Crecimiento lento, pero crecimiento · Proyección de la Fed a partir del resumen de proyecciones económicas (diciembre de 2018). Este modelo tiene en cuenta el ... para calcular

Crecimiento lento, pero crecimiento

Gabriela Guerrero

PARA USO EXLCUSIVO DE ATL CAPITAL

20 de marzo 2019

Ventas del equipo de distribución de BlackRock

Índice

3 PARA USO EXLCUSIVO DE ATL CAPITAL

1. Actualización macroeconómica

• Crecimiento lento, pero crecimiento

2. Fondos 2019

• Renta Fija Europea

– BGF Euro Short Duration Bond Fund

– BSF Fixed Income Strategies Fund

• Fondos multiactivo

– BGF Global Allocation Fund

Crecimiento lento, pero crecimiento

Rentabilidad de los activos, 4T18 y YTD19


0

1

2

3

4

5

6

7

8

9

10

-20 -15 -10 -5 0 5 10 15 20 25

Japan equity

U.S. equity

China A-Share

Europe equity

EM equity

Global HY

$ EMD

Global IG

USD index

10-year U.S. govt.

Rentabilidades (%)

Q4 2018 2019 YTD

La rentabilidad pasada no es indicador de los resultados actuales o futuros. No es posible invertir directamente en un índice. Fuentes: BlackRock Investment Institute, con datos de Thomson Reuters, marzo de 2019. Notas: Los índices mostrados son el índice de

referencia a 10 años de Thomson Reuters, el índice DXY, Bloomberg Barclays Global Corporate Grade Grade Index, JPM EMBI Global Diversified Index, Bloomberg Barclays Índice global de alto rendimiento, índice MSCI de mercados emergentes, índice MSCI Europe, índice

Shanghai SE A-Share, índice MSCI USA, índice MSCI Japan

InglésInglésInglésInglésInglés

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-40

-30

-20

-10

0

10

20

30

40

-10 -5 0 5 10 15 20 25

Glo

ba

l s

toc

ks

(%

)

Global bonds (%)

Rentabilidad anual global (renta variable y renta fija), 1991 - 2018


Renta variable positivo

Renta fija negativo

Renta variable positivo

Renta fija positivo

Renta variable negativo

Renta fija positivo

Renta variable negativo

Renta fija negativo

Para uso exlcusivo de ATL Capital

¿Cómo se comportaran los mercados en el

2019?

7

How will global stocks and bonds perform in 2019?

Renta variable, Renta fija




Para uso exlcusivo de ATL Capital 8

How will global stocks and bonds perform in 2019?


Para uso exlcusivo de ATL Capital 9

3 Factores a tener en cuenta:


1

Políticas monetarias y

fiscales

2

Riesgo geopolíticos

3

Ralentización del

crecimiento


Es posible que las estimaciones prospectivas no se cumplan. Fuente: BlackRock Investment Institute, FMI, Comisión Europea y Oficina de Responsabilidad Presupuestaria del Reino Unido, con datos de

Thomson Reuters, marzo de 2019. Notas: Este gráfico muestra estimaciones del impacto de la política fiscal en el crecimiento del PIB mundial a lo largo del tiempo. Las estimaciones se obtienen tomando el cambio anual en el déficit fiscal primario ajustado en función del ciclo de cada

región como porcentaje del PIB mundial.

-0,1

0

0,1

0,2

0,3

2017 2018 2019 2020

Fis

ca

l Im

pu

lse

(%

of

glo

ba

l G

DP

)

U.S. Eurozone China U.K.

2019 agregado

Políticas fiscales del G7 y China, 2017-2019 1

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

0

2

4

6

8

10

12

1990 1995 2000 2005 2010 2015 2020 2025

12


1 Política monetaria en EEUU

Política monetaria EEUU y estimación, 1990-2022

U.S. Recession

Fed Funds Rate

Equilibrium neutral rate

Current neutral rate

Fed dots (Dec 2018)

Las estimaciones prospectivas pueden no suceder. Fuentes: BlackRock Investment Institute, la Reserva Federal, NBER, Consensus Economics y el BCE, con datos de

Thomson Reuters, enero de 2019. Notas: El gráfico muestra la tasa de política de la Fed, nuestras estimaciones del equilibrio y las tasas neutrales actuales, y la mediana

Proyección de la Fed a partir del resumen de proyecciones económicas (diciembre de 2018). Este modelo tiene en cuenta el ciclo financiero.

-0,25

0

0,25

0,5

nov 2018 dic 2018 ene 2019 feb 2019 mar 2019

Ra

te h

ike

s /

cu

ts p

ric

ed

(p

pt

po

ints

)

Dos subidas

Una subida

Una bajada

Tipos de interés en EEUU descontados por el mercado

Las estimaciones prospectivas pueden no suceder. Fuente: BlackRock Investment Institute con datos de Bloomberg, marzo de 2019. Notas: El gráfico muestra el

cambio implícito en el mercado de las tasas de interés estadounidenses a corto plazo sobre 2019, como se refleja en los futuros del Eurodólar.

Ra

te (

%)

-0,4

-0,3

-0,2

-0,1

0

0,1

0,2

2015 2016 2017 2018 2019 2020

Po

lic

y r

ate

(%

)

13


Política monetaria Europa y estimación, 1990-2019

Las estimaciones prospectivas pueden no suceder.

Fuentes: BlackRock Investment Institute, la Reserva Federal, NBER, Consensus Economics y el BCE, con datos de Thomson Reuters, enero de 2019. Notas: El gráfico muestra la tasa de política de la Fed, nuestras estimaciones del equilibrio y las tasas neutrales actuales, y la

mediana Proyección de la Fed a partir del resumen de proyecciones económicas (diciembre de 2018). El gráfico de la derecha muestra la tasa de política del BCE y nuestra estimación de las

tasas neutrales actuales y de equilibrio. Este modelo tiene en cuenta el ciclo financiero.

