolio is unconstrained relative to benchmark. Asset allocation is driven largely by relative valuations and absolute risk
across asset classes, currencies, sectors, and securities.
• Real-time risk management. Integral to investment process and in structuring the portfolio, we seek to mitigate downside
risks; monitored daily through Global Allocation risk dashboard and BlackRock Risk & Quantitative Analysis Group (RQA)
oversight.
10.5%
9.8%
0%
3%
6%
9%
12%
BGF Global Allocation Fund (A) Reference Benchmark
Neutral asset class allocation Neutral regional allocation
• 60% Stocks
• 40% Bonds
• 60% U.S.
• 40% Non-U.S.
Reference benchmark serves as a performance standard, not
investable universe
GA_A
Annualized standard deviation since inception
S&P 500
36%
FTSE World ex-U.S.
24%
ICE BofA/ML Current
5-Yr U.S. Treasury
24%
FTSE Non-USD
World Gov't Bond
16%
Reference benchmark Comparable levels of volatility
Diversification and asset allocation may not fully protect you from market risk. While the investment approach
described herein seeks to control risk, risk cannot be eliminated.
As of 30 September 2023. Source: BlackRock. Launch date: 3 January 1997 ‘A2’ shares.
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY 8
FIM1023E/S-3176149-6/28
9. 0%
20%
40%
60%
80%
100%
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
Flexibility in practice
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
Reference to specific asset classes in this communication is for illustrative purposes only and does not constitute an offer or
invitation to invest in any of the asset classes mentioned above. Asset allocation strategies do not assure profit and do not protect
against loss. As of 30 September 2023. Source: BlackRock. Subject to change. Prior to 2015, the fund’s exposure was based on
market value and adjusted for the economic value of futures and swaps. From 2015, the fund’s exposure is based on the
economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities) and
convertible bonds. Prior to 31 October 2019, exposure to securitized debt was included within fixed income.
Portfolio composition
Post-tech bubble:
Increased exposure to
U.S. equities due to attractive
valuations and a recovering global
economy.
Credit crisis:
Added to convertible bonds during
the global credit crisis as there was
limited liquidity available across the
asset class due to distressed selling.
Rick Rieder assumed leadership
Decreased exposure to cash following
pivot in global central banks’ policy and
added to U.S. equities, U.S. Treasuries,
and investment grade credit.
Current High Low
Cash Equivalents 8% 32% 2%
Securitized 2% 7% 0%
Non-U.S. Credit 5% 23% 1%
Non-U.S.
Sovereign Debt
14% 15% 0%
U.S. Credit 5% 11% 0%
U.S. TIPS 3% 12% 0%
U.S. Treasuries &
Agencies
4% 24% 0%
Precious Metals 1% 5% 0%
Emerging Market
Stocks
3% 11% 0%
Japanese Stocks 5% 13% 1%
Developed Asia
ex-Japan Stocks
0% 4% 0%
Developed
European Stocks
14% 20% 2%
North American
Stocks
38% 45% 13%
9
FIM1023E/S-3176149-7/28
10. Backed by a roster of experienced & dedicated analysts
Macro Research
Macro analysts leverage BlackRock’s
global resources, provide daily
market insights, and implement
strategic & tactical trading positions
Fundamental Security Selection
Fundamental analysts, primarily
segmented by global equity industry,
have the flexibility to recommend
securities across the capital stack
Quantitative Strategies
Quantitative research analysts
implement systematic strategies &
style factor tilts, calibrate portfolio
exposures, and monitor risk
Global Allocation Portfolio Management Team
Leverages the breadth and scale of BlackRock
BlackRock Investment Institute
(BII)
Aladdin® Trading & Liquidity
Risk & Quantitative
Analysis (RQA)
Industry analysts cover opportunities across regions, sectors, and the corporate capital stack
Consumer
Discretionary
Consumer
Staples
Energy /
Materials
Financials/
REITS
Healthcare
Industrials /
Utilities
Media /
Telecom
Technology
Global
Platform
Oversight
Product
Strategy
Portfolio Managers
Rick Rieder* Russ Koesterich, CFA David Clayton, CFA
Kate Moore
Head of Thematic Strategy
Incorporates specialized investment expertise from BLK Global Fixed Income
Global Rates U.S. IG Corp Credit U.S. HY Corp Credit Non-US Credit Securitized Emerging Markets
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
As of 30 September 2023. Source: BlackRock. * Investment team leader. There is no guarantee that a positive
investment outcome will be achieved.
