dsp blackrock us flexible equity fund - nfo presentation
TRANSCRIPT
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
1/32
(*The term Flexible in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can
invest either in growth or value investment characteristic securities placing an emphasis as the market outlook warrants.)
NFO Period: July 17, 2012 to July 31, 2012
An Open Ended Fund Of Funds Scheme Investing In a US Equity Fund
*
Call 94 8300 8300 Now!
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
2/32
2
DSP BlackRock US Flexible* Equity Fund
Accessing one of the Flagship funds of BlackRock in the categorySource: Internal; *AUM as at May 31, 2012. *The term Flexible in the name of the Scheme signies that the Investment Manager of the Underlying Fund can invest ei
in growth or value investment characteristic securities placing an emphasis as the market outlook warrants.
(USD 1.3 billion*)
Indian Investors
BlackRock Global Funds (BGUS Flexible Equity Fund
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
3/32
Contents
Why US equities?
- Access to the worlds largest equity market
- US Equities are a core component of global equity portfolios/indices
- Amongst the most well diversied markets- Represents numerous global investment themes
- Resilient economy
Why invest now?
- Attractive valuations
- Continued out-performance by US markets in recent times
- Global portfolios are overweight on US equities
- Strong corporate balance sheets
Why DSP BlackRock US Flexible* Equity Fund?
- BGF US Flexible Equity Fund: A portfolio well-positioned
- BlackRock: Worlds Largest Asset Management Company
*The term Flexible in the name of the Scheme signies that the Investment Manager of the Underlying Fund can invest either in growth orvalue investment characteristic securities placing an emphasis as the market outlook warrants.
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
4/32
Why US equities?
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
5/32
Access to the largest equity market in the world
Top 10 Equity Markets by Market Capitalization (US$ trillion)
Source: Bloomberg; as at May 31, 2012
US market capitalization is greater than those of the next 6 countries combined
15.7
3.3 3.0 2.9 2.91.8
1.4 1.2 1.1 1.1
0
2
4
6
8
10
12
14
16
18
US Japan UK China Hong Kong Canada France Germany Australia Brazil
USD
trillion
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
6/32
6
US Equities are a core component of global equity portfolios/ indices
US Equities have the largest allocation in every major global equity and sector index
US as a % of Global Equity Indices US as a % of Global Sector Indices (S&P Global Indice
Source: Internal, as at May 31, 2012
100
75
50
25
Information
Technology
Healthcare
Consumer
Consumer
Utilities
Industrials
Energy
Financials
Global
Infrastructure
MaterialsSector
Staples
Discretionary
0
MSCIACWI
S&PGlobal1200
FTSEDeveloped
Index
S&PGlobal100
FTSEAllWorldIndex
MSCIWorld
100
75
50
25
0
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
7/32
7
US is amongst the most well diversied markets
Source: CLSA Research; as at May 31, 2012
All MSCI industry sectors are well represented in the US market
The top 2 sectors Financials & Technology account for only ~34% of the US equity market
MSCI Wt(%) Energy Materials IndustrialCons.Disc
Cons.Staples
Financial Pharma Tech Telecom Utilities Top 2
US 10.7 3.6 10.1 11.9 11.2 14.0 11.7 20.0 3.2 3.7 34.0
Japan 1.6 6.9 20.8 20.0 6.7 17.4 6.7 12.1 4.4 3.5 40.8
UK 19.5 11.3 6.2 6.2 17.2 17.8 8.8 0.7 7.5 4.9 37.3
China 18.4 5.0 6.7 5.8 5.6 35.2 0.8 7.0 13.3 2.2 53.6
Hong Kong 0.0 0.0 10.9 13.7 0.0 59.8 0.0 1.3 0.5 13.8 73.6
Canada 26.4 19.3 6.0 3.8 3.2 33.7 1.8 1.2 3.3 1.2 60.1
France 12.6 7.3 15.8 13.3 12.3 13.3 12.2 3.1 5.7 4.5 29.0
Germany 0.0 15.9 13.9 18.4 4.3 16.0 12.0 8.7 3.8 7.1 34.4
Australia 6.8 23.9 4.8 1.7 8.9 46.1 3.9 0.4 2.0 1.6 69.9Brazil 18.8 19.9 4.4 3.6 13.1 24.2 0.9 3.5 3.5 8.0 44.1
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
8/32
8
Represents numerous global investment themes
US companies have exhibited unparalleled innovation to lead many global trends
Technology
New Media
Global Trend InvestableThemes
CompanyExamples*
New HealthServices
Economic Shift
Lifestyle Shifts
Demographic Shifts
Productivity Enhancement
Niche Growth
Market Theme
Apple Inc.
