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[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
DSP World Gold Fund of Fund
(An open ended fund of fund scheme which invests into units/securities issued by overseas Exchange Traded Funds
(ETFs) and/ or overseas funds and/or units issued by domestic mutual funds that provide exposure to Gold/Gold
Mining theme)
| People | Processes | Performance |
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![[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
DSP World Gold Fund of Fund
(An open ended fund of fund scheme which invests into units/securities issued by overseas Exchange Traded Funds
(ETFs) and/ or overseas funds and/or units issued by domestic mutual funds that provide exposure to Gold/Gold
Mining theme)
| People | Processes | Performance |
July 2023](https://image.slidesharecdn.com/dsp-world-gold-fund-july23-230828202237-3eb57d47/75/DSP-World-Gold-Fund-1-2048.jpg)
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DSP World Gold Fund
- 1. [Title to come] [Sub-Titleto come] Strictly for Intended Recipients Only Date * DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class DSP World Gold Fund of Fund (An open ended fund of fund scheme which invests into units/securities issued by overseas Exchange Traded Funds (ETFs) and/ or overseas funds and/or units issued by domestic mutual funds that provide exposure to Gold/Gold Mining theme) | People | Processes | Performance | July 2023
- 2. 2 DSP World GoldFund of Fund Negative real rates are constructive for gold prices Store of value during periods of crisis Efficient way to play bullishness in gold Where does the underlying fund invest? Source: BlackRock; Internal. Data as on 31 July, 2023 The investment approach / framework/ strategy mentioned herein are currently followed by the scheme and the same may change in future depending on market conditions and other factors. Key Drivers 70% of its assets in the equity securities of companies whose predominant economic activity is gold-mining Gold prices are the key driver for Gold Mining Companies as they determine the margins Product Structure Reasons to Allocate? Indian Investors DSP World Gold Fund of Fund BlackRock Global Funds World Gold Fund (BGF-WGF) Vaneck Gold Miners ETF
- 3. World Gold Fund Asub-fund of BlackRock Global Funds (BGF) Natural Resources Team, London July 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, ACCREDITED INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES ONLY AEH0723E/M-2953808-1/43
- 4. Investment Team, Philosophy &Process 4 AEH0723E/M-2953808-2/43
- 5. 2023 outlook 5 Source: BlackRock,July 2023. Subject to change. We see strong arguments for allocating to gold and gold equities for diversification Deteriorating global economic growth, declining interest rate expectations and a weakening US dollar could all act as tailwinds for gold in 2023 Cost inflation in the gold sector has been significant and we have evolved portfolio positioning accordingly Valuations for gold equities appear attractive relative to their history AEH0723E/M-2953808-3/43
- 6. 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 Names are displayed in alphabetical order by surname. BlackRock, July 2023. Subject to change. *Tom Holl sits on our Materials and our Agriculture and Nutrition pods. 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 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 6 Energy Mining Gold Future of Transport Sustainable Energy Broad natural resources Nutrition Climate Action Circular Economy Portfolio managers and analysts Brown to Green Materials AEH0723E/M-2953808-4/43
- 7. Our investment process Theenvironmental, 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. BlackRock, July 2023. 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 and policies. Process subject to change based on market conditions, portfolio manager's opinion and other 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. 7 Portfolio Construction Positioning Active Risk Oversight (RQA) Investment Ideas Investment Universe Sector / Theme Size / Liquidity Top-down Research M acro-Economics Commodities Industries Technologies Bottom-up Research Investment reviews Company meetings Site visits AEH0723E/M-2953808-5/43
- 8. Integrating sustainability- related insightsand data into the investment process Engaging companies on sustainability-related issues that impact long- term performance MSCI ESG metrics incorporated into Aladdin to enable portfolio reporting and analytics Natural Resources Investment Processes Investment Stewardship Data & Tools “For Natural Resources companies, having a ‘social licence to operate’ mitigates risks and is a key pillar for generating long term investment performance. Environment, Social and Governance (ESG) analysis is systematically incorporated into our investment process together with more traditional metrics, sector and industry research. ” 8 Source: Blackrock, July 2023. For illustrative purposes only. AEH0723E/M-2953808-6/43