Política monetaria eurozona, 2015-2020

Las estimaciones prospectivas pueden no suceder.

Fuente: BlackRock Investment Institute con datos de Bloomberg, marzo de 2019. Notas: El gráfico muestra los niveles históricos de EONIA y los precios a futuro.

Current forwards

EONIA

Forwards at Dec 2018

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

-2

0

2

4

6

8

10

12

1990 1995 2000 2005 2010 2015

Ra

te (

%)

European recession

ECB policy rate

Current neutral rate

Long-term

neutral rate

1 Política monetaria en Europa

14


-30%

-20%

-10%

0%

10%

20%

30%

ene 2017 jul 2017 ene 2018 jul 2018 ene 2019

Re

turn

(%

)

Uncertainty effect MSCI World performance Growth effect

Riesgos Geopolíticos 2

El rendimiento pasado no es un indicador confiable de los resultados actuales o futuros. No es posible invertir directamente en un índice. Fuentes: BlackRock Investment Institute con datos de Thomson Reuters, marzo de 2019. Notas: La línea naranja muestra el rendimiento acumulado de MSCI World

desde enero de 2017. Los rendimientos se desglosan en el efecto de "efecto de crecimiento" y "incertidumbre". Los rendimientos reales y las acciones se interpretan como el precio del mercado en un cambio en las expectativas de crecimiento: el efecto del crecimiento. El cambio no relacionado con el crecimiento

es el efecto de la incertidumbre. Nos basamos en la metodología utilizada en el documento de 2014 del FMI Noticias y choques monetarios a una alta frecuencia : Un Enfoque Simple.

15 Para uso exlcusivo de ATL Capital


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lati

ve

lik

eli

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od

of

ev

en

t

Impact on global equities

Probabilidad e impacto de los riesgos geopolíticos, marzo 2019

Las estimaciones pueden no pasar.

Fuente: BlackRock Investment Institute, marzo de 2019. Notas: El gráfico muestra las estimaciones de BlackRock de la probabilidad relativa (eje vertical) de los riesgos en los próximos seis meses y su impacto potencial en el mercado sobre el índice ACWI de MSCI (eje horizontal).

Las estimaciones de impacto de mercado se basan en el análisis del grupo de análisis de riesgo y cuantitativo de BlackRock. Algunos de los escenarios que prevemos no tienen precedentes, o solo imperfectos. Los escenarios son solo para fines ilustrativos y no reflejan todos los

resultados posibles, ya que los riesgos geopolíticos están en constante evolución. Las líneas y puntos de colores muestran si el Comité Directivo de Riesgo Geopolítico de BlackRock ha aumentado (rojo) o disminuido (verde) la probabilidad relativa de cualquiera de los riesgos

de nuestra actualización anterior.

2

16


BlackRock Geopolitical Risk Indicator Global

2

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-3

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-1

0

1

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

BG

RI

Sc

ore

Fuente: BlackRock Investment Institute, con datos de Thomson Reuters. Datos al 1 de marzo de 2019. Notas: Identificamos palabras específicas relacionadas con el riesgo geopolítico en general y con nuestros 10 riesgos principales. Luego utilizamos el análisis de texto para calcular la frecuencia de su aparición en las bases de datos de Thomson Reuters Broker Report y Dow Jones Global Newswire, así como en Twitter. Luego ajustamos si el lenguaje refleja un sentimiento positivo o negativo, y asignamos una puntuación. Una puntuación de cero representa el nivel promedio de BGRI a lo largo de su historia desde 2003 hasta ese momento. Una puntuación de uno significa que el nivel de BGRI es una desviación estándar por encima del promedio. Pesamos las lecturas recientes más fuertemente en el cálculo del promedio. Recientemente, mejoramos la metodología de nuestro BGRI global, relacionándolo con nuestros otros riesgos y actualizando las palabras clave. El gráfico puede parecer diferente de las actualizaciones anteriores como resultado.


BlackRock Geopolitical Risk Indicator Europa

2

Fuente: BlackRock Investment Institute, con datos de Thomson Reuters. Datos al 1 de marzo de 2019. Notas: identificamos palabras específicas relacionadas con este riesgo geopolítico y utilizamos el análisis de texto para calcular la frecuencia de su aparición en las bases de datos Thomson Reuters Broker Report y Dow Jones Global Newswire, así como en Twitter. Luego ajustamos si el lenguaje refleja un sentimiento positivo o negativo, y asignamos una puntuación. Una puntuación de cero representa el nivel promedio de BGRI a lo largo de su historia desde 2003 hasta ese momento. Una puntuación de uno significa que el nivel de BGRI es una desviación estándar por encima del promedio. Pesamos las lecturas recientes más fuertemente en el cálculo del promedio. El escenario de riesgo del BGRI es solo para fines ilustrativos y no refleja todos los resultados posibles, ya que los riesgos geopolíticos están en constante evolución.

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[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE]






[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE]




[CELLRANGE]



[CELLRANGE]



[CELLRANGE]

[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE]






[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE]

-3

-2

-1

0

1

2

3

4

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

BG

RI

Sc

ore


1

1,5

2

2,5

3

2017 2018 2019

Re

al

GD

P g

row

th (

%)

Las estimaciones prospectivas pueden no suceder. Fuente: BlackRock Investment Institute con datos de Bloomberg y Consensus Economics, marzo de 2019. Notas: El GPS BlackRock Growth muestra dónde se ubicará el pronóstico de 12 meses del consenso del PIB en un plazo de tres meses. Las líneas punteadas muestran la tasa de crecimiento

del PIB que implica nuestro indicador de condiciones financieras (FCI), en función de su relación histórica con nuestro GPS de crecimiento

El crecimiento se desacelera 3


0

0,2

0,4

0,6

0,8

1

1,2

-8

-6

-4

-2

0

2

4

1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Ou

tpu

t G

ap

(%

)

Comienzos de ciclo

2T 2019

Recesión EEUU Final de ciclo

Mitad del ciclo

Recesión

Momento del ciclo económico

20


54%

38%

19%

2021

2020

2019

Riesgo de recesión en EEUU

No hay garantía de que cualquier pronóstico realizado se cumpla.

