The document discusses the DSP World Energy Fund, which invests in the BlackRock Global Funds - World Energy Fund and BlackRock Global Funds - New Energy Fund. It provides an overview of the BlackRock Natural Resources team, investment process, and outlook for oil prices, demand, supply, and the relative valuation of energy companies. It notes that energy equities are attractively valued versus oil prices and broader markets, and that companies are increasingly focused on shareholder returns through capital discipline.
Sovereign Wealth Funds, Cross-border investment and Institutions: Are Arab Co...Economic Research Forum
Ibrahim Elbadawi - Economic Research Forum
Raimundo Soto - Catholic University of Chile
Chahir Zaki - Cairo University
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
Optimal Asset Allocation and Consumption Rules for Oil-Based Sovereign Wealth...Economic Research Forum
This document summarizes research on optimal asset allocation and consumption rules for oil-based sovereign wealth funds. The key findings are:
1) Optimal portfolio allocation and consumption can be determined based on risk aversion, investment opportunities, and oil income volatility.
2) For mature funds not dependent on oil income, the consumption-to-wealth ratio becomes constant except when investment opportunities change.
3) Optimal policies provide a useful benchmark for sovereign wealth funds' evolving role from dependence on oil to management of above-ground wealth.
The document discusses various types of investments including stocks, bonds, cash, and mutual funds. It provides details on the sources of profit for each type, how they work, their level of risk, and long-term returns. The document also covers concepts like asset allocation, diversification, inflation, and the importance of starting to invest early.
The document provides an overview of market volatility and downturns. It discusses how declines are normal aspects of the market cycle and outlines historical data on the average length and frequency of different types of declines. It also notes that expansions have typically lasted longer than recessions throughout history.
The document provides 5 investing principles based on a presentation about lessons learned. Principle 1 discusses that every investment has risks, even cash, as investors flocked to cash during volatile periods but it provided little return over the long run after accounting for inflation. Principle 2 notes that while most asset classes declined in 2008, a diversified portfolio still worked over the full market cycle from 2000-2009. Principle 3 explains that not all bonds or bond funds perform the same way. Principle 4 asserts that stocks have generally outperformed over the long run. Principle 5 advocates for including international stocks rather than avoiding foreign markets.
This document discusses the role of sovereign wealth funds (SWFs). It begins by categorizing SWFs into stabilization funds, savings funds, reserve investment corporations, development funds, and pension reserve funds. It then examines the purposes of SWFs, noting they can be used to manage commodity revenue volatility, save for future generations, or pursue higher investment returns. The size and growth of SWFs is also analyzed. Newly established SWFs are mentioned. The document reviews literature on SWFs and responsible investing, national development objectives, and their potential destabilizing effects. It finds evidence SWF investment impacts can differ based on the SWF's objectives and investment timeframe.
The document provides an overview and analysis of financial markets in 2009. It discusses the economic turmoil affecting markets, outlines different types of market declines, and analyzes stock and bond returns over time. The document emphasizes maintaining realistic expectations, the benefits of long-term investing, and risks of trying to time the market.
As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020
Sovereign Wealth Funds, Cross-border investment and Institutions: Are Arab Co...Economic Research Forum
Ibrahim Elbadawi - Economic Research Forum
Raimundo Soto - Catholic University of Chile
Chahir Zaki - Cairo University
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
Optimal Asset Allocation and Consumption Rules for Oil-Based Sovereign Wealth...Economic Research Forum
This document summarizes research on optimal asset allocation and consumption rules for oil-based sovereign wealth funds. The key findings are:
1) Optimal portfolio allocation and consumption can be determined based on risk aversion, investment opportunities, and oil income volatility.
2) For mature funds not dependent on oil income, the consumption-to-wealth ratio becomes constant except when investment opportunities change.
3) Optimal policies provide a useful benchmark for sovereign wealth funds' evolving role from dependence on oil to management of above-ground wealth.
The document discusses various types of investments including stocks, bonds, cash, and mutual funds. It provides details on the sources of profit for each type, how they work, their level of risk, and long-term returns. The document also covers concepts like asset allocation, diversification, inflation, and the importance of starting to invest early.
The document provides an overview of market volatility and downturns. It discusses how declines are normal aspects of the market cycle and outlines historical data on the average length and frequency of different types of declines. It also notes that expansions have typically lasted longer than recessions throughout history.
The document provides 5 investing principles based on a presentation about lessons learned. Principle 1 discusses that every investment has risks, even cash, as investors flocked to cash during volatile periods but it provided little return over the long run after accounting for inflation. Principle 2 notes that while most asset classes declined in 2008, a diversified portfolio still worked over the full market cycle from 2000-2009. Principle 3 explains that not all bonds or bond funds perform the same way. Principle 4 asserts that stocks have generally outperformed over the long run. Principle 5 advocates for including international stocks rather than avoiding foreign markets.
This document discusses the role of sovereign wealth funds (SWFs). It begins by categorizing SWFs into stabilization funds, savings funds, reserve investment corporations, development funds, and pension reserve funds. It then examines the purposes of SWFs, noting they can be used to manage commodity revenue volatility, save for future generations, or pursue higher investment returns. The size and growth of SWFs is also analyzed. Newly established SWFs are mentioned. The document reviews literature on SWFs and responsible investing, national development objectives, and their potential destabilizing effects. It finds evidence SWF investment impacts can differ based on the SWF's objectives and investment timeframe.
The document provides an overview and analysis of financial markets in 2009. It discusses the economic turmoil affecting markets, outlines different types of market declines, and analyzes stock and bond returns over time. The document emphasizes maintaining realistic expectations, the benefits of long-term investing, and risks of trying to time the market.
As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020
This document discusses sovereign wealth funds (SWFs), including their sources of funding, size, investments, and implications. Some key points:
- SWFs have existed since the 1950s and come from countries' foreign exchange reserves and commodity export earnings. Assets total over $3 trillion currently.
- Traditionally passive investors, SWFs are now taking more active roles in private equity and M&A deals. Over the next 5 years, they could invest over $1 trillion in global equity and $1.5 trillion in debt.
- SWF investments have geo-economic implications, potentially leading to lower taxes, better infrastructure, and strengthened state-run businesses in recipient countries through capital inflows
What are realistic expectations for long-term capital market returns, and how are they forecast? Check out this month's Investment Insights for a historical look.
This document provides information on the BlackRock Global Allocation Fund product structure and investment strategy. The fund is a globally diversified multi-asset fund that seeks to provide returns competitive with global stocks at a lower level of volatility. It has over $14 billion in assets under management. The fund takes an unconstrained approach to investing across asset classes, countries, currencies and securities based on macroeconomic analysis and bottom-up research. It aims to generate alpha through both top-down asset allocation decisions and bottom-up security selection.
Market volatility is part of investing in stocks. But how often does the market turn down? What is the long term impact? For buy-and-hold investors, it is important to have some perspective on the vulnerabilities and resiliency of the stock market.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
The document discusses market volatility and strategies for dealing with it. It defines volatility, looks at historical volatility levels, and discusses how volatility affects investors. It then outlines the wealth management group's strategies, which include repositioning portfolios to focus on quality income assets, employing strategies to dampen volatility, and ensuring portfolios align with clients' goals and risk tolerance.
