DSP World Agriculture Fund Presentation.pdf

[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
October 2023
| People | Processes | Performance |
DSP World Agriculture Fund
An open ended fund of fund scheme investing in BlackRock Global Funds –
Nutrition Fund

2
DSP World Agriculture Fund: Product Structure
DSP World
Agriculture Fund
BlackRock Global
Funds - Nutrition
Fund (BGF-NF)
Indian Investors
The Nutrition Fund seeks to maximize total return by investing globally at least
70% of its total assets in the equity securities of companies engaged in any
activity forming part of the food and agriculture value chain, including
packaging, processing, distribution, technology, food- and agriculture-related
services, seeds, agricultural or food-grade chemicals and food producer
Source: BlackRock; Internal. Data as on 30 September, 2023

Nutrition Fund
a sub-fund of BlackRock Global Funds (BGF)
October 2023
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
FOR PROFESSIONAL CLIENTS, QUALIFIED INVESTORS AND QUALIFIED CLIENTS ONLY/
FOR PROFESSIONAL, INSTITUTIONAL INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES USE ONLY
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4
Why Thematics?
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5
BlackRock
definition of a
thematic fund:
A fund backed by
one or more of the
Megatrends, which
invests across
borders and sectors
in companies we
expect to benefit
from a structural
growth theme
The Five Megatrends
Shifting economic
power
Demographics
and social change
Technological
breakthrough
Climate change &
resources scarcity
Rapid
urbanisation
BlackRock, October2023. For illustrative purposesonly.
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Why thematic funds?
6
We expect our themes to drive faster-than-expected
earnings growth for our holdings and this to drive
outperformance versus broader equity markets over
the long-term
Disruption is typically underestimated due to the S-
shaped nature of technology adoption curves
Sustainability-alignment: many of our thematic funds
are inextricably linked to sustainability due to the
nature of what they are investing in
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Markets consistently underestimate technology progress
7
Capacity
projections
Cost
projections
BlackRock, IEA, BNEF, IRENA, BCG, 25/01/22.For illustrative purposes only. The projectionsare illustrative in nature and do not expressa forecast.
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8
BlackRock’s Thematic ‘Think Tank’
20 investment professionals from across
BlackRock meeting monthly
Representatives from Fundamental Equity,
Equity Index Investments, BlackRock
Sustainable Investing, Multi-Asset and
Risk & Quantitative Analysis
Role
Research and approve / reject new themes
proposed for products
Research if active or index approach is more
optimal for proposed themes
Monitor progress of themes for existing
products
BlackRock’s Advantage in Thematics
Global reach
Scale of resources
Access to companies
Portfolio construction process
Active: fundamental analysis conducted by
named portfolio managers and associated
analysts to pick and weight stocks
Index: universe mapped using FactSet RBICS
data, indices equal-weighted with annual
rebalance
Thematic
Research
Investment
Group (TRIG)
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Source:BlackRock, October2023.
For illustrative purposesonly. Themeslistedin alphabeticalorder. *Active ETF clones
Index
Active
SFDR
Article 9
BlackRock’s Thematic Platform
Future Consumer
Future of
Transport
Ageing Population
Automation &
Robotics
Agribusiness
Circular Economy Digital Security
Digitalisation
Climate
Action/Future
Climate*
Electric Vehicles &
Driving Tech
EM Consumer
Growth
Fintech
Global Timber &
Forestry
Global Clean
Energy
Healthcare
Innovation
Global Water
Next Generation
Technology/
Future Tech*
Next Generation
Health Care/Future
Health*
Sustainable
Energy
Smart City
Infrastructure
Nutrition
Multi-
Theme
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Positioning thematic funds in portfolios
1. Core-satellite
2. Replacing part of a global equity allocation with thematic exposure
3. Thematics as the core
Core
Satellite
Accounts for the majority of the portfolio
Typically traditional assets such as equities & bonds
Designed to broadly provide the market return
Accounts for the minority of the portfolio
Designed to act as a performance ‘kicker’
Thematic funds are well-suited to act
as satellite investments, in our view,
given that we expect them to
outperform broader equity markets
and as they have relatively limited
crossover with the most popular equity
market indices.
We believe this is the most common approach as it is best suited for
investors that construct their portfolios by geographical regions. This
can be achieved by using individual thematic funds or with a multi-
theme product.
This is an innovative approach that
involves using thematic convictions as
the starting point for portfolio
allocations then adjusting exposures
with active regional, sector and stock
overlays.
1. Start with thematic
convictions – a multi-
thematic and
dynamic allocation
2. Regional overlay
added to manage
unintended country
bets
3. Style factor overlay
to manage growth,
value, momentum,
quality bets
4. Single stocks can be
added to reflect shorter-
term convictions
We see three main ways investors can think about incorporate
thematics in broader portfolios:
There is no guarantee that a positive investment outcome will be achieved. BlackRock,
October2023. For illustrative purposesonly.
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Nutrition
For illustrative purposesonly. AEM1023E/M-3153865-9/52