10
FIM1023E/S-3176149-8/28
11. Process integrates macro, industry and security selection
Macro Regime
Through rigorous
macroeconomic research, the
team seeks to Identify prevailing
macro regimes; by determining
the drivers, direction, and pace of
regime changes, the PMs can
begin formulating an asset
allocation framework
Asset Allocation
Asset allocation decisions are
shaped by regime identification
analysis; sophisticated regional
and industry analysis helps
guide security selection process
by striving to identify areas of
highest investment opportunity
Security Selection
Fundamental analysts apply
intensive bottom-up research,
supported by the specialized
expertise of colleagues in local
markets, to identify high conviction
investment opportunities; tactical
application of various systematic
and thematic baskets help to refine
portfolio exposures
Analysis and Review
GA Risk Dashboard promotes
consistent investment
processes through
comprehensive real-time risk
assessment; RQA provides
independent risk oversight,
along with stress testing
capabilities and performance
attribution
Process leverages the breadth of BlackRock’s global macro resources, the depth & experience of the GA team, and the
specialized expertise across GFI to seek to deliver on investment objectives
Process integrates macro, industry, and security selection insights so as to budget risk to the highest quality alpha sources
Daily Performance and Risk Exposures Feedback Loop
As of 30 September 2023. Source: BlackRock. Diversification and asset allocation may not fully protect you from market risk. Risk
management cannot fully eliminate the risk of investment loss. There is no guarantee that stress testing will eliminate the risk of
investing in this fund or strategy. While proprietary technology platforms may help manage risk, risk cannot be eliminated.
Current process for selecting investments in the fund’s portfolio in accordance with its stated investment objectives and policies.
Subject to change based on market conditions, portfolio manager’s discretion and other factors.
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
11
FIM1023E/S-3176149-9/28
12. Macro Regime
Asset Allocation
Security Selection
Analysis & Review
Our process incorporates
deep resources and
expertise to:
Integrate macro, sector and security selection insights
Budget risk to the highest quality alpha sources that
can provide diversified risk-adjusted returns
ESG considerations are inputs within the investment
process though not gating factors
Global forums promote idea
sharing
Daily global information flow across regional experts
Global fixed income teams
discuss data releases and
overnight market moves
Portfolio teams across asset
classes discuss markets
themes, liquidity, and risk
Global Allocation Fund Team
discusses portfolio positioning,
risk and performance. In
addition to:
• Weekly Portfolio Strategy
Meeting to review and set
top-down allocation.
• Monthly review of ESG
risks.
Macro Events Call
6:55 AM 8:40 AM 12:30 PM
Daily Global Meeting Positioning Meeting
Investment
Strategy
CIO-led
discussion across
global fixed
income platform
CIO Markets
Call
External market
call identifying
the existing
investment
regime
Portfolio
Construction
Meeting to
discuss potential
scenarios and
identify optimal
positioning for
the investment
paradigm
Recurring meetings help identify the evolution of
macroeconomic trends, monetary policy and government
policy
Macro
Speaker
External macro
speaker
addresses
market views
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
As of 30 September 2023. Source BlackRock
12
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY 12
FIM1023E/S-3176149-10/28
13. Portfolio Snapshot as of 30 September 2023
Asset Allocation (% of net assets*)
Duration
Equity
Fixed Income
Commodities, Cash and FX
58.7%
32.3%
1.2%
7.8%
60.0%
40.0%
Equity Fixed Income Commodities Cash
Equivalents
1.53
2.33
Fund Bench
As of 30 September 2023. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary. Overweight/underweight
indicators are relative to fund’s reference benchmark, which consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year
U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. * % of net assets represents the fund’s exposure based on the economic value of
securities and is adjusted for futures, options and swaps (except with respect for fixed income securities) and convertible bonds. Numbers may not sum to 100%
due to rounding.
