This Open ended Fund of Funds Scheme is suitable for investors who are seeking*:
1. Long-term capital growth
2. Investment in units of overseas funds which invest in equity, debt and short term securities of issuers around the world
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
1. DSP Global Allocation Fund
An open-ended Fund of Funds scheme investing in BlackRock
Global Funds - Global Allocation Fund
July 31, 2018
This Open ended Fund of Funds Scheme is suitable for
investors who are seeking* :
⢠Long-term capital growth
⢠Investment 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.
2. About DSP Global Allocation Fund
Indian Investors
Source: BlackRock; #AUM of BGFâ GAF as of end-July 31, 2018 (Luxembourg domiciled Fund). AUM of Global Allocation strategy (across all sub-portfolios) was around USD 100 billion
as of end-Mar, 2016
The Luxembourg-domiciled fund has
an AUM of USD 17.4 billion#
Access one of the largest funds in the world with a track record of over 17 years
DSP Global
Allocation Fund
BlackRock Global Funds -
Global Allocation Fund
(BGF-GAF)
Product Structure:
2
3. BGF Global Allocation Fund
3
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. There is no guarantee 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 June 2018. Source: BlackRock, Morningstar. * Source: Morningstar. Portfolio managers have the longest tenure among funds within its category. â According to the most recent
Statement of Additional Information, each of the four portfolio managers has at least $1,000,000 invested in the U.S.-domiciled BlackRock Global Allocation Fund.
Unconstrained in search of opportunity
⢠Broadly diversified across more than 40 countries and 30 currencies
⢠Ability to invest in stocks, bonds, cash equivalents, and currencies around the world
One of the most experienced global multi-asset teams*
⢠50+ dedicated professionals including 4 portfolio managers and 9 senior investors averaging 20+ years experience
⢠Team members have significant personal investment in the strategyâ
Proven record of growing assets & managing volatility
⢠Compelling risk-adjusted results for more than two decades
⢠Strategy has weathered multiple bull and bear markets
Our mission: Provide a rate of return competitive with that of global stocks at a lower level of volatility over a full market cycle
4. Annual performance to last quarter end
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
As of 30 June 2018. Source: BlackRock, Bloomberg, Morningstar. Launch date: 15 September 2010 âIâ 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.
4
30/6/2017-
30/6/2018
30/6/2016-
30/6/2017
30/6/2015-
30/6/2016
30/6/2014-
30/6/2015
30/6/2013-
30/6/2014
BGF Global Allocation Fund (I) 3.97% 12.74% -4.12% 1.61% 13.88%
Reference Benchmark* 6.97% 9.61% 2.73% -0.38% 15.98%
FTSE World Index 11.14% 19.42% -2.58% 1.05% 24.02%
S&P 500 Index 14.37% 17.90% 3.99% 7.42% 24.61%
MSCI EAFE Index 7.37% 20.83% -9.72% -3.82% 24.09%
MSCI Europe Index 5.94% 21.81% -10.67% -7.17% 29.95%
MSCI Japan Index 10.88% 19.58% -8.64% 8.63% 10.12%
MSCI Pacific ex-Japan Index 8.82% 19.58% -6.62% -6.69% 18.99%
MSCI Emerging Markets Index 8.59% 24.17% -11.71% -4.77% 14.68%
FTSE World Government Bond Index 1.90% -4.13% 11.26% -9.02% 6.85%
FTSE Non-USD World Government Bond Index 3.22% -5.01% 13.85% -13.49% 8.88%
ICE BofA/ML Current 10-Year U.S. Treasury Index -2.69% -5.58% 9.49% 3.79% 2.84%
BBG Barclays U.S. Credit Index -0.65% 1.84% 7.55% 0.93% 7.44%
JP Morgan Emerging Market Bond Index -1.60% 6.04% 9.79% 0.51% 11.63%
S&P Goldman Sachs Commodity Index 30.04% -9.01% -26.08% -36.81% 10.40%
Morningstar EAA Fund USD Moderate Allocation Category Average 3.90% 9.07% -3.10% -0.64% 11.97%
5. BGF Global Allocation Fund has delivered on its mission
5
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
As of 30 June 2018. Source: BlackRock, Bloomberg, Morningstar. Basis: NAV prices, with gross dividends reinvested, net of expenses, in USD. Fund incepted with launch of A share class
on 3 January 1997. I share class incepted on 15 September 2010. 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. * For illustrative purposes only.
