BlackRock Dynamic Allocation Fund. For the period from 14 April 2015 (date of launch) to 31 August 2015

Transcription

1 INTERIM report BlackRock Dynamic Allocation Fund For the period from 14 April 2015 (date of launch) to 31 August 2015

2 About the Fund Managers BlackRock Dynamic Allocation Fund Adam Ryan, Managing Director and portfolio manager, is a member of BlackRock s Multi-Asset Strategies group and is Head of the Diversified Strategies team. Within Diversified Strategies he is lead portfolio manager of the Dynamic Diversified Growth strategy. Mr. Ryan s service with the firm dates back to 1999, including his years with MLIM, which merged with BlackRock in His background is in fixed income portfolio management where he was Head of Fixed Income for MLIM s Private Client business before developing and managing diversified multi-asset portfolios for both private and institutional clients. Mr. Ryan earned a BA degree with honours in engineering from Cambridge University in Andy Warwick, CFA, Managing Director and portfolio manager, is a member of the Diversified Strategies team within BlackRock s Multi-Asset Strategy Group, which is responsible for developing, assembling and managing investment strategies involving multiple asset classes. Within Diversified Strategies he is lead portfolio manager for Dynamic Return Strategy ( DRS ) and a portfolio manager for Dynamic Diversified Growth ( DDG ). Mr. Warwick s service with the firm dates back to 2005, including his years with MLIM, which merged with BlackRock in Prior to MLIM he worked with Mako Global Derivatives and Dalton Strategic Partnership from Mr. Warwick initially worked for MLIM from as a manager for MLIM s unit trusts before joining the quantitative and derivatives team as a portfolio manager and equity derivatives head trader in He was subsequently co-portfolio manager of MLIM s first hedge fund, the Mercury Equity Arbitrage Fund. Mr. Warwick earned a MSc in Finance from the University of Leicester in Investment Objective & Policy The Fund aims to deliver over the medium to long term (three to five years) a total return, in the form of capital growth and income, which exceeds the Bank of England s Base Interest Rate as set by the Monetary Policy Committee or successor bodies. Although the Fund aims to deliver a total return over the medium to long term (three to five years), there is no guarantee that this will be achieved over this time period, or any time period. The Fund s capital is at risk. The Fund has a flexible approach to asset allocation and will seek to diversify its exposure across a variety of asset classes globally including equity securities, fixed income securities, money market instruments, deposits, cash and near cash, and derivatives. The Fund may also hold indirect exposure to alternative asset classes such as commodities or property through eligible index derivatives, eligible collective investment schemes or structured securities. In order to gain this exposure the Fund will invest in derivatives and a significant proportion of the Fund s portfolio may consist of derivatives on a daily basis. The Fund may utilise a variety of investment strategies and eligible instruments and may for example, invest (directly or indirectly) in any or all of the following: transferable securities (equity securities and fixed income securities), money market instruments, deposits, cash and near cash, and units of collective investment schemes. The Fund may invest in a full range of fixed income securities and money market instruments which may include non-investment grade securities. The Fund s exposure will vary over time as determined by the Investment Manager at its sole discretion. The Fund was authorised on 27 March 2015 and launched on 14 April Authorised Status BlackRock Dynamic Allocation Fund is an authorised unit trust Scheme under Section 243 of the Financial Services and Markets Act 2000 and is established as a UCITS retail Scheme under the Financial Conduct Authority s Collective Investment Schemes Sourcebook (the COLL Sourcebook ). This Interim Report covers the period from 14 April 2015 (date of launch) to 31 August Performance Table Since Launch to TOTAL Return (with net income reinvested) Class A Accumulation Units BlackRock Dynamic Allocation Fund -5.5% Bank of England Base Rate Index GBP* +0.2% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. * Figures from BlackRock. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Copies of Manager s Reports and Prospectus are available on request. Dealing and Investor Services: blackrock.co.uk 1 BlackRock Dynamic Allocation Fund 2