What is the Nutrition theme?
12
Eating Buying Growing
Source:BlackRock, October2023. For illustrative purposesonly.
Plant Based
Food Waste
Reduction
AgTech
Adoption
Companies benefiting from sustainable trends across:
Consumer Retail Distribution Processing Growing
E.g.
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Key drivers of the global food evolution
13
Society Economics
Regulation
Sustainable food production targets
at the heart of the EU Green Deal, to
accelerate our transition to a
sustainable food system
Awareness of our impact on Earth is
contributing to diet change globally
Alternative protein tech is unlocking
sustainable protein production
Source:left: EuropeanCommission,31/05/20. Centre:Veganuary,accessedDecember2021. Right: ReThinkX,31/12/19. Latest availabledata. Thereis no guaranteethat any
forecastsmade will come to pass.
100
10
0
100
200
300
400
500
600
700
800
900
1,000
1,100
2000 2019 e2025
US$
/
kg
The cost to produce 1kg protein
using precision fermentation
$1.0m
$1.0m
1. Neutral or positive environmental impact
2. Help to mitigate climate change
3. Reverse the loss of biodiversity
4. Ensure food security
5. Preserve food affordability
0
100,000
200,000
300,000
400,000
500,000
600,000
Sign
ups
on
veganuary.com
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14
Source:Our worldin data, 31/12/2020. Shows kg CO2 equivalentsperkg product.
Moving towards plant based alternatives is a solution
Source:IEA and ResearchGate, as of 31/12/19
Global food generates more GHG emissions than transport
fuels
Decarbonising the food chain
27%
25%
14%
20%
15% Power generation
Agriculture & Livestock
Transportation Fuels
Other
esses & Waste
0.4
Chicken
0.4
Lamb & Goat
Beef
Chocolate
12.0
Coffee
27.0
Pork
Prawns
Cheese
Fish (farmed)
2.0
Eggs
Tofu
Root vegetables
Avocado
10.0
Tomatoes
4.5
Rice
Beans
Maize
34.0
100.0
Peas
Bananas
Potatoes
Apples
Nuts
29.0
40.0
1.0
24.0
0.4
14.0
5.0
3.0
2.5
2.0
2.0
1.0
0.5 GHG emissions (ex Methane)
Emissions from Methane
Greenhouse gas emissions per kilogram of food product
Global greenhouse gas emissions by sector
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The scale of the challenge is huge
15
25%
38%
70%
… of global
greenhouse gas
emissions
… of global land
use
… of global water
consumption
7%
37%
39%
44%
12%
1990
44%
43%
14%
53%
4%
2005
38%
20%
40%
2%
2050e
2015
10%
39%
51%
2030e
3%
>3000 KCAL/day
2000-2500 KCAL/day
<2000 KCAL/day
2500-3000KCAL/day
Rising per Capita Calorie consumption
%
of
population
in
developing
countries
Feeding the world’s 7.8bn people already results
in…
… and by 2050, the world population is projected
to hit 9.9bn, at higher calorie levels than ever
Source:left - IISD,FAO andOur World in Data,accessedon 20/12/21;right – Farming First, accessedon 20/12/21. Latest availabledata.
There is no guaranteethat any forecasts made will cometo pass.
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We believe a sustainable food chain is coming
16
Healthy & sustainable eating A more efficient supply chain A less resource intensive farm
Source:left: Statista, 2021. Centre: UNEPFoodWaste Index Report2022. Right: PrecedenceResearch, December2022. For illustrative purposes only.
There is no guaranteethat any forecasts made will cometo pass. *Compoundannualgrowth rate.
2021
US$17.50bn
2030
US$7.09bn
CAGR*
12%
92
69
19
8
6
6
5
5
4
3
UK
Japan
China
India
Germany
USA
France
Russia
Spain
Australia Total food waste per year (million tonnes)
Global Precision Agriculture
Spending
An opportunity to reduce food waste
2001
1999
2005
2000
2011
2002
2003
2015
2006
2012
2004
2013
2007
2008
2009
2010
2014
2016
2017
2018
2019
+10%
Organic food sales worldwide (US$bn)
Relevant
SDGs
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Alignment to the SDGs
17
SDG 13: Climate Action
2: Responsible Consumption & Production
SDG 3: Good Health & Wellbeing
SDG 2: Zero Hunger
DG 9: Industry, Innovation & Infrastructure
SDG 14: Life Below Water
SDG 15: Life on Land
Fund Exposure (%)
Source:UN SustainableDevelopmentGoals,BlackRock, 31/12/22.For illustrative purposes only.
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18
Companies that provide solutions
to solve sustainability challenges
across the food chain.
Examples: Foodtech, machinery,
fertilisers, food preservation,
indoor ag, agtech, ingredients,
alternative proteins
Purity of exposure: Majority are
pure-plays. However, minimum of
>10% sales. Theme exposure must
be driving the outlook
Companies that benefit from
consumer shifts towards
sustainable nutrition
Examples: Natural, fresh and
organic foods, meal kits, plant
based
Purity of exposure: >50% sales
Nutrition-exposed. Core business
benefits from theme
Companies that adopt sustainable
nutrition initiatives in a
meaningful and earnings positive
way
Examples: Food and beverage
producers, commodity suppliers,
retailers, restaurants
Purity of exposure: 50% sales
Nutrition-exposed. Best-in-class
adoption of Sustainable Nutrition
Objectives
Enablers Beneficiaries Adopters
Source:BlackRock, October2023. Investment process is subject to changewithout notice is and providedherefor illustrative purposes.
Gaining exposure to the theme
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UN Global
Compact
Violators
Controversial
weapons
Fossil Fuels
Tobacco
Electricity
and power
generation
What’s not on the menu
19
Examples of
companies we avoid
Palm oil producers, beef producers, sugar producers, carbonated beverages,
sustainability-unaware food companies, biodiversity unaware companies, Animal
husbandry unaware companies
Source:BlackRockOctober2023. Investment process is subjectto changewithout noticeis andprovidedhere for illustrative purposes.
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Alternative Protein in Focus
20
It has been forecasted that the number of cows in the US would have fallen 50% by 2030, by which time
modern proteins would have taken 75% of the cow-based protein market
Source: Jeffries, Meet the New Meat report and AT Kearney, 30/09/22. Numbers are rounded to hundred billions. There is no guarantee that any forecasts made will come to
pass. Reference of the company name(s) mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice
or investment recommendation of the company. BlackRock has not acquired any rights or license to reproduce the trademarks, logos and images set out in this document.
The trademarks, logos andimages set out in this documentare usedonly for the purposesof this presentation.Images for illustrativepurposes only.
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2025 2030 2035 2040
Billion
US$
Cultured meat
Novel vegan meat replacement
Conventional Meat
Projected CAGR
2025-2040
+41%
+9%
-3%
• 99% less water
• 93% less land
• Emits 90% less GHG
emissions
• Up to 96% less water
• 99% less land
• Emits up to 96% less GHG
emissions
Compared to a conventional beef burger…
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Food Waste in Focus
21
Source: Left: the UN and Agriculture Organisation, October 2022. Right: John Bean Technology, accessed 11/11/21. Reference to the names of each company mentioned in this
communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. This stock
is an example of a stock within the "How we are growing food" section of the portfolio. BlackRock has not acquired any rights or license to reproduce the trademarks, logos and
images set out in this document. The trademarks, logos and images set out in this document are used only for the purposes of this presentation. Images for illustrative purposes
only. Case studies are for illustrative purposes only; they are not meant as a guarantee of any future results or experience, and should not be interpreted as advice or a
recommendation.
Description: An American food processing
machinery company. The company has a
number of products and solutions which
help to innovate on areas such as food
wastage, input efficiency and food safety.
28%
13%
4%
55%
Wasted by retailer
Wasted by consumer
Wasted during storage/shipping
Not wasted
>40% of
produce is
never
consumed
Autocoding label inspection
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Agtech in focus
22
Source: Left: Agco Blog, 20/12/22. Right: John Deere, accessed January 2023. Reference to the names of each company mentioned in this communications is merely for
explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. There is no guarantee that any forecasts
made will come to pass. This stock, a top 10 holding, is shown as an example of a stock within the "How we are growing food" section of the portfolio. This stock is an example of a
stock within the "How we are growing food" section of the portfolio. Case studies are for illustrative purposes only; they are not meant as a guarantee of any future results or
experience,and shouldnot be interpretedas advice or a recommendation.
Description: John Deere is an American company
that manufactures agricultural machinery, heavy
equipment, forestry machinery, diesel engines,
drivetrains used in heavy equipment, and lawn care
equipment.
Number of people fed by one Farmer
16
26
47
76
100
155
200
1950 1960 1970 1980 1990 2010 2020
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Healthy eating in focus
23
Source: Left: Statista, 31/10/21. Right: HelloFresh Sustainability Report, accessed December 2021. Reference to the names of each company mentioned in this communications
is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. There is no guarantee that
any forecasts made will come to pass. This stock is an example of a stock within the "How we are eating" section of the portfolio and one of the largest holdings based on relative
market value in the respective underlying theme. This stock is an example of a stock within the "How we are growing food" section of the portfolio. Case studies are for illustrative
purposesonly; they are not meant as a guaranteeof any future results or experience,and shouldnot be interpretedas advice or a recommendation.
Description: Hello Fresh is a meal-kit company
which provides customers with easy-to-follow
recipes and fresh high-quality ingredients straight to
their door.
733
1,000
2020 2026
+36%
Global
Market
Value
(US$bn)
Strong projected growth in the health and wellness food market
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24
BGF Nutrition Fund: Integrating ESG in our Research Process
BlackRock, October2023. For illustrative purposes only. There is no guaranteethat researchcapabilitieswill contributeto a positive investmentoutcome.