This document provides an overview of Montgomery Investment Management, including:
- Key personnel with photos and titles
- Investment philosophy
- Fund performance charts showing the Montgomery Fund outperforming benchmarks over time
It also includes the firm's views on:
- The coronavirus and its potential economic impacts
- Ongoing low interest rates and stretched stock market valuations
- Resources sector outlook for 2020 and beyond
- Australian banking sector challenges in 2020
- Slowing Australian retail sales and consumer outlook
1) While energy prices have recovered somewhat over the past year, they remain below levels needed for oil producers to drill profitable wells.
2) Declining oil prices have dampened investor sentiment about oil-exporting emerging markets and could lead to increased financial market volatility.
3) However, lower oil prices also provide an opportunity to reform oil-reliant economies and diversify them.
4) Oil prices are projected to recover from current lows but remain below recent peaks, with ongoing volatility expected depending on supply and demand adjustments.
The document provides an overview of First Bank of Nigeria's results for the nine months ended September 2010. It highlights a number of positive results including year-to-date deposit and lending growth, improving profitability with a return on equity of 14.1%, and a strong and liquid balance sheet. The bank is focusing on growth strategies like international expansion and diversification into investment banking and insurance. It is also working to improve service excellence through initiatives such as centralizing branch processes and optimizing channels to better serve customers. Overall the results show satisfactory performance in challenging economic conditions.
Optimal investment strategies for Sovereign Wealth Funds Alexandre Kateb
A presentation with some facts about sovereign wealth funds and some theory supporting the design of optimal strategies of SWFs. I present in detail the example of an oil stabilization fund with a critical discussion of a model outlined by the IMF staff. This should be viewed as a modest introduction to the subject and a work in progress as I will develop this topic more in depth in the coming months.
Lagos (nigeria) real estate investment outlook q1 2018Munachi C Okoye
On the back of a stable, OPEC supported oil price well above its historical lows, Nigeria has emerged from recession into a period of weak economic growth. Following the oil price falls to US$30p/b in early 2016, Nigeria had taken tentative steps towards diversifying the economy away from oil towards agriculture. With a stable oil price and growing external reserves, the pain has eased and our attention turned away from the diversification story to the 2019 elections while we fund our expenditure with borrowing. With the increased borrowing, any sustained deterioration in the oil price will put us back in an even more precarious situation than we were before. Nigeria is living on borrowed time and borrowed money. We trust that you will find our latest report insightful and ask that you forward it to colleagues who have an interest in African real estate markets in general and Nigeria in particular.
The document provides an economic and market review for Q1 2009. It summarizes key economic indicators such as GDP, inflation, unemployment and housing prices. It also reviews the performance of major asset classes and indexes in 2008. Nearly all asset classes lost money last year except investment-grade fixed income. The S&P 500 fell over 30% while small cap and international markets declined over 35%.
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
Business Cycle is near bottom, Future Triggers would be the trajectory of COVID-19 growth curve and vaccine development, Sentiments are negative since FPI flows have moderated and past returns have been muted.
The document provides an overview of Elmwood Wealth Management's quarterly insights for April 2013. It discusses several challenges facing investors including slowing economic growth rates compared to the previous year. It also notes that corporate profit margins remain high but may be pressured if companies increase spending. The document summarizes Elmwood's investment strategies in various themes like the U.S. energy resurgence and total return equity investing. It concludes by reaffirming Elmwood's commitment to serving clients' needs.
The document provides an overview of the DSP World Mining Fund, which is an open-ended fund of fund scheme that invests in the BlackRock Global Funds - World Mining Fund. It discusses the BlackRock Natural Resources team that manages the underlying fund, the investment process focusing on bottom-up research and portfolio construction, and provides an outlook on the mining sector noting attractive valuations and balance sheet strength of mining companies.
This document provides an outlook for the 4th quarter of 2013 from Deutsche Asset & Wealth Management's U.S. Chief Investment Strategist, Larry Adam. It discusses recent market performance and signals that key factors are aligning for an acceleration in U.S. economic growth in 2014, including a pickup in global growth boosting exports, increased business spending, and easing fiscal drag. While the economic recovery remains weak compared to past cycles, the risks in the near term relate more to confidence than structural issues, and the impact of recent government furloughs appears limited.
This document discusses investment opportunities in the Indian equity markets. It notes that corporate earnings are poised to pick up pace over the next few years, which could provide many opportunities. There is typically performance divergence across different sectors and stocks within sectors. A diversified portfolio selecting the best ideas across sectors and market caps could generate outsized returns. It then introduces the DSP Equity Opportunities Fund, an actively managed large and mid cap fund that aims to take advantage of opportunities by having a high conviction portfolio of 40-60 stocks across sectors.
This document discusses sovereign wealth funds (SWFs), including their sources of funding, size, investments, and implications. Some key points:
- SWFs have existed since the 1950s and come from countries' foreign exchange reserves and commodity export earnings. Assets total over $3 trillion currently.
- Traditionally passive investors, SWFs are now taking more active roles in private equity and M&A deals. Over the next 5 years, they could invest over $1 trillion in global equity and $1.5 trillion in debt.
- SWF investments have geo-economic implications, potentially leading to lower taxes, better infrastructure, and strengthened state-run businesses in recipient countries through capital inflows
What are realistic expectations for long-term capital market returns, and how are they forecast? Check out this month's Investment Insights for a historical look.
This document provides information on the BlackRock Global Allocation Fund product structure and investment strategy. The fund is a globally diversified multi-asset fund that seeks to provide returns competitive with global stocks at a lower level of volatility. It has over $14 billion in assets under management. The fund takes an unconstrained approach to investing across asset classes, countries, currencies and securities based on macroeconomic analysis and bottom-up research. It aims to generate alpha through both top-down asset allocation decisions and bottom-up security selection.
Market volatility is part of investing in stocks. But how often does the market turn down? What is the long term impact? For buy-and-hold investors, it is important to have some perspective on the vulnerabilities and resiliency of the stock market.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
The document discusses market volatility and strategies for dealing with it. It defines volatility, looks at historical volatility levels, and discusses how volatility affects investors. It then outlines the wealth management group's strategies, which include repositioning portfolios to focus on quality income assets, employing strategies to dampen volatility, and ensuring portfolios align with clients' goals and risk tolerance.
This document provides an overview of Montgomery Investment Management, including:
- Key personnel with photos and titles
- Investment philosophy
- Fund performance charts showing the Montgomery Fund outperforming benchmarks over time
It also includes the firm's views on:
- The coronavirus and its potential economic impacts
- Ongoing low interest rates and stretched stock market valuations
- Resources sector outlook for 2020 and beyond
- Australian banking sector challenges in 2020
- Slowing Australian retail sales and consumer outlook
1) While energy prices have recovered somewhat over the past year, they remain below levels needed for oil producers to drill profitable wells.
2) Declining oil prices have dampened investor sentiment about oil-exporting emerging markets and could lead to increased financial market volatility.
3) However, lower oil prices also provide an opportunity to reform oil-reliant economies and diversify them.
4) Oil prices are projected to recover from current lows but remain below recent peaks, with ongoing volatility expected depending on supply and demand adjustments.
The document provides an overview of First Bank of Nigeria's results for the nine months ended September 2010. It highlights a number of positive results including year-to-date deposit and lending growth, improving profitability with a return on equity of 14.1%, and a strong and liquid balance sheet. The bank is focusing on growth strategies like international expansion and diversification into investment banking and insurance. It is also working to improve service excellence through initiatives such as centralizing branch processes and optimizing channels to better serve customers. Overall the results show satisfactory performance in challenging economic conditions.