3 Performance Record Net Asset Value At 31 August 2015 Units in Issue Net Asset Value 000s Net Asset Value per Unit p A Income # 100, A Accumulation # 100, D Income # 100, D Accumulation # 100, X Income # 100, X Accumulation # 24,721,980 23, # Fund launched on 14 April Distributions Payable A Income # The unit class recorded a net revenue shortfall for the period to 31 August Accordingly no distribution was payable. A Accumulation # The unit class recorded a net revenue shortfall for the period to 31 August Accordingly no distribution was payable. D Income # The interim distribution payable on 31 October 2015 is p net per income unit. D Accumulation # The interim accumulation distribution payable on 31 October 2015 is p net per accumulation unit. X Income # The interim distribution payable on 31 October 2015 is p net per income unit. X Accumulation # The interim accumulation distribution payable on 31 October 2015 is p net per accumulation unit. # Fund launched on 14 April Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards Unit Class A Income A Accumulation D Income D Accumulation X Income X Accumulation `` The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of each unit class. `` The risk category shown is not guaranteed and may change over time. `` The lowest category does not mean risk free. `` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. 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. For more information on this, please see the Fund s Key Investor Information Documents (KIIDs), which are available at Operating Charges Detailed in the following table are the charges used to meet the costs of running the Fund, which include the costs of marketing and distribution. These charges reduce the potential growth of your investments. The charges may vary from year to year. The charges exclude portfolio trade-related costs, except costs paid to the custodian/trustee and entry/exit charges paid to an underlying collective investment scheme (if any) Unit Class to # A Income 1.05% A Accumulation 1.05% D Income 0.50% D Accumulation 0.50% X Income 0.03% X Accumulation 0.03% Operating charges figures have been annualised. # Fund launched on 14 April 2015, therefore no comparatives have been presented. 3 BlackRock Dynamic Allocation Fund 4

4 Investment Report Summary of Performance over the Period Very regrettably, the Fund returned -5.5%* over the period from 14 April 2015 (date of launch) to 31 August 2015, underperforming its benchmark, the Bank of England s Base Interest Rate, which returned 0.2%. The negative performance was largely driven by the Fund s developed and emerging equity market positions. Our strategies that are designed to generate a profit when expectations for future market ups and downs (or volatility ) are greater than the actual volatility the market experiences, detracted from performance as the actual volatility was more severe than we had anticipated. Fund Managers Commentary The past six months saw developed and emerging-market share markets generate negative returns, while fixed income yields rose and commodity prices declined. This occurred against a backdrop of sustained support from central banks, low inflation and signs of a Chinese slowdown. In the US, share prices declined as emerging-market growth concerns and uncertainty over when the US Federal Reserve will raise interest rates made investors more cautious. Nevertheless, this compared with the improving US economic backdrop, where unemployment continued falling and economic growth strengthened. In the UK, equities also fell despite the short-term relief provided by a conclusive general election result. Meanwhile, the European Central Bank finally announced its long-awaited spending programme in support of Europe s economy. Political tensions emanating from Greece weighed on confidence in July Increasing signs of economic slowdown in China depressed commodity prices and emerging markets in general both ended the period in negative territory. The Fund s negative return within equities came from exposure to gold miners, our holdings in a basket or group of leading global brands and our wider exposure to developed and emerging market equities. The loss from volatility strategies came predominantly from the significant market ups and downs observed in August 2015, when volatility jumped to levels last seen in Performance was cushioned by US and European corporate bonds, positions that benefit from sharp market moves up and down and positions that reduce existing equity exposure and benefit from falling stock prices. Looking forward, greater volatility, low yields and demographic factors should keep demand robust for income-yielding assets. We remain constructive on developed-market equities, where economic recovery is evident, though we are moving closer to divergence in respective countries monetary policies. China is slowing and we remain concerned about sustained instability in its financial system, which would have a profound impact on broader emerging markets. September 2015 * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and is reported for the Fund s class A Accumulation Units. Portfolio Statement (unaudited) at 31 August 2015 Holding or Market % of Nominal Value Total Net Value Investment 000s Assets EUROPE 13.31% BONDS 13.31% UK Sterling Denominated Fixed Rate Government Bonds 8.16% 965,000 Treasury 1.75% Notes 22/1/ ,000 Treasury 2% Bonds 22/1/ , Euro Denominated Fixed Rate Government Bonds 5.15% 808,000 Italy (Republic) 4.5% Bonds 1/3/ ,000 Portugal (Government) 3.875% Bonds 15/2/ ,000 Portugal (Government) 4.1% Bonds 15/2/ ,000 Spain (Government) 5.15% Bond 31/10/ NORTH AMERICA 5.05% EQUITIES 1.97% 1, United States of America 1.97% 159 Accenture Altria Amazon American Airlines Boeing Brown-Forman class B shares CBS class B shares CVS Health DaVita Dow Chemical Du Pont de Nemours Dun & Bradstreet Eastman Chemical Edwards Lifesciences Eli Lilly Equifax Facebook FedEx FLIR Systems Fluor FMC General Dynamics Goodyear Tire & Rubber H&R Block BlackRock Dynamic Allocation Fund 6