Stock ideas comes from a
combination of:
Sector analyst views
and fund manager
conviction
ESG factors
considered at this high
level stage
In-depth company
analysis includes:
Team discussion of stock
and rating appraised:
Monitor and engage
throughout investment
lifecycle:
Fundamental
analysis & company
meetings
Escalation and discussion of
ESG issues with Investment
Stewardship
Use of RQA’s
sophisticated risk
systems
Portfolio
construction
ESG conclusions embedded
in research template
Frequent review of
the research
templates
Stewardship or
investors continue
to engage with
companies
Idea Generation Due Diligence Decision Making Continuous Review
Every government, company, and shareholder must confront climate change.
Larry Fink, 2020 Letter to CEOs
100%
of stocks are ESG-assessed
60% of companies within the
portfolio produce sustainability
reports
45% of portfolio rated
A or above by MSCI
Filters narrow down
universe
New and ongoing ESG issues
are tracked
In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.
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Portfolio Characteristics &
Performance
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BGF Nutrition Fund: Strategy Overview
26
The Nutrition Fund seeks to maximise
total return. The Fund invests globally at
least 70% of its total assets in the equity
securities of companies engaged in any
activity forming part of the food and
agriculture value chain, including
packaging, processing, distribution,
technology, food- and agriculture-
related services, seeds, agricultural or
food-grade chemicals and food
producers.
Identify stocks which
benefit from
Nutrition “fast
rivers”
We aim to invest in
companies expected to
benefit from changing
consumer preferences
towards nutrition and food.
Target global
investment
opportunities
An investment team with
global scale able to gain
local insights from around
the world.
Exposure to a
sustainable food
chain
Exposure to companies
which are helping to
decarbonise the food
value chain, whilst
providing sustainable
eating choices to the
masses.
Key features
Client needs the fund could
potentially solve
Exposure to companies benefitting from the exciting
evolution towards a global sustainable food chain,
alongside the associated growth opportunity in terms
of what we are eating, how we are eating and how we
are growing food.
Investment Team BlackRock Thematics & Sectors Team
Portfolio Managers Tom Holl
Geographic Focus Global
Liquidity Daily
Sustainable fund Yes- Sustainable Thematic Fund
Sustainable Label Febelfin, French SRI
Exclusions
UN global compact violators, controversial weapons,
coal & consumables, oil & gas, tobacco
SFDR Article 9
Universe size ~600 companies
Source:BlackRock, October2023. For illustrative purposesonly. Thereis no guaranteethat a positive investment outcomewill be achieved.Portfolio Managers’ currentprocess,
whichis subjectto changewithout notice
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Unravelling the Nutrition Thematic
Portfolio breakdown
27
Source:BlackRock, 29 September2023. For illustrative purposesonly. May not add up to 100% due to rounding.
Ag Tech, 8%
Yield Improvement, 7%
Cash/Other, 6%
Healthy Food & Beverage,
25%
Plant Based & Alt Proteins,
9%
Food Chain Efficiency, 23%
Food Waste Solutions, 22%
Less Resource
Intensive Farm,
16%
Healthy &
Sustainable
Eating Choices,
34%
More Efficient
Supply Chain,
45%
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28
Portfolio annual turnover
The journey so far
Portfolio Evolution
The Nutrition Story So Far…
Source:BlackRock, 29 September2023. For illustrative purposesonly.
100%
2018
2021 2020 2019
75%
2017
42%
65%
84%
 On 25th March 2019, the BGF World Agriculture Fund
was repositioned to the BGF Nutrition Fund.
 As part of the repositioning, the fund’s investment
universe was expanded from 290 companies to over
700 companies; with a focus on those companies
which are benefitting from changing consumer
preferences towards nutrition and food.
 The fund has a high-quality approach to portfolio
construction, looking for those companies in
advantaged positions within the nutrition theme.
2022
90%
0%
5%
10%
15%
20%
25%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2019 2020 2021 2022 2023
NutriTech
+
Alt
Proteins
Portfolio
Theme
Mix
Eating Buying Growing Nutritech + Alt Proteins
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29
Unparalleled access to IPOs
Source: BlackRock, 30/11/21. For illustrative purposes only. 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. BlackRock has not acquired any rights or license to reproduce the
trademarks, logos and images set out in this document. The trademarks, logos and images set out in this document are used only for the purposes of this presentation. The
examplesshown are the IPOs that the fund has participatedin since launch.
Leading capital markets
team drives insights
Highly selective on participation
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Nutrition Investment Philosophy: What differentiates the
BGF Nutrition fund?
30
The Fund aims to maximise the return on your investment through a combination of capital
growth and income on the Fund’s assets by investing in companies driven by the Nutrition
thematic
The vision and ability to seek new and
emerging trends in Nutrition that the market
underestimates
A disciplined portfolio construction process
A consistent quality bias: determined by the
sustainability of returns combined with a
quantitative overlay*
Source:BlackRock, June 2023. For illustrative purposesonly. Portfolio Managers’currentprocess, whichis subjectto changewithout notice.
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Kerry Group: providing sustainable solutions
31
Source: Kerry, 30/11/21. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be
construed as investment advice or investment recommendation of those companies. There is no guarantee that any forecasts made will come to pass. Source: Kerry Group 2022
Annual Report. This stock, a top 10 holding, is shown as an example of a stock within the "What we are eating" section of the portfolio. Case studies are for illustrative purposes
only; they are not meant as a guaranteeof any future results or experience, andshouldnot be interpretedas adviceor a recommendation.
• Kerry claims to be the largest and most advanced
provider of taste and nutrition
solutions
• Outsourced R&D function for the global
food industry
• Focusing on natural ingredients
By 2030, Kerry forecasts that 2 billion
people will consume its sustainable
nutrition solutions
•100% of plastic
packaging to be
reusable,
recyclable or
compostable
•Creating
solutions to
achieve a lower
environmental
footprint
•100% of
•priority raw
materials will be
sustainably
sourced by 2030
•Cut emissions
•by 55% by
•2030 and reach
net zero by 2050
Climate
Action
Responsible
Sourcing
Circular
Economy
Better for
society
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32
Source: Agronomics, 31/03/21. For illustrative purposes only. References to specific securities and their issuers are for illustrative purposes only and are not intended and should
not be interpreted as recommendations to purchase or sell such securities. This stock is an example of a stock within the “What we are eating" section of the portfolio. Case studies are
for illustrative purposes only; they are not meant as a guaranteeof any future results or experience,and should not be interpretedas advice or a recommendation.
Description: An investment company that is focused on
opportunities within the nascent industry of modern foods,
which are environmentally friendly alternatives to the
traditional production of meat and plant-based sources of
nutrition.
Benefits of cultivated meat:
• Lower environmental impact
• Up to 96% less greenhouse gas emissions
• 99% less land use
• Up to 96% less water needed
• Zero animal cruelty
• Requires zero antibiotics
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33
Source: Hofseth, 30/11/21. For illustrative purposes only. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be
interpreted as recommendations to purchase or sell such securities. This stock is an example of a stock within the “What we are eating" section of the portfolio . Case studies are for
illustrative purposesonly; they are not meant as a guaranteeof any future results or experience,andshould not be interpretedas advice or a recommendation.
Description: Hosfeth Biocare processes
marine raw materials into products to enhance
global health.
Yesterday
Today
Transforming yesterday’s waste into high value health
nutrition products
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34
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: Hello Fresh and
Datastream, 31/03/23. For illustrative purposes only. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be
interpreted as recommendations to purchase or sell such securities. This stock is an example of a stock within the "How we are eating" section of the portfolio. Case studies are for
illustrative purposesonly; they are not meant as a guaranteeof any future results or experience,and should not be interpretedas advice or a recommendation.
Description: Hello Fresh is a meal-kit company which
provides customers with easy-to-follow recipes and fresh
high-quality ingredients straight to their door.
0
20
40
60
80
100
120
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Share
price
(Euro)
HelloFresh share price
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BGF Nutrition Fund: Portfolio positioning
Source: BlackRock, 29 September 2023. The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions
shouldbe madethat the companiesidentifiedand discussedwere or will be profitable.Subjectto change.Holdingsare shown for illustrative purposesonly.
35
Top 10 holdings Nutrition sub-sector exposure
Stock % of portfolio Sub-sector
Nestle 4.0% Food Producer
Zoetis 3.8% Nutritech
Compass Group 3.5% Restaurants
Bunge 3.5% Supply Chain
Graphic Packaging 3.5% Packaging
Kerry Group 3.5% Ingredients
Mengniu Dairy 3.3% Dairy Processor
JBT 3.3% Nutritech
Ahold Delhaize 3.3% Food Retailer
Archer Daniels Midland 3.2% Supply Chain
0% 5% 10% 15%
Ingredients
Packaging
Machinery
Supply Chain
Nutritech
Food Producer
Alternative Protein
Food Retailer
Cash
Fertiliser
Agri Biotech & Science
Restaurants
Dieting & Wellness
Dairy Processor
Seafood Producer
Ag Chemical
Commodity Processor
AEM1023E/M-3153865-33/52