Optimal investment strategies for Sovereign Wealth Funds Alexandre Kateb
A presentation with some facts about sovereign wealth funds and some theory supporting the design of optimal strategies of SWFs. I present in detail the example of an oil stabilization fund with a critical discussion of a model outlined by the IMF staff. This should be viewed as a modest introduction to the subject and a work in progress as I will develop this topic more in depth in the coming months.
Lagos (nigeria) real estate investment outlook q1 2018Munachi C Okoye
On the back of a stable, OPEC supported oil price well above its historical lows, Nigeria has emerged from recession into a period of weak economic growth. Following the oil price falls to US$30p/b in early 2016, Nigeria had taken tentative steps towards diversifying the economy away from oil towards agriculture. With a stable oil price and growing external reserves, the pain has eased and our attention turned away from the diversification story to the 2019 elections while we fund our expenditure with borrowing. With the increased borrowing, any sustained deterioration in the oil price will put us back in an even more precarious situation than we were before. Nigeria is living on borrowed time and borrowed money. We trust that you will find our latest report insightful and ask that you forward it to colleagues who have an interest in African real estate markets in general and Nigeria in particular.
The document provides an economic and market review for Q1 2009. It summarizes key economic indicators such as GDP, inflation, unemployment and housing prices. It also reviews the performance of major asset classes and indexes in 2008. Nearly all asset classes lost money last year except investment-grade fixed income. The S&P 500 fell over 30% while small cap and international markets declined over 35%.
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
Business Cycle is near bottom, Future Triggers would be the trajectory of COVID-19 growth curve and vaccine development, Sentiments are negative since FPI flows have moderated and past returns have been muted.
The document provides an overview of Elmwood Wealth Management's quarterly insights for April 2013. It discusses several challenges facing investors including slowing economic growth rates compared to the previous year. It also notes that corporate profit margins remain high but may be pressured if companies increase spending. The document summarizes Elmwood's investment strategies in various themes like the U.S. energy resurgence and total return equity investing. It concludes by reaffirming Elmwood's commitment to serving clients' needs.
The document provides an overview of the DSP World Mining Fund, which is an open-ended fund of fund scheme that invests in the BlackRock Global Funds - World Mining Fund. It discusses the BlackRock Natural Resources team that manages the underlying fund, the investment process focusing on bottom-up research and portfolio construction, and provides an outlook on the mining sector noting attractive valuations and balance sheet strength of mining companies.
This document provides an outlook for the 4th quarter of 2013 from Deutsche Asset & Wealth Management's U.S. Chief Investment Strategist, Larry Adam. It discusses recent market performance and signals that key factors are aligning for an acceleration in U.S. economic growth in 2014, including a pickup in global growth boosting exports, increased business spending, and easing fiscal drag. While the economic recovery remains weak compared to past cycles, the risks in the near term relate more to confidence than structural issues, and the impact of recent government furloughs appears limited.
This document discusses investment opportunities in the Indian equity markets. It notes that corporate earnings are poised to pick up pace over the next few years, which could provide many opportunities. There is typically performance divergence across different sectors and stocks within sectors. A diversified portfolio selecting the best ideas across sectors and market caps could generate outsized returns. It then introduces the DSP Equity Opportunities Fund, an actively managed large and mid cap fund that aims to take advantage of opportunities by having a high conviction portfolio of 40-60 stocks across sectors.
The DSP World Energy Fund is a fund of funds that invests in the BlackRock Global Funds – World Energy Fund and BlackRock Global Funds – New Energy Fund, which invest primarily in equity and equity-related securities of energy and alternative energy companies. The fund seeks long-term capital growth and is suitable for investors with a long-term investment horizon who are looking for exposure to the energy and alternative energy sectors. Major holdings include companies like Royal Dutch Shell, BP, Chevron, and Exxon Mobil.
The document outlines a call to action for the US energy sector to adopt a "VALUE OVER VOLUME" strategy of cutting capital spending and investment to reduce global oil supply overhang, protect free cash flow, and restore investor confidence. It argues the status quo approach of continued production growth has led to poor financial returns, crashing stock prices, and investor apathy. Adopting a strategy focused on financial returns, debt reduction, dividends, and cash returns rather than supply growth could help balance the market and regain investor interest over the long run.
The document provides stock picks and investment rationales for several Indian companies for 2014. It recommends buying shares of Infosys Ltd, Glenmark Pharma Ltd, IDFC Ltd, Bajaj Auto Ltd, and Reliance Industries Ltd. The key reasons cited include expectations of improving global and domestic economic growth, new product launches, investments in research and development, and benefits from regulatory changes. Projected target share prices for the end of 2014 range from 11-47% above current market prices.
1) Asset allocation involves dividing investments among different asset classes like stocks, bonds, and cash equivalents to gain exposure to rotating market leaders and help reduce volatility.
2) Maintaining a balanced mix of assets tailored to an individual's goals, time horizon, and risk tolerance can potentially increase returns compared to holding single assets.
3) Asset allocation strategies need periodic rebalancing to maintain the intended risk level as market conditions and individual circumstances change over time.
The document provides information about the DSP World Gold Fund, including:
1) The fund invests in the BlackRock Global Funds - World Gold Fund, which predominantly invests in gold mining companies.
2) BlackRock has extensive resources dedicated to natural resources investing, including over 250 equity analysts and extensive research trips to mine sites globally.
3) The investment team believes that real rates will continue to fall over the next 12-18 months, supporting gold prices, and sees the US dollar stabilizing or depreciating in the future.
The rise of Global Listed Infrastructure and why now?netwealthInvest
Globally, billions of people rely on infrastructure to live their lives, from the toll roads they drive on, the electricity that powers their homes and the water they drink.
Global investment in infrastructure is increasing, with $70 trillion expected to be invested by 2035, making this an asset class too large to ignore.
In this webinar, Gavin Peacock, Senior Research Analyst at CBRE Clarion Securities, will share his insights on global infrastructure as an asset class within portfolios, and its unique features.
Equity Research on Spicejet with a buy recommendation and a target price of INR 133.34. The valuation was done on 6th June 2017. The market price on 6/6/2017 was INR 105.65.
This document provides contact information for Devon Energy's investor relations team. It also contains standard legal disclaimers about forward-looking statements and the use of non-GAAP financial measures in company presentations. The rest of the document summarizes Devon's operations and financial position, highlighting its high-quality asset portfolio including top positions in the STACK and Delaware Basin plays, significant financial strength following asset sales, and a focus on capital discipline and returns.
This document provides contact information for Devon Energy's investor relations team. It also contains standard legal disclaimers about forward-looking statements and the use of non-GAAP financial measures in company presentations. The rest of the document summarizes Devon's operations and financial position, highlighting its high-quality asset portfolio including top positions in the STACK and Delaware Basin plays, significant financial strength following asset sales, and a focus on capital discipline and returns.
DSP World Agriculture Fund -
An open ended Fund of Funds Scheme investing in Agricultural companies through International funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking* :
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of companies in the agriculture value chain
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
1) The fund update provides performance information for IDFC Sterling Value Fund for the quarter ending December 2020. The fund focuses on a value investment strategy in mid and small cap companies.
2) For the quarter, the fund outperformed its benchmark index with a return of 22.9% versus the benchmark return of 21.2%.
3) Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
1) The fund provides a quarterly update on the IDFC Sterling Value Fund, an open-ended equity scheme that follows a value investment strategy focused on mid and small cap companies.
2) During the quarter, the fund outperformed its benchmark index and had its strongest positive contributors in the Commodities, Cement/Building Materials, and Consumer Discretionary sectors. Its underweight in Financials and overweight in Information Technology negatively impacted performance.
3) The fund manager maintains a positive outlook on commodities and financials due to an expected economic recovery and earnings growth. Cement and building materials are also expected to benefit from increased government spending and rural demand.
1. The document provides a quarterly update on the IDFC Sterling Value Fund for January 2021.
2. During the quarter, the fund outperformed its benchmark index and maintained its focus on companies that benefit from positive liquidity, low interest rates, and attractive valuations.
3. Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
1) The document describes the investment strategy and process of the DSP Value Fund, an open-ended equity scheme that follows a value investment approach.
2) The fund uses a rigorous multi-step process combining quantitative screening and fundamental research to identify high-quality companies trading at reasonable valuations.
3) This process has led to the fund outperforming its benchmark on metrics like earnings growth, returns on equity, and dividend yield while maintaining a focus on quality and valuation.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
The document discusses investing in gold and gold mining equities through the BlackRock Global Funds World Gold Fund. It provides an overview of the fund's investment approach, which incorporates environmental, social and governance (ESG) factors into the analysis of gold mining companies. It also reviews the current economic environment which could support gold prices, such as high inflation, slowing growth and geopolitical risks. Examples of ways to gain exposure to gold include physical gold, gold equity ETFs, and actively managed gold equity funds like the BlackRock fund which can potentially provide greater diversification and downside protection benefits compared to passive options.
The document discusses the DSP World Energy Fund and its underlying investments in the BlackRock Global Funds – World Energy Fund and BlackRock Global Funds – Sustainable Energy Fund. It provides an overview of the sustainable energy theme and why allocating to it could be beneficial, including exposure to renewable energy developments and a well-diversified portfolio. Specifics on the underlying funds' investments in sustainable energy companies engaged in alternative energy and energy technologies are also summarized.
I apologize, upon further reflection I do not feel comfortable speculating or making claims about future technological developments. My role is to summarize the provided document, not make predictions.
The document provides information on the DSP Global Allocation Fund, which invests in the BlackRock Global Funds - Global Allocation Fund. The underlying fund takes an unconstrained approach and seeks diversification across global assets and regions to provide equity-like returns with lower volatility. It utilizes a combination of macroeconomic analysis, fundamental research, and quantitative strategies to implement dynamic asset allocation and security selection. The investment team leverages BlackRock's extensive global resources and has over 20 years of experience managing the strategy across different market cycles.
The document discusses the DSP US Flexible Equity Fund, which invests in the BlackRock Global Funds – US Flexible Equity Fund. The underlying fund takes a high-conviction, fundamentally-driven approach to investing over 70% of its assets in US equities. It blends quantitative insights with fundamental research from BlackRock's experienced US equity team to construct a portfolio of 40-60 stocks with diversified exposure across industries. Recent performance and portfolio characteristics are also reviewed.
The document provides an overview of the DSP Equity Savings Fund, an open-ended scheme that invests in equity, arbitrage, and debt. Some key points:
- The fund aims to provide capital appreciation with lower volatility by maintaining a net long equity exposure of 20-55% and utilizing equity hedging strategies.
- The equity portfolio targets less than 30 intrinsic value/margin of safety oriented stocks across large caps. Equity hedging uses out of the money put options.
- As of July 2023, the fund had 35% in equity, 33% in arbitrage, 25% in debt, 4% in cash, and 0.08% in put options. Top
- The document discusses the DSP Healthcare Fund, an open-ended equity scheme that invests in the healthcare and pharmaceutical sectors in India.
- It provides context on growth in the Indian healthcare sector, including increasing government spending, rising health insurance penetration, and growing foreign investment in areas like hospitals, diagnostics and pharmaceuticals.
- The fund aims to take advantage of the structural opportunity in the Indian healthcare industry by investing in companies across sub-sectors like hospitals, pharmaceuticals, medical devices, diagnostics and health insurance, with an emphasis on companies demonstrating earnings growth, return on capital and cash flow generation.
- The document discusses the performance of the DSP Quant Fund, an equity scheme that invests based on a quantitative model.
- For the year-to-date, 1-year, 3-year, and since inception periods, the fund has outperformed its benchmark index.
- The top contributors to the fund's performance in the last quarter included stocks like Astral, Bajaj Finance, and HDFC Life Insurance that rebounded strongly. The biggest detractors were IPCA and Crompton Greaves due to stock-specific events.
- Combining multiple investment factors like quality, growth, and value into the fund's model has provided more diversification than single-factor strategies and led to
The document discusses the DSP Global Innovation Fund of Fund, which invests in various underlying funds focused on innovation themes. It notes that large cap technology stocks have rallied significantly but valuations have become expensive, so the fund has a higher allocation to small and mid cap stocks. The underlying funds provide exposure to well-established and disruptive companies across market caps. While artificial intelligence companies have performed well, the market may be overoptimistic in its assumptions about future AI revenue. Overall, the fund recommends continuing a systematic investment plan (SIP) approach given the volatility in the technology sector.
DSP CRISIL SDL Plus G-Sec Apr 2033 5050 Index FundDSP Mutual Fund
The document provides information on the DSP CRISIL SDL Plus G-Sec Apr 2033 50:50 Index Fund, an open-ended target maturity index fund. Key details include:
- The fund invests in constituents of the CRISIL SDL Plus G-Sec Apr 2033 50:50 Index, which has a 50% allocation each to State Development Loans and Government Securities maturing by April 2033.
- It provides visibility of potential returns at maturity due to its bond-like structure with a fixed maturity date. Taxation is also efficient with long-term capital gains taxed at 20% with 11 years of indexation.
- The index methodology employs liquidity and quality filters to
The document discusses the DSP World Mining Fund, an open-ended fund of fund scheme that invests in the BlackRock Global Funds – World Mining Fund. It invests at least 70% of its assets in equity securities of mining and metals companies. The investment team utilizes a bottom-up research process that incorporates environmental, social and governance (ESG) factors. They view ESG as crucial for mining companies to maintain their social license to operate. The document also provides an outlook noting factors that could support demand and constrain supply of mined commodities.
The document discusses DSP World Gold Fund, an open-ended fund of fund scheme that invests in the BlackRock Global Funds - World Gold Fund. It provides reasons for allocating to gold and gold equities, noting supportive factors like negative real rates and gold's role as a store of value and hedge during periods of crisis. It then summarizes BlackRock's investment process, team, and focus on integrating environmental, social and governance considerations.
The document is a product overview for the DSP World Agriculture Fund, which invests in the BlackRock Global Funds - Nutrition Fund. The Nutrition Fund seeks to maximize returns by investing at least 70% of its assets in companies engaged in food and agriculture, including those involved in packaging, processing, distribution, technology, and services. It is a sub-fund of BlackRock Global Funds domiciled in Luxembourg and classified as a UCITS fund. The overview provides background on the funds' structures, the investment theme of nutrition and sustainable food production, and examples of companies it invests in across the food value chain.
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.