- 9. Environmental, social andcorporate governance (E.S.G) 9 How is E.S.G. incorporated into our investment process? Companies behaving in the interest of shareholders, society and the environment For a gold company, E.S.G. is crucial as it relates to it maintaining its social license to operate We see a positive correlation between strong E.S.G. and better risk-adjusted returns Embedding E.S.G. considerations in the investment process can help avoid ‘blow-up’ incidents E.S.G. is discussed in detail in meetings with companies’ management teams Our site visits to companies’ mines enrich our views on their E.S.G. We collaborate with BlackRock’s Investment Stewardship division We have access to external E.S.G. data and internal E.S.G tools Analysts and portfolio managers comment on E.S.G. when completing research templates E.S.G. is as important as valuation and fundamentals when making portfolio decisions 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. BlackRock, July 2023. Investment process subject to change and provided here for illustrative purposes only. What does strong E.S.G. mean to us? AEH0723E/M-2953808-7/43
- 10. Integrating ESG intothe FE Investment Process Idea generation comes from a combination of: Sector analyst views and fund manager conviction Filtering of the investment universe; ESG factors can be considered at this stage Internal research and external market insights In-depth company analysis includes: Team discussion of stock under review and stock rating appraised: Continuous review and engagement throughout the investment lifecycle: Fundamental analysis and financial modelling Company meetings Use of RQA’s sophisticated risk systems Portfolio construction ESG conclusions embedded in research template Quarterly portfolio review of MSCI ESG scores and quarterly Ethix portfolio screen Investment Stewardship and/or FE analysts engage with companies on key ESG issues Idea Generation Due Diligence Decision Making Continuous Review 10 FE refers to “Fundamental Equity”. RQA refers to the Risk & Quantitative Analysis team of BlackRock. Source: BlackRock, July 2023. For illustrative purposes only. Process subject to change based on market conditions, portfolio manager's opinion and other factors. Investment process subject to change. AEH0723E/M-2953808-8/43
- 11. E.S.G. improvements inthe gold equity sector 11 0 20 40 60 80 100 120 140 160 USA Australia Canada Peru Russia Mexico Ghana DRC Mauritania Dominican Republic Papua New Guinea Suriname Argentina Tanzania Mali Kyrgyzstan Cote d'Ivoire Brazil China Burkina Faso South Africa Turkey Senegal Thousand US Dollars WGC member mines average direct wage National average wage MSCI Adjusted ESG scores – last 5 years 2 4 6 8 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Mar-22 Jul-22 Nov-22 Mar-23 MSCI ESG score BGF World Gold Fund FTSE Gold Mines Index Average in-country wages, World Gold Council members, 2020 The gold industry has responded to the need to set out a vision of a more sustainable industry Looking forward, better data and disclosure will highlight the benefits that responsible gold miners deliver Source: chart: Left – MSCI, 31/05/23. Right – World Gold Council and AngloGold Ashanti, 31/05/23. AEH0723E/M-2953808-9/43
- 12. Dividend yield 12 Gold companiesare returning capital to shareholders The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. 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: Left - DataStream, 05/07/23. Right – DataStream, 31/12/22. Stock example: Newmont dividend per share Barrick announces new share buyback program Barrick, 15th of February 2023 Franco-Nevada declares dividend increase Market Beat, 5th of December 2022 Endeavour Mining renews share buy-back program Mining MX, 8th of June 2022 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. Stock example represents the largest holding. Reference to the company names mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of that company. 0.1 0.2 0.3 0.56 0.56 1.6 2.2 2.2 0 0.5 1 1.5 2 2.5 2015 2016 2017 2018 2019 2020 2021 2022 USD 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19 Feb-20 Jul-20 Dec-20 May-21 Oct-21 Mar-22 Aug-22 Jan-23 Jun-23 Percent FTSE Gold Mines S&P500 AEH0723E/M-2953808-10/43
- 13. Options for investingin gold and gold equities 13 BlackRock, July 2023. Subject to change. *Data refers to the FTSE Gold Mines Index. Annualized volatility based on monthly returns to 30/06/23. Physical Gold ETF Gold equity ETFs* BGF World Gold Fund Typically offers beta > 1 to the gold price No Yes Yes Opportunity to benefit from companies adding value e.g. exploration success No Yes Yes Ability to participate in IPOs and placements No No Yes E.S.G. incorporated into the investment process N/A No Yes Annualized volatility – last 3 years 16.4% 36.4% 32.1% % in top 4 holdings as at end June-2023 N/A 59.0% 25.6% AEH0723E/M-2953808-11/43
- 14.