BGF Nutrition Fund: Portfolio Characteristics
Source: BlackRock, 29 September 2023. Subject to change. 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. Allocationsare subject to change.
36
Geographical breakdown by listing country
Current Portfolio Construction
GICS Sectors exposure
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Core Cyclicals &
Turnarounds
Disruptors Cash / Other
40.7%
9.6%
8.6%
8.0%
6.5%
6.2%
3.3%
3.2%
2.6%
2.5% 1.7% 1.6%
United States
Switzerland
United Kingdom
Canada
Netherlands
Ireland
Hong Kong
Germany
Norway
France
Japan
China
40.6%
25.6%
18.4%
5.5%
4.3% 3.5% 2.1% Consumer Staples
Materials
Industrials
Cash/Other
Health Care
Consumer
Discretionary
Financials
AEM1023E/M-3153865-34/52

BGF Nutrition Fund
37
Performance (A Share Class, Net %, USD)
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the
sole factor of consideration when selecting a product or strategy. Source: BlackRock, performance shown as at 29 September 2023 in USD on a NAV prices
basis with income re-invested. Performance figures are calculated net of annual fees. The Fund is actively managed The IA has discretion to select the Fund's investments and is
not constrained by any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the performance of the Fund. Since Inception date
is 09/02/2010when BGFWorld AgricultureFund was launched.
YTD
2023
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Since
Inceptio
n p.a.
BGF Nutrition Fund - A -8.12% -21.92% 4.75% 19.59% 18.06% -16.45% 11.36% 9.17% -14.04% 3.02% 8.47% 1.55%
MSCI ACWI 10.06% -18.36% 18.54% 16.25% 26.60% -9.41% 23.97% 7.86% -2.36% 4.16% 22.80% 8.54%
-30%
-20%
-10%
0%
10%
20%
30%
Return
(%)
AEM1023E/M-3153865-35/52