Google
Microsoft
IBM
Pfizer
Abbot Labs
Johnson & Johnson
Proctor & Gamble
Expedia
NASDAQ
McGraw Hill Companies
General Electric
*Company examples are for illustration purposes only, there is no guarantee that they will form a part of the portfolio of BGF US Flexible Equity Fund
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
9/32
9
Resilient economy
US unemployment rate
Signicant decrease in unemployment numbers after each economic slowdown therebyexhibiting economic resilience
Source: ISI. Data through December 2011.
2
4
6
8
10
12
1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011
(%)
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
10/32
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
11/32
Reasons to invest in US
equities now
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
12/32
Attractive valuations
S&P 500 Forward P/E Ratio
S&P500 forward P/E ratio is trading below its the long term averageSource: BofA Merrill Lynch. Data through March 2012. Past Performance may or may not be sustained in future.
ForwardPE
30.0
Average = 16.9x
28.0
26.0
24.0
22.0
20.0
18.0
16.0
14.0
12.0
10.0
Sep/90
Sep/89
Oct/91
Nov/92
Dec/93
Jan/95
Feb/96
Feb/97
Mar/98
Apr/99
May/00
Jun/01
Jun/02
Aug/03
Aug/04
Sep/05
Oct/06
Nov/07
Dec/08
Jan/10
Jan/11
Feb/12
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
13/32
Attractive valuations
Most US stocks are currently available at near 30 year low prices*Source: UBS. Data through March 2012. *Forward P/E/ basis. Past Performance may or may not be sustained in future.
Spread between S&P 500 Earnings Yield and 10-Year Yields
2.5
1.5
0.5
-0.5
-1.5
-2.5
-3.5
-4.5
-5.5
-6.5
-7.5
64 67 70 73 76 79 82 85 88 91 94 97 00 03 06 09
Stocks Expensive
Stocks Cheap
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
14/32
Attractive valuations
Company*P/E
(Mar 31, 2000)P/E
(May 31, 2012)
Microsoft 57.0 9.7
Hewlett Packard 35.0 8.3
Disney 55.0 16.6
JPMorgan Chase 20.0 9.3
Amgen 60.0 10.0
Exxon Mobil 24.0 10.0
Halliburton 71.0 17.0
Lockheed Martin 18.0 11.5
Medtronic 50.0 11.5
Kimberly-Clark 17.0 18.9
IBM 31.5 14.4
General Electric 30.0 15.8
S&P 500 Index 23.5 13.5
Leading companies with good business fundamentals available at attractive valuations*Company examples are for illustration purposes only, there is no guarantee that they will form a part of the portfolio of BGF US Flexible Equity Fund
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
15/32
US Markets: Continued out-performance in recent times
Percentage of companies reporting positive EPS surprises by region (4Q11)
Source: FactSet, Bloomberg. Past Performance may or may not be sustained in future.
80%
70%
60%
50%
40%
30%
20%
10%
0%S&P 500 Russell 1000 Russell 2000 Europe ACWI BRIC EM Japan
69% 67%
60%
55% 53% 53%
43%
24%
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
16/32
Global portfolios are overweight on the US region
Geographic equity preferences of portfolio managers*
Current Next 12-M
US Overweight Overweight
Europe Underweight Underweight
Japan Underweight Underweight
Emerging markets Overweight Overweight
*Source- Bank of America Merrill Lynch Portfolio Managers Survey June 2012
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
17/32
Strong corporate balance sheets
Free cash ow yields: 1998 vs. Today
9%
7.2%
2.8%
1998 Today
2.3%
7.9%8%
7%
6%
5%
4%
3%
2%
1%
0%
Emerging Markets US
Source: Bloomberg. Today data as at Feb 29, 2012. Indices used are MSCI Emerging Markets Index and MSCI US Index. Past Performance may or may not be sustainedin future. Free Cash Flow Yield is calculated by dividing Free Cash Flow per Share by Current Market Price of each share.
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
18/32
Strong Corporate balance sheets: Dividends & buybacks hit a record high
Buybacks plus dividends ($bn)
Excess cash in balance sheets has resulted in record buybacks and dividendsSource: Bloomberg. Past Performance may or may not be sustained in future.
145132
144 156 170222
254298
363 372 353324 329 350
491
706
858
1050
761
587652
880
0
200
400
600
800
1,000
1,200
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Calendar Year
USD
bn
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
19/32
Why DSP BlackRock US
Flexible* Equity Fund?