Performance from 1 October 2010 reflects actual I share results. Performance from 3 January 1997 through 30 September 2010 represented by A share monthly performance, adjusted
higher by the average monthly difference in total expense ratio between A and I shares since September 2010.
10.2%
15.4%
0%
6%
12%
18%
BGF Global
Allocation Fund (I)*
Global Stocks
Ann.std.deviationsinceinception
7.71%
7.01%
0%
3%
6%
9%
BGF Global
Allocation Fund (I)*
Global Stocks
Ann.totalreturnsinceinception
BGF Global Allocation Fund (I)*
vs. global stocks since inception
Upside
capture
67%
Downside
capture
52%
Our mission: Provide a rate of return competitive with that of global stocks at a lower level of volatility over a full market cycle
Competitive returns⌠âŚwith 1/3rd less risk
~1/3rd
less
volatility
6. Ability to invest across the full opportunity set
Benefits of a 50+ person team leveraging BlackRockâs resources:
ď˝ Breadth of exposures: Ability to invest in traditional and difficult to access asset classes, regions, countries, and securities
ď˝ Flexibility to trade in real time: Ability to rebalance portfolio as warranted to capitalize on security price changes
ď˝ Directly holds securities: This is not a âfund of fundsâ portfolio, securities are purchased and held directly by the fund
Equities Fixed Income Cash/FX Non-Traditional
⢠Convertible bonds
⢠Private placements
⢠Real estate investment trusts
⢠Precious metal-related securities
⢠Structured products
⢠Common stock
⢠Preferred stock
⢠Single name options
⢠Index options
⢠Futures
⢠Dividend futures
⢠Warrants
⢠Developed markets
⢠Emerging/frontier markets
⢠ADRs
⢠Locally listed shares
⢠U.S. Treasuries/Agency
⢠Developed market sovereigns
⢠Emerging markets (USD and
local currency)
⢠Investment grade corporates
⢠High yield bonds
⢠Distressed bonds
⢠Inflation-linked
⢠Interest rate swaps
⢠Yield curve trades
⢠Credit default swaps (CDS)
⢠U.S. Treasury bills
⢠Non-U.S. government bills
⢠Foreign exchange forwards
⢠Foreign exchange options
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.
There is no guarantee that a positive investment outcome will be achieved.
As of 30 June 2018. Source: BlackRock.
6
7. Reference benchmark
The reference benchmark serves as a performance standard. It does not, however, represent the teamâs entire investment
universe.
ď˝ Consistent benchmark since the strategyâs inception in 1989: Benchmark represents a neutral asset mix and a way to communicate
overweight and underweight positions
ď˝ Portfolio is unconstrained relative to benchmark: Asset allocation is driven largely by relative valuations and absolute risk across asset
classes, currencies, sectors, and securities
ď˝ Risk is primarily defined as âthe chance of permanent loss of capitalâ: Relative risk measures, such as standard deviation and beta,
are closely monitored, but are not comprehensive risk indicators. The realized volatilities of the fund and reference benchmark have
tracked each other closely across market cycles.
Reference benchmark Annualized standard deviation since inception
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 June 2018. Source: BlackRock. * For illustrative purposes only. In calculating standard deviation, performance from 1 October 2010 reflects actual I share results. Performance
from 3 January 1997 through 30 September 2010 represented by A share monthly performance, adjusted higher by the average monthly difference in total expense ratio between A and I
shares since September 2010.
7
Neutral asset class allocation Neutral regional allocation
⢠60% Stocks
⢠40% Bonds
⢠60% U.S.
⢠40% Non-U.S.
10.2%
9.2%
0%
6%
12%
BGF Global Allocation Fund (I)* Reference Benchmark
36%
24%
24%
16%
S&P 500
FTSE World ex-U.S.
