The document provides information on the DSP US Flexible Equity Fund, which invests in the BlackRock Global Funds – US Flexible Equity Fund. The underlying fund invests at least 70% of its assets in US stocks. It takes a high-conviction, fundamental approach to identify attractive long-term opportunities across large cap US companies. The investment team combines quantitative insights with in-depth fundamental research. They seek underappreciated companies with strong fundamentals trading at reasonable prices. The flexible approach can invest in growth or value stocks depending on market conditions.

1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
December 2022
DSP US Flexible^ Equity Fund
An open ended fund of fund scheme investing in BlackRock Global Funds – US Flexible
Equity Fund
| People | Processes | Portfolio | Performance
^The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in Growth or value investment
characteristic securities placing an emphasis as the market outlook warrants.

2. DSP US Flexible^ Equity Fund
PRODUCT STRUCTURE
WHERE DOES THE UNDERLYING FUND INVEST?
> 70% of its assets in equity of companies based in the US or having predominant economic activity in the US
KEY PORTFOLIO CHARACTERISTICS*
Communication
Services
• Bond proxies via utilities like wireless & high speed data
• Connected devices offer untapped revenue streams
• Strong financials supporting valuations
US banks
• Stronger, safer, and more stable than before, a function of increased
regulation, more stringent underwriting, and investments in technology to
drive cost savings
Consumer
Spending
• Opportunities across Communication Services and Consumer Discretionary
that offer both growth and defensive characteristics
• Reasonable valuation for dollar stores and auto parts retailers
INVESTMENT STYLE*
QUANTITATIVE SUPPORT
+ HIGH-CONVICTION PORTFOLIO
=
FUNDAMENTAL THESIS
Indian Investors DSP US Flexible^Equity Fund
BlackRock Global Funds - US Flexible Equity
Fund (BGF-USFEF)
Fundamental
inflection
points
Favorable
industry
structures
Unique
business
models
Diversified exposure across US equity markets
Owns some of the best known companies globally
Diversifying alpha sources away from Indian equity markets
Reasons
to
allocate
^The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in growth or value investment characteristic
securities placing an emphasis as the market outlook warrants. The investment approach / framework/ strategy mentioned herein are currently followed by the scheme and the
same may change in future depending on market conditions and other factors.
*Data pertains to BGF US Flexible equity fund as on 30 Dec, 2022