Investment Team,
Philosophy & Process
AEM1023E/M-3153865-36/52

Investment
strategies
managed
Purple = Sector
Green = Thematic
BlackRock Thematics and Sectors Team
BlackRock Offices worldwide
250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management
1,800+ Professionals
Team lead:
Evy Hambro
Namesare displayedin alphabeticalorderby surname.BlackRock, October2023. Subjectto change. *Tom Hollsits on our Materialsand our Agricultureand Nutritionpods.
Cailey Barker
Capucine Brunet
Hannah Johnson
Tom Holl
David Katz
Olivia Markham
Sumana Manohar
Aidan McGuckin
Materials pod
Alastair Bishop
Charlie Brew
Mark Hume
Charlie Lilford
Tao Ly
Lindsay Sinclair
Energy Transition pod
Greg Bullock
Rishi Ramnani
Core Portfolio Managers
Ben Bei (APAC)
Pragyapti Bhandari
Alex Foster
Brian Knowles (APAC)
Martin Mercau
Courtney O’Shea
Rob Powell
Fred Wood
Product Strategists
Simon McClure
Business Manager
Tom Holl*
Zheng Li
Agriculture &
Nutrition pod
39
Energy
Mining
Gold
Future of Transport
Sustainable Energy
Broad natural resources
Nutrition
Climate Action
Circular Economy
Portfolio
managers and
analysts
Brown to Green Materials
FOR PROFESSIONAL, INSTITUTIONAL AND EXISTING SEA PROFESSIONAL INTERMEDIARIES USE ONLY AEM1023E/M-3153865-37/52