(*The term Flexible in the name of the Scheme signies that the Investment Manager of the Underlying Fund can invest either in growth or value investment characteristic
securities placing an emphasis as the market outlook warrants)
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
20/32
2
BlackRock: Worlds largest Asset Management Company
One of the worlds pre-eminent asset management companies
USD 3.68 trillion assets under management with USD 1.74 trillion in equity assets
Broad product range available through mutual funds, ETFs, commingled funds, and separate accounts
Fiduciary model/culture- no proprietary trading BlackRock Solutions oversees USD 12 trillion in assets
Financial Markets Advisory Group advises public and private financial institutions on key assignments
Dedicated transitions team helps clients change investment exposure, minimizing risk and cost
Global footprint enables a deep understanding of local markets, industries, and regulatory dynamics
24 investment centers worldwide facilitate access to major capital markets
Global trading capabilities enable us to source assets and negotiate favorable terms for investors
Superior insights through access to management and perspective as an investor across the capital structure in thousands
of companies worldwide
Recognized as go to leader in recent credit and liquidity crises
Investment insights gained at a local level & shared globally maximize investment opportunities for clients
Investment platform promotes knowledge sharing across the firm; daily calls connect investment teams, linking the insights
from up to seven trading desks and 79 portfolio teams across asset classes and geographies
Nearly 10,000 employees, including more than 1,600 investment professionals, leverage the firms global resources
Presence in 67 cities across 27 countries provides local experience and global expertise to a diverse client base
Source: Internal, Bloomberg; as at Mar 31, 2012
BGF US Fl ibl E i F d A f li ll i i d
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
21/32
2
BGF US Flexible Equity Fund: A portfolio well-positioned
As at March 2012. The sectors discussed should not be considered a solicitation or recommendation by BlackRock and may not be protable. Company examples are for
illustration purposes only, there is no guarantee that they will form a part of the portfolio of BGF US Flexible Equity Fund.
Technology
AccentureDell Computer
Microsoft
Energy
Apache ConocoPhillips
Marathon Petroleum
Cyclical
JPMorgan
Parker Hannifin
Tyco International
Consumer
DISH Network
Macys
Time Warner
Free cash flow
Domestically-sourced earnings
Health care & energy
Adding to consumer discretionary
Dividend yield
Europe-sourced earnings
Financials & utilities
Reducing consumer staples
Health care
Eli LillyMcKesson
UnitedHealth
Defensive
Kroger
Lockheed Martin
Philip Morris International
Overweight Underweight
Areas of focus/interest
BGF US Fl ibl E it F d A ll iti d tf li
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
22/32
2
BGF US Flexible Equity Fund: A well-positioned portfolio
Healthcare and energy to outperform utilities and nancials
Healthcare
Predictable earnings
Performs well when profits decelerate Big pharma cheap and unloved
Risk: Patent cliffs, government austerity
Financials
Contagion risks from Europe
Net interest margin pressure Regulatory risks
Risk: Cheap and unloved
Energy
Sector cheap relative to market
Sector cheap relative to oil prices
Spending upcycle
Risk: Global slowdown
Utilities
Record high valuations
Earnings weakness
Growth prospects poor
Risk: Risk aversion causes continued interest
BGF US Fl ibl E it F d P tf li Ch t i ti ( t M 31 2012)
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
23/32
2
BGF US Flexible Equity Fund: Portfolio Characteristics (as at May 31, 2012)
Source: BlackRock, FactSet. Portfolio characteristics are of BGF US Flexible Equity Funds portfolio and are subject to change. Holdings are for informational purposes
only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the industries shown above.