3. Investment Team,
Philosophy & Process
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4. US Fundamental Equities is a Center of Research Excellence
Strong
Analysts
More
Resources
Source: BlackRock. As of 31 December 2022. For illustrative purposes only.
Potential for
Enhanced Performance
Equity Dividend Mid-
Cap Value High
Equity Income
Large Cap Focus Value
Large Cap Concentrated Value
Sustainable US Value
Large Cap Core
Large Cap Value
Capital Appreciation
Large Cap Focus Growth
Mid-Cap Growth Equity
SMID-Cap Growth Equity
Innovation and Growth Trust
Sustainable US Growth
US Income
& Value
Pillar
US
Growth
Pillar
Strategies Strategies
US
Fundamental
Equities
Health Sciences
Opportunities
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Technology
Opportunities
Sector Pillar
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5. US Income & Value Key Investment Professionals
CIO, US Fundamental Equities
Portfolio Manager,
Dividend & Value Portfolios
Tony DeSpirito
Dedicated Portfolio Managers
Joseph Wolfe
Value & Core
Portfolios
Dividend & Value
Portfolios
David Zhao, Co-DOR
Source: BlackRock, as of 31 December 2022. David Zhao and William Su are the team’s Co-Directors of Research, designated by “Co-DOR” in the organization chart. Members of the team with a
“PM” designation have portfolio management responsibilities in addition to their roles as fundamental research or quantitative analysts. Subject to change.
Todd Burnside
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Value & Core
Portfolios
Energy / Materials
Jason Korn
Tiffany Guo
Rob Russell
Core Portfolio Managers
BlackRock Sustainable Investing
Sustainability Insights ESG Integration Solutions & Innovation
Generalist Research Analysts
Cons. Discretionary / Staples
Lisa Yang, PM
Tung Ngo
Tom Pierce, PM
Rolf Heitmeyer
Yakov Shenkman
Risk & Quantitative Analysis
Ibrahim Kanan, PM
Diego Bolton
Health Care
Product Strategy
Technology / Comm. Services
Tom Pierce
Jonathan Jin
Jane Zhou
Steven Farkas
Michael Iasello
Luiza Ahisheva
Financials
Sam Bapasola
Jonathan Jin
Mahesh Rupanagudi
Wayne Davis
Quantitative Alpha Research
Sally Du, PM
Patrick Kane
Jian Chen
June Wang
Industrials / Utilities
Jonathan Jin
Wayne Davis
Rolf Heitmeyer
Tung Ngo
Matt Romariz
Ying Zheng Kelly Franson
William Su, Co-DOR
Jermaine Brown
Tung Ngo
Alexia Le
Scott Malatesta
Emma Rojas
Mark Garcia
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6. BGF US Flexible Equity Fund Specifications
BlackRock US Flexible Equity Fund
Investment Region USA
Benchmark Russell 1000 Index
Morningstar Category US Large Cap Blend
Style Flexible
Market cap exposure Large-cap*
# Holdings 40-60*
Target Risk 2.5-5% Active Risk*
Fund Size US $1.4 bn
Vehicle BGF vehicle (Luxembourg)
Lead Portfolio
Manager
Co-Portfolio
Manager
High-Conviction Approach – Fundamentally driven, style
agnostic approach seeks to identify the most attractive long-term
investment opportunities across the US large-cap universe.
Differentiated Investment Process – Blends quantitative
insights (“breadth”) with fundamental research (“depth”) in seeking to
achieve repeatable alpha generation.
Experienced & Well-Resourced Investors – Supported by a
research pillar comprised of 22 investment professionals (including
portfolio managers), and 17 fundamental analysts with research
coverage, in addition to BlackRock’s scale, resources, and prime
access to companies.
Todd Burnside
Director
24 Years Inv.
Experience
Joseph Wolfe,
CFA, CQF, FRM
Director
20 Years Inv.
Experience
It cannot be guaranteed that these targets will be met. There is no guarantee that a positive investment outcome will be achieved.
Important Information: The number of shares is indicative and actual numbers may fall outside the range shown. Relevant peer group is the
Morningstar US Large-Cap Equity peer group of mutual funds. Source: BlackRock, 31 December 2022. Fund specific risks can be found on page 32.
Fund inception date: 31 October 2002. “Portfolio Managers' current process, which is subject to change without notice”
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7. Investment Philosophy & Core Beliefs
Unique
Business
Models
Fundamental
Inflection
Points
Favorable
Industry
Structures
Trading at a
Reasonable
Price
High
Conviction
Portfolio
We Believe: A high conviction portfolio of underappreciated companies with strong or
improving fundamentals can help deliver risk-adjusted alpha over the long-term.
We Seek: To identify attractive investment opportunities through blending
fundamental and quantitative insights.
As of 31 December 2022. The current investment process for selecting investments in the portfolio is in accordance with its stated investment objectives
and policies. The investment process is subject to change based on market conditions, portfolio manager’s opinion and other factors is subject to change
based on market conditions, portfolio manager’s opinion and other factors.
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8. The Merits of Blending Fundamental & Quantitative Insights
Quantitative Fundamental
High Conviction
Investing
“Breadth”
• Disciplined and empirical
• Scientific
• Consistent and reliable
• Scalable and systematic
• Leverages data & technology
Portfolio
Construction
• Risk managed
• Reduced error/bias
• Positions scaled for conviction
• Consistency & repeatability
• Combine sources of alpha
“Depth”
• Human intuition & judgment
• Qualitative considerations
• Prospective
• Flexible to changing markets
• Leverage scale & resources
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Deep Integration of Data Driven Analysis and Comprehensive Research
Risk management cannot fully eliminate the risk of investment loss.
As of 31 December 2022. The current investment process used for selecting investments in the portfolio is in accordance with its stated investment
objectives and policies. The investment process is subject to change based on market conditions, portfolio manager’s opinion and other factors without
notice.
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9. Real World Fundamentals Have Historically Dictated
Long-Term Investment Return
Cumulative
Total
Return
(%)
Real World Fundamentals Have Historically Dictated Long-Term Investment Return
S&P 500 Index sources of total return (28 February 1988 – 31 December 2022)
4000
3500
3000
2500
2000
1500
1000
500
0
-500
-1000
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Dividends Earnings Growth Change in Valuation Multiple Total Return
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Shown for illustrative
purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest
directly in an index.
Source: BlackRock, Refinitiv Datastream referencing Refinitiv I/B/E/S Global Aggregates for index level earnings estimates. Data is provided from the earliest available
date, 28 February 1988, through 31 December 2022. The chart depicts the cumulative total return of the S&P 500 Index that is attributable to EPS Growth, Dividend Yield
and the Change in Valuation Multiple.
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10. Investment Process:
Blend Fundamental & Quantitative Insights
• In-depth industry
expertise
• Determines the
critical drivers of
company value
• Develops downside,
upside and base-
case scenarios
• Considers
fundamental &
thematic insights
• Prioritizes investment
opportunities
• Sets the team’s
research agenda
• Risk & Quantitative
Analysis oversight
• Stress testing
• Comprehensive risk
management
imbedded at all stages
of investment process
Risk
Management
Portfolio
Construction*
Quantitative
Insights
Fundamental
Research
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• Multi-factor
quantitative screen
ranks the universe
• Russell 1000 Index +
largest ADRs
• Allocation to the
bottom 40% of the
ranked universe is
capped at a 20%
active weight
• Identify potential
fundamental biases
• Use non-traditional
data sets &
quantitative methods
to answer critical
questions
• Systematically blends
quantitative and
fundamental conviction
• Considers risks,
transaction costs, &
portfolio guidelines
• Optimizer helps size
positions
• Manages risk exposure
• Manage risk by
monitoring tracking
error & risk allocation
• Change in quant
ranking triggers
position review
Idea
Generation
Research
There is no guarantee that research capabilities will contribute to a positive investment outcome. Risk management cannot fully eliminate the risk of
investment loss. As of 31 December 2022. This is the current process for selecting investments in the portfolio is in accordance with its stated investment objectives and policies. The investment process is
subject to change based on market conditions, portfolio manager's opinion and other factors. *Portfolio Manager’s current process, which is subject to change without notice. Holdings shown are for illustrative purposes
only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change. Holdings subject to change. Investors
should bear in mind that the Fund’s target tracking error objective is predictive in nature, may be affected by unknown risks and uncertainties, and that actual returns and/or tracking error may differ from this objective.
• 40-60 securities
• Target tracking error
range 2.5% - 5.0%
• Sector weight +/- 1,000
bps at purchase
• Non-US max is 15%
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11. Investment Process: Quantitative Screen
The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s decision to invest in certain companies or industries from
time to time. Results may differ from portfolios that do not apply similar ESG considerations to their investment process. As of 31 December 2022. 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. Subject to change. This is the current process for
selecting investments in the portfolio is in accordance with its stated investment objectives and policies. The investment process is subject to change based on market conditions, portfolio
manager's opinion and other factors. The value composite is industry group neutral (i.e. stocks in specific industries are compared relative to each other) while the other composites are sector
group neutral (i.e. stocks in the same sector are compared relative to each other).
• The Screen has 5 groups of factors including Value, Growth, Quality, Momentum and ESG
• A modular design enables flexibility for industry-specific and sector-specific factors
Sub Styles
• Cyclical
• Normalized
• Yield
• Cash Flow
Sub Styles
Forward •
Trailing •
Sub Styles
• Capital
• Operating
• Alternative
Sub Styles
Traditional •
Non-Traditional •
Analyst Revisions •
Alternative •
omentum
24.5%
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ESG
2.0%
Quality M
24.5%
Value Growth
24.5% 24.5%
Quantitative
Screen
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12. Investment Process: Research
As of 31 December 2022. This is the current process for selecting investments in the portfolio, in accordance with its stated investment objectives
and policies. The investment process is
Field Research Industry Research
Company Reporting Research
• Analyze industry supply & demand and pricing
trends
• Investigate competitive advantages and
potential threats
• Consider regulatory environment and local
markets
• Expand research in attractive industries to
related companies
• Meet with managements, customers, suppliers
and competitors
• Evaluate strength of company management
team & franchise
• Seek to identify business drivers & industry
trends prior to consensus
• Financial statement analysis
• Examine ratios and multiples
• Focus on balance sheet strength
• Model cash flows and earnings
• Develop scenario and sensitivity analysis
subject to change and provided here for illustrative purposes only.
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13. Investment Process: Analyst Activity List & Research Output
• Investment thesis
• Investment screen summary
• ESG summary
• Industry analysis
• Analysis of key earnings drivers
• Financial Model:
– Income Statement, Balance Sheet, Cash Flow
• Valuation
• Price targets (Bull, Base, Bear)
• Recession analysis
• Ownership analysis
• Post mortem
• Review and synthesise corporate filings
• Review and synthesise industry data and
research reports
• Field Research - Engage with target company
(C-level), experts, competitors & suppliers
• Build a financial model
• Understand the bear case
Structured Fundamental Research & Analysis Research Output
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The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s decision to invest in
certain companies or industries from time to time. Results may differ from portfolios that do not apply similar ESG considerations to their
investment process.
As of 31 December 2022. Subject to change. For illustrative purposes only. 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.
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14. Investment Process:
Rationale Underlying our Stock Decisions
Buy Criteria Sell Discipline
Fundamental
• Inflection points
• Distinctive business model / advantages
• Unique industry structures
• Reasonably priced
Quantitative
• Exposure to the bottom 40% of the ranked
universe is capped at a 20% active weight
• Override decisions reflect fundamental
conviction or identifiable factors that make the
screen results less meaningful
Risk/Portfolio Construction
• Optimizer blends quant and fundamental
conviction to help size positions
• Balance portfolio risks & constraints
Fundamental
• Valuation / investment thesis fully realized
• Fundamental milestones missed
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Quantitative
• Quantitative score deteriorates
– Automatic review triggered if quant
score falls into bottom 40% of the
ranked universe
Risk/Portfolio Construction
• Diversification – sector, industry & security
• Competition for capital – i.e., better
investment opportunities elsewhere
There can be no guarantee that the investment strategy can be successful and the value of investments may go down as well as up.
As of 31 December 2022. Decision making as to buy and sell criteria is subject to change based on market conditions, portfolio manager’s
opinion and other factors. This material is provided for informational purposes only and is not intended to be investment advice or a
rrecommendation to take any particular investment action.
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15. Portfolio Characteristics &
Performance
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16. Key Investment Themes
Sustainable growth
in industrial capex
• Companies poised to benefit from investment in equipment &
structures, in response to inflation & global supply shocks
• Target automation, capital goods and resources companies
Moving up in quality
• Stable companies with strong returns and FCF1 generation
• Unique, capital light businesses with pricing power
• Opportunities extend across sectors & industries
Share gainers in
consumer end markets
• High quality retailers poised to gain market share
• Beneficiaries of growth in advertising spend
• Opportunities in digital advertising and discount retail
1FCF is an abbreviation for free cash flow. FCF is the cash a company generates after taking into consideration all cash outlays for operating expenses
and investments in capital assets.
The opinions expressed are those of the BlackRock Large Cap Core Equity Strategy within BlackRock’s US Income & Value Team as of 31 December
2022 and subject to change. 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.
Areas of High-Conviction Positioning
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17. Sources: BlackRock as of December 31, 2022. Portfolio characteristics and holdings are subject to change. It is not possible to invest directly in an
unmanaged index. **From (30 November 2018) to December 31, 2022. Sectors shown should not be deemed as a recommendations to buy or sell in
those specific sectors. Allocations are subject to change. Due to rounding, the total may not be equal to 100%.
Sector allocation (% NAV) As of December 31, 2022
Portfolio | Sector Exposure
Historical Max Weight (%)**
27.79 18.65 16.38 14.82 15.37 10.13 5.66 7.48 6.55 1.50 1.89 2.95
Historical Avg. Weight (%)**
22.74 13.58 14.30 12.48 12.70 8.92 3.77 5.16 4.36 1.15 1.05 0.71
Historical Min Weight (%)**
19.00 10.75 8.79 8.20 8.84 7.15 1.88 1.81 2.18 0.0 0.18 0.00
21.6
14.6 13.9
9.8
5.1 4.9 4.3
1.3 0.8 0.0
25.2
14.6 15.5
9.9
12.0
7.1
9.3 9.4
2.9
6.8
5.2
3.1
0.0
3.0
Info
Tech
Health
Care
Cons.
Disc.
Financials
Comm.
Services
Industrials
Materials
Cons.
Staples
Energy
Real
Estate
Cash
Utilities
BGF US Flexible Equity Fund
Russell 1000 Index
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18. Source: BlackRock, from PM inception From (30 November 2018) to December 31, 2022.
Active exposures are against the Russell 1000 Index. Portfolio characteristics and holdings are subject to change.
Portfolio | Historical Sector Active Exposure
Historical Active Sector Exposures As of December 31, 2022
6
4
2
0
-2
-4
-6
Active
Weight
(%)
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Bottom Quartile 5th Percentile 50th Percentile 95th Percentile Top Quartile Dec-2022 Active
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19. Sources: BlackRock as of December 31, 2022. Portfolio characteristics are those of the Blackrock Equity Dividend Fund. Portfolio characteristics and
holdings are subject to change. It is not possible to invest directly in an unmanaged index. 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.
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Portfolio | Holdings & Key Metrics
Top 10 Absolute Weights (% NAV) Top 10 Industries (% NAV)
Security Name Sector Abs. Weight Industry Abs. Weight Active Weight
Microsoft Corporation Information Technology 5.7 Health Care Providers & Services 7.9 4.5
Amazon.Com Consumer Discretionary 3.8 IT Services 6.8 2.2
Apple Information Technology 3.4 Machinery 5.9 3.9
Comcast Corporation Communication Services 2.8 Software 5.7 -3.0
Ross Stores Consumer Discretionary 2.8 Interactive Media & Services 5.4 1.7
Berkshire Hathaway Financials 2.7 Pharmaceuticals 4.3 -0.2
Visa Information Technology 2.7 Oil, Gas & Consumable Fuels 4.3 -0.4
UnitedHealth Group Health Care 2.6 Internet & Direct Marketing Retail 3.8 1.6
Sanofi Health Care 2.5 Semiconductors’ Equipment 3.7 -0.9
Corteva Materials 2.4 Media 3.6 2.7
Top 10 Active Weights (% NAV) Characteristics
Security Name Sector Active Weight Portfolio Characteristics Portfolio Benchmark
Ross Stores Consumer Discretionary 2.7 Number of Holdings 55 1,010
Sanofi Health Care 2.5 Wtd. Avg. Market Cap $350,349 $381,020
Comcast Corporation Communication Services 2.4 LT Debt to Capital 35.4% 42.2%
Corteva Materials 2.3 Return on Invested Capital 13.5% 9.4%
Ciena Information Technology 2.0 Net Profit Margin 12.2% 11.1%
Labcorp Health Care 2.0 LT IBES Growth Rate 13.3% 10.7%
Fortive Industrials 2.0 Price / Book (FY0) 2.9x 3.4x
Novo Nordisk Foundation Health Care 1.9 Price / Earnings (FY1) 15.0x 16.7x
Caterpillar Industrials 1.8 Active Share 75.7% --
Norfolk Southern Industrials 1.8 Non-US Exposure 6.9% --
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20. Active Risk Decomposition As of 31 December 2022
1
BGF US Flexible Equity Fund Characteristics
BGF US Flexible Equity Fund
Benchmark: Russell 1000 Index Active
Risk 2.98% Portfolio Beta
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0.99 Portfolio Risk 20.19% Benchmark Risk 20.09% RPT Status Target1
Source: BFRE (BlackRock Fundamental Risk for Equities). Using BFRE covariances for equity (EQ) and FX factors. Equity Inter Model Correlations,
Equity, Fixed Income (FI) and FX covariances, calculated using weighting FMI : 312 week history, 52 week half-life. Factor Exposures: @D_NAMRAP
(North America Model). The top asset contributions are calculated based on the top 15 contributors to active risk and stock specific risk for the strategy.
A list of all contributors is available upon request. 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. The information
expressed herein is subject to change. 1RPT Status represents the risk performance target.
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21. Historical Risk Decomposition
BGF US Flexible Equity Fund Historical Risk Decomposition versus Russell 1000 Index
0%
1%
2%
3%
4%
Tracking
Error
(%)
Active Systematic Country Industry Style Stock Specific FX
Source: BlackRock, From PM Inception (29 March 2017) to 31 December 2022. Portfolio characteristics and
holdings are subject to change.
other
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22. Performance &
Attribution
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23. BGF US Flexible Equity Fund Annual Performance
Net Total Returns (%) in US Dollar
Dec 12-
Dec 13
Dec 13-
Dec 14
Dec 14-
Dec 15
Dec 15-
Dec 16
Dec 16-
Dec 17
Dec 17-
Dec 18
Dec 18-
Dec 19
Dec 19-
Dec 20
Dec 20-
Dec 21
Dec 21-
Dec 22
BGF US Flexible Equity Fund (D2 Share class) 33.83 12.84 -0.62 9.15 25.53 -8.20 27.57 18.16 24.95 -14.64
Russell 1000 Index 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96 26.45 -19.13
(A2)
The figures shown relate to past performance. Past performance is not a reliable indicator of current of 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. The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the
IA will refer to the Russell 1000 Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e.
degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or
weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific
investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings
will deviate from the Index. The Index should be used by investors to compare the performance of the Fund. Inception date for the Fund is 31 October 2002. Share Class
launch date is 19 May 2006. Annualized for periods greater than one year. Performance is shown as at 31 December 2022 (Class D2) in US$ on a NAV price basis with
income reinvested. Performance figures are calculated net of annual fees. The return of your investment may increase or decrease as a result of currency fluctuations if
your investment is made in a currency other than that used in the past performance calculation. Reported Fund performance is affected by the timing differential
between the pricing of the Fund and its benchmark(s). Source. Fund: BlackRock Investment Management (UK) Limited (BIM(UK)L) - Indices: Datastream, BIM(UK)L Net
of fees and expenses.
As of December 31, 2022
Annual Performance to Last Quarter End
33.83
12.84
-0.62
9.15
25.53
-8.20
27.57
18.16
24.95
-14.64
Net
Total
Returns
(%)
in
US
Dollar
BGF US Flexible Equity Fund (D2 Share class)
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
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.
23
AEH0123E/M-2681707-23/38
Dec 12 -
Dec 13
Dec 13 –
Dec 14
Dec 14 –
Dec 15
Dec 15 –
Dec 16
Dec 16 –
Dec 17
Dec 17 –
Dec 18
Dec 18 –
Dec 19
Dec 19 –
Dec 20
Dec 20 –
Dec 21
Dec 21-
Dec 22
CBDH0223A/S-2735014-22/34