TRIG
Big Data
(AEID)
Active Equity
Platform
ESG
powered by
BSI
Risk &
Quantitative
Analysis
External
partners
Thematic research platform: Universe mapping
Proprietary universe with purity of thematic exposure
Source:BlackRock, October2023. For illustrative purposesonly. Subjectto change.Thereis no guaranteethat research capabilitieswill contributeto a positive investment outcome.
TRIG: Thematic Research Investment Group. AEID: Active Equities Integration & Data. ESG: Environmental & Social Governance.
BSI: BlackRock Sustainable Investing
40
Expert
insights
Thematic
revenue
alignment
Supply
chain
analysis
AEM1023E/M-3153865-38/52

How do we pick stocks for BGF Nutrition Fund?
41
Top down Bottom up E.S.G.
• Thematic research
• Sector specialists
• Screens
• Expert insights
• Company meetings
• Site visits
• Financial modelling
• Research templates
• Formal exclusions
• Ethix screens
• Engagement
E.S.G. incorporated into investment process
- Screens combined with qualitative
analysis*
Aligned to 7 of the UN’s Sustainable
Development Goals*
Source:BlackRockOctober2023. For illustrative purposes only. Subject to change.There is no guaranteethat researchcapabilitieswill contributeto a positive.
*Portfolio Managers’currentprocess, whichis subjectto change without noticeinvestmentoutcome.
AEM1023E/M-3153865-39/52

BGF Nutrition Fund: Portfolio Construction
42
Source: BlackRock October 2023. For illustrative purposes only. Portfolio Managers’ current process, which is subject to change without notice
Core long term holdings
• Structural growth related to Nutrition
• Established companies with existing strong or high potential
brands/franchises
• Leading competitive position through scale, product quality &
innovation
Cyclicals & turnarounds
• Commodity-like product where cyclical factors outweigh structural ones
• Management or asset turnaround
• Broad spectrum of market caps
New markets and disruptors
• Entirely new industries or product categories
• Significant disruption of established markets
• Lack of track record, unproven management team & product
• Potential requirement for further equity funding to support growth
5-15% of NAV
20-30% of NAV
60-70% of NAV
AEM1023E/M-3153865-40/52

43
Why BlackRock
for Nutrition?
A team who can define what a Nutrition Fund should
be in terms of investment universe, performance &
client education
However, we are not blind to tactical
opportunities that necessitate a shorter term
investment horizon
A quality bias but with the investment flexibility
to go into the most exciting areas in the
Nutrition space in an appropriately scaled
manner
Leveraging the platform of 220+ Global
investors in order to maximise our opportunity
set and investment insights.
Ability to define the universe
Long-term focused
Disciplined investment approach
Collaborative approach
Source: BlackRock, October 2023. For illustrative purposes only. Investment process is
subject to change and provided here for illustrative purposes only. There is no
guaranteethat a positive investment outcomewill be achieved.
AEM1023E/M-3153865-41/52

Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back
the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a
product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be
particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis
of taxation may change from time to time.
44
Fund Specific Risks
BGF Nutrition
Sector Specific Risk: Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more
sensitive to any localised economic, market, political or regulatory events.
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 the institutions providing services such as the 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.
For investors in 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.
AEM1023E/M-3153865-42/52

This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should
not be relied upon by any other persons
In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised
and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000.
Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct
Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands
Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade
Register No. 17068311 For your protection telephone calls are usually recorded.
In Italy: For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
BlackRock Global Funds (BGF)
) This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in
Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product
information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of
BGF and may terminate marketing at any time. In the UK subscriptions in BGF are valid only if made on the basis of the current Prospectus, the
most recent financial reports and the Key Investor Information Document, and in EEA and Switzerland subscriptions in BGF are valid only if
made on the basis of the current Prospectus, the most recent financial reports and the Packaged Retail and Insurance-based Investment
Products Key Information Document (PRIIPs KID), which are available in the jurisdictions and local language where they are registered, these
can be found at www.blackrock.com on the relevant product pages. Prospectuses, Key Investor Information Documents, PRIIPs KID and
application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised. Investors
should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints
please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions.
BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand
whether our product is suitable, please read the fund specific risks in the Key Information Document (KID) which gives more information about
the risk profile of the investment. The Prospectus and KID, amongst other documentation, are available on the relevant product pages at
www.blackrock.com. We recommend you seek independent professional advice prior to investing.
Important Information
45
FOR PROFESSIONAL, INSTITUTIONAL INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES ONLY
AEM1023E/M-3153865-43/52