- 15. Why might investorsconsider gold? 15 Diversification can improve risk- adjusted returns Inflation protection / store of wealth As an alternative to fiat currency 1970: US$10 = 15 Big Mac’s = 0.28oz of gold 8.9% 20.7% -5.6% -20% 0% 20% 40% 60% 80% 100% Global equities Global bonds Real estate Correlation between gold and other asset classes Meanwhile, gold has zero credit risk and has very limited supply growth. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Diversification and asset allocation may not fully protect you from market risk. Source: Left chart: DataStream, based on monthly returns between December 1990 and April 2023. Global equities represented by the MSCI World TR Index. Global bonds represented by the Bloomberg Global Aggregate Bond Index. Real estate represented by the US S&P/Case- Shiller National Home Price Index. Middle graphic: DataStream and Statista, 05/06/23. Right chart: World Gold Council, 31/12/22. 0 200 400 600 800 1,000 1,200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Central banks demand for gold (tonnes) 2023: US$10 = 1.9 Big Mac’s 0.28oz of gold = 106.8 Big Mac’s AEH0723E/M-2953808-13/43
- 16. Current arguments fordiversification 16 Correlation of bond and equity returns Geopolitical risk is elevated Global economic growth is uncertain Gold’s track-record as a diversifier No. of calendar years the MSCI World Index has fallen more than -5% since 1970 11 Average return of the gold price over those 11 years +15.3% % of those years that gold outperformed the MSCI World Index 91% Correlation between calendar year returns of the MSCI World Index and gold since 1970 -0.09 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: Upper left – Datastream, 30/06/23; Bottom left - Datastream, 15/05/23; Bottom right – Datastream, 31/12/22. Indices are unmanaged and one cannot invest directly in an index. Index performance returns do not reflect any management fees, transaction costs or expenses. -80% -40% 0% 40% 80% Correlation 38 40 42 44 46 48 50 52 54 56 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Index level Global manufacturing PMI AEH0723E/M-2953808-14/43
- 17. 17 US debt levels Source:DataStream, 31/03/23. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q1 1976 Q1 1977 Q1 1978 Q1 1979 Q1 1980 Q1 1981 Q1 1982 Q1 1983 Q1 1984 Q1 1985 Q1 1986 Q1 1987 Q1 1988 Q1 1989 Q1 1990 Q1 1991 Q1 1992 Q1 1993 Q1 1994 Q1 1995 Q1 1996 Q1 1997 Q1 1998 Q1 1999 Q1 2000 Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Percent US$ billion US Public Debt - $ billion US Public Debt/ GDP - RHS AEH0723E/M-2953808-15/43
- 18. What has beendriving the gold price? 18 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: Left - BlackRock and Bloomberg, 31/03/23; Right – Datastream, 30/06/23, prices in USD. Index performance is shown for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. R-squared of 5 key variables in driving the gold price Gold price The US dollar has been the most important driver for gold in recent months 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 US dollar GSCI Commodity Index MSCI World Index USD 10 year Real Interest Rate US inflation 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Gold price - US$/oz. AEH0723E/M-2953808-16/43
- 19. Gold demand trends 19 Gold-backedETF holdings Jewellery demand in selected countries (tonnes) Source: Left - Bloomberg, 31/03/23; Right – World Gold Council, 31/01/23. The RHS chart shows Jewellery demand for 30 selected countries from APAC, Middle East, Russia, Europe ex CIS and Americas. 0 500 1,000 1,500 2,000 2,500 3,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 30 40 50 60 70 80 90 100 110 120 Gold ETF holdings (million ounces) AEH0723E/M-2953808-17/43
- 20. Gold supply trends 20 Source:World Gold Council, 31/12/22. Global mined production is plateauing 2,000 2,500 3,000 3,500 4,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tonnes Mine production AEH0723E/M-2953808-18/43
- 21. Real yields andgold 21 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Index performance returns do not reflect any management fees, transaction costs or expenses. Source: Morgan Stanley and DataStream, 31/05/23. For illustrative purposes only. 1000 1200 1400 1600 1800 2000 2200 2400 -1.5 -1 -0.5 0 0.5 1 1.5 2 Gold price US$/oz. US 10y TIPS (%) 2018 2019 2020 2021 2018-2021 2022 2023 Linear (2018-2021) Linear (2022) Linear (2023) Gold price versus US 10y TIPS 2018 to end 2021: steady inverse relationship between gold and real yields 2022: a significant shift in this relationship, with the trendline flattening 2023 so far: 1. steepening of the regression line to a more ‘normal relationship and 2. the trendline has reset higher Current AEH0723E/M-2953808-19/43