24. BGF US Flexible Equity Fund Historical Performance
6.43
-14.64 -14.64
8.01 8.10
10.15
11.74
7.42
7.24
-19.13 -19.13
7.35
9.13
10.51
12.37
8.90
4Q22 YTD 1-Year 3-Year 5-Year PM Inception Date 10-Year Inception Date
29/03/2017 30/09/2006
BGF US Flexible Equity Fund (D2 Share class) Russell 1000 Index
The figures shown relate to the past. 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 a strategy. Index returns are for illustrative purposes only. Index performance returns do not
reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
*Not annualized for periods less than one year. Inception date was 31 October 2002. PM Inception Date: 29 March 2017. ITD: 30 September 2006;
Performance is shown as at 31 December 2022 (Class D2) in US$ on a NAV price basis with income reinvested. Performance figures are calculated net
of annual fees. The return of your investment may increase or decrease as a result of currency fluctuations. Reported Fund performance is affected by
the timing differential between the pricing of the Fund and its benchmark(s).
Source: Fund: BlackRock Investment Management (UK) Limited (BIM(UK)L) - Indices: Datastream, BIM(UK)L - Quartiles: Standard & Poor’s ISIN Code:
LU0743604323
Returns,
%
As of December 31, 2022
Net of fees and expenses.
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
24
AEH0123E/M-2681707-24/38
Total Return in USD (Annualized %)*
CBDH0223A/S-2735014-23/34