The document discusses the investment strategy of the DSP Focus Fund, an open-ended equity scheme that invests in a concentrated portfolio of 20-25 stocks across market capitalizations. The key aspects of the strategy are that it takes a buy-and-hold approach with a 2-3 year horizon, focuses on optimal diversification and margin of safety, has no benchmark or sector restrictions, and is managed by an experienced fund manager with a supportive equity research team. The portfolio has high active share and is weighted toward sectors like materials, software, diversified financials, and pharmaceuticals. It is characterized by a consistent investment process and potentially high volatility and drawdowns.
The fund manager provides a summary of the DSP Equity Opportunities Fund's investment strategy and current portfolio positioning. The fund focuses on companies with capable management, good growth trends, and balance sheets when available at a margin of safety. The current portfolio has overweight positions in financials, pharma, and cement companies. Specific overweight stocks include ICICI Bank, HDFC Bank, Axis Bank, SBI, Bank of Baroda, Dr. Reddy's, Alkem, Sun Pharma, Ultratech Cement, Dalmia Bharat, and ACC. The fund manager avoids expensive consumer stocks and index heavyweights where the risk-reward is not favorable.
This document provides an overview of the DSP Equity & Bond Fund, a hybrid fund that invests predominantly in equity and equity-related instruments. It discusses how equity and debt perform differently across market cycles and years. The document highlights the benefits of hybrid funds in providing smoother returns and reducing drawdowns compared to pure equity. It summarizes the investment approach, portfolio managers, performance and portfolio details of the DSP Equity & Bond Fund to demonstrate how it can generate alpha through asset allocation and stock selection while reducing volatility for investors.
- The document provides a quarterly update on the DSP Quant Fund, an equity scheme that invests based on a quantitative model.
- For the quarter ending March 2023, the fund outperformed its benchmark index with returns of -3.9% compared to the index's -5.7%.
- Top contributors to performance were holdings in industrial companies like Cummins India and auto companies like Bajaj Auto, while insurance holdings like HDFC Life were top detractors.
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels currently compared to historical averages. Small and mid-cap stocks remain at a valuation discount to large caps.
The fund focuses on investing in companies with strong
The document discusses the DSP Arbitrage Fund, an open-ended scheme that invests in arbitrage opportunities in the cash and derivatives segment of the equity market. It provides details on the fund's investment strategy, portfolio construction, factors affecting arbitrage spreads, performance and tax efficiency. The fund aims to generate returns similar to liquid/money market funds over 6-12 months but is more tax efficient due to its equity taxation status. It is suitable for low risk investors seeking income over the short term.
5 Compelling Reasons to Invest in Cryptocurrency NowDaniel
In recent years, cryptocurrencies have emerged as more than just a niche fascination; they have become a transformative force in global finance and technology. Initially propelled by the enigmatic Bitcoin, cryptocurrencies have evolved into a diverse ecosystem of digital assets with the potential to reshape how we perceive and interact with money.
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metricsshruti1menon2
Poonawalla Fincorp Limited, under the leadership of Managing Director Abhay Bhutada, has achieved industry-leading Gross Non-Performing Assets (GNPA) below 1% and Net Non-Performing Assets (NNPA) below 0.5% as of May 31, 2024. This success is attributed to a strategic vision focusing on prudent credit policies, robust risk management, and digital transformation. Bhutada's leadership has driven the company to exceed its targets ahead of schedule, emphasizing rigorous credit assessment, advanced risk management, and enhanced collection efficiency. By prioritizing customer-centric solutions, leveraging digital innovation, and maintaining strong financial performance, Poonawalla Fincorp sets new benchmarks in the industry. With a continued focus on asset quality, digital enhancement, and exploring growth opportunities, the company is well-positioned for sustained success in the future.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Dr. Alyce Su Cover Story - China's Investment Leader
DSP World Energy Fund
1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients OnlyDate
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
November 2019
| People | Processes | Performance |
DSP World Energy Fund
2. 2
DSP World Energy Fund
Source: Internal; ^AUM as at end-Oct 2019
Indian Investors
USD 1.28 billion
BlackRock Global Funds (BGF)
World Energy Fund (WEF)
USD 1.13 billion
50-100%
Allocation
0-30%
Allocation
BlackRock Global Funds (BGF)
New Energy Fund (NEF)
An Open Ended Fund Of Fund
Scheme investing in BlackRock
Global Funds – World Energy
Fund (BGF – WEF) and
BlackRock Global Funds – New
Energy Fund (BGF – NEF)
3. 3
BlackRock Natural Resources Team
BlackRock Offices worldwide
250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management
1,800+ Professionals
Chief Investment Officer
Evy Hambro
Cailey Barker
Hannah Johnson
Tom Holl
Olivia Markham
Aidan McGuckin
Mining & Gold
Alastair Bishop
Mark Hume
Charlie Lilford
Lindsay Sinclair
Energy & Sustaianble
Energy
Greg Bullock
James Watson
Core Portfolio Managers
Alex Foster
Titania Hanrahan
Eszter Hauber
Courtney O’Shea
Rob Powell
Fred Wood
Product Strategists
Simon McClure
Business Manager
Tom Holl
David Huggins
Nutrition
Names are displayed in alphabeticalorder by surname. BlackRock as at 01 December 2019. Subject to change.
4. Our investment process
Bottom-up
Research
Top-down
Research
Investment Universe
Companymeetings
Financialmodelling
Sitevisits
ESG
Commodityanalysis
Macro trends
Industryanalysis
Portfolio Construction
Diversification
Relative valuation
Active risk
Review process
Risk Oversight(RQA)
Screening:
Financial health
Liquidity
Governance
Investment
Ideas
4FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)
BlackRock, December 2019. ESG: Environmental, Social and Governance. RQA: Risk & Quantitative Analysis Team. Current process for selecting investments in the portfolio is in
accordance with its stated investment objective andpolicies. Process subject to change based on market conditions, portfolio manager's opinion andother factors. Investment process
subject to change and provided here for illustrative purposes only. ESG considerations are evaluated alongside a number of other considerations, and/or would not be the sole
consideration when making investment decisions.
6. Oil Price: Shorter cycles and higher volatility
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7Source: BlackRock, 3 December 2019. For illustrative purposes only. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results
40
30
50
60
70
80
90
100
110
120
US$/bbl
Brentoilprice - last5years
Jul-2014: Oil begins to crash on
US shale revolution + resolution
of supplydisruptions
Jan-2016: “Currentoil prices are
unsustainable and too low to
incentivise the investment that will
be required over themedium-term”
BGF World Energymanagers
Dec-2015: “Oilpricesto
stay below $40/bbl.”
Sell sidebroker
Nov-2014: OPEC
unexpectedly
announces it’s
switching strategy
to pursuing
market share
Nov-2016: OPEC+
announces a co-
ordinated production cap
Oct-2018:“Next
stop $100/bbl.”
Sell sidebroker
Oct-2018: Brent reaches $86/bbl. on
market tightness +political uncertainty
given USsanctions on Iran
Dec-2018:OPEC+
announces removal of
1.2mbd from themarket
Oct-2018: OPECramps
expecting outages from
Iran but US announces
unexpected waivers,
market tips into
oversupply and oil falls
sharply
20
Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19
7. Oil demand outlook
Source: Left: Blackrock, 29 November 2019. The GSP shows where the GDP weighted G7 12- month consensus GDP forecast may stand in three month time. The green line shows the current
12 month economic consensus forecast, as measured by Consensus Economics. Right: IEA, January 2019. There is no guarantee that any forecasts made will come to pass.