ICE BofA/ML Current 5-Yr U.S. Treasury
FTSE Non-USD World Gov't Bond
8. 0%
20%
40%
60%
80%
100%
Mar-97
Mar-98
Mar-99
Mar-00
Mar-01
Apr-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Equities Fixed Income Commodity-Related* Cash Equivalents
Flexibility in practice
Portfolio composition
8
The fund was underweight stocks relative
to its benchmark in the late 1990s
One of the largest stock overweights in
the fundâs history was H2â01
Cash equivalents have regularly
been held since inception
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 June 2018. Source: BlackRock. Subject to change. Prior to 2015, the fundâs exposure was based on market value and adjusted for the economic value of futures and swaps. From
2015, the fundâs 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. Commodity-related is comprised of precious metals ETFs. Overweight/underweight indicators are relative to fundâs 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.
9. Flexibility in practice
9
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 June 2018. Source: BlackRock. Subject to change. Prior to 2015, the fundâs exposure was based on market value and adjusted for the economic value of futures and swaps. From
2015, the fundâs 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. Commodity-related is comprised of precious metals ETFs.
Portfolio composition
0%
20%
40%
60%
80%
100%
Mar-97
Mar-98
Mar-99
Mar-00
Mar-01
Apr-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
North American Stocks Developed European Stocks Dev. 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 Cash Equivalents
The team emphasized high-quality
government bonds in response to
tightening spreads and concerns around
financial and household leverage
The team increased exposure to
commodity-related securities prior to the
global credit crisis and further added as
central bank balance sheets expanded
The team added to North
American stocks at attractive
valuations after successfully
avoiding the technology bubble
The team added to non-U.S.
stocks due to attractive
valuations and accommodative
monetary policies
10. More than 50 individuals are dedicated to Global Allocation platform
As of 30 June 2018. * Source: Morningstar. The fund has one of the longest âManager Tenureâ as defined by Morningstar among funds in Morningstarâs World Allocation category. There is
no guarantee that a positive investment outcome will be achieved. Subject to change.
10
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6
Dan Chamby, CFA
Portfolio Manager
Russ Koesterich, CFA,
JD
Portfolio Manager
David Clayton, CFA, JD
Portfolio Manager
Kent Hogshire, CFA
Portfolio Manager
50+dedicated
professionals,
including 4 portfolio
managers and 9
senior investors
averaging 20+ years
experience
24CFAÂŽ
charterholders
6team members
with prior portfolio
management
experience
8languages spoken
Size
Experience
Longevity
Portfolio managers guide asset
allocation & risk management of
the fund
Managed by one of the
most experienced global multi-
asset teams*
Drawing on the breadth
and depth of BlackRockâs
resources
Multi-Asset Strategies
Risk & Quantitative Analysis
BlackRock Investment Institute
Daily Global Meeting
AladdinÂŽ Platform
Technology
Trading
11. Global Allocation portfolio management team
Global Allocation portfolio management team
11
As of 30 June 2018. Subject to change. * Currently on leave. â Individual with dual role.