5 Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment 000s Assets BONDS 3.08% 173 Hospira International Paper Intuit Kellogg Lockheed Martin MasterCard class A shares McGraw Hill Financial Monsanto Motorola Solutions Northrop Grumman Nucor Pitney Bowes Plum Creek Timber Qualcomm Raytheon Southern Teradata Textron Tyco International United Parcel Service class B shares United Technologies Varian Medical Systems VeriSign Vertex Pharmaceuticals Viacom New class B non-voting shares Yum! Brands US Dollar Denominated Fixed Rate Government Bonds 3.08% $1,153,900 US Treasury 0.375% Inflation Indexed Bonds 15/7/ SOUTH AMERICA % BONDS % Brazilian Real Denominated Fixed Rate Government Bonds % BRL 120,000 Brazil Notas do Tesouro Nacional Serie B 6% Notes 15/8/ Holding or Market % of Nominal Value Total Net Value Investment 000s Assets INVESTMENT FUNDS 75.08% Asia 1.98% 3,669 ishares MSCI EM Asia UCITS ETF* ,317 Lyxor Exchange Traded Funding MSCI India Emerging Markets 1.27% 26,214 ishares Emerging Markets Dividend UCITS ETF* Europe 7.95% 149,702 BlackRock Euro Credit Enhanced Index Fund* 1, Global 9.59% 107,933 BlackRock Developed World Index Sub-Fund* 1, ,500 BlackRock Impact World Equity Fund* , United Kingdom 8.25% 137,870 BlackRock UK Credit Screened Fund* 1, ishares MSCI UK Small Cap UCITS ETF* , Bonds 8.62% 135,524 BlackRock US Corporate Bond Index Fund* 2, Short-term Money Market Funds 37.42% 4,506,667 Institutional Cash Series plc - Sterling Liquidity Fund* 4, ,500 Institutional Cash Series plc - Sterling Ultra Short Bond Fund* 4, DERIVATIVES (2.54)% 8, Forward Currency Contracts (0.40)% BRL 1,535,455 Brazilian real vs US dollar (4) (0.02) CAD 504,385 Canadian dollar vs US dollar (1) 0.00 INR 19,149,800 Indian rupee vs US dollar (4) (0.02) JPY 58,110,885 Japanese yen vs US dollar (5) (0.02) NZD 593,065 New Zealand dollar vs US dollar (8) (0.03) PLN 1,484,165 Polish zloty vs Euro^ 0.00 ZAR 2,516,398 South African rand vs US dollar (2) (0.01) 857,662 UK sterling vs Canadian dollar (17) (0.07) 4,312,539 UK sterling vs Euro (8) (0.03) 711,243 UK sterling vs Japanese yen (7) (0.03) 2,576,905 UK sterling vs US dollar (54) (0.23) 7 BlackRock Dynamic Allocation Fund 8