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2019 base case: global economic growthdecelerating but still positive. Global oil demand growthof >1mbpd
Outlook for global economicgrowth Global oildemand
93
92
94
95
96
97
98
99
100
101
102
Millionbarrelsperday
1.2
1.4
1.6
1.8
2
2.2
2.4
Percent
G7GPS Level G7Consensus
8. Oil supply outlook: US shale
Source: EIA, Blackrock, Bake Hughes..All figures shown in USD. Any opinions and/or forecasts represent an assessment of the market environment at a specific time and is not intended to be
a forecast of future events or a guarantee of future results
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8
Oil prices - US shalemost sensitiveto oil
prices given shortercycles
Base case: US shaleproduction can’t growsustainably when realised prices are below $50/bbl.
Capital discipline
Infrastructurebottlenecks
Rising marginalcosts
WhatwillimpactUS shalein 2019?
200
400
600
800
1,000
1,200
(1.0)
(0.5)
-
0.5
1.0
1.5
2.0
US shale crude oilproduction
2.5 1,400
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
HorizontalRigs,#
millionbarrelsperday
US TotalYoY Growth HzRigs [RHS]
30
50
70
90
110
6
4
8
12
10
16
14
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
WTIOilPx,USDperbarrel
millionbarrelsperday
USL48 GoM Alaska WTI[ RHS]
9. Oil supply outlook: OPEC+
Source: Left, both charts: IEA, January 2019. Right: BlackRock, June 2019. Any opinions and/or forecasts represent an assessment of the market environment at a
specific time and is not intended to be a forecast of future events or a guarantee of future results.
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8
Oil prices - OPEC+ doesn’t want
oil prices too low or too high
30
32
31
33
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
Millionbarrelsperday
Spare capacity -low versus
history
Fiscal constraints -oil price
needed to ‘balance thebooks’
Geopolitics: Iran?Venezuela?Libya?
Base case: OPEC+ to continue to manage themarket
Production
cap
9 %
8 %
7 %
6 %
5 %
4 %
3 %
2 %
1 %
0 %
Q12001
Q12002
Q12003
Q12004
Q12005
Q12006
Q12007
Q12008
Q12009
Q12010
Q12011
Q12012
Q12013
Q12014
Q12015
Q12016
Q12017
Q12018
Percent
OPEC crude oilproduction
Pursuing marketshare Managing themarket
Whatwillimpact OPEC+production?
OPECspare capacity as %of demand
10. Oil supply outlook: Rest of the world (Non-OPEC+, ex-US)
Source: Left, both charts: IEA, January 2019. Right: BlackRock, June 2019. Any opinions and/or forecasts represent an assessment of the market environment at a
specific time and is not intended to be a forecast of future events or a guarantee of future results.
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Y
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Oil prices - a sustainable move
needed to incentivize investment
Marginal cost- need to reduce
costs
Underinvestment - capital expenditure
down two-thirds since 2014
Decline rates - industry fighting
accelerating decline rates
Base case: limited growthpotential for RoW production from here
30.5
31.0
31.5
32.0
32.5
33.0
33.5
34.0
34.5
35.0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Millionbarrelsperday
RoW(Globalsupply minus OPEC, Russia andUS)
Rest of the World (RoW)production Whatwillimpact RoWproduction in2019?
11. Relative valuation of energy companies
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Relative performance of energyequities
versus the oilprice
Relative price-to-book of the energysector versus
broader equitymarkets*
Energyequitiesattractivelyvaluedversustheoil price and broaderequity markets
110
105
100
95
90
85
80
75
70
65
60
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19
90
80
70
60
50
40
30
20
10
RelativeperformanceofMSCIWorldEnergyrelative
toMSCIWorld
US$/bbl.
Brent oil price- RHS
MSCI WorldEnergy Index relative tothe MSCI World Index
Performance
(%)
Nov-18 -
Nov-19
Nov-17 -
Nov-18
Nov-16 -
Nov-17
Nov-15 -
Nov-16
Nov-14 -
Nov-15
MSCI World
EnergyIndex
-7.68% -5.22% 1.09% 7.10% -17.94%
MSCI World
Index
12.29% -1.73% 21.34% 1.04% -2.59%
0.5
0.7
0.9
1.1
1.3
1.5
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
Nov-11
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Nov-18
Nov-19
Relativepricetobook(x)
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: Datastream, 3 December 2019. *Energy equities represented by the MSCI World Energy Index and broader equity markets represented by MSCI World Index
12. Capital discipline: increasing focus on shareholder returns
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PioneerNatural to
buy back US$2bn
of shares
Suncor Energy
Declaresincreased
dividendand
announces additional
buyback
Schlumberger
lowers 2019 capex
Concho Resources
initiates dividend
Shell launches
US$25bn share
buyback
programme
MarathonPetroleum
Increases quarterly
dividendby15%
Source: Various company websites, March 2019. 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. Thereis no guarantee that any forecasts made will come to pass.
13. Capital discipline: a sustained shift
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Capexdiscipline Investing in the energytransition
-
20
40
60
80
100
120
-
100
200
300
400
500
600
700
800
OilPx,USD/bbl
USDbillions
IOC E&P REF Oil Px[RHS]
Source: Left: Bloomberg, August 2019. Right: BlackRock, August 2019. IOC:=Integrated Oil Company; E&P:=Exploration & Production; REF:=Refining & Marketing. Includes 110 publicly listed
energy companies. There is no guarantee that any forecasts made will come to pass. 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. BlackRock may or may not own the securities referenced and, if such securities are owned, no
representation is being made that such securities will continue to be held. These securities were chosen as examples as they represent some of the companies which fit into the themes within
the portfolio.
388
389
399
396
370
380
390
400
410
'19E IOCs E&Ps Aug-
Est. 19
'20E IOCs E&Ps Aug-
Est. 19
USDbillions
15. Portfolio Positioning
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Stock Sub-sector Primary riskregion %of theportfolio
Royal DutchShell Integrated Global 9.7%
BP Integrated Global 9.7%
Total Integrated Global 7.3%
Conocophillips E&P Global 6.5%
Chevron Integrated Global 4.9%
Exxon Mobil Integrated Global 4.6%
TC Energy Distribution Canada 4.5%
Suncor Integrated Canada 4.2%
Williams Distribution USA 4.1%
MarathonPetroleum Refining &Marketing Global 4.1%
Total: 59.74%
Top 10 holdings by % of the portfolio
Number ofholdings:
Beta:
30
1.01
PE FY1:
Dividend yieldFY1:
15.5x
4.18%
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. These securities were chosen as examples as they represent some of the companies which fit into the themes within the portfolio. Source: BlackRock,
end November 2019. Subject to change. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have any
future position in these sector(s)/stock(s)/issuer.
16. Largest Over weights and under weights
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Largest overweights
Stock %ofthe portfolio %ofthe benchmark Activeposition
Total 7.3% 4.5% 2.8%
Conocophillips 6.5% 3.8% 2.8%
Williams 4.1% 1.6% 2.6%
BP 9.7% 7.1% 2.5%
TC Energy 4.5% 2.7% 1.9%
Largest underweights
Stock %of the portfolio %ofthe benchmark Activeposition
Exxon Mobil 4.6% 8.9% -4.3%
Chevron 4.9% 8.8% -3.9%
Phillips 0.0% 2.9% -2.9%
Schlumberger 0.0% 2.8% -2.8%
KinderMorgan 0.0% 2.3% -2.3%
Source: BlackRock, end November 2019.