25. GICS
Sector
(Gross)
Portfolio Benchmark Active
Average
Weight
Total Return
Contribution
to Return
Average
Weight
Total Return
Contribution
to Return
Sector
Allocation
Security
Selection
Total Effect
Consumer Discretionary 14.65% 2.93% 0.41% 10.67% -8.36% -0.97% -0.64% 1.81% 1.17%
Information Technology 21.07% 6.26% 1.33% 25.65% 3.75% 0.97% 0.17% 0.56% 0.73%
Real Estate 1.29% 13.88% 0.18% 3.07% 3.89% 0.12% 0.06% 0.13% 0.19%
Consumer Staples 4.63% 18.32% 0.82% 6.56% 12.65% 0.82% -0.10% 0.25% 0.15%
Health Care 14.15% 13.68% 1.91% 14.94% 12.62% 1.86% -0.05% 0.16% 0.10%
Financials 13.82% 12.49% 1.71% 11.79% 12.74% 1.45% 0.13% -0.05% 0.08%
Industrials 9.25% 17.32% 1.57% 9.08% 17.20% 1.48% 0.05% 0.02% 0.07%
Communication Services 9.70% 0.18% -0.01% 7.29% -1.92% -0.15% -0.20% 0.19% 0.00%
Utilities 0.00% 0.00% 0.00% 2.89% 8.69% 0.26% -0.04% 0.00% -0.04%
None 1.10% 1.81% 0.02% 0.00% 0.00% 0.00% -0.08% 0.00% -0.08%
Materials 5.51% 9.71% 0.54% 2.87% 15.78% 0.43% 0.23% -0.33% -0.10%
Energy 4.83% 5.43% 0.30% 5.17% 21.10% 0.98% 0.02% -0.73% -0.71%
Total 100.00% 8.90% 8.90% 100.00% 7.24% 7.24% -0.45% 2.00% 1.55%
Source: BlackRock as of December 31, 2022. *QTD period: September 30, 2022 to December 31, 2022. The attribution shown relates to the characteristics of the portfolio and any metrics
shown at the component/sector level do not reflect the total performance of the portfolio. Sectors shown should not be deemed as a recommendations to buy or sell in those specific
sectors.
1Two-Factor Brinson Attribution, Gross of Fees: This type of attribution is transaction-based (i.e. it takes into account holdings data and intra-day trading), and it is intended to provide a
broad assessment of manager decision-making relative to a benchmark index. The attribution is calculated gross of fees, is based on active weights relative to a benchmark, and relative
performance is split between sector allocation and security selection effects. The total effect is a summation of sector allocation and security selection effects.
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
25
AEH0123E/M-2681707-25/38
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.
Attribution | Most Recent Quarter*
Two-Factor Brinson Attribution, Gross of Fees1
CBDH0223A/S-2735014-24/34