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Global Platform Portfolio Management Macro Strategy
Lisa OâDonnell, JD
31 yrs experience
Head of Global
Allocation Team
David Clayton, CFA, JD
24 yrs experience
Portfolio Manager
Dan Chamby, CFA
33 yrs experience
Portfolio Manager
Russ Koesterich, CFA, JD
23 yrs experience
Portfolio Manager
Kent Hogshire, CFA*
18 yrs experience
Portfolio Manager
Mike Trudel, CFA, JD
21 yrs experience
Global Macro
Strategist
Portfolio Construction
Portfolio
Implementation
Enterprise Management Product Strategy
Randy Berkowitz, CFA
14 yrs experience
Portfolio Construction &
Risk Management
Sam Indyawan, CFAâ
Doug Smith
Paul Vassal
Eric Kisslinger
18 years experience
Quantitative Analysis /
Systematic Investing
Isabelle Liu
Eric Bae
Marie Dwyer
33 yrs experience
Senior Manager
John Candiano
Pete Mathern
Kim Moore
Andy Nielsen
Cheryl Domenech
18 yrs experience
Chief Operating Officer
Ken DaPonte
Business Management /
Research & Data Sourcing
Matt Estes
22 yrs experience
Senior Product Strategist
Noah Kroll
Meghan Colarusso, CFA
Simon Rafferty
Judy Rice
20 yrs experience
Marketing Strategy &
Communications
Erica Quinn, CFA
10 yrs experience
Senior Product Manager
Melissa Barnett
Katherine Snyder
Analysts Senior Investors Analysts
Ariana Berry, JD
Kevin Bynum, CFA
Matt Callahan, CFA
Mike Carlucci
Miguel Crivelli, CFA
Matt Gerard, CFA
Ben Moyer, CFA
37 yrs experience
Asia, Autos
Eric Mitofsky
31 yrs experience
Quantitative Analysis,
Derivatives
Lisa Walker, CFA
30 yrs experience
Financials
Greg Spencer
28 yrs experience
Credit, Cable, Media,
Telecommunication Services
Mike Walsh, CFA
28 yrs experience
Fixed Income, Derivatives Sam Indyawan, CFAâ
Lindsay Klitsch, CFA
Jonathan Lux, CFA
Chirayu Patel, CFA
Angela Yu, CFA
Sarah Thompson, CFA
23 yrs experience
Credit, Private Placements,
Distressed Debt, Cyclicals
Sonia Wang, CFA
21 yrs experience
Consumer Discretionary,
Consumer Staples, Asia
Daniel Daniel, CFA, CMT
20 yrs experience
Consumer Discretionary,
Industrials, Information
Technology, Utilities
Patrick Edelmann, CFA
17 yrs experience
Consumer Staples,
Energy, Healthcare,
Materials, Real Estate
12. Investment process combines security selection & asset allocation
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. Current process for selecting investments in the fundâs portfolio in accordance with its stated investment objectives and policies.
Subject to change based on market conditions, portfolio managerâs discretion and other factors.
As of 30 June 2018. Source: BlackRock.
12
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1
7
8
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2
4
6
Security Selection Asset Allocation
⢠Qualitative/directional view of security
⢠Upside/downside price targets
established
⢠Initiate review of investment
thesis
⢠Identify focus of additional
research
⢠PMs ensure timely review
⢠PM approval required
Analyst
Security
Submission
Peer
Discussion
PM
Evaluation
Position
Sizing of
Approved
Securities
⢠Portfolio Construction
Center (PCC) runs
optimization analysis
⢠PM position sizing informed
by security risk and
correlation with other assets
Strategic
Asset Allocation
⢠Neutral framework aligns
portfolio construction
⢠Fundamental, value-oriented
methodology (including bottom-up
research) informs top-down views
⢠Quantitative tools assist in
optimization
Risk Management
⢠Partner with BLK RQA to
engage in ex-ante risk
management, risk awareness,
stress testing, and portfolio
attribution
⢠Seeks to deliver superior
risk-adjusted returns
Tactical Completion /
Rebalancing
⢠Tactical application of
additional exposures and
hedges
⢠Systematic tools applied to
adjust factor exposures
⢠Broad universe of
derivatives available
for re-balancing
Fundamental Security
Implementation
⢠Analyst-sourced securities
provide foundation
⢠Positions may be derived from
bottom-up individual securities
and/or theme-oriented baskets
⢠Optimization process
guides PM sizing of
securities
13. Risk & Quantitative Analysis (RQA) provides objectivity & independence
While the investment approach described herein seeks to control risk, risk cannot be eliminated. There is no guarantee that stress testing will eliminate the risk of investing in this fund or
strategy. As of 30 June 2018.