- 22. US dollar outlook 22 USdollar versus the gold price What is likely to drive the US dollar from here? Russia-Ukraine-related risks potentially impacting European currencies Monetary policy differentials Market environment – risk-on or risk-off? The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. There is no guarantee that any forecasts made will come to pass. Source: Datastream, 30/06/23, prices in USD. 70 75 80 85 90 95 100 105 110 115 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Gold price - US$/oz. - LHS DXY Index - Inverted - RHS AEH0723E/M-2953808-20/43
- 23. Central banks 23 Central banksdemand for gold (tonnes) Official gold reserves Source: Left – World Gold Council, 31/12/22; Right – World Gold Council, official gold holdings as of 01/03/23. 0 200 400 600 800 1,000 1,200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tonnes % of reserves Additional demand to take gold to 20% of reserves United States 8,133.5 68.1% - Germany 3,355.1 67.6% - Italy 2,451.8 64.9% - France 2,436.8 62.2% - The Netherlands 612.5 57.3% - Austria 280.0 49.8% - Belgium 227.4 33.1% - Turkey 564.8 29.7% - Russia 2,298.5 22.2% - Spain 281.6 18.3% 25 Algeria 173.6 14.2% 72 United Kingdom 310.3 10.9% 260 Philippines 157.7 10.1% 155 Iraq 130.3 8.6% 172 Poland 228.7 8.5% 313 India 787.4 8.4% 1,093 Switzerland 1,040.0 6.9% 1,958 Thailand 244.2 6.7% 485 Taiwan 423.6 4.5% 1,455 Japan 846.0 4.2% 3,196 Saudi Arabia 323.1 4.2% 1,227 China 2,025.4 3.7% 8,880 Singapore 153.7 3.2% 807 Brazil 129.7 2.4% 941 Total additional demand (tonnes) 21,039 AEH0723E/M-2953808-21/43
- 24. Why own goldequities? 24 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: Datastream, 30/06 /23. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Beta of gold equities to the gold price over the past 20 years 0 0.5 1 1.5 2 2.5 3 Beta 1-year rolling beta based on weekly returns of the FTSE Gold Mines Index and the gold price AEH0723E/M-2953808-22/43
- 25. Outlook for margins 25 Thefigures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: Right - Datastream and World Gold Council, 31/03/23. Average gold price for each quarter minus average all-in sustaining costs (US$) 200 300 400 500 600 700 800 900 1000 AEH0723E/M-2953808-23/43
- 26. Valuation of goldcompanies 26 North American gold producers P/NAV North American gold producers EV/EBITDA Source for both charts: Company reports, RBC Capital Markets estimates, 05/07/23. 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x 1.80x Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 P/NAV P/NAV Average 1 SD 2 SD 2x 4x 6x 8x 10x Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 EV/EBITDA EV-EBITDA Average 1 SD 2 SD AEH0723E/M-2953808-24/43
- 27. Portfolio Characteristics & Performance 27 TheFund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the FTSE Gold Mines Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the sector requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund. AEH0723E/M-2953808-25/43
- 28. 2023 portfolio activity 28 Stock% of Fund % of benchmark Active weight Franco-Nevada 6.7% 0.0% 6.7% Endeavour Mining 7.2% 2.2% 5.0% Wheaton Precious Metals 4.7% 0.0% 4.7% Freeport-McMoran 2.9% 0.0% 2.9% Lundin Gold 2.9% 0.7% 2.2% Largest 5 overweight positions end Dec-2022 Largest 5 overweight positions end Jun-23 Stock % of Fund % of benchmark Active weight Endeavour Mining 6.4% 0.0% 6.4% Wheaton Precious Metals 6.0% 0.0% 6.0% Franco-Nevada 5.4% 0.0% 5.4% SSR Mining 3.5% 0.0% 3.5% B2Gold 5.4% 2.2% 3.2% Stock % of Fund % of benchmark Active weight Newmont 4.8% 21.6% -16.8% Barrick Gold 7.2% 17.5% -10.3% Agnico Eagle Mines 4.5% 13.6% -9.1% Anglogold Ashanti 0.7% 4.7% -3.9% Gold Fields 2.9% 5.2% -2.4% Largest 5 underweight positions end Dec-2022 Largest 5 underweight positions end Jun-23 Stock % of Fund % of benchmark Active weight Newmont 6.6% 19.6% -13.0% Barrick Gold 6.6% 17.1% -10.6% Agnico Eagle Mines 4.6% 13.2% -8.6% Newcrest Mining 3.7% 9.1% -5.3% Anglogold Ashanti 0.0% 5.1% -5.1% 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. Source: BlackRock, 30 June 2023. AEH0723E/M-2953808-26/43
- 29. BGF World GoldFund: Performance to 30 June 2023 29 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. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Source: BlackRock, performance shown as at 30 June 2023 in USD on a net performance on a bid to bid pricing basis with income re-invested. Performance figures are calculated net of annual fees. FOR PROFESSIONAL CLIENTS, QUALIFIED INVESTORS AND QUALIFIED CLIENTS ONLY/ FOR PROFESSIONAL, INSTITUTIONAL, ACCREDITED INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES ONLY YTD 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Since inceptio n p.a. BGF World Gold Fund - A 3.69% -17.00% -10.59% 28.38% 34.55% -17.58% 2.68% 50.92% -21.89% -5.19% -48.06% 4.30% FTSE Gold Mines Index 3.88% -15.47% -12.72% 23.22% 41.21% -11.31% 9.11% 59.59% -21.42% -15.20% -53.17% -0.30% -70% -50% -30% -10% 10% 30% 50% 70% Return (%) AEH0723E/M-2953808-27/43