Fuentes: BlackRock Investment Institute, con datos de Thomson Reuters, diciembre de 2018. Notas: El gráfico muestra la probabilidad estimada de una recesión en los EE. UU. Para fines de 2019, 2020 y 2021. La estimación se realiza a través de una serie

de regresiones de cuartiles que estiman la probabilidad de que el crecimiento sea inferior o superior a ciertos umbrales. Sólo para fines ilustrativos.

21


-0,5

0,0

0,5

1,0

Expansion Slowdown Contraction Recovery

Sh

arp

e r

ati

o (

%)

Value Momentum Quality Min vol

El rendimiento pasado no es un indicador confiable de los resultados actuales o futuros. No es posible invertir directamente en un índice.

Fuente: BlackRock Investment Institute con datos de Bloomberg, diciembre de 2018. Notas: Las barras muestran el índice de Sharpe de los factores de estilo de capital de mercado desarrollados durante las diferentes etapas del ciclo económico. Desglosamos las cuatro etapas del ciclo en función de los cambios en una amplia gama de indicadores económicos de alta frecuencia. Luego observamos el exceso de rendimiento dividido por el riesgo de MSCI

World Value, MSCI World Momentum, MSCI World Quality y MSCI World Minimum Volatility durante estas diferentes etapas.

Factores de estilo, 2000 - 2018


Equities

EEUU

EM

Japón

Europa

Fixed income

Gob. EEUU

Crédito Europa y EEUU

EMD

Gob. Europa

Fondos BlackRock 2019


Renta Fija Europea BGF Euro Short Duration Bond Fund

BSF Fixed Income Strategies Fund

Multiactivo BGF Global Allocation Fund

Renta Fija Europea BGF Euro Short Duration Bond Fund



Formado por

14 Pax

Gestionan

€55.000millones

Énfasis en

Valor Relativo

Y apoyado por toda la plataforma de BlackRock

de activos bajo gestión

Para la generación de Alfa

Renta Fija Europea de BlackRock

La clave del éxito: combinación de estrategias

Estrategias tradicionales

Estrategias de valor relativo

PARA USO EXLCUSIVO DE ATL CAPITAL 27

Ejemplo: Valor relativo entre países España vs Italia


-80

-60

-40

-20

0

20

40

0,5%

1,0%

1,5%

2,0%

2,5%

Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17

Sp

rea

d (b

ps

) Y

ield

(%

)

Spread (RHS) Spain Italy

Italy Spain Scores better

1. Market dynamics and supply pressure X X Italy

2. Politics X X Spain

3. Fiscal position & fiscal reform progress X X Italy

4. Short-term growth outlook X X Spain

5. Medium-term growth outlook X X Spain

Exports and external rebalancing X X Spain

Competitiveness & reform progress X X Spain

Unemployment & deleveraging X X Even

Banking sector X X Spain

6. Sensitivity to external flows X X Italy

7. Deflationary risk X X Even

8. Govt Debt position (level & trend) X X Spain

Análisis fundamental

10 años Español vs. 10 años Italia spread (bps)

Fuente: BlackRock, Bloomberg a febrero 2017

Ejemplo: Valor relativo entre bonos soberanos vs corporativos


0,0%

0,5%

1,0%

1,5%

2,0%

feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 ene-17 feb-17

Yie

ld t

o m

atu

rity

Enagas 2025 Bankia Covered Bond 2025 Spain 2025 Telefonica 2023

TIR Corporativas vs. 10 años España

Fuente: BlackRock, Bloomberg a febrero 2017

BGF Euro Short Duration Bond Fund



Objetivo: Obtener rentabilidades por encima del BBG Barc Euro Aggregate 1-3 Years

Volatilidad histórica: <1%

Duración: 1 a +3 años

Índice de referencia: Barclays Euro-Agg 500+ 1-3 Year Index

Calificación media: A+

Patrimonio: €11.279 millones

Gestores del fondo: Michael Krautzberger & Christopher Allen

Lanzamiento: 4 enero 1999

ISIN (A2 EUR): LU0093503810

TIRs de los activos subyacentes

Fuente: BlackRock a 28 Febrero 2019.

Benchmark

Yield -0.05

Rating A+

Positive

Negative

Positive yielding assets Negative yielding assets

Las cifras mostradas se relacionan con el rendimiento pasado. El rendimiento pasado no es un indicador confiable de resultados actuales o futuros y no debe ser el único factor de consideración al seleccionar un producto o estrategia.


Barclays Euro-Aggregate 500+ 1-3 Years Index


Fund

Yield 0.38

Rating A+

Positive Negative

Positive yielding assets Negative yielding assets

¿Por qué el BGF Euro Short Duration Bond Fund?


-4,5

-4,0

-3,5

-3,0

-2,5

-2,0

-1,5

-1,0

-0,5

0,0

BGF Euro Short Duration Bond A2 EUR Carmignac Sécurité A EUR Acc EAA Fund EUR Diversified Bond - Short TermCompetidor

Drawdowns, 2011 - 2019

Rentabilidad: BGF Euro Short Duration Bond Fund


0,31

-0,73

0,43 0,83

1,84

0,20

-0,05

0,03 0,45

1,46

-1

0

1

2

3

3 Month* 1 Year 3 Year 5 Year Since Share Class Inception(11/2009)

To

tal

Re

turn

(%

)

BGF Euro Short Duration Fund (Net)** Benchmark: BBG Barc Euro Aggregate 1-3 Years, 500 MM

2014 2015 2016 2017 2018

BGF Euro Short Duration Bond Fund (I2 share class, EUR, net) 2.82% 1.19% 0.99% 0.73% -1.09%

0,0

0,1

0,1

0,2

0,2

0,3

0,3

0,4

0,4

0,5

0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6

BGF Euro Short Duration Bond A2 EUR Carmignac Sécurité A EUR Acc EAA Fund EUR Diversified Bond - Short TermCompetidor

Posicionamiento: BGF Euro Short Duration Bond Fund

Source: BlackRock. As at 28 February 2019. Fund benchmark is the Barclays Euro Aggregate 1-3yr Index.