Sector allocation
Top 10 holdings
(%)
Apple Inc. 3.71Exxon Mobil Corp. 2.59
Chevron Corp. 2.52
Pfizer Inc. 2.27
Verizon Communications Inc. 1.91
Abbott Laboratories 1.70
ConocoPhillips 1.53
Microsoft Corp. 1.53
UnitedHealth Group Inc. 1.48
Goldman Sachs Group Inc. 1.40
Characteristics
Portfolio Russell 1000
Est. 3-5 Year EPS Growth 9.94% 11.64%
Number of Holdings 107 977
Dividend Yield 2.0 2.1
Wtd. Avg. Market Cap. $63.7bn $94.4bn
Price/Book Value 1.6 2.0
P/E (FY1) 10.7 16.7
3.76
2.96
3.87
19.20
10.86
11.70
14.86
10.21
10.42
12.15
3.02
3.19
4.28
20.47
7.84
16.49
5.26
16.42
3.76
19.25
0 8 16 24 32
Utilities
Telecommunication services
Materials
Information technology
Industrials
Health care
Financials
Energy
Consumer staples
Consumer discretionary
Percent
BGF US Flexible Equity
Russell 1000 Index
BGF US Flexible Equity Fund: Portfolio Management Team
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
24/32
2
BGF US Flexible Equity Fund: Portfolio Management Team
( ) years of Investment experience; as at May 31, 2012
Team members average nearly 15 years of investment experience
Portfolio manager defines investment process and strategy and makes buy and sell decisions
Utilize quantitative research to evaluate opportunities in the investment universe
Analysts conduct fundamental research on the opportunities identified by the model and provide
input into the buy and sell process
Large Cap Series Equity Team draws on BlackRocks broad resources
Diverse equity investment teams
Scientific Active Equity group
Risk & Quantitative Analysis group
Fundamental Analyst
Vice PresidentFundamental Analyst Fundamental Analyst
Tim Doherty, CFA (10)Todd Burnside (13) David Gardner, CFA (7)
Managing DirectorFundamental Analyst
Gregory Brunk (20)Brett Shaver, CFA (10)Dan Hanson, CFA (19)
BlackRock Large Cap Series Resources
Portfolio Management Team
Product Specialist
Portfolio Manager
Peter Stournaras, CFA (17)
CIO, Fundamental Equity (Americas)
Portfolio Manager
Chris Leavy, CFA (20)
Lead Quantitative Analyst
Joe Wolfe, CFA (11)
Analysts
BGF US Flexible Equity Fund: Bridging Quantitative and
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
25/32
2
BGF US Flexible Equity Fund: Bridging Quantitative andFundamental Investing
Combining the Best of BlackRocks Quantitative and Fundamental Innovation
Quantitative
analysis
Fundamental
research
Portfolioconstruction
Actual
portfolio
Best of Both Worlds
FundamentalResearch
Quantitative AnalysisIntegratedFundamental &
Quantitative
Subjective Objective Pragmatic
Idiosyncratic Scalable Guided focus
Judgmental SystematicDisciplined, informed
decisionsForward-looking Historically-based Evidential forecasts
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
26/32
BGF US Flexible Equity Fund: Idea Generation- Internal Quantitative Model
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
27/32
2
BGF US Flexible Equity Fund: Idea Generation- Internal Quantitative Model
Current process for selecting investments in BGF US Flexible Equity Funds portfolio in accordance with its stated investment objectives and policies. Process subjec
change based on market conditions, portfolio managers opinion and other factors.
Model ranks the investment universe from most to least attractive
Companies above 25th percentile eligible for investment on a quantitative basis
No more than 20% active weight in stocks scoring below 33rd percentile
Enhancements
Model leverages BlackRock's significant investment expertise and quantitative investment platforms
worldwide
Synchronize the model with expected holding period- reduce turnover
Weights adjusted based on existing market regime and opportunities
Priced Attractively
- How much we pay for
earnings, assets and cash
flow
- Price implied expectations
Accounting we can rely on
- Accruals
- Pensions
- Economic vs. GAAP
- Capital Deployment
Fundamental Momentum
- Growth
- Stability of Growth
Investment Sentiment
- Price Momentum
- Analyst Revisions
- Short Interest
BGF US Flexible Equity Fund: Research Process
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
28/32
2
BGF US Flexible Equity Fund: Research Process
Systematic Approach, Enabling Focus on Value-Added Analysis
Individual company template
Analysis tool and discussion framework
Identify key drivers/pivotal issuers Top risks and opportunities
Review independent/external bull-bear case
Review company filings and conference call
transcripts
Internal BlackRock insights
Develop downside, core and stretch targets
Risks
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
29/32
2
Risks
US macroeconomic data continues to demonstrate recovery, although it is a slow recovery
Sustained job creation is a major challenge
Fiscal tightening likely in 2013 as spending cuts take effect
De-leveraging by US households likely to continue impacting consumer spending
Worsening of the Euro zone crisis will likely have a negative impact on the US financial system
Weakening US Dollar
Summary: Why invest in DSP BlackRock US Flexible* Equity Fund
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
30/32
Summary: Why invest in DSP BlackRock US Flexible Equity Fund
Valuations of US equities at multi year lows
Relative strength of economy compared to other developed countries
Corporate balance sheets of most large and mid cap US companies are in good shape
US equities are likely to continue out-performance over other global equity markets
*The term Flexible in the name of the Scheme signies that the Investment Manager of the Underlying Fund can invest either in growth or value investment characteri
securities placing an emphasis as the market outlook warrants.