Fund Benchmark
Beta
Portfolio 0.68
Benchmark 0.65
Active 0.03
Overweight:
• Regions: U.S., Europe
• Sectors: Healthcare, Consumer Discretionary, Industrials,
Energy
Underweight:
• Regions: Australia, Asia ex-Japan
• Sectors: Financials, REITs, Materials, Consumer Staples,
Utilities
Overweight:
• Corporates, Emerging Sovereign ex-U.S. Bonds,
Securitized Assets
Underweight:
• Developed Market Government Bonds
• Commodities: Gold-related securities
• Cash Equivalents: Actively managed
• FX:
– Overweight Swiss Franc & US Dollar
– Underweight Chinese Yuan & Hong Kong Dollar
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY 13
FIM1023E/S-3176149-11/28
14. Equity Characteristics as of 30 September 2023
Fund Benchmark† Active
Communication Services 3.8% 4.1% -0.3%
Consumer Discretionary 7.3% 6.4% 0.9%
Consumer Staples 3.8% 4.5% -0.6%
Energy 3.7% 3.1% 0.7%
Financials 7.8% 9.4% -1.7%
Healthcare 8.7% 7.3% 1.5%
Industrials 7.3% 6.6% 0.7%
Information Technology 12.7% 12.7% -0.0%
Materials 2.0% 2.9% -0.8%
REITS 0.3% 1.4% -1.1%
Utilities 1.1% 1.6% -0.5%
Total 58.7% 60.0% -1.3%
Fund Benchmark† Active
Microsoft 2.5% 2.4% 0.2%
Apple 1.9% 2.5% -0.7%
Alphabet 1.7% 0.7% 1.0%
Amazon 1.3% 1.2% 0.1%
UnitedHealth Group 0.9% 0.5% 0.5%
Nestle 0.9% 0.4% 0.5%
BAE Systems 0.9% 0.0% 0.8%
Marsh & McLennan 0.8% 0.1% 0.7%
Mastercard 0.8% 0.3% 0.5%
Shell 0.7% 0.3% 0.4%
Total 12.3% 8.4% 3.9%
Top 5 Equity Themes (% of net assets*)
Equity Region (% of net assets*)
Equity Sector (% of net assets*)
Top 10 Equity Holdings
1.2%
0.8%
0.5%
1.3%
3.9%
1.9%
1.8%
1.7%
2.6%
5.5%
European Banks
Managed Care
Automation
MedTech
Software
Fund Benchmark†
As of 30 September 2023. Source: BlackRock. Subject to change. The fund is actively managed and its 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. The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should
be made that the companies identified and discussed were or will be profitable. Numbers may not sum to 100% due to rounding. * % of net assets represents the fund’s exposure based on the economic value of
securities and is adjusted for futures, options and swaps (except with respect to fixed income securities) and convertible bonds.†Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.)
Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. Numbers may not sum to 100% due to rounding.
36.3%
13.6%
4.6%
2.8% 1.4%
0.1%
35.5%
11.9%
4.7% 4.0%
1.8% 2.1%
United
States
Dev Europe Japan Emerging
Markets
Canada Asia ex
Japan
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY 14
FIM1023E/S-3176149-12/28
15. 2.2%
13.8%
24.0%
-0.2%
1.7%
6.2%
3.2%
4.3%
9.4%
7.7%
Other
Securitized
Corporates HY & NR
Corporates IG
Sovereign EM
Sovereign Dev
US Rates
Fixed Income Characteristics as of 30 September 2023
Portfolio Benchmark† Active
United States
13.8% 24.0% -10.2%
Canada
0.6% 0.5% 0.1%
Developed Europe 11.1% 9.3% 1.8%
Japan 0.1% 3.4% -3.3%
Developed Asia ex Japan
1.4% 0.5% 0.9%
Emerging Markets
5.3% 2.3% 3.1%
Total
32.3% 40.0% -7.7%
Fixed Income Sectors (% of net assets*)
Fixed Income Country (% of net assets*)
Duration by Currency
0-2YR 3-5YR 7-10 YR 15+YR
Fund 0.19 0.63 0.71 0.01
Benchmark† 0.08 1.22 0.36 0.67
Active 0.11 -0.59 0.35 -0.66
Key Rate Durations
As of 30 September 2023. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary. Geographic exposure relates
principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total
holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business. * % of net assets
represents the fund’s exposure based on the economic value of securities and is adjusted for futures, options and swaps (except with respect for fixed income
securities) and convertible bonds. †Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year
U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. Numbers may not sum to 100% due to rounding.
1.5
0.5
0.8
0.2
-0.2
2.3
1.1
0.6
0.1
0.4
Total USD EUR GBP JPY
Fund Benchmark †
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY 15
FIM1023E/S-3176149-13/28
16. Portfolio Changes 2023
16
-2%
-1%
0%
1%
2%
3%
4%
0
0.5
1
1.5
2
Porfolio Duration
Years
12/31/2022 9/30/2023
1 As of 30 September 2023. Source: BlackRock. Subject to change. All exposures are based on the economic value of securities and is adjusted
for futures, options and swaps (except with respect for fixed income securities) and convertible bonds.