Fund Characteristics

Fund Bench

Duration (effective) years 1.49 1.93

Yield % 0.38 -0.05

OAS bps 63 48

Spread Duration 2.22 1.74

Average Rating A+ A+

Tracking Error (ex-ante) bps 47 -

Fund Size €11,279 m -

-1,0

-0,8

-0,6

-0,4

-0,2

0,0

0,2

1,0

1,2

1,4

1,6

1,8

2,0

2,2

feb-1

8

ma

r-18

abr-

18

ma

y-1

8

jun-1

8

jul-18

ago-1

8

sep

-18

oct-

18

nov-1

8

dic

-18

ene-1

9

feb-1

9

Active (RHS) Fund Benchmark

17,8%

16,3%

11,9%

10,2%

9,1%

3,1%

3,0%

3,0%

1,8%

1,7%

1,6%

1,4%

1,2%

1,1%

1,1%

15,7%

20,7%

20,4%

15,2%

3,1%

10,2%

0,6%

2,7%

1,0%

1,3%

0,2%

4,8%

0,9%

1,2%

1,0%

0,2%

16,6%

0% 10% 20% 30%

Germany

France

Italy

United Kingdom

Spain

Denmark

United States

Ireland

Sweden

Czech Republic

Netherlands

Switzerland

Portugal

Canada

New Zealand

Other

Portfolio (%) Benchmark (%)

-0,63

0,15

-0,13

0,04

-0,03

0,10

0,00

0,10

0,04

0,01

-0,06

0,01

0,01

0,01

0,04

-0,11

-1,0 -0,5 0,0 0,5

Germany

France

Italy

United Kingdom

Spain

Denmark

United States

Ireland

Sweden

Czech Republic

Netherlands

Switzerland

Portugal

Canada

New Zealand

Other

Active Duration (yrs)

Top 15 Country Breakdown

Active Duration (years)


Posicionamiento: BGF Euro Short Duration Bond Fund

Source: BlackRock. As at 28 February 2019. Fund benchmark is the Barclays Euro Aggregate 1-3yr Index.

Maturity Breakdown - NAV % Curve positioning - Duration (years)

Rating Breakdown - NAV %

Maturity Fund Bench

1-3 62.7% 99.8%

3-5 23.4% 0.2%

5-10 8.3% 0.0%

10-20 2.6% 0.0%

20+ 3.0% 0.0%

Total 100.0% 100.0%

Rating Fund Bench

AAA 32.0% 30.8%

AA 21.9% 27.1%

A 21.7% 19.4%

BBB 20.4% 22.6%

BB 0.8% 0.0%

Below BB 0.5% 0.0%

Other (inc. cash) 2.7% 0.1%

Total 100.0% 100.0%

-1

0

1

2

2yr 5yr 10yr 30yr

Fund Benchmark

Sector Breakdown - NAV %

38,8%

12,9%

9,7%

1,4%

14,3%

6,2%

11,2%

5,4%

51,2%

17,6%

9,2%

1,2%

8,7%

0,1%

11,9%

0,0%

0% 20% 40% 60%

Government

GovernmentRelated

Industrials

Utility

Financials

Securitized

Covered Bonds

Other (inc.derivatives)

Fund (%) Benchmark (%)

0,36

-0,01

0,04

0,01

0,23

0,24

0,09

-0,48

-0,6 -0,4 -0,2 0,0 0,2 0,4

Government

GovernmentRelated

Industrials

Utility

Financials

Securitized

Covered Bonds

Other (inc.derivatives)

Active Spread Duration


Investment involves risks. 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.. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Investors may not get back the amount they invest. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. 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.

Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. The funds mentioned in this document may not be registered with your local regulatory body for offering and distributing in your own jurisdiction. It is your responsibility to be aware of, or to obtain all relevant regulatory approvals, licenses, verifications and/or registration under, and to observe all applicable laws and regulations of any relevant jurisdiction in connection with the offering and distributing of the funds. An investment in the funds mentioned in the document may not be suitable for everyone. If you have any doubts, you should seek independent legal advice. No part of this document may be reproduced or distributed in any manner without the prior written permission of BlackRock.

Risk Warnings: BGF Euro Short Duration Bond Fund

Exchange Rate Risk - Overseas investment will be affected by movements in currency exchange rates.

Credit risk – government bonds - Fixed income securities issued by governments can be affected by the perceived stability of the country concerned and proposed or actual credit rating downgrades.

Credit risk – corporate bonds - The Fund invests in fixed interest securities issued by companies. There is a risk of default where the issuing company may not pay income or repay capital to the Fund when due.

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.

Interest Rate Risk - The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held.

Structured Credit Products - The fund(s) may invest in structured credit products such as asset backed securities (‘ABS’) which pool together mortgages and other debts into single or multiple series credit products which are then passed on to investors, normally in return for interest payments based on the cash flows from the underlying assets. These securities have similar characteristics to corporate bonds but carry greater risk as the details of the underlying loans is unknown, although loans with similar terms are typically packaged together. The stability of returns from ABS are not only dependent on changes in interest-rates but also changes in the repayments of the underlying loans as a result of changes in economic conditions or the circumstances of the holder of the loan. These securities can therefore be more sensitive to economic events, may be subject to severe price movements and can be more difficult and/or more expensive to sell in difficult markets.