- 30. Top 10 holdings 30 Thespecific 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. Source: BlackRock, 30 June 2023. Stock % of the portfolio Commodity Primary risk region Theme Key risk Barrick Gold 6.59% Gold Global Deleverage Operational execution Newmont Mining 6.58% Gold Global Free Cash Flow Generator Operational execution Endeavour Mining 6.39% Gold Ghana Growth M&A / Geopolitical risk Wheaton Precious Metals 6.01% Gold Canada Growth M&A Franco Nevada 5.37% Gold Canada Growth Lack of leverage in rising market B2Gold 5.37% Gold Canada Growth Mali risk Agnico Eagle Mines 4.64% Gold Canada Growth Project execution Alamos Gold 4.62% Gold North America Growth Project execution Gold Fields 4.30% Gold Global Beta / Free Cash Flow Generator M&A Northern Star Resources 3.89% Gold Australia Growth Australian cost inflation Total 53.76% AEH0723E/M-2953808-28/43
- 31. Sector and companytype exposure 31 Source: BlackRock, 30 June 2023. For illustrative purposes only. Numbers may not add up to 100% due to rounding. Weightings as of date shown and not necessarily represent current or future portfolio holdings. Sectors shown should not be deemed as a recommendations to buy or sell in those specific sectors. Sector exposure Exposure to different company types 6% 10% 38% 13% 30% Emerging Producer Explorer Intermediate Producer Royalty Company Senior Producer 87.8% 5.2% 2.1% 0.9% 4.1% Gold Silver Copper Platinum Group Metals Cash AEH0723E/M-2953808-29/43
- 32. 2022 performance review 32 Performancerebased to 100 Drivers of absolute performance: • 2022 was a mixed year for gold and gold equities, with a strong Q1, torrid Q2 and Q3 and a late rally in Q4. • US dollar strength appeared to be the main headwind for gold in Q2 and Q3, with the DXY (a US dollar index) rising from 96.7 as at 31.03.22 to a 20-year high of 114.1 towards the end of September. • Rising real interest rates were also negative for gold, the US 10-year real interest rate rose from - 0.69% at the start of 2022 to 1.35% at the time of writing, but gold held up relatively well considering. • Gold producers simultaneously faced falling gold prices and significant cost inflation and margins compressed as a result. What contributed to relative performance? • On the positive side, our structural underweight to Newmont benefitted relative performance. • We trimmed our position in Q3 on operational concerns which proved founded and, in hindsight, we could have been more aggressive. • Our off-benchmark position in high-quality, US royalty company, Franco Nevada, also performed well. • We added to the company as part of our efforts to make the portfolio less vulnerable to cost inflation that was being driven by higher energy prices and tight labour markets. What detracted from relative performance? • By far the largest individual detractor was our off-benchmark position in Russian gold company, Polyus (-3.7% impact on active returns). • Like the market, our base case was there wouldn’t be a full-scale invasion of Ukraine launched by Russia, whilst we viewed Polyus’ assets as being high quality. • As a result, we were disappointingly incorrectly positioned for what followed. • BlackRock’s Pricing Committee wrote down Russian companies that had ceased trading to nominal values. • Our structural underweight to Barrick also weighed on relative returns (-0.4% impact on active returns). • Despite averaging our second-largest in absolute terms through the year, its large weighting in the index (~18%) meant it appeared as a detractor. 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 returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Source: LHS – Datastream, 31/12/22. RHS – BlackRock, 31/12/22. Reference to the company names 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. 60 70 80 90 100 110 120 130 BGF World Gold FTSE Gold Mines Index Gold AEH0723E/M-2953808-30/43
- 33. BGF World GoldFund: Performance since inception 33 Rebased to 100 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 returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Source: BlackRock, performance shown as at 30 June 2023 in USD on a NAV prices basis with income re-invested. Performance figures are calculated net of annual fees. 0 100 200 300 400 500 600 700 800 900 Rebased to 100 BGF World Gold Fund (A share class in USD) FTSE Gold Mines Index AEH0723E/M-2953808-31/43
- 34. Calendar year performance 34 Thefigures 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. Indexes are unmanaged and one cannot invest directly in an index. Source: BlackRock, 31 December 2022. Performance shown in USD on a NAV prices basis with income re-invested. Performance figures are calculated net of annual fees. -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022 Percent Percent BGF World Gold Fund (A share class in USD) FTSE Gold Mines Index Active - RHS AEH0723E/M-2953808-32/43