2 As of 30 September 2023. Source: BlackRock. Subject to change. Portfolio duration assumes 0 duration for equities.
Equity Sector Weighting Changes YTD1 Portfolio Duration2
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY FIM1023E/S-3176149-14/28
17. -10%
-5%
0%
5%
10%
15%
20%
0%
20%
40%
60%
80%
100%
Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Mar-22 Jul-22 Nov-22 Mar-23 Jul-23
%
of
portfolio
net
assets*
North American Stocks Developed European Stocks Developed Asia ex-Japan Stocks Japanese Stocks
Emerging Market Stocks Commodity Related U.S. Treasuries & Agencies U.S. TIPS
U.S. Credit Non-U.S. Sovereign Debt Non-U.S. Credit Securitized
Cash Equivalents Equity Beta
Asset Allocation Evolution: 31 March 2019 to 30 September 2023
As of 30 September 2023. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary * % of net
assets represents the fund’s exposure based on the economic value of securities and is adjusted for futures, options and swaps (except with
respect to fixed income securities) and convertible bonds. ‡Active beta is measured on an ex-ante basis relative to the MSCI World Index.
Active beta is the difference in beta of the BGF Global Allocation Fund vs. the MSCI World Index relative to the beta of the Reference
Benchmark vs. the MSCI World Index. Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE
BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. Rick Rieder joined the Global Allocation
Investment Team on 1 April 2019.
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY 17
FIM1023E/S-3176149-15/28
18. -3
-2.5
-2
-1.5
-1
-0.5
0
0.5
-10%
10%
30%
50%
70%
90%
Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Mar-22 Jul-22 Nov-22 Mar-23 Jul-23
Active
Duration
%
of
fixed
income
net
assets*
U.S. Treasuries, Agencies & Municipals U.S. TIPS U.S. Credit
Non U.S. Sovereign Debt Non U.S. Credit Securitized**
Active Duration (total portfolio)
Fixed Income Evolution: 31 March 2019 to 30 September 2023
As of 30 September 2023. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary. * % of net
assets represents the fund’s exposure based on the economic value of securities and is adjusted for futures, options and swaps (except with
respect to fixed income securities) and convertible bonds. † Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.)
Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. Rick Rieder joined the
Global Allocation Investment Team on 1 April 2019. ‡ Total Portfolio duration assumes 0 duration for equity and commodity-related holdings.
Active duration is the difference in total portfolio duration of the BGF Global Allocation Fund vs. total portfolio duration of the Ref. Benchmark.
Key Rate Duration Buckets as of 30 September 2023
0-2 Year 3-5 Year 7-10 Year 15+ Year Total Duration‡
BGF Global Allocation Fund (A2) 0.19 0.63 0.71 0.01 1.53 years
Reference Benchmark† 0.08 1.22 0.36 0.67 2.33 years
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY 18
FIM1023E/S-3176149-16/28
19. Annual performance to last quarter end
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and
should not be the sole factor of consideration when selecting a product or strategy. Index performance returns do not reflect
any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
As of 30 September 2023. Source: BlackRock, Bloomberg, Morningstar. Launch date: 3 January 1997 ‘A2’ shares. Basis: NAV
prices, with gross dividends reinvested, net of expenses, in $USD. Index returns are for illustrative purposes only. Index
performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot
invest directly in an index. * Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE
BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index.
1/10/22-
30/9/23
1/10/21-
30/9/22
1/10/20-
30/9/21
1/10/19-
30/9/20
1/10/18-
30/9/19
1/10/17–
30/9/18
1/10/16–
30/9/17
1/10/15–
30/9/16
1/10/14–
30/9/15
1/10/13–
30/9/14
BGF Global Allocation Fund (A) 8.81% -19.16% 16.07% 13.84% 1.64% 1.67% 9.83% 6.47% -5.48% 6.79%
Reference Benchmark* 13.95% -18.57% 15.72% 9.06% 4.97% 6.23% 10.08% 10.65% -2.98% 8.17%
FTSE World Index 22.67% -19.70% 29.33% 10.41% 1.99% 10.96% 19.22% 12.50% -5.79% 12.05%
FTSE World Government Bond Index 1.04% -22.14% -3.33% 6.77% 8.13% -1.54% -2.69% 9.71% -3.83% -0.07%
Morningstar EAA Fund USD Moderate
Allocation Category Average 7.97% -16.31% 13.00% 3.38% 3.08% 2.83% 8.24% 6.33% -4.59% 5.25%
19
FIM1023E/S-3176149-17/28
20. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may
not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when
selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation
may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and
substantially. Levels and basis of taxation may change from time to time.
Risks
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
For Italy: This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on
www.blackrock.com/it, which contain a summary of investors’ rights.
Investors should refer to the prospectus or offering documentation for the fund’s full list of risks.
20
FIM1023E/S-3176149-18/28
21. • Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income
securities. Potential or actual credit rating downgrades may increase the level of risk.