Important Information - Risks





Objetivo: EONIA + 2-3% (anual neto)

Volatilidad histórica: Entre 1% y 2%

Duración: -3 a +3 años (rango típico -1 a 2 años)

Exposición: mínimo 60% exposición renta fija europea

Calificación media: Grado de inversión

Patrimonio: €7.570 millones

Gestores del fondo: Michael Krautzberger & Johan Sjogren

Lanzamiento: 30 septiembre 2009

ISIN (A2 EUR): LU0438336264

¿Por qué BSF Fixed Income Strategies Fund?

Flexibilidad gracias a la gestión activa de la duración

-1,5

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

3,0

Oct-

09

Jan

-10

Ap

r-10

Jul-

10

Oct-

10

Jan

-11

Ap

r-11

Jul-

11

Oct-

11

Jan

-12

Ap

r-12

Jul-

12

Oct-

12

Jan

-13

Ap

r-13

Jul-

13

Oct-

13

Jan

-14

Ap

r-14

Jul-

14

Oct-

14

Jan

-15

Ap

r-15

Jul-

15

Oct-

15

Jan

-16

Ap

r-16

Jul-

16

Oct-

16

Jan

-17

Ap

r-17

Jul-

17

Oct-

17

Jan

-18

Ap

r-18

Jul-

18

Oct-

18

Jan

-19

Ab

so

lute

sc

ale

, Ye

ars

0.0

Ex

clu

din

g ra

te in

se

ns

itive

e

xp

os

ure

s, Y

ea

rs

0.0

Las cifras que se muestran se relacionan con el rendimiento pasado. El rendimiento pasado no es un indicador confiable de los

resultados actuales o futuros y no debe ser el único factor de consideración al seleccionar un producto o estrategia.

Fuente: BlackRock. A 28 Febrero 2019.


¿Por qué BSF Fixed Income Strategies Fund?


Investment BSF Fixed Income Strategies A2 EUR

BSF Fixed Income Strategies A2 EUR 1,00

Euro Government 0,07

Euro Aggregate 0,11

Euro Financials 0,48

Euro Industrials 0,26

Global Treasury -0,26

Global Corp 0,18

Global HY 0,15

… que protegen ante las caídas

0,0% 0,2% 0,5% 0,9% 1,1%

0,1% 0,6%

-0,5%

0,1% 0,4%

-1,8% -1,7% -1,8%

-2,9% -2,6% -2,0% -1,9% -1,8% -2,1%

-1,8%

-4,0%

-2,0%

0,0%

2,0%

Dec-09 Oct-10 Dec-10 Jun-12 Jan-13 May-13 Dec-13 Jun-15 Oct-16 Jan-18

Pe

rce

nta

ge

Va

lue

C

ha

ng

e

BSF Fixed Income Strategies (net of fees) Bund Return

Month ending

Bajas correlaciones…

Las cifras que se muestran se relacionan con el rendimiento pasado. El rendimiento pasado no es un indicador confiable de los

resultados actuales o futuros y no debe ser el único factor de consideración al seleccionar un producto o estrategia.

Fuente: BlackRock. A 28 Febrero 2019.

Posicionamiento: BSF Fixed Income Strategies Fund

% NAV Breakdown ex. Derivatives (Top 15 countries)

Fund Characteristics Duration Positioning (years) Rating Breakdown - NAV %

Source: BlackRock. As at 28 February 2019.

Duration (effective) years 0.42

Yield % 1.19

OAS bps 72

Spread Duration 2.96

Average Rating A

Tracking Error (ex-ante) bps 147

Fund Size €7,555 m

0,24

1,02

-2,73

1,88

-3,5

-2,5

-1,5

-0,5

0,5

1,5

2,5

2yr 5yr 10yr 30yr

AAA 25.2%

AA 25.0%

A 15.0%

BBB 24.6%

BB 3.0%

Below BB 1.9%

Other 5.3%

0%

4%

8%

12%

16%

20%

Unite

dK

ing

do

m

Fra

nce

Italy

Ge

rma

ny

Unite

d S

tate

s

Sp

ain

Den

ma

rk

Jap

an

Po

rtug

al

Sw

ed

en

Neth

erl

an

ds

Cypru

s

Czech

Rep

ub

lic

Be

lgiu

m

Arg

en

tina

Government Government Related Corporate Securitized

FIH0119E-697281-43/84 PARA USO EXLCUSIVO DE ATL CAPITAL 42

Posicionamiento: BSF Fixed Income Strategies Fund

Spread Duration Breakdown (Top 15 countries)

Source: BlackRock. As at 28 February 2019.

Duration Breakdown (Top 15 countries)

-0,38

1,33

0,10

-2,38

0,40 0,13 0,18

-0,20

0,05 0,17 0,08 0,14 0,04 0,23

0,00

-3,0

-2,5

-2,0

-1,5

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

0,92

1,36

0,13 0,40

-0,19

0,17 0,23

-0,11

0,07 0,17 0,08 0,14 0,00

0,24 0,06

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

United K

ingdom

Fra

nce

Italy

Germ

any

United S

tate

s

Sp

ain

Denm

ark

Jap

an

Po

rtuga

l

Sw

eden

Neth

erla

nds

Cyp

rus

Cze

ch R

epublic

Be

lgiu

m

Arg

entin

a

Government Government-Related Corporate Securitized Derivatives

Sector Allocation - NAV %

35,6%

11,8% 11,3%

2,6%

11,3% 11,7%

7,3% 8,4%

0%

10%

20%

30%

40%

Sector Allocation - Spread Duration

2,83

0,70 0,73 0,18 0,52 0,40 0,45

-2,85 -4

-3

-2

-1

0

1

2

3

4

Govern

ment

Govern

ment R

ela

ted

Industr

ials

Utilit

y

Fin

ancia

ls

Se

curitized

Covere

d B

onds

Oth

er

(inc.