13
⢠Review cumulative effect of
investment decisions to identify
factors contributing to, and
subtracting from, alpha generation
⢠Comprehensive portfolio attribution
includes asset class, country, sector,
currency, and individual security
analysis
Performance
Attribution
⢠Allows the PM team to pro-actively
estimate how changes in identified
market prices affect the portfolio in
relative and absolute terms
⢠Enables team to quantify portfolio
effects of specific market scenarios
rather, than relying on intuition
⢠Regularly scheduled meetings
between RQA and Global Allocation
team help ensure current portfolio
positioning is consistent with teamâs
market views
⢠RQA monitors dozens of active risk
factors globally on a continuous
basis
⢠Helps Global Allocation team ensure
the portfolio is not unintentionally
overexposed to specific top-down
factors
⢠Risk cannot (and should not) be
entirely eliminated, but it can (and
must) be identified
Risk
Assessment
Stress
Testing
Risk
Alignment
RQA
14. The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
This information demonstrates, in part, the firmâs risk/return analysis. This material is provided for informational purposes only and is not intended to be investment advice or a
recommendation to take any particular investment action. There is no guarantee that a positive investment outcome will be achieved.
As of 30 June 2018. Source: BlackRock, Bloomberg, Morningstar. Basis: NAV prices, with gross dividends reinvested, net of expenses, in USD. Fund incepted with launch of A share class
on 3 January 1997. I share class incepted on 15 September 2010. Returns calculated from first full month post inception (31 January 1997). 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. See âImportant
Informationâ for index definitions. * For illustrative purposes only. Performance from 1 October 2010 reflects actual I share results. Performance from 3 January 1997 through 30 September
2010 represented by A share monthly performance, adjusted higher by the average monthly difference in total expense ratio between A and I shares since September 2010. â 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.
Balancing risk and return
Cumulative total returns and risk (Inception through June 2018)
14
BGF Global
Allocation Fund (I)*
Commodities
U.S. Credit
Global Gov't Bonds
Global Stocks
U.S. Stocks
Japanese Stocks
European Stocks Asia ex-Japan Stocks
Emerging Market Stocks
Morningstar Peer Group
Reference Benchmarkâ
Cash
-50%
50%
150%
250%
350%
450%
0% 5% 10% 15% 20% 25%
CumulativeReturn
Risk (Ann. Standard Deviation)
15. 15
Hypothetical investment of $10k in global stocks vs. 70% bull / 70% bear*
A focus on downside management has allowed investors to achieve
growth over long-term market cycles
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
As of 31 December 2017. Source: BlackRock, Morningstar. For illustrative purposes only. Figures shown in USD. Risk management cannot fully eliminate the risk of investment loss.
Indexes are unmanaged and one cannot invest directly in an index. Global stocks are represented by the FTSE World Index. * Hypothetical 70% bull / 70% bear portfolio captures 70% of
bull markets and 70% of bear markets relative to the FTSE World Index.
$0
$10,000
$20,000
$30,000
Mar-00 Jul-04 Nov-08 Mar-13 Jul-17
Global Stocks Hypothetical 70% Bull / 70% Bear Portfolio
$25,472
$23,743
-44%
-54%
+167%
+250%
-31%
+117%
-38%
+175%
16. Diversification across regions and asset classes has helped provide a more
consistent investor experience
Calendar year returns by asset class
16
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Diversification and asset allocation may not fully protect you from market risk.
As of 31 December 2017. Source: BlackRock, Morningstar. Basis: NAV prices, with gross dividends reinvested, net of expenses, in USD. Fund incepted with launch of A share class on 3
January 1997. I share class incepted on 15 September 2010. 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. U.S. stocks represented by the S&P 500 Index, developed stocks ex-U.S. by the MSCI EAFE Index,
emerging market stocks by the MSCI EM Index, U.S. bonds by the ICE BofA/ML Current 10-Year U.S. Treasury Index, non-U.S. bonds by the FTSE Non-USD World Government Bond
Index, emerging market bonds by the JP Morgan Emerging Market Bond Index, and commodities by the S&P Goldman Sachs Commodity Index. * Hypothetical strategies assume 100%
investment in prior yearâs best/worst performer on 1 January of each year. â Performance from 1 October 2010 reflects actual I share results. Performance from 3 January 1997 through 30
September 2010 represented by A share monthly performance, adjusted higher by the average monthly difference in total expense ratio between A and I shares since September 2010.