- 35. For investors inItaly: This document is marketing material. Before investing please read the Prospectus and the KIID available on www.blackrock.com/it, which contain a summary of investors’ rights. 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. Concentration 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. Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. 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. Investments in Mining Securities: Investments in mining securities are subject to sector-specific risks which include environmental concerns, government policy, supply concerns and taxation. The variation in returns from mining securities is typically above average compared to other equity securities. Liquidity Risk: The Fund's investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair. Risk Warnings 35 Fund Specific risks AEH0723E/M-2953808-33/43
- 36. This material isfor 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. 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. 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. 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 Important Information 36 AEH0723E/M-2953808-34/43
- 37. 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. 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. 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. 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.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 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 Important Information 37 AEH0723E/M-2953808-35/43
- 38. Important Information 38 the distributionwebsite 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. 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. AEH0723E/M-2953808-36/43
- 39. Portugal/Spain: This documentis 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. 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) are 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. Important Information 39 AEH0723E/M-2953808-37/43
- 40. 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. 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. Important Information 40 AEH0723E/M-2953808-38/43
- 41. In Singapore, thisis issued by BlackRock (Singapore) Limited (company registration number: 200010143N) for accredited investors, institutional investors and professional intermediaries only. The Fund is not authorised or recognised by the Monetary Authority of Singapore (“MAS”) and is not allowed to be offered to the Singapore retail public. This is not a prospectus as defined in the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”). Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you. This has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of interests may not be circulated or distributed, nor may interests be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (I) to an institutional investor (as defined in Section 4A of the SFA) under Section 304 of the SFA, (II) to relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to Section 305(2), and in accordance with the conditions, specified in Section 305 of the SFA or (III) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.. 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. Important Information 41 AEH0723E/M-2953808-39/43
- 42. Important Information 42 This materialmay contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of yields or returns, and proposed or expected portfolio composition. Moreover, certain historical performance information of other investment vehicles or composite accounts managed by BlackRock has been included in this material and such performance information is presented by way of example only. No representation is made that the performance presented will be achieved by any BlackRock Funds, or that every assumption made in achieving, calculating or presenting either the forward-looking information or the historical performance information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented herein by way of example. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation. 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. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. Neither should this material be used for any other purpose other than that indicated above. The information contained herein is for informational purposes only and is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. An assessment should be made as to whether the information is appropriate for you having regard to your objectives, financial situation and needs. Reliance upon information in this material is at the sole discretion of the reader. Investment implies risk, including the possible loss of principal. In Latin America, for institutional investors and financial intermediaries only (not for public distribution). This material is for educational purposes only and does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in this material, such funds may not been registered with the securities regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries. The securities regulators of any country within Latin America have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America. The contents of this material are strictly confidential and must not be passed to any third party. AEH0723E/M-2953808-40/43