derivatives)

FIH0119E-697281-44/84 PARA USO EXLCUSIVO DE ATL CAPITAL 43

Rentabilidad: BSF Fixed Income Strategies Fund


Active Return Analysis 1 Year 3 Year 5 Year Since Inception

(Gross) Active Return -0.57 2.15 2.39 3.15

Tracking Error 2.10 1.55 1.61 1.86

Information Ratio -0.27 1.38 1.49 1.70

Morningstar Peer Group Ranking (quartile) 3 2 2 -

0,83

-0,93

1,80 2,17

3,22

0,52

-2,16

0,54 0,88

1,88

-0,09 -0,35 -0,34 -0,22

0,07

-3

-2

-1

0

1

2

3

4

3 Month* 1 Year 3 Year 5 Year Since Inception(30/09/2009)

BSF Fixed Income Strategies Fund (Gross) BSF Fixed Income Stategies Fund (Net)** Eonia

Las cifras mostradas se relacionan con el rendimiento pasado. El rendimiento pasado no es un indicador confiable de los resultados actuales o futuros y no debe ser el único factor de consideración al seleccionar un producto o estrategia.

Fuente: BlackRock. * Los datos de 12 meses o menos no están anualizados. ** Los retornos netos se muestran para la clase compartida A2 EUR (ISIN: LU0438336264). El rendimiento se muestra en EUR en base al precio del VL con reinversión de los ingresos. El retorno de su inversión puede aumentar o disminuir como resultado de las fluctuaciones de la moneda si su inversión se realiza en una moneda diferente a la utilizada en el cálculo de rendimiento anterior. Los rendimientos del índice de rendimiento no reflejan ninguna tarifa de administración, costos de transacción o gastos Los índices no están administrados y no se puede invertir directamente en un índice

Investment involves risks. 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.. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Investors may not get back the amount they invest. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. 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.

Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. The funds mentioned in this document may not be registered with your local regulatory body for offering and distributing in your own jurisdiction. It is your responsibility to be aware of, or to obtain all relevant regulatory approvals, licenses, verifications and/or registration under, and to observe all applicable laws and regulations of any relevant jurisdiction in connection with the offering and distributing of the funds. An investment in the funds mentioned in the document may not be suitable for everyone. If you have any doubts, you should seek independent legal advice. No part of this document may be reproduced or distributed in any manner without the prior written permission of BlackRock.



Risk Warnings – Risk Warning – BSF Fixed Income Strategies Fund

Exchange Rate Risk - Overseas investment will be affected by movements in currency exchange rates. Interest Rate Risk - The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held.

High Yield Bonds - The Fund invests in high yielding bonds. Companies which issue higher yield bonds typically have an increased risk of defaulting on repayments. In the event of default, the value of your investment may reduce. Economic conditions and interest rate levels may also impact significantly the values of high yield bonds.

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.

Credit risk – government bonds - Fixed income securities issued by governments can be affected by the perceived stability of the country concerned and proposed or actual credit rating downgrades.

Credit risk – corporate bonds - The Fund invests in fixed interest securities issued by companies. There is a risk of default where the issuing company may not pay income or repay capital to the Fund when due.

Structured Credit Products - The fund(s) may invest in structured credit products such as asset backed securities (‘ABS’) which pool together mortgages and other debts into single or multiple series credit products which are then passed on to investors, normally in return for interest payments based on the cash flows from the underlying assets. These securities have similar characteristics to corporate bonds but carry greater risk as the details of the underlying loans is unknown, although loans with similar terms are typically packaged together. The stability of returns from ABS are not only dependent on changes in interest-rates but also changes in the repayments of the underlying loans as a result of changes in economic conditions or the circumstances of the holder of the loan. These securities can therefore be more sensitive to economic events, may be subject to severe price movements and can be more difficult and/or more expensive to sell in difficult markets.

Complex Derivative Techniques (Absolute return) - The strategies utilised by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both 'long' and 'synthetic short' positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Funds. Investors in this fund should understand that the Fund is not guaranteed to produce a positive return and as an absolute return product, performance may not move in line with general stock market trends as both positive and negative share movements affect the overall value of the fund. The Manager employs a risk management process to oversee and manage derivative exposure within the Fund.



BGF Global Allocation Fund


Rentabilidad competitiva…

… con 1/3 menos de volatilidad

10,1%

15,4%

0%

6%

12%

18%

BGF Global AllocationFund (A)

Global Stocks

An

n. s

td. d

ev

iatio

n s

inc

e in

ce

ptio

n

6,2% 6,4%

0%

3%

6%

9%

BGF GlobalAllocation Fund (A)

Global Stocks

An

nu

ali

ze

d t

ota

l re

turn

sin

ce

in

ce

pti

on


BGF Global Allocation Fund cumple su promesa

BGF Global Allocation Fund (A) vs. indice de renta variable global desde

lanzamiento

Capturando

65% de las

subidas

Capturando

54% de las

bajadas


22 años de track record

Flexibilidad en la búsquedad

Mitiga la volatilidad

Equipo de

+50 pax Profesionales

+700 valores

+40 países

+30 divisas

1/3 menos de vol vs índices de renta variable

Características

Mixto agresivo: 60% / 40%


0%

20%

40%

60%

80%

100%

Ma

r-9

7

Ma

r-9

8

Ma

r-9

9

Ma

r-0

0

Ma

r-0

1

Apr-

02

Ma

r-0

3

Ma

r-0

4

Ma

r-0

5

Ma

r-0

6

Ma

r-0

7

Ma

r-0

8

Ma

r-0

9

Ma

r-1

0

Ma

r-1

1

Ma

r-1

2

Ma

r-1

3

Ma

r-1

4

Ma

r-1

5

Ma

r-1

6

Ma

r-1

7

Ma

r-1

8

Equities Fixed Income Commodity-Related* Cash Equivalents

El fondo estuvo infraponderado en renta variable en comparación con su índice de referencia durante 90s

El periodo con mayor sobreponderación en renta variable fue en H2’01

Las posiciones en liquidez se han mantenido de forma regular desde el lanzamiento del fondo

La referencia a clases de activos específicas en esta comunicación es solo para fines ilustrativos y no constituye una oferta o invitación a invertir en ninguna de las clases de activos mencionadas anteriormente. Las estrategias de asignación de activos no aseguran ganancias y no protegen contra pérdidas.