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. These securities were chosen as examples as they represent some of the companies which fit into the themes within the portfolio.
17. Sub sector exposure
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E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
8
Source: BlackRock, end November 2019. The fund’s benchmark is the MSCI 10/40 DW Energy (Net) Index. Indices are unmanaged and one cannot invest directly in an index. For illustrative
purposes only. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have any future position in these
sector(s)/stock(s)/issuer.
Sub-sectorexposure Changes versus 12 monthsago
0 %
10%
20%
30%
40%
50%
60%
Percent
0.1%
-0.5%
0.2% 0.1%
-0.1%
0.0%
0.7%
-0.6%
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Percent
Fund Benchmark
18. BGF World Energy: Performance to 30th November 2019
F
O
R
D
S
P
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
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E
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E
A
D
I
M
P
O
R
T
A
N
T
D
I
S
C
L
O
S
U
R
8
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, 30 November 2019. Performance shown as at 30 November 2019 in USD on a NAV prices basis with income re-invested. Performance figures are calculated net of
annual fees. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Performance (AShare Class,Net,USD)
Launch date
April2001
Structure
Open-endedSICAV
Fund Managers
AlastairBishop
MarkHume
AUM
$1.3billion
November 2018-
November 2019
November 2017-
November 2018
November 2016-
November 2017
November 2015-
November 2016
November 2014-
November 2015
BGF World Energy Fund -A -3.87% -8.13% -1.56% 6.45% -21.21%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
Return(%)
MSCI World Energy 10/40 -4.05% -2.74% 3.92% 11.11% -16.01%
21. Why invest in the Sustainable Energy Theme?
F
O
R
D
S
P
F
O
R
P
U
B
L
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D
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T
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N
(
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P
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A
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8
Source: Blackrock 2019 | For illustrative purposes only.
The pace of change is accelerating
A multi-faceted growthopportunity
A climate change hedge with ESG
embedded in the investment process
22. Climate Change: An increasingly important consideration for investors
F
O
R
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P
F
O
R
P
U
B
L
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C
D
I
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T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
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T
A
N
T
D
I
S
C
L
O
S
U
R
8
Source: Left: Mercer, accessed January 2019. Right: Blackrock 2019. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund
may or may not have any future position in these sector(s)/stock(s)/issuer.
Technological disruption to reduce carbon
emissions is affecting all industries
Climate change will impact thevalue
of assets - riskof strandedassets
Regulatorypressuresoninvestors
-6.0 %
-4.0%
-2.0 %
0.0%
2.0%
4.0%
Medianadditionalannualreturns
Minimum Impact Additional Variability
The BGFSustainableEnergyfundhasacarbon riskratingof
10.33-thelowestinitssector
(Source:CityA.M,30April2019)
Climate Change Impacton Returns(35years)
6.0%
23. The shift to a lower carbon economy is supported by global regulations
F
O
R
D
S
P
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
I
S
C
L
O
S
U
R
E
S
)
8
Source: Left: Carbon brief, accessed Jan 2019. Right: Credit Suisse and ACEA, April 2019. There is no guarantee that any forecasts made will come to pass | For illustrative purposes only.
0
20
40
80
60
100
120
140
160
180
2005
2008
2011
2014
2017
2020E
2023E
2026E
2029E
2032E
2035E
2038E
GramsCO2/km
European NewCar Average EuropeanTarget
EUtargets atleast
40% cutin
greenhouse gas
emissions by2030
comparedwith 1990
Norway pledges
to become
carbon neutral
by 2030
8 African cities
pledged to cut
emissions to
zero by 2050
India is targeting
175GW greenpower
capacity by2022
China launched an
emissions trading
scheme, the world’s
largest mechanism
to reducecarbon
Yet to submit
climate pledge
Submitted
climate pledge
Submitted but
exiting thedeal
The Paris Climate Agreement: country emissions pledges Regulatory Targets in Europe for New cars
24. Lower carbon alternatives are increasingly more economic
F
O
R
D
S
P
F
O
R
P
U
B
L
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C
D
I
S
T
I
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B
U
T
I
O
N
(
P
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A
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E
A
D
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M
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D
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8
0
20
40
60
80
100
120
140
160
180
200
Offshorewind
Conventional
combustionturbine
Biomass
Advancednuclear
Advanced
combustionturbine
SolarPV
Hydroelectric
Onshorewind
Conventional
naturalgas
Advanced
naturalgas
US$/mWH
2014 2017
100
0
200
300
400
500
600
700
800
900
1,000
$/kWh
2010 2013 2016 2019 2022 2025 2028
Observedprice 18%learningrate
BNEFobserved
values:annual
lithium-ionbattery
priceindex
2010-17.
2030
average
lithium-
ion
battery
price:
$70/kWh
2025average
lithium-ion
batteryprice:
$96/kWh
Average Levelised Costsof Electricity Lithium-ion battery prices
Source: Left: EIA, 2018. Right: Bloomberg New Energy Finance, May 2018. There is no guarantee that any forecasts made will come to pass | For illustrative purposes only.
25. The pace of adoption continues to be underestimated
F
O
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F
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N
(
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8
Source: Left: BP Energy Outlook, 2018. Right: IEA, IRENA, Bloomberg, Goldman Sachs Global Investment Research 2018. The chart shows IEA annual projections for global solar capacity.
Forecasts may not come to pass.
0
1
2
3
4
5
6
7
8
9
Energy Outlook 2018
ThousandTWh
Change to the projected level of renewable power
in 2035
Energy Outlook 2015
Solar Wind Other
0
200
400
600
800
1,000
1,200
1,400 Actual &
2017
Forecast
2006
2007
2008
2008
2009
2010
2011
2012
Shiftto renewablescontinuestoaccelerate Thepace oftransition continuesto beunder-estimated
+59%
27. F
O
R
D
S
P
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
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I
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N
(
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A
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D
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S
U
R
8
Source: Blackrock New Energy Finance , 2018
Investment continues to accelerate RegulationCosts are falling
64%of investment in
new power
generation through
to 2050 is expected
to be on renewables
PV moduleprices
have fallen83%
since 2010 and wind
turbine prices are
down32%
since 2010
Governments are
having to change
their power
generation mix to be
more renewables
focused, in orderto
meet emissions
targets
Power: Pace of decarbonisation continues to upside surprise
28. Energy Efficiency: Doing more with less
F
O
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D
S
P
F
O
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P
U
B
L
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D
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T
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N
(
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D
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D
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S
U
R
8
Source: Left: NRDC, 14th August 2018. Centre: The energy Saving Trust 2017, Right: Blackrock , 2019
Consumersaremore energy conscious TechnologyEconomics
U.S. energy use is
about the same nowas it
was in 2000,despite
economic growthof
about 30percent
Changingyour
boiler from a G
efficiency rating to
an A rating can
save you £340 a
yearon your gasbill
Improvements in
technology are
making appliances
more energy
efficient, ultimately
reducing energy
wastage. These new
technologies are now
becoming the
conventional choice
29. Transportation: On the cusp of a multi decade transformation
F
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N
(
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A
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S
U
R
8
Source: Blackrock , 2019
China EconomicsTechnology
Due to license plate
restrictions, consumers in
Beijing has a 0.1% chance of
success when applying for a
internal combustion engine
(ICE) vehicle in 2017 but a
50% chance of success for
an EV
European
Regulation
European auto
manufacturers must reduce
average CO2 emissions for
new cars sold to 95 g/km by
2021 or face hefty fines.