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
U.S. Stocks 33% 29% 66% 50% 4% 32% 56% 26% 35% 33% 40% 20% 79% 19% 17% 19% 32% 14% 1% 12% 38%
Emerging
Market Bonds
12% 20% 41% 15% 1% 22% 39% 21% 26% 27% 33% 10% 32% 15% 8% 19% 23% 11% 1% 12% 26%
U.S. 10Y
Treasury Bonds
11% 18% 27% 14% -2% 15% 29% 17% 14% 16% 12% -11% 28% 12% 5% 18% -1% 6% 1% 11% 22%
Developed
Stocks ex-U.S.
2% 13% 24% -3% -4% 13% 26% 12% 11% 10% 11% -37% 26% 9% 2% 16% -2% -2% 0% 10% 10%
Developed Gov't
Bonds ex-U.S.
-4% -12% 21% -9% -12% -6% 21% 12% 5% 7% 10% -43% 13% 8% -1% 4% -5% -3% -6% 2% 9%
Emerging
Market Stocks
-12% -25% -5% -14% -21% -16% 19% 11% 2% 1% 6% -46% 4% 8% -12% 2% -7% -4% -15% 2% 6%
Commodities -14% -36% -8% -31% -32% -22% 1% 5% -9% -15% 5% -53% -10% 5% -18% 0% -8% -33% -33% 0% 2%
Invested in prior yearâs best performer* Invested in prior yearâs worst performer* BGF Global Allocation Fund (I)
â
Cumulative return
since 3 January 1997
136.0% 268.8% 399.1%
17. A history of competitive performance and limited drawdowns
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
As of 30 June 2018. Source: BlackRock, Morningstar. Basis: NAV prices, with gross dividends reinvested, net of expenses, in USD. Fund incepted with launch of A share class on 3
January 1997. I share class incepted on 15 September 2010. 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 and global stocks by the
FTSE World Index. * For illustrative purposes only. Performance from 1 October 2010 reflects actual I share results. Performance from 3 January 1997 through 30 September 2010
represented by A share monthly performance, adjusted higher by the average monthly difference in total expense ratio between A and I shares since September 2010. â 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.
17
0
77.2%
52.3%
62.4%
95.1%
26%
15%
19% 23%
-9.1% -9.4%
-19.4%
-43.4%
BGF Global Allocation
Fund (I)* Global Bonds Reference Benchmarkâ Global Stocks
Best 3-Year Return
(Cumulative)
Average 3-Year
Return (Cumulative)
Worst 3-Year Return
(Cumulative)
# of Negative
3-Year Periods
7 32 37 60
18. Portfolio snapshot as of 31 July 2018
Asset allocation (as % of net assets*)
Equities: 59% (Overweight)
Overweight:
ď˝ Regions: Japan, Emerging Markets
ď˝ Sectors: Energy, Healthcare, Consumer Discretionary, Telecom
Services, Materials
Underweight:
ď˝ Regions: U.S.
ď˝ Sectors: Industrials, Consumer Staples, Financials, Real Estate,
Information Technology, Utilities
Fixed Income: 31% (Underweight)
Overweight:
ď˝ Corporates, Emerging Market Debt
Underweight:
ď˝ U.S. Treasuries, European Sovereign Debt, Japanese
Government Debt
Commodity-Related: 3% (Overweight)
ď˝ Precious metals ETFs
Cash Equivalents: 7% (Overweight)
ď˝ Actively managed, both USD and non-USD
Currency allocation (as % of net assets*)
As of 31 July 2018. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary. Overweight/underweight indicators are relative to fundâs 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 fundâs 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.
18
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
M
A
S
0
8
1
8
E
-
5
7
0
9
4
7
-
1
7
8
8
2
4
6
31%
28%
24%
7%
3%
7%
U.S. Stocks
Non-U.S. Stocks
U.S. Bonds
Non-U.S. Bonds
Commodity-Related
65%
11%
5%
2%
8%
6%
1%2%
U.S. Dollar
Euro
British Pound
Sterling
Other Europe
Japanese Yen
19. Characteristics as of 31 July 2018
As of 31 July 2018. 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 productâs total holdings. However, in some instances it can reflect the country where
the issuer of the securities carries out much of their business. 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. * % of net assets represents the fundâs 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. â 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.