A 31 de diciembre de 2018. Fuente: BlackRock. Sujeto a cambios. Antes de 2015, la exposición del fondo se basaba en el valor de mercado y se ajustaba por el valor económico de los futuros y swaps. A partir de 2015, la exposición del fondo se basa en el valor económico de los valores y se ajusta para futuros, opciones y swaps (excepto con respecto a valores de renta fija) y bonos convertibles. Relacionados con los productos básicos se compone de ETFs de metales preciosos. Los indicadores de sobreponderación / infraponderación se refieren al índice de referencia del fondo, que consiste en un 36% del índice S&P 500, un 24% en el índice FTSE World (ex EE. UU.), Un 24% ICE BofA / ML. Índice mundial de bonos del gobierno de USD..

Fondo diversificado para obtener rentabilidad en cualquier situación de mercado


Technology Bubble2000 - 2002

Global MarketRecovery

2003 - 2007

Global Credit Crisis2008 - 2009

Global Easing Cycle2010 - 31/12/18

Combined Period2000 - 31/12/18

BGF Global Allocation Fund (A) -2,17% 111,10% -5,75% 34,71% 162,19%

Reference Benchmark* -16,88% 79,67% -6,87% 70,41% 136,98%

Global Stocks -39,56% 133,92% -20,59% 95,40% 119,07%

Global Bonds 20,19% 39,03% 13,71% 13,45% 115,65%

Morningstar Peer Group -14,22% 49,16% -13,12% 27,46% 41,68%

-50%

0%

50%

100%

150%

200%

Los datos de rentabilidades citados representan los resultados obtenidos en el pasado y no garantizan resultados futuros .

A 31/12/2019. Fuente: BlackRock, Lipper, Morningstar. Fecha de lanzamiento: 3 de Enero de 1997 ‘A’ shares. Fundamento: NAV precios, con dividendos brutos reinvertidos, neto de gastos. ISIN: LU0072462426.

* su índice de referencia interno consiste en 36% S&P 500, 24% FTSE World (ex US), 24% BofA ML Current 5-Year US Treasury Index, 16% Citigroup Non-USD World Gov’t Bond Index.

† Los períodos de menos de 1 año no están anualizados

Posicionamiento: BGF Global Allocation Fund


Renta Variable : 57% (vs. 60% índice)

Sobreponderado:

• Regiones: Japón, Asia emergente

• Sectores: Servicios de comunicación, Energía, Sanidad, Real Estate, Materiales, Consumo básico

Infraponderado:

• Regiones: EEUU, Europa

• Sectores: Financiero, Tecnología de la información, Industriales, Consumo discrecional, Elecetrivas

Renta fija: 29% (vs. 40% índice)

Sobreponderado:

• Bonos corporativos, deuda emergente

Underweight:

• Ex-US bonos gubernamentales de mercados desarrollados

Materias primas: 3%

• Gold ETFs

Liquidez: 11%

Desglose por divisa (como un % del NAV)

31%

26%

26%

3% 3%

11% U.S. Stocks

Non-U.S. Stocks

U.S. Bonds

Non-U.S. Bonds

Commodity-Related

Cash Equivalents

68%

8%

4% 2%

10%

6% 0%

2% U.S. Dollar

Euro

British PoundSterlingOther Europe

Japanese Yen

Other Asia

As of 31 January 2019. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary. Overweight/underweight indicators are relative to fund’s reference benchmark, which consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. * % of net assets represents the fund’s exposure based on the economic value of securities and is adjusted for futures, options and swaps (except with respect for fixed income securities) and convertible bonds. Numbers may not sum to 100% due to rounding.

53

Desglose por activo (como % del NAV)

Cartera del BGF Global Allocation Fund


As of 31 January 2019. Source: BlackRock. Subject to change. The fund is actively managed and its characteristics will vary. Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business. Holdings are provided for informational purposes only and should not be deemed as recommendations to buy or sell securities or sectors mentioned. The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. * % of net assets represents the fund’s exposure based on the economic value of securities and is adjusted for futures, options and swaps (except with respect for fixed income securities) and convertible bonds. † Reference benchmark consists of 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% ICE BofA/ML Current 5-Year U.S. Treasury Index, 16% FTSE Non-USD World Government Bond Index. Numbers may not sum to 100% due to rounding.

54

Number of Issuers 598 Alphabet 1.5%

Equity Price/Earnings (FY1) 15.6x Johnson & Johnson 1.1%

Equity Wtd. Avg. Market Cap $146.8bn Apple 1.1%

Portfolio Effective Duration 1.0 years Comcast 1.1%

Exxon 1.0%

Anthem 1.0%

Fixed Income Effective Duration 3.5 years Amazon 0.9%

Fixed Income + Cash Effective Duration 2.5 years Williams 0.9%

Microsoft 0.9%

Nestle 0.9%

TOTAL 10.5%

Note: Portfolio effective duration assumes 0 duration for

equity and commodity-related holdings.