• The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors
include political, economic news, company earnings and significant corporate events.
• Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of
losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where
derivatives are used in an extensive or complex way.
• Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty
to derivatives or other instruments, may expose the Fund to financial loss.
• Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.
• Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily.
BGF Global Allocation Fund specific risks
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
21
FIM1023E/S-3176149-19/28
23. Performance as of 30 September 2023
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and
should not be the sole factor of consideration when selecting a product or strategy. Index performance returns do not reflect
any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
As of 30 September 2023. Source: BlackRock, Bloomberg, Morningstar. Launch date: 3 January 1997 ‘A2’ shares. Basis: NAV
prices, with gross dividends reinvested, net of expenses, in $USD. Index returns are for illustrative purposes only. Index
performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot
invest directly in an index. Global stocks represented by the FTSE World Index, global bonds by the FTSE World Government Bond
Index, and Morningstar peer group by the EAA Fund USD Moderate Allocation category average. †Reference benchmark consists
of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-
USD World Government Bond Index. † Periods less than 1 year are not annualized.
MTD QTD YTD† 1 Year 3 Years 5 Years
10
Years
Since
Inc.
BGF Global Allocation Fund (A) -3.45% -3.59% 3.20% 8.81% 0.69% 3.39% 3.55% 6.06%
Reference Benchmark† -3.46% -3.23% 5.60% 13.94% 2.40% 4.21% 5.26% 6.04%
Global Stocks -4.19% -3.35% 11.23% 22.67% 8.40% 7.48% 8.46% 7.22%
Global Bonds -3.24% -4.27% -2.68% 1.04% -8.72% -2.57% -1.19% 2.74%
Morningstar Peer Group -2.67% -2.38% 2.70% 8.01% 0.64% 1.78% 2.72%
-10%
0%
10%
Annualized total returns
23
FIM1023E/S-3176149-21/28
24. GA_A
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
0
72.2%
52.3%
62.4%
45.9%
95.1%
22%
12%
20% 12%
26%
-11.7%
-24.0% -19.4% -19.3%
-43.4%
BGF Global
Allocation Fund (A) Global Bonds
Reference
Benchmark*
Morningstar Peer
Group Global Stocks
Best 3-Year Return
(Cumulative)
Average 3-Year
Return
(Cumulative)
Worst 3-Year
Return
(Cumulative)
# of Negative
3-Year Periods
17 51 37 47
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and
should not be the sole factor of consideration when selecting a product or strategy. Index performance returns do not reflect
any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
As of 30 September 2023. Source: BlackRock, Morningstar. Launch date: 3 January 1997 ‘A2’ shares. Basis: NAV prices, with
gross dividends reinvested, net of expenses, in $USD. Index returns are for illustrative purposes only. Index performance returns
do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an
index. Global bonds represented by the FTSE World Government Bond Index, global stocks by the FTSE World Index, and
Morningstar peer group by the EAA Fund USD Moderate Allocation category average. * Reference benchmark consists of 36%
S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD
World Government Bond Index.
A history of competitive performance and limited drawdowns
60
24
Overall investor experience: BGF Global Allocation (A) has generated a positive 3 year return 94% of the time since inception.
Competitive
Returns
Limited
drawdowns
FIM1023E/S-3176149-22/28
25. 1 Year 3 Years 5 Years 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
BGF Global Allocation Fund (A) ($) 8.81% 0.69% 3.39% -16.33% 6.27% 19.72% 16.81% -8.87% 12.83% 3.24% -2.27% 1.60% 13.98%
BGF Global Allocation EUR-Hedged (A) (€) 5.58% -1.46% 0.93% -18.98% 5.20% 17.41% 13.34% -11.52% 10.48% 2.15% -2.70% 1.44% 13.64%
BGF Global Allocation Fund (A) (€) 0.51% 4.12% 5.28% -11.22% 14.94% 9.50% 19.06% -4.43% -77.00% 6.52% 8.91% 15.38% 9.36%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Performance as of 30 September 2023
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be
the sole factor of consideration when selecting a product or strategy.
As of 30 September 2023. Source: BlackRock. Launch date: 3 January 1997 ‘A2’ shares. Basis: NAV prices, with gross dividends reinvested, net
of expenses. This information is for illustrative purposes only based on internal data and does not take account of hedging transaction costs or
subscription and redemption activity within the fund. It is designed to illustrate the indicative performance that may have been achieved by
placing 3-month forward contracts the fund assets to protect euro investors from fluctuations in dollar/euro exchange rates. This process is
non-discretionary and is not designed to enhance returns. Advantages include (1) the convenience of dealing in currencies other than a fund’s
base currency and (2) returns aligned with those of the equivalent base currency share class, adjusted for the relevant interest rate differential.