26. Attribution | YTD*
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
25
AEH0123E/M-2681707-25/38
GICS Sector
(Gross)
Portfolio Benchmark Active
Average
Weight
Total Return
Contribution
to Return
Average
Weight
Total Return
Contribution
to Return
Sector
Allocation
Security
Selection
Total Effect
Information Technology 23.11% -23.80% -5.96% 26.86% -29.97% -8.75% 0.43% 1.75% 2.18%
Consumer Discretionary 14.13% -23.55% -3.52% 11.31% -36.55% -4.57% -0.64% 2.27% 1.63%
Financials 12.92% -4.29% -0.45% 11.55% -11.16% -1.24% 0.21% 0.81% 1.01%
Energy 4.76% 81.06% 2.73% 4.30% 64.29% 1.66% 0.61% 0.39% 1.00%
Materials 5.39% 1.21% 0.11% 2.65% -12.00% -0.27% 0.22% 0.63% 0.85%
Industrials 8.94% -5.74% -0.45% 8.63% -8.27% -0.69% 0.03% 0.24% 0.27%
Cash 0.97% 2.50% 0.02% 0.00% 0.00% 0.00% 0.17% 0.00% 0.17%
Communication Services 11.21% -35.03% -4.49% 8.33% -40.17% -3.87% -0.68% 0.81% 0.13%
Real Estate 1.34% -29.22% -0.44% 3.27% -25.90% -0.87% 0.15% -0.06% 0.09%
Consumer Staples 3.76% 2.04% 0.24% 6.26% -0.94% -0.05% -0.49% 0.29% -0.20%
Utilities 0.00% 0.00% 0.00% 2.81% 1.34% 0.03% -0.51% 0.00% -0.51%
Health Care 13.46% -7.57% -0.93% 14.03% -3.75% -0.50% -0.15% -0.46% -0.62%
Total 100.00% -13.02% -13.02% 100.00% -19.13% -19.13% -0.66% 6.67% 6.01%
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.
Source: BlackRock as of December 31, 2022. *YTD period: December 31, 2021 to December 31, 2022. The attribution shown relates to the characteristics of the portfolio and any metrics
shown at the component/sector level do not reflect the total performance of the portfolio. Sectors shown should not be deemed as a recommendations to buy or sell in those specific
sectors.
1Two-Factor Brinson Attribution, Gross of Fees: This type of attribution is transaction-based (i.e. it takes into account holdings data and intra-day trading), and it is intended to provide a
broad assessment of manager decision-making relative to a benchmark index. The attribution is calculated gross of fees, is based on active weights relative to a benchmark, and relative
performance is split between sector allocation and security selection effects. The total effect is a summation of sector allocation and security selection effects.
Two-Factor Brinson Attribution, Gross of Fees1
CBDH0223A/S-2735014-25/34