Equity regions (% of net assets*) Equity sectors (% of net assets*) Fixed income regions (% of net assets*)

Characteristics Top 10 equity holdings (% of net assets*) Fixed income credit quality (% of net assets*)

2.0%

1.9%

3.0%

9.1%

6.7%

7.6%

10.0%3.6%

5.1%

6.1%

5.1%

2.0%

2.0%

3.1%

5.5%

4.8%

8.7%

6.0%

6.4%

5.1%

4.7%

8.8%

Utilities

Real Estate

Materials

Information Technology

Industrials

Healthcare

Financials

Energy

Consumer Staples

Consumer Discretionary

Communication Services

4.1%

4.9%

2.1%

12.2%

1.7%

35.1%

5.4%

8.1%

1.6%

9.1%

1.6%

31.5%

Emerging Markets

Japan

Developed Asia ex-Japan

Developed Europe

Canada

U.S.

0.5%

4.9%

0.5%

9.6%

0.4%

24.0%

1.0%

0.3%

0.5%

1.4%

0.2%

Emerging Markets

Japan

Developed Asia ex-Japan

Developed Europe

Canada

U.S.

Fund Reference Benchmark†

22%

2%

2%1%

1%

AAA AA

A BBB

BB B

< B NR

Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.

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.

You may not get back the amount originally invested. 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.

Risks


GA_A

MASM0219E-741413-29/34

BGF Global Allocation Fund specific risks


Credit risk: Changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk.

The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.

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.

Derivative Exposure: Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

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.

Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily.

Emerging Market Risk: Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.

Anexo

58


5

10

15

20

25

1990 1995 2000 2005 2010 2015

P/

E r

ati

o

DM

EM

El rendimiento pasado no es un indicador confiable de los resultados actuales o futuros. No es posible invertir directamente en un índice.

Fuentes: BlackRock Investment Institute, con datos de Thomson Reuters, marzo de 2019. Notas: Las líneas muestran los ratios de precios a futuro de 12 meses para el Índice Mundial MSCI (que representa a los mercados desarrollados o DM) y el Índice de

Mercados Emergentes de MSCI ( representando mercados emergentes, o EM)

Valoraciones de mercados desarrollados y emergentes, 1990 - 2019

This material is for distribution to Professional Clients (as defined by the FCA or MiFID Rules) and Qualified Investors only and should not be relied

upon by any other persons.

Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 12 Throgmorton

Avenue, London, EC2N 2DL. Registered in England No. 2020394. Tel: 020 7743 3000. For your protection, telephone calls are usually recorded. BlackRock

is a trading name of BlackRock Investment Management (UK) Limited.

The BlackRock Global Funds (BGF) and BlackRock Strategic Funds (BSF) 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,

CH-8002 Zürich, the Swiss Paying Agent. The Prospectus, Key Investor Information Document, 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 Key Investor

Information Document and the Prospectus.

The risk indicator shown on this document refers to the A2 share class of the Fund. Higher or lower risk may apply to the other share classes of the Fund.

Issued in the Netherlands by the Amsterdam branch office of BlackRock Investment Management (UK) Limited: Amstelplein 1, 1096 HA Amsterdam, Tel: 020 -

549 5200. BGF are 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 Key Investor Information Document (essentiële beleggersinformatie; "EBI") 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.

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.

For further information, the prospectus, Key Investor Information Document, 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.

BlackRock Global Funds (BGF) and BlackRock Strategic Funds (BSF) are open-ended investment companies established and domiciled in Luxembourg which

are available for sale in certain jurisdictions only. BGF and BSF are not available for sale in the U.S. or to U.S. persons. Product information concerning BGF

and BSF should not be published in the U.S. They are recognised under Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment

Management (UK) Limited is the UK distributor of BGF and BSF. Most of the protections provided by the UK regulatory system, and the compensation under

the Financial Services Compensation Scheme, will not be available. A limited range of BGF and BSF sub-funds have a reporting fund status A sterling share

class that seeks to comply with UK Reporting Fund Status requirements. Subscriptions in BGF and BSF are valid only if made on the basis of the current

Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on our website. Prospectuses, Key Investor

Information Documents and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised.

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. 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. This document contains BLACKROCK INC.

products or services that might be offered directly or indirectly within the Andorran jurisdiction, and it should not be regarded as solicitation of business in any

jurisdiction including the Principality of Andorra.

Important Information

FOR PROFESSIONAL INVESTORS AND / OR QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY

59

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. 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.

For Hong Kong investors, please refer to the BlackRock Global Funds Offering Documents for details, including risk factors.

In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration number: 200010143N) for use only by institutional investors as

defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and should not be relied upon by or redistributed to any other persons in

Singapore. The above warnings and fund specific risks are explained in greater detail in in the current Prospectus and you should read them before investing.

Some of the funds mentioned herein have not been registered with the Monetary Authority of Singapore for offering or distribution in Singapore. Accordingly,

this information may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Singapore other than (i)

to an institutional investor pursuant to Section 304 of the Securities and Futures Act ("SFA") or (ii) otherwise pursuant to and in accordance with the conditions

of any other applicable provision of the SFA.

In Macau, BlackRock is not licensed to carry on authorized operations under the Financial Systems Act and neither is licensed as a financial intermediary to

provide investment advice to clients in, or to undertake investment business in, Macau. You agree, represent and warrant that your engagement with

BlackRock will or is subject to the laws of the contract governing the terms of our agreement. This document is intended for the exclusive use of the recipient.

This document is provided to the recipient on a strictly confidential basis (with the exception of providing it to the recipient’s professional advisors, who are also

bound to keep such information confidential).

This is a financial promotion. For further information, the prospectus, Key Investor Information Document, annual report and semi-annual report can be

obtained free of charge in hardcopy form from the German information centre: BlackRock Investment Management (UK) Limited, German 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.

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.

Important Information

FOR PROFESSIONAL INVESTORS AND / OR QUALIFIED INVESTORS / QUALIFIED CLIENTS ONLY

60