The hedged share class return = base currency return +/- interest rate differential between the base currency and hedged share class currency.
Additional factors that will impact returns, albeit to a smaller extent, include short term interest rate changes, timing of market value hedge
adjustments, the hedging range, and transaction costs. The fund’s U.S. dollar/euro hedge will be applied through the use of forward contracts
which will be rolled or adjusted as required.
Annualized total returns
25
FIM1023E/S-3176149-23/28
27. Thismaterialis fordistributionto ProfessionalClients(asdefinedby theFinancialConductAuthorityorMiFIDRules)only andshouldnotbe relieduponby anyotherpersons.
Forinvestorsin theUK & Non-EuropeanEconomicArea(EEA)countries: This is Issued by BlackRockInvestment Management(UK) Limited, authorisedand regulatedby the
FinancialConductAuthority. Registeredoffice:12 ThrogmortonAvenue, London,EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in Englandand Wales No. 02020394.
For your protectiontelephonecallsare usuallyrecorded.Please refer to the FinancialConductAuthoritywebsite for a list of authorisedactivitiesconductedby BlackRock.
In theEuropeanEconomicArea(EEA): this is Issued by BlackRock(Netherlands)B.V. is authorised and regulatedby the NetherlandsAuthorityfor the FinancialMarkets.
Registeredoffice Amstelplein1, 1096 HA, Amsterdam,Tel: 020 – 549 5200, Tel: 31-20-549-5200. TradeRegister No. 17068311 For your protectiontelephonecallsare
usually recorded.
This documentis marketingmaterial.BlackRockGlobalFunds (BGF)is an open-endedinvestmentcompanyestablishedand domiciledin Luxembourgwhich is availablefor
sale in certainjurisdictionsonly. BGFis not availablefor sale in the U.S. or to U.S. persons. Product informationconcerningBGFshouldnot be publishedin the U.S. BlackRock
Investment Management(UK) Limitedis the PrincipalDistributorof BGFand may terminatemarketing at any time. In the UK subscriptionsin BGF are valid only if made on the
basis of the currentProspectus, the most recent financialreportsand the Key Investor InformationDocument,and in EEA and Switzerlandsubscriptionsin BGFare valid only if
made on the basis of the currentProspectus, the most recentfinancialreports and the PackagedRetailand Insurance-basedInvestment ProductsKey InformationDocument
(PRIIPs KID), which are availablein the jurisdictionsand locallanguagewherethey are registered,these can be found at www.blackrock.comon the relevant product pages.
Prospectuses, Key Investor InformationDocuments,PRIIPs KID and applicationforms may not be availableto investors in certain jurisdictionswhere the Fund in question has
not beenauthorised.Investors should understandall characteristicsof the funds objectivebeforeinvesting. For informationon investor rights andhow to raise complaints
please go to https://www.blackrock.com/corporate/compliance/investor-rightavailablein in local languagein registeredjurisdictions.
Forinvestorsin Austria:This documentis marketing material.For furtherinformation,the prospectus, PackagedRetailand Insurance-basedInvestment ProductsKey
InformationDocument(PRIIPs KID), annualreportand semi-annualreport can be obtainedfree of chargein hardcopyform from the Austrian paying agent: Raiffeisen
ZentralbankÖsterreich AG, A-1030 Vienna,Am Stadtpark9 and also from www.blackrock.com/atavailablein Germanand English. BlackRockmay terminatemarketingat any
time. Investors should understandall characteristicsof the funds objectivebeforeinvesting. For informationon investor rights and how to raise complaintsplease go to
https://www.blackrock.com/corporate/compliance/investor-rightavailablein German.
Forinvestorsin Finland: This documentis marketing material.The prospectus(in English language)and PRIIPs KID (in Finnishlanguage)are available at BlackRock
(Netherlands)B.V. and also from www.blackrock.com/fiavailablein Finnishand English.BlackRock may terminatemarketingat any time. Investors should understandall
characteristicsof the funds objective beforeinvesting. Forinformationon investor rights and how to raise complaintspleasego to
https://www.blackrock.com/corporate/compliance/investor-rightavailablein English.
Forinvestorsin Germany:This documentis marketingmaterial.