27. Attribution | Since PM Inception*
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DISCLOSURES)
.
27
AEH0123E/M-2681707-27/38
(Annualized%)**
Two-Factor Brinson Attribution, Gross of Fees1
GICS Sector
(Gross)
Portfolio Benchmark Active
Average
Weight
Total Return
Contribution
to Return
Average
Weight
Total Return
Contribution
to Return
Sector
Allocation
Security
Selection
Total Effect
Industrials 8.18% 15.05% 1.56% 9.26% 8.51% 0.95% 0.09% 0.52% 0.61%
Financials 13.23% 10.09% 1.49% 12.81% 8.64% 1.16% 0.14% 0.22% 0.36%
Communication Services 11.24% 7.64% 1.43% 9.38% 3.64% 0.87% -0.16% 0.49% 0.32%
Energy 4.87% 14.05% 0.46% 4.22% 8.88% 0.07% 0.00% 0.31% 0.32%
Information Technology 22.81% 18.63% 5.00% 23.92% 17.55% 4.70% 0.04% 0.23% 0.27%
Real Estate 0.55% 22.05% 0.27% 3.28% 5.28% 0.17% 0.16% 0.09% 0.25%
Materials 4.25% 9.85% 0.53% 2.83% 8.49% 0.33% 0.00% 0.11% 0.11%
Utilities 1.25% 6.72% -0.10% 2.90% 9.09% 0.25% 0.04% -0.13% -0.09%
Consumer Discretionary 12.84% 9.31% 2.02% 11.04% 9.79% 1.58% -0.02% -0.07% -0.10%
Cash 1.02% 1.34% 0.01% 0.00% 0.00% 0.00% -0.18% 0.00% -0.18%
Health Care 14.74% 11.14% 2.10% 13.72% 12.80% 2.07% 0.01% -0.23% -0.22%
Consumer Staples 5.02% 1.23% 0.02% 6.64% 8.74% 0.56% 0.00% -0.34% -0.34%
Total 100.00% 11.84% 11.84% 100.00% 10.53% 10.53% 0.12% 1.19% 1.31%
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.
Source: FactSet as of December 31, 2022. *PM Inception Date: 29 March 2017.
**Annualised numbers since PM ID. The attribution shown relates to the characteristics of the portfolio and any metrics shown at the component/sector level do not reflect the total
performance of the portfolio. Sectors shown should not be deemed as a recommendations to buy or sell in those specific sectors.
1Two-Factor Brinson Attribution, Gross of Fees: This type of attribution is transaction-based (i.e. it takes into account holdings data and intra-day trading), and it is intended to provide a broad
assessment of manager decision-making relative to a benchmark index. The attribution is calculated gross of fees, is based on active weights relative to a benchmark, and relative
performance is split between sector allocation and security selection effects. The total effect is a summation of sector allocation and security selection effects.
CBDH0223A/S-2735014-26/34