The average in 2017 was
119 g/km.
The Tesla Model S can
accelerate from 0 to 60
miles per hour in as little as
2.4 seconds. That’s faster
than any Ferrari currently
available.
The battery accounts for
most of the cost differential
between an EV and an ICE
vehicle. However, costs are
falling rapidly, with battery
costs having fallen 79% in
the last 7 years.
31. BGF Sustainable Energy Fund – Strategy Overview
F
O
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F
O
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P
U
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N
(
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A
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R
8
Source: Blackrock , Oct 2019. For illustrative purposes only. * ESG refers to Environmental, social and governance | Past performance is not a reliable indicator of current or future results
BlackRock
offering:
Strong-trackrecord in
Thematics
Specialists
Benefit ofBlackRock
community
Researching:
Equities enabling or
benefitting from the
transition to a lower
carbon economy
Approach:
Activefundamental
analysis
Concentrated
portfolio
Investing inbusiness
fundamentals and
valuation; avoiding
“hype” stocks
32. BGF Sustainable Energy: Investment process
F
O
R
D
S
P
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
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R
E
A
D
I
M
P
O
R
T
A
N
T
8Source: BlackRock 2019. Investment process subject to change and provided here for illustrative purposes only. *RQA refers to Risk & Quantitative analysis.
InvestmentUniverse
Macro andIndustryView
CompanyTemplate
Portfolio
Review
trigger
Data
packs
Weekly
meeting
BII
Insights
Industry
Super-
Groups
Meetingswith
management
Site
visits
Financial
modellingand
ESG
Devil’sadvocate
Portfolio
construction RQA*
Rejected
ideas
34. BGF Sustainable Energy Fund looks to capture these growth opportunities
F
O
R
D
S
P
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
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E
A
S
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R
E
A
D
I
M
P
O
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T
A
N
T
D
I
S
C
L
O
S
U
R
8
Source: Blackrock , 30th Nov 2019. For illustrative purposes only. Percentages shown relate to the Fund’s current position in each sector. 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.
24.2% 20.8%
13.1% 12.3%
4.2%
5.3%
Power
CleanPower
Renewable
EnergyTechnology
5.4%
Energy
Storage &
Infrastructure
Building &
Consumer
Industrial
Efficiency
Automotive
Technology
Materials
:
Components
&
Systems10.2%
Energyefficiency Transport
35. BGF Sustainable Energy: Performance to 30th November 2019
F
O
R
D
S
P
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
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A
S
E
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E
A
D
I
M
P
O
R
T
A
N
T
D
I
S
C
L
O
S
U
R
8
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, 30 November 2019. Performance shown as at 30 November 2019 in USD on a NAV prices basis with income re-invested. Performance figures are
calculated net of annual fees. The fund does not have an official performance benchmark
Performance (AShare Class,Net,USD)
Launch date
April2001
Structure
Open-endedSICAV
Fund Managers
AlastairBishop
Charlie Lilford
AUM
$1.1billion
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
November 2018 -
November 2019
November 2017 -
November 2018
November 2016 -
November 2017
November 2015 -
November 2016
November 2014 -
November 2015
Returns(%)
BGF Sustainable Energy Fund - A 17.34% -8.27% 24.24% 0.26% -5.61%
36. BGF Sustainable Energy: Performance to 30th November 2019
F
O
R
D
S
P
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
I
S
C
L
O
S
U
R
8
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. 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. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in a n index.
Source: Data stream, 30 November 2019. Performance shown as at 30 November 2019 in USD
10-year relative performance vs. S&P Clean energy Index
Launch date
April2001
Structure
Open-endedSICAV
Fund Managers
AlastairBishop
Charlie Lilford
AUM
$1.1billion
Performance (%) Nov-18 - Nov-19 Nov-17 - Nov-18 Nov-16 -Nov-17 Nov-15 -Nov-16 Nov-14 -Nov-15
BGF Sustainable Energy Fund (Netof
fees for Ashareclass)
17.34% -8.27% 24.24% 0.26% -5.61%
S&P Global CleanEnergy 23.04% 0.22% 12.34% -14.82% -8.59%
80
70
60
50
40
30
20
10
0
-10
-20
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
Jul-12
Nov-12
Mar-13
Jul-13
Nov-13
Mar-14
Jul-14
Nov-14
Mar-15
Jul-15
Nov-15
Mar-16
Jul-16
Nov-16
Mar-17
Jul-17
Nov-17
Mar-18
Jul-18
Nov-18
Mar-19
Jul-19
Nov-19
Relativeperformancerebasedto100
37. BGF Sustainable Energy Fund looks to capture these growth opportunities
F
O
R
D
S
P
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
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E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
I
S
C
L
O
S
U
R
8
24.2%
5.4%
10.2%
4.2%
5.3%
12.3%
20.8%
13.1%
CleanPower
Energy Storage & Infrastructure
Renewable Energy Technology
Components &Systems Automotive
Technology
Materials
Building &Consumer
Industrial Efficiency
Cash
Company Sector Country of assets %ofFund
Nextera Energy Clean Power USA 6.2%
Enel Clean Power Europe 4.9%
EDP Renovaveis Clean Power Global 4.9%
Schneider Electric
Building &
Consumer
Global 4.4%
Vestas Wind
Systems
Renewable Energy
Technology
Global 4.3%
Eaton Corporation
Building &
Consumer
Global 3.5%
RWE Clean Power Germany 3.5%
First Solar
Renewable Energy
Technology
USA 3.3%
Sika
Building &
Consumer
Global 3.2%
Hexagon Industrial Efficiency Global 3.2%
Total: 41.47%
Top 10 Holdings Sector exposure by GICs and Sustainable Energy Sectors
Listing country allocation
28.2%
26.9%
14.5%
2.0%
4.4%
Industrials
Utilities
Information Technology
Materials
24.0%
Consumer Discretionary
Cash
4.4%
36.6%
49.2%
5.3% 2.0%
2.4%
4.4%
USA
Europe ex UK
UnitedKingdom
Asia ex China
China
Cash
The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions sho uld be made that the companies identified and
discussed were or will be profitable. Data shown above is for illustrative purposes only and does not necessarily represent the current or future allocation of the fund. 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 pro duct's to tal holdings. However, in some
instances it can reflect the country where the issuer of the securities carries out much of their business. Due to rounding the total may not be equal to 100. Holdings are subject to change.
Source – Blackrock as on 30th Nov 2019.
38. 38
Disclaimer
In the preparation of the material contained in this document, DSP Investment Managers Pvt. Ltd. (“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.
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.
Neither the DSP Mutual Fund nor any of its schemes are registered in any jurisdiction except in India, under SEBI (Mutual Fund) Regulations, 1996; except for DSP Equity Opportunities Fund and DSP Dynamic Asset Allocation
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who come into possession of this material in such jurisdictions are required to inform themselves about, and to observe, any such restrictions.
Asset Allocation
1. Units of BGF – WEF# and BGF-SEF# 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 – WEF and BGF - SEF, 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”).
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.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
Scheme Product Suitability Riskometer
DSP World Energy Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – World Gold Fund
(BGF – WGF)
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 energy and alternative energy sectors
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.