This is a financialpromotion.For further information,the prospectus, PackagedRetailand Insurance-basedInvestment Products Key InformationDocument(PRIIPs KID),
annualreportandsemi-annualreport canbe obtainedfree of chargein hardcopyform from theGermaninformationcentre: BlackRock(Netherlands)B.V., Frankfurt (Germany)
Branch, Frankfurtam Main, BockenheimerLandstraße2–4, 60306 Frankfurtam Main. The payingagent in Germanyis J.P. MorganAG, CIB / Investor Services – Trustee &
Fiduciary,Taunustor1 (Taunus Turm), D-60310Frankfurt am Main and also from www.blackrock.com/deavailablein Germanand English. BlackRockmay terminate
marketing at any time. Investors shouldunderstandall characteristicsof the funds objective beforeinvesting.For informationon investor rights and how to raise complaints
please go to https://www.blackrock.com/corporate/compliance/investor-rightavailablein German.
Important Information
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
GA_A
27
FIM1023E/S-3176149-25/28
28. FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
Forinvestorsin Greece: This documentis marketing material.BlackRockGlobalFunds(BGF)is an open-endedinvestment companyestablishedand domiciledin Luxembourg
whichis availablefor sale in certainjurisdictionsonly. BGFis not availablefor sale in the U.S. or to U.S. persons. Product informationconcerningBGFshouldnot be publishedin
the U.S., registeredin Greecefor publicdistributionpursuant to the GreekLaw 4099/2012, art. 90, implementingthe Directive2009/65/EC. Prospectusand PRIIPs KID are
availableon BlackRockwebsite https://www.blackrock.com/kiid/el-gr?switch=yin both languagesGreek and English. Prospectusand PRIIPs KID are also availableon Greek
intermediarieswebsites, appointedas localdistributors of BGF. BlackRockmay terminatemarketingat any time. Investors should understandall characteristicsof the funds
objectivebeforeinvesting. For informationon investor rights and how to raise complaintsplease go to https://www.blackrock.com/corporate/compliance/investor-right.
Availablein Greek.
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES.
Forinvestorsin Norway: This documentis marketingmaterial.The prospectusand PRIIPs KID are availableat BlackRock(Netherlands)B.V. www.blackrock.com/noavailablein
Norwegianand English. BlackRockmay terminatemarketing at any time. Investors shouldunderstandallcharacteristicsof the funds objectivebeforeinvesting. For information
on investor rights andhow to raise complaintsplease go to https://www.blackrock.com/corporate/compliance/investor-rightavailablein English.
Forinvestorsin Poland: For Poland:This documentis marketing material.BGFhas been registeredon the officiallist of the FinancialSupervision Commission(Komisja Nadzoru
Finansowego)for distributionin Poland. Payingagent in Polandis Bank Handlowyw Warszawie SA, ul. Senatorska 16, 00-950 Warsaw, Poland. The Prospectus, Packaged
Retailand Insurance-basedInvestment ProductsKey InformationDocument(PRIIPs KID), as well as the latest annualand semi-annualreports, can be found at
www.blackrock.com/plavailablein Polish. BlackRockmay terminatemarketing at any time. Investors shouldunderstandall characteristicsof the funds objective before
investing. For informationon investor rights and how to raise complaintsplease go to https://www.blackrock.com/corporate/compliance/investor-rightavailablein Polish.
Forinvestorsin PortugalandSpain: This documentis marketing material.Certain funds mentionedhereare registeredfor distribution in Spain.Additionally,certainfunds are
registeredfor distributionin Portugal. In Spain,BlackRockGlobalFunds (BGF)is registeredwith the number140 in the Comisión Nacionaldel Mercadode Valoresde España
(CNMV)and the Prospectusfor eachregisteredfund has been registeredwith the CNMV and can be found at www.blackrock.com/es availablein Spanish and English. In
Portugal,certainshare classesof certainBGFfunds are registeredwith the Comissão do Mercadode Valores Mobiliários(CMVM) and the Prospectusfor each registeredfund
has been registeredwith the CMVM and can be found at www.blackrock.com/ptavailablein Portugueseand English. This document containsproductsor services of BlackRock,
Inc. (or affiliatesthereof)that might be offereddirectlyor indirectlywithin the Andorran jurisdiction,and it shouldnot be regardedas solicitationof business in any jurisdiction
includingthe Principalityof Andorra.BlackRockmay terminatemarketingat any time. Investors shouldunderstandall characteristicsof the funds objectivebeforeinvesting.
For informationon investor rights and how to raise complaintsplease go to https://www.blackrock.com/corporate/compliance/investor-rightavailablein Spanish and
Portuguese.
Important Information
GA_A
28
FIM1023E/S-3176149-26/28
29. FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY
Forinvestorsin Israel: BlackRock Investment Management(UK) Limitedis not licencedunder Israel's Regulationof Investment Advice, Investment Marketing and Portfolio
ManagementLaw, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.