Austria: This document is marketing material. For further information, the prospectus, Packaged Retail and Insurance-based Investment
Products Key Information Document (PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy form from
the Austrian paying agent: Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9 and also from www.blackrock.com/at
available in German and English. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the funds
objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in German.
Germany: This document is marketing material.
This is a financial promotion. For further information, the prospectus, Packaged Retail and Insurance-based Investment Products Key
Information Document (PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy form from the German
information centre: BlackRock (Netherlands) B.V., Frankfurt (Germany) Branch, Frankfurt am Main, Bockenheimer Landstraße 2–4, 60306
Frankfurt am Main. The paying agent in Germany is J.P. Morgan AG, CIB / Investor Services – Trustee & Fiduciary, Taunustor 1 (Taunus Turm),
D-60310 Frankfurt am Main and also from www.blackrock.com/de available in German and English. Blackrock may terminate marketing at any
time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise
complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in German.
Greece: This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled
in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product
information concerning BGF should not be published in the U.S., registered in Greece for public distribution pursuant to the Greek Law
4099/2012, art. 90, implementing the Directive 2009/65/EC. Prospectus and PRIIPs KID are available on BlackRock website
https://www.blackrock.com/kiid/el-gr?switch=y in both languages Greek and English. Prospectus and PRIIPs KID are also available on Greek
intermediaries websites, appointed as local distributors of BGF. BlackRock may terminate marketing at any time. Investors should understand
all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Greek.
Finland: This document is marketing material. The prospectus (in English language) and PRIIPs KID (in Finnish language) are available at
BlackRock (Netherlands) B.V. and also from www.blackrock.com/fi available in Finnish and English. BlackRock may terminate marketing at any
time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise
complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English.
46
AEM1023E/M-3153865-44/52

For investors in Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel's Regulation of Investment Advice,
Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.
This document is provided for informational services only and is not intended to serve, and should not be treated, as Investment Advice.
BlackRock could have a direct or indirect benefit from investments made by investors in Israel in the products mentioned in this document, or
in other products managed by third parties with whom BlackRock is involved in a business contract. In particular, BlackRock manages the
traded foreign funds mentioned in this document, and therefore derives a benefit from investments of Israeli investors in them (inter alia, by
charging a "management fee" as specified in the prospectus and in the Annex to the prospectuses of such funds). Therefore, BlackRock has a
"Connection" to such products, might have a personal interest in their sale, and might prefer such products over other products. Accordingly,
any advice BlackRock provides, is considered, for the purpose of the Investment Advice Law, as Investment Marketing (and not Investment
Advising). For complete information about BlackRock's "affiliation" with financial assets (including the types of financial assets and the names
of the entities that issue or manage them), you can contact BlackRock at www.blackrock.com.
This Document, as well as any products and services described herein, are directed at and intended exclusively for individuals or corporations
that fall within at least one category in each of the First Schedule of the Investment Advice Law ("Qualified Clients").
BlackRock does not hold a license and is not insured as required under the Investment Advice Law.
Nothing in the fund's past returns in can ensure a similar return in the future. Investment in the products mentioned in this document is
subject to the risks described in the fund prospectus (including the risk of loss of investment funds). For a concise description of the unique
risks for the products mentioned in this document, see the risk section in the annex to the prospectus intended for investors in Israel, and
published on the distribution website of the Israeli Securities Authority and the Tel Aviv Stock Exchange. Furthermore, although BlackRock
invests reasonable efforts to ensure the accuracy of the data presented in this document, it does not guarantee their accuracy, is not
responsible for it, and should not be relied upon when making an investment decision. Therefore, investors considering investing in the
products mentioned in this document should examine the full offer documents of the relevant product (and in particular, the prospectus and
the annex to the prospectus as stated above, and the risks described therein), and consult experts on their behalf regarding the viability of the
investment.
The Fund and Fund Manager are not subject to the laws and regulations to which Israeli mutual funds are subject.
47
AEM1023E/M-3153865-45/52

Malta: This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established in
Luxembourg which is available for sale in certain jurisdictions only. BlackRock Global Funds (BGF) is not available for sale in the U.S. or to U.S.
persons. Product information concerning BGF should not be published in the U.S. It is recognised under Section 264 of the Financial Services
and Markets Act 2000. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. BGF is authorized to the
distribution in Malta. Prospectus and PRIIPS KID are available on BlackRock website https://www.blackrock.com/kiid/en-mt?switch=y
available in English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective
before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English.
Netherlands: This document is marketing material. BlackRock Global Funds ("BGF") is a UCITS (icbe) as defined in section 1:1 Financial
Markets Supervision Act (Wet op het financieel toezicht; "FMSA"). BGF and its sub funds are listed in the register as defined in section 1:107
FMSA. Please refer to the Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) (Essentiële-
informatiedocument (Eid)) for further information about BGF and its sub-funds. The prospectus and EBI of BGF and its sub funds are available
on BlackRock's website www.BlackRock.nl. Available in Dutch and English. All financial investments contain a certain risk. The value of the
assets managed by BGF and its sub-funds may greatly fluctuate as a result of the investment policy and your initial investment is not
guaranteed. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before
investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English and Dutch.
Norway: This document is marketing material. The prospectus and PRIIPS KID are available at BlackRock (Netherlands) B.V.
www.blackrock.com/no available in Norwegian and English. BlackRock may terminate marketing at any time. Investors should understand all
characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English.
Poland: This document is marketing material. BGF has been registered on the official list of the Financial Supervision Commission (Komisja
Nadzoru Finansowego) for distribution in Poland. Paying agent in Poland is Bank Handlowy w Warszawie SA, ul. Senatorska 16, 00-950
Warsaw, Poland. The Prospectus, the Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID), as
well as the latest annual and semi-annual reports, can be found at www.blackrock.com/pl available in Polish. BlackRock may terminate
marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor
rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Polish.
Portugal/Spain: This document is marketing material. Certain funds mentioned here are registered for distribution in Spain. Additionally,
certain funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the
Comisión Nacional del Mercado de Valores de España (CNMV) and the Prospectus for each registered fund has been registered with the CNMV
and can be found at www.blackrock.com/es available in Spanish and English. In Portugal, certain share classes of certain BGF funds are
registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered with
the CMVM and can be found at www.blackrock.com/pt available in Portuguese and English. Blackrock may terminate marketing at any time.
Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise
complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Spanish and Portuguese.
48
AEM1023E/M-3153865-46/52