28. Appendix
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
28
AEH0123E/M-2681707-28/38
CBDH0223A/S-2735014-27/34

29. Our Platform: BlackRock Active Equity Offerings
Seek steady income
through dividend
strategies
Capital appreciation
potential
Sustainable investing
through ESG strategies
Rational, risk-managed
alpha potential driven by
innovative technologies
Broad, diversified core
exposures
Low cost*
Megatrends/
thematics
Specific country, sector
and specialty exposures
Easy way to
express a tactical
investment view
Concentrated, high
conviction long-only
Unconstrained
strategies
Absolute Return
1
Systematic
Alpha
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
29
AEH0123E/M-2681707-29/38
2
High Conviction
Alpha
3
Specialized
Outcomes
4
Precision
Alpha
Source: BlackRock, as of 31 December 2022. This information is for illustrative purposes only. It is not to be interpreted as investment advice or as a
recommendation to invest in any of the BlackRock products or strategies. *As compared to other active funds.
CBDH0223A/S-2735014-28/34

30. Why Choose BGF US Flexible Equity Fund?
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
30
AEH0123E/M-2681707-30/38
 Time-tested long-term investment philosophy driven by an experienced portfolio
management team
 Strong fundamental research supported by enhanced US Income & Value pillar resources, as
well as BlackRock’s extensive capabilities.
 Quantitative model adds discipline and focus to the investment process
 Portfolio construction capabilities blend quantitative and fundamental insights, disciplined risk
management tools and cost/liquidity constraints to mitigate portfolio risk.
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. There is no guarantee that research capabilities will contribute to a positive investment outcome.
Risk management cannot fully eliminate the risk of investment loss.
As of 31 December 2022. Current process for selecting investments in the 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.
CBDH0223A/S-2735014-30/34

31. Risk Warnings
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
31
AEH0123E/M-2681707-31/38
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.
CBDH0223A/S-2735014-31/34

32. Fund Specific Risks
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
32
AEH0123E/M-2681707-32/38
BGF US Flexible Equity Fund
• Equity 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.
• 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.
ESG Investment Statements
This information should not be relied upon as research, investment advice, or a recommendation regarding any products,
strategies, or any security in particular. This is for illustrative and informational purposes and is subject to change. It has not
been approved by any regulatory authority or securities regulator.
The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s
decision to invest in certain companies or industries from time to time. Results may differ from portfolios that do not
apply similar ESG considerations to their investment process.
CBDH0223A/S-2735014-32/34