- 43. Important Information 43 In Argentina,only for use with Qualified Investors under the definition as set by the Comisión Nacional de Valores (CNV). For investors in Central America, these securities have not been registered before the Securities Superintendence of the Republic of Panama, nor did the offer, sale or their trading procedures. The registration exemption has made according to numeral 3 of Article 129 of the Consolidated Text containing of the Decree- Law No. 1 of July 8, 1999 (institutional investors). Consequently, the tax treatment set forth in Articles 334 to 336 of the Unified Text containing Decree-Law No. 1 of July 8, 1999, does not apply to them. These securities are not under the supervision of the Securities Superintendence of the Republic of Panama. The information contained herein does not describe any product that is supervised or regulated by the National Banking and Insurance Commission (CNBS) in Honduras. Therefore any investment described herein is done at the investor’s own risk. This is an individual and private offer which is made in Costa Rica upon reliance on an exemption from registration before the General Superintendence of Securities (“SUGEVAL”), pursuant to articles 7 and 8 of the Regulations on the Public Offering of Securities (“Reglamento sobre Oferta Pública de Valores”). This information is confidential, and is not to be reproduced or distributed to third parties as this is NOT a public offering of securities in Costa Rica. The product being offered is not intended for the Costa Rican public or market and neither is registered or will be registered before the SUGEVAL, nor can be traded in the secondary market. If any recipient of this documentation receives this document in El Salvador, such recipient acknowledges that the same has been delivered upon his request and instructions, and on a private placement basis. In Chile, the sale of each fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject matter of this sale may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF. Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant registry of the CMF. In Colombia, the sale of each fund discussed herein, if any, is addressed to less than one hundred specifically identified investors, and such fund may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia. In Guatemala, this communication and any accompanying information (the “Materials”) are intended solely for informational purposes and do not constitute (and should not be interpreted to constitute) the offering, selling, or conducting of business with respect to such securities, products or services in the jurisdiction of the addressee (this “Jurisdiction”), or the conducting of any brokerage, banking or other similarly regulated activities (“Financial Activities”) in the Jurisdiction. Neither BLK, nor the securities, products and services described herein, are registered (or intended to be registered) in the Jurisdiction. Furthermore, neither BLK, nor the securities, products, services or activities described herein, are regulated or supervised by any governmental or similar authority in the Jurisdiction. The Materials are private, confidential and are sent by BLK only for the exclusive use of the addressee. The Materials must not be publicly distributed and any use of the Materials by anyone other than the addressee is not authorized. The addressee is required to comply with all applicable laws in the Jurisdiction, including, without limitation, tax laws and exchange control regulations, if any. AEH0723E/M-2953808-41/43
- 44. Important Information 44 In theDominican Republic, any securities mentioned or inferred in this material may only be offered in a private character according to the laws of the Dominican Republic, falling beyond the scope of articles 1 numeral (31), 46 et al of Law 249-17 dated 19 December 2017, as amended and its Regulations. Since no governmental authorizations are required in such offering, any “securities” mentioned or inferred in this material have not been and will not be registered with the Stock Market Superintendency of the Dominican Republic (Superintendencia de Mercado de Valores de la República Dominicana), and these “securities” may only be circulated, offered and sold in the Dominican Republic in a private manner based on the criteria established under Dominican laws and regulations. For investors in the Caribbean, any funds mentioned or inferred in this material have not been registered under the provisions of the Investment