DSP BlackRock US Flexible* Equity Fund: Scheme Features
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
31/32
DSP BlackRock US Flexible Equity Fund: Scheme Features
Name of Fund DSP BlackRock US Flexible* Equity Fund (DSPBRUSFEF)
Type of Fund Open ended Fund of Funds Scheme investing in a US Equity Fund
Benchmark Russell 1000 Index
Minimum investment Rs. 5,000/- and multiples of Re. 1/- thereafter
amount
Options Available Growth; Payout Dividend; Reinvest Dividend
Exit Load For holding period < 12months: 1%, holding period >= 12 months: Nil
Fund Managers Mr. Mehul Jani & Mr. Laukik Bagwe
Risk Factors 1. Risks associated with underlying schemes
2. Risks associated with overseas investments
3. Risks associated with investments in debt and money market instruments
4. Risks associated with transaction in Units through stock exchange mechanism5. Risks associated with trading in derivatives
Please read the Scheme Information Document carefully for details
on risk factors before investment.
*The term Flexible in the name of the Scheme signies that the Investment Manager of the Underlying Fund can invest either in growth or value investment characteri
securities placing an emphasis as the market outlook warrants.
Disclaimer
-
7/31/2019 DSP BlackRock US Flexible Equity Fund - NFO Presentation
32/32
Disclaimer
Investment objective: The primary investment objective of DSP BlackRock US Flexible Equity Fund (Scheme) is to seek capital appreciation by investing predominantlunits of BlackRock Global Funds US Flexible Equity Fund (BGF - USFEF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other sim
overseas mutual fund schemes, which may constitute a signicant part of its corpus. The Scheme may also invest a certain portion of its corpus in money market securi
and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that
investment objective of the Scheme will be realized. It shall be noted similar overseas mutual fund schemes shall have investment objective, investment strategy and
prole/consideration similar to those of BGF USFEF. The term Flexible in the name of the Scheme signies that the Investment Manager of the Underlying Fund can in
either in growth or value investment characteristic securities placing an emphasis as the market outlook warrants. Asset Allocation: Units of BGF USFEF# or other simoverseas mutual fund scheme(s): 95%-100%, Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0-5%, # in the share
BGF USFEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund. Terms of Issue: Rs. 10/- per Unit. Min Investment Rs. 5,000/- and multof Re. 1/- thereafter. Load Structure & Expenses: Entry Load NIL Exit Load- For holding period < 12 months: 1%; for holding period >= 12 months: Nil. Investor Bene& General Services: During Continuous Offer, sale (at Purchase Price) and redemption (at Redemption Price) on all Business Days (Redemption normally within 5 BusinDays). SIP, SWP, STP & Nomination facilities available. If the SEBI limits for overseas investments allowed to the Fund are expected to be exceeded, the NFO may be clo
/ subscriptions and switches into the Scheme (During Continuous Offer) may be temporarily suspended / SIP/STP into the Scheme may be terminated. Declaration of
for each Business Day by 10 a.m. of the next Business Day.
Statutory Details: DSP BlackRock Mutual Fund was set up as a Trust and the settlors/ sponsors are DSP ADIKO Holdings Pvt. Ltd. & DSP HMK Holdings Pvt. Ltd. (collectivand BlackRock Inc. (Combined liability restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd. Investment Manager: DSP BlackRock InvestmManagers Pvt. Ltd. Risk Factors: Mutual funds, like securities investments, are subject to market and other risks and there can be no assurance that the Schemobjectives will be achieved. As with any investment in securities, the NAV of Units issued under the Schemes can go up or down depending on the factors and for
affecting capital markets. Past performance of the sponsor/AMC/mutual fund does not indicate the future performance of the Schemes. Investors in the Schemes are being offered a guaranteed or assured rate of return. The Schemes are required to have (i) minimum 20 investors and (ii) no single investor holding>25% of the corpus
the Schemes. In case of non-fulllment of the condition of minimum 20 investors, the investors money would be refunded, in full, immediately after the close of the N
Fund Offer Period. In case of non-fulllment with the condition of 25% holding by a single investor on the date of allotment, the application to the extent of exposure
excess of the 25% limit would be rejected, and the allotment would be effective only to the extent of 25% of the corpus collected. The name of the Scheme does noany manner indicate the quality of the Scheme, its future prospects or returns. For detailed Schemes specic risk factors, please refer the relevant Scheme InformaDocument (SID). For more details, please refer the Key Information Memorandum cum Application Forms, which are available on the website, www.dspblackrock.com,
at the ISCs/Distributors.
DSP BlackRock Mutual Fund has used information that is publicly available including information developed in-house. Information gathered and used in this mateis believed to be from reliable sources. The Fund/AMC however does not warrant the accuracy, reasonableness and/or completeness of any information.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.