33. Important Information
33
For recipients in India: This document is issued by BlackRock and is intended for the exclusive use of DSP. BlackRock does not hold any regulatory
licenses or registrations in India to conduct any regulated business activity under the relevant laws and regulations as they apply to any entity intending
to carry on business in India, nor does BlackRock purport to carry on, any regulated activity in India.
BlackRock funds, and/or services shall not be offered or sold to any person in any jurisdiction in which such an offer, solicitation, purchase, or sale would
be deemed unlawful under the securities laws or any other relevant laws of such jurisdiction(s).
This material is provided to the recipient on a strictly confidential basis and is intended for informational or educational purposes only. Nothing in this
document, directly or indirectly, represents to you that BlackRock will provide, or is providing BlackRock products or services to the recipient or is
making available, inviting, or offering for subscription or purchase, or invitation to subscribe for or purchase, or sale, of any BlackRock fund, or interests
therein. This material neither constitutes an offer to enter into an investment agreement with the recipient of this document nor is it an invitation to
respond to it by making an offer to enter into an investment agreement.
No approval of, or recognition by, any relevant regulatory authority, has been, or will be, obtained for the making available, invitation, or offer for
subscription or purchase, or invitation to subscribe for or purchase, or the sale, of BlackRock funds to any persons in India. This document is not
intended to be a prospectus, and has not been registered as a prospectus with any regulatory body in India. Accordingly, this document and any other
documents and materials, in connection with the offer or sale, or invitation for subscription or purchase of, BlackRock products, may not be circulated or
distributed, nor may any BlackRock fund be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to the public or any members of the public in India which may trigger public offering requirements and will violate the securities laws or any
other relevant laws.
The distribution of the information contained herein may be restricted by law, and any person who accesses it is required to comply with any such
restrictions. By reading this information you confirm that you are aware of the laws in your own jurisdiction regarding the provision and sale of funds and
related financial services or products, and you warrant and represent that you will not pass on or utilize the information contained herein in a manner that
could constitute a breach of such laws by BlackRock, its affiliates, or any other person.
This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things,
projections, forecasts, estimates of yields or returns, and proposed or expected portfolio composition. Moreover, certain historical performance
information of other investment vehicles or composite accounts managed by BlackRock has been included in this material and such performance
information is presented by way of example only. No representation is made that the performance presented will be achieved by any BlackRock Funds,
or that every assumption made in achieving, calculating or presenting either the forward-looking information or the historical performance information
herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could
have a material impact on the investment returns that are presented herein by way of example. The information and opinions contained in this material
are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed
as to accuracy. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of
the reader. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not
be construed as investment advice or investment recommendation of those companies. Unless otherwise specified, all information contained in this
document is current as at the date on the front page of this presentation.
FOR PROFESSIONAL CLIENTS, QUALIFIED INVESTORS AND QUALIFIED CLIENTS ONLY/
FOR PROFESSIONAL, INSTITUTIONAL INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES ONLY CBDH0223A/S-2735014-33/34

34. Important Information
FOR [DSP] – ISSUED UPON REQUEST, NOT FOR FURTHER DISTRIBUTION (PLEASE READ IMPORTANT
DISCLOSURES)
.
34
AEH0123E/M-2681707-34/38
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are
being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not
necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not
been prepared in connection with any such offer.
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
© 2023 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its
subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
CBDH0223A/S-2735014-34/34

35. 35
Disclaimer
In the preparation of the material contained in this document, DSP Investment Managers Private Limited (“AMC”) has used information that is publicly
available, including information developed in-house or basis information received from its affiliates. The AMC however does not warrant the accuracy,
reasonableness and / or completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should
not be construed as any research report/research recommendation. All logos used in the image are trademarks™ or registered® trademarks of their
respective holders. Use of them does not imply any affiliation with or endorsement by them.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”,
“believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those
suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to
market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments,
the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other
rates or prices etc.
Asset Allocation
1. Units of BGF – USFEF# or other similar overseas mutual fund scheme(s): 95% to 100%
2. Money market securities and/ or units of money market/liquid schemes of DSP Mutual Fund: 0% to 5%
# in the shares of BGF – USFEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or
may not have any future position in these sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of
its Offer document. Past performance may or not sustain in future and should not be used as a basis for comparison with other investments.
All figures and other data given in this document are dated and the same may or may not be relevant in future and the same should not be considered as
solicitation/recommendation/guarantee of future investments by DSP Investment Managers Pvt. Ltd. or its affiliates.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence
of subscribing to the units of the DSP Mutual Fund (“Fund”). Investors should know that they are bearing the recurring expenses of the scheme ( DSP US
Flexible Equity Fund), in addition to the expenses of other schemes in which the Fund of Funds Scheme makes investments (BlackRock Global Funds – US
Flexible Equity Fund).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/ capital guarantee to the
investors in the Scheme. For scheme specific risk factors and more details, please read the Scheme Information Document, Statement of Additional
Information and Key Information Memorandum of respective Scheme available on ISC of AMC and also available on www.dspim.com.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

36. 36
Disclaimer
Scheme Product Suitability
RISKOMETER
Scheme
Benchmark –Russel 1000
Index
DSP US Flexible^
Equity Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – US Flexible
Equity Fund)
This Open Ended Fund of Funds Scheme
(Investing In US Equity Fund) is suitable
for investors who are seeking*
 Long-term capital growth
 Investment in units of overseas
funds which invest primarily in equity
and equity related securities of
companies domiciled in, or exercising
the predominant part of their economic
activity in the USA
^The term “Flexible” in the name of the
Scheme signifies that the Investment
Manager of the Underlying Fund can
invest either in Growth or value
investment characteristic securities
placing an emphasis as the market
outlook warrants.
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.