Funds Act of 2003 of the Bahamas, nor have they been registered with the securities regulators of Bermuda, Dominica, the Cayman Islands, the British Virgin Islands, Grenada, Trinidad & Tobago or any jurisdiction in the Organisation of Eastern Caribbean States, and thus, may not be publicly offered in any such jurisdiction. The shares of any fund mentioned herein may only be marketed in Bermuda by or on behalf of the fund or fund manager only in compliance with the provision of the Investment Business Act 2003 of Bermuda and the Companies Act of 1981. Engaging in marketing, offering or selling any fund from within the Cayman Islands to persons or entities in the Cayman Islands may be deemed carrying on business in the Cayman Islands. As a non-Cayman Islands person, BlackRock may not carry on or engage in any trade or business unless it properly registers and obtains a license for such activities in accordance with the applicable Cayman Islands law. For Offshore Wealth investors, for institutional investors and financial intermediaries only (not for public distribution). The information contained herein is for informational purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. An assessment should be made as to whether the information is appropriate for you having regard to your objectives, financial situation, and needs. Reliance upon information in this material is at the sole discretion of the reader. Investment implies risk, including the possible loss of principal. This information does not consider the investment objectives, risk tolerance, or the financial circumstances of any specific investor. This information does not replace the obligation of financial advisor to apply his/her best judgment in making investment decisions or investment recommendations. This material is restricted to distribution to non-U.S. Persons outside the United States within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Any securities described herein may not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction and may not be offered, sold, pledged or otherwise transferred except to persons outside the U.S. in accordance with Regulation S under the Securities Act pursuant to the terms of such securities. In particular, any UCITS funds mentioned herein are not available to investors in the U.S. and this material cannot be construed as an offer of any UCITS fund to any investor in the U.S. AEH0723E/M-2953808-42/43
- 45. Important Information 45 UCITS HAVENO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES 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. © 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. AEH0723E/M-2953808-43/43
- 46. In this document,DSP Asset Managers Private Limited (“the AMC”) has used information that is publicly available, including information developed in-house. While utmost care has been exercised while preparing this document, neither the AMC nor any person connected warrants the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The recipient(s), before acting on any information herein, should make his/her/their own assessment and seek appropriate professional advice. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. There is no assurance of any returns/capital protection/capital guarantee to the investors in this scheme of DSP Mutual Fund. The investors are bearing the recurring expenses of the scheme, in addition to the expenses of other schemes in which the Fund of Funds scheme makes investments. All figures and other data given in this document for the fund are as on date (unless otherwise specified) and the same may or may not be relevant in future and the same should not be considered as solicitation/ recommendation/guarantee of future investments by the AMC or its affiliates. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of the schemes of the DSP Mutual Fund. For scheme specific risk factors, asset allocation details, load structure, investment objective and more details, please read the Scheme Information Document and Key Information Memorandum of the scheme available at the Investor Service Centres of the AMC and also available on www.dspim.com. .
- 47. 47 *Investors should consulttheir 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 Scheme Product Suitability RISKOMETER Scheme Benchmark - FTSE Gold Mine TRI (In INR Terms) DSP World Gold Fund of Fund (An open ended fund of fund scheme which invests into units/securities issued by overseas Exchange Traded Funds (ETFs) and/ or overseas funds and/or units issued by domestic mutual funds that provide exposure to Gold/Gold Mining theme.) This Scheme is suitable for investors who are seeking* • Long-term capital growth • Investment in units/securities issued by overseas Exchange Traded Funds (ETFs) and/or overseas funds and/or units issued by domestic mutual funds that provide exposure to Gold/Gold Mining theme.