19
Number of Issuers 565 Apple 1.6%
Equity Price/Earnings (FY1) 16.6x Facebook 1.5%
Equity Wtd. Avg. Market Cap $172.9bn Microsoft 1.5%
Portfolio Effective Duration 1.2 years Alphabet 1.3%
Comcast 1.2%
Amazon 1.2%
Fixed Income Effective Duration 4.0 years Williams 1.0%
Fixed Income + Cash Effective Duration 3.4 years CVS 1.0%
Johnson & Johnson 1.0%
DowDuPont 1.0%
TOTAL 12.1%
Note: Portfolio effective duration assumes 0 duration for
equity and commodity-related holdings.
Equity regions (% of net assets*) Equity sectors (% of net assets*) Fixed income regions (% of net assets*)
Characteristics Top 10 equity holdings (% of net assets*) Fixed income credit quality (% of net assets*)
1.8%
1.6%
1.7%
3.1%
11.4%
6.8%
7.4%
10.3%
3.9%
5.0%
7.3%
1.6%
1.9%
1.4%
3.1%
11.2%
3.4%
9.6%
8.8%
6.2%
3.4%
7.7%
Utilities
Telecom Services
Real Estate
Materials
Information Technology
Industrials
Healthcare
Financials
Energy
Consumer Staples
Consumer Discretionary
3.9%
4.8%
2.0%
12.5%
1.6%
35.3%
6.1%
6.6%
1.2%
13.6%
1.0%
30.6%
Emerging Markets
Japan
Developed Asia ex-Japan
Developed Europe
Canada
U.S.
0.5%
4.9%
0.5%
9.7%
0.4%
24.0%
2.0%
0.6%
0.4%
2.8%
0.9%
24.0%
Emerging Markets
Japan
Developed Asia ex-Japan
Developed Europe
Canada
U.S.
ď§ Fund ď§ Reference Benchmarkâ
25%
2%
1%1%1%
AAA AA
A BBB
BB B
< B NR
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
M
A
S
0
8
1
8
E
-
5
7
0
9
4
7
-
1
7
8
8
2
4
6
21. Disclaimer
21
In the preparation of the material contained in this document, DSP Investment Managers Pvt. Ltd. (âAMCâ) has used information that is publicly available,
including information developed in-house or basis information received from its affiliates. The AMC however does not warrant the accuracy, reasonableness
and / or completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should not be construed as
any research report/research recommendation.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as âwillâ, âexpectâ, âshouldâ, âbelieveâ and
similar expressions or variations of such expressions, that are âforward looking statementsâ. Actual results may differ materially from those suggested by the
forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general
economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest
policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
Asset Allocation
Under normal circumstances, the asset allocation will be as follows:
Asset category
Exposure
Risk Profile
Minimum Maximum
1. Units of BGF â GAF# or other similar overseas mutual fund scheme(s) 95% 100% High
2. Money market securities and/or units of money market/liquid schemes
of DSP Mutual Fund
0% 5% Low to Medium
#in the shares of BGF â GAF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund
may or may not have any future position in these sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the
provisions of its Offer document. Past performance may or may not sustain in future and should not be used as a basis for comparison with other
investments. There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/capital
guarantee to the investors in the Scheme.
Neither the Fund nor any of its schemes are registered in any jurisdiction except with SEBI (in line with SEBI (Mutual Fund) Regulations, 1996). The distribution
of this material in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons who come into possession of this
material in such jurisdictions are required to inform themselves about, and to observe, any such restrictions.
All figures and other data given in this document are as on July 31, 2018, unless and otherwise specified and the same may or may not be relevant in future.
Please refer to the Scheme information document for investment pattern, strategy and risk factors of the Scheme.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of
subscribing to the units of the DSP Mutual Fund (âFundâ).
Mutual Fund investments are subject to market risks, read all scheme related documents carefully