Sweden: This document is marketing material. The prospectus and PRIIPS KID are available at BlackRock (Netherlands) B.V., Stockholm
branch, Malmskillnadsgatan 32, 111 51 Stockholm, Sweden and also from www.blackrock.com/se available in Swedish and English. Investors
should read the PRIIPS KID before making an investment decision. BlackRock may terminate marketing at any time. Investors should
understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please
go to https://www.blackrock.com/corporate/compliance/investor-right available in English.
For qualified investors in Switzerland: : This document is marketing material.
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June
2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial
Services ("FinSA").
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following
website: www.blackrock.com/finsa.
BlackRock Global Funds (BGF) Future of Transport Fund is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG,
Bahnhofstrasse 39, CH-8001 Zurich,is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch,
Beethovenstrasse 19, CH8002 Zurich, the Swiss Paying Agent. The Prospectus, Packaged Retail and Insurance-based Investment Products
Key Information Document (PRIIPs KID),or equivalent, the Articles of Incorporation, the latest and any previous annual and semi-annual
reports are available free of charge from the Swiss Representative.
Investors should read the fund specific risks in the PRIIPS KID and the Prospectus.
In Hong Kong, this information is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities
and Futures Commission of Hong Kong. The funds mentioned herein may not have been registered with the Securities and Futures
Commission for offering or distribution in Hong Kong. Accordingly, this material is for distribution to "Professional Investors" (as defined in
the Securities and Futures Ordinance (Cap.571 of the laws of Hong Kong) and any rules made under that ordinance) and should not be relied
upon by any other persons or redistributed to retail clients in Hong Kong. Please refer to the relevant Prospectus for details, including risk
factors
49
AEM1023E/M-3153865-47/52

In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration: 200010143N) for use only by Institutional
Investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and professional intermediaries. The above
warnings and fund specific risks are explained in greater detail in in the current Prospectus and you should read them before investing. The
funds mentioned herein may not have been registered with the Monetary Authority of Singapore for offering or distribution in Singapore.
Accordingly, this information may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any
person in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act ("SFA") or (ii)
otherwise pursuant to and in accordance with the conditions of any other applicable provision of the SFA. This advertisement or publication
has not been reviewed by the Monetary Authority of Singapore.
In Southeast Asia (for such purposes, Brunei, Indonesia, Malaysia, Philippines, and Thailand), this document is issued by BlackRock and is
intended for the exclusive use of any existing professional intermediary client of BlackRock who warrants, by receipt of this material, that such
recipient is an institutional investor or professional/sophisticated/qualified/accredited/expert investor as such term may apply under the
relevant legislations in Southeast Asia. BlackRock does not hold any regulatory licenses or registrations in Southeast Asia, and is therefore
not licensed to conduct any regulated business activity under the relevant laws and regulations as they apply to any entity intending to carry
on business in Southeast Asia, nor does BlackRock purport to carry on, any regulated activity in Southeast Asia. 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 Southeast Asia. This document is not intended to be a prospectus, and has not been registered as a
prospectus with any regulatory body in Southeast Asia. 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 Southeast Asia which may trigger public offering requirements and will violate the securities laws or
any other relevant laws of such jurisdiction(s). 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 utilise the information contained herein in a manner that could constitute a breach of such laws by BlackRock, its
affiliates, or any other person.
50
AEM1023E/M-3153865-48/52

51
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
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as at the date on the front page of this presentation.
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52
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
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Decree 322/011).
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IN MEXICO, FOR INSTITUTIONAL AND QUALIFIED INVESTORS USE ONLY. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF
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AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SHARES OF ANY FUND OR SECURITY. This
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If any funds, securities or investment strategies are mentioned or inferred in this material, such funds, securities or strategies have not been
registered with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”) and thus, may
not be publicly offered in Mexico. The CNBV has not confirmed the accuracy of any information contained herein. The provision of investment
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These materials are shared for information purposes only, do not constitute investment advice, and are being shared in the understanding that
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shall be construed as a representation by the receiver that it is an Institutional or Qualified investor as defined under Mexican law. BlackRock
México Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión (“BlackRock México Operadora”) is a Mexican subsidiary of
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54
Unless indicated the fund information displayed only provides summary information. In UK investment should be made on the basis of the
relevant booklet together with the Prospectus and Key Investor Information Document, and in EEA and Switzerland investment should be made
on the basis of the relevant booklet together with the Prospectus and the Packaged Retail and Insurance-based Investment Products Key
Information Document (PRIIPs KID) which are available from the Manager.
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.
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55
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.
Investors should note that they will be 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.
.

56
Scheme Product Suitability
RISKOMETER
Scheme MSCI ACWI Net Total Return
DSP World Agriculture Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – Nutrition Fund)
This Scheme is suitable for investors
who are seeking* :
 Long-term capital growth
 Investment in units of overseas
funds which invest primarily in
equity and equity related securities
of companies in the agriculture
value chain
*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
.

DSP World Agriculture Fund Presentation.pdf

DSP World Agriculture Fund Presentation.pdf

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