This documentis providedfor informationalservicesonly and is not intendedto serve, andshould not be treatedas Investment Advice. 39
BlackRockcouldhave a direct or indirectbenefit from investmentsmade by investors in Israel in the productsmentionedin this document,or in other productsmanagedby
third partieswith whom BlackRockis involved in a business contract.In particular,BlackRockmanagesthe tradedforeign funds mentionedin this document,and therefore
derives a benefit from investments of Israeliinvestors in them (interalia, by charginga "managementfee" as specifiedin the prospectusand in the Annex to the prospectusesof
such funds). Therefore,BlackRockhas a "Connection"to such products, might have a personal interest in their sale, and might prefersuch productsover otherproducts.
Accordingly,any adviceBlackRock provides, is considered,for the purposeof the Investment Advice Law, as Investment Marketing(and not Investment Advising). For complete
informationabout BlackRock's "affiliation"with financialassets (includingthetypes of financialassets and the namesof the entitiesthat issue or managethem), you can
contactBlackRockat www.blackrock.com
This Document,as well as any productsand services describedherein, are directedat and intendedexclusivelyfor individualsor corporationsthat fall within at least one
categoryin each of the First Scheduleof the Investment Advice Law ("QualifiedClients").
BlackRockdoes not holda licenseand is not insuredas requiredunderthe Investment Advice Law.
Nothingin the fund's past returns in can ensurea similarreturn in the future. Investment in the productsmentionedin this documentis subjectto the risks describedin the
fund prospectus(includingthe risk of loss of investmentfunds). For a concisedescriptionof the uniquerisks for the productsmentionedin this document,see the risk section
in the annexto the prospectusintendedfor investors in Israel, and publishedon the distributionwebsite of the IsraeliSecuritiesAuthority and the Tel Aviv Stock Exchange.
Furthermore,although BlackRockinvests reasonableefforts to ensure the accuracyof the datapresentedin this document,it does not guaranteetheiraccuracy,is not
responsiblefor it, andshouldnot be reliedupon when making an investment decision. Therefore,investors consideringinvestingin the productsmentionedin this document
shouldexaminethe fulloffer documentsof the relevant product (and in particular,the prospectusand the annex to the prospectus as stated above, and the risks described
therein),and consultexpertson their behalfregardingthe viability of the investment.
The Fund and Fund Managerare not subject to the laws and regulationsto which Israelimutual funds are subject".
Important Information
GA_A
29
FIM1023E/S-3176149-27/28
31. 31
In this document, DSP Asset Managers Private Limited (“the AMC”) has used information that is
publicly available, including information developed in-house. While utmost care has been exercised
while preparing this document, neither the AMC nor any person connected warrants the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use
of this information. The recipient(s), before acting on any information herein, should make
his/her/their own assessment and seek appropriate professional advice. Past performance may or
may not sustain in future and should not be used as a basis for comparison with other investments.
There is no assurance of any returns/capital protection/capital guarantee to the investors in this
scheme of DSP Mutual Fund.
The investors are bearing the recurring expenses of the scheme, in addition to the expenses of other
schemes in which the Fund of Funds scheme makes investments.
All figures and other data given in this document for the fund are as on date (unless otherwise
specified) and the same may or may not be relevant in future and the same should not be considered
as solicitation/ recommendation/guarantee of future investments by the AMC or its affiliates.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax,
legal and other financial implication or consequence of subscribing to the units of the schemes of the
DSP Mutual Fund.
For scheme specific risk factors, asset allocation details, load structure, investment objective and more
details, please read the Scheme Information Document and Key Information Memorandum of the
scheme available at the Investor Service Centres of the AMC and also available on www.dspim.com.
.
32. Disclaimer
Scheme Product Suitability
RISKOMETER
Scheme
Benchmark: 36% S&P 500 Composite, 24%
FTSE World (ex- US), 24% ML US Treasury
Current 5 Year, 16% Citigroup Non-USD
World Government Bond Index
DSP Global Allocation
Fund
(An open ended fund of
fund
scheme investing in
BlackRock
Global Funds – Global
Allocation Fund
(BGF – GAF)
This Open ended Fund of Funds
scheme (Investing In
International Fund) is suitable
for investors who are seeking*
• Long-term capital growth
• Investments in units of
overseas funds which invest in
equity, debt and short term
securities of issuers around the
world.
*Investors should consult their financial advisors if in doubt about whether the scheme is suitable for them
Mutual Fund investments are subject to market risks, read all scheme related documents carefully