6 Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment 000s Assets $650,000 US dollar vs Brazilian real $290,000 US dollar vs Chinese yuan^ 0.00 $747,000 US dollar vs Singapore dollar $289,207 US dollar vs South Korean won (1) 0.00 $844,000 US dollar vs Taiwan dollar (2) (0.01) $290,000 US dollar vs Turkish lira (1) 0.00 (97) (0.40) Futures (0.31)% 38 FTSE 250 Index September 2015 (47) (0.20) (4) Long Gilt Future December 2015^ 0.00 (7) S&P 500 E-Mini September Stoxx 600 Food September 2015 (23) (0.10) (3) Stoxx 600 Personal & Household Goods September TOPIX Index September 2015 (39) (0.16) (13) US 10 Year Note (CBT) December (73) (0.31) Options 0.12% 1,900,000 Bank of America (US dollar Put Australian dollar Call (9) Euro Stoxx 50 Call Option 18/9/ ^ Euro Stoxx 50 Call Option 18/9/ ^ Euro Stoxx 50 Call Option 15/12/ (20) Euro Stoxx 50 Put Option 16/10/ (13) (0.05) 10 Euro Stoxx 50 Put Option 16/10/ (20) Euro Stoxx 50 Put Option 18/12/ (20) (0.08) 10 Euro Stoxx 50 Put Option 18/12/ Euro Stoxx UTI Call Option 18/12/ (276) Euro Stoxx UTI Put Option 18/12/ (48) (0.20) (8,000) SPDR Gold Trust Call Option 16/10/ (10) (0.04) 40,000 SPDR Gold Trust Call Option 16/10/ ,650,000 S&P 500 Put Option 18/12/ ,000 S&P 500 Put Option 18/12/ Holding or Market % of Nominal Value Total Net Value Investment 000s Assets Total Return Swaps (1.95)% 448,091 Bank of America (ML Commodity Volatility Carry Index) 0% 16/3/2016 (16) (0.07) 668,459 Bank of America (MLBXWDC2 Total Return Index) 0% 18/11/2015 (7) (0.03) 837,739 Bank of America (NYSE Arca Gold Miners Index) 0% 18/11/2015 (105) (0.44) 1,568,844 Citibank (DynaVol 2X USD Index) 0% 11/8/2016 (87) (0.36) 899,895 Citibank (DynaVol 2X USD Index) 0% 24/6/2016 (51) (0.21) 450,000 Citibank (DynaVol EM Series II Performance Index) 0% 13/11/2015 (5) (0.02) 1,822 Citibank (Emerging Lifestyle Trend Index) 0% 7/6/2015 (107) (0.45) 460,000 Goldman Sachs International (Commodity Volatility Carry Index) 0% 7/4/2016 (10) (0.04) 880,968 JP Morgan Chase Bank (JP European Performance Shell Index) 0% 01/2/2016 (17) (0.07) 1,533,305 Morgan Stanley International (Volnet Premium Wave Global Index) 0% 15/4/2016 (62) (0.26) (467) (1.95) Portfolio of investments 21, Net other assets 2, Total net assets 23, Note: Fund launched on 14 April 2015, therefore no comparatives have been presented. Unless otherwise stated, all holdings are quoted in ordinary shares and are listed on a recognised exchange. * Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. ^ Investments which are less than 500 have been rounded to zero. The credit rating profile of the portfolio at 31 August 2015 is shown below: % of Total Net Assets Investment grade Not rated 4.20 Non debt securities Net other assets 8.88 Total net assets BlackRock Dynamic Allocation Fund 10

7 Statement of Total Return (unaudited) for the period from 14 April 2015 to 31 August 2015 Balance Sheet (unaudited) at 31 August 2015 For the period from to s 000s Income Net capital losses (1,283) Revenue 49 Expenses Net revenue before taxation 49 Taxation (6) Net revenue after taxation 43 Total return before distributions (1,240) Distributions (43) Change in net assets attributable to unitholders from investment activities (1,283) Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the period from 14 April 2015 to 31 August 2015 For the period from to s 000s Opening net assets attributable to unitholders Amounts received on creation of units 25,215 25,215 Change in net assets attributable to unitholders from investment activities (1,283) Retained distribution on accumulation units 42 Closing net assets attributable to unitholders 23, s Assets: Fixed assets Investment assets 22,626 Current assets Debtors 165 Cash and bank balances 2,047 Total assets 24,838 Liabilities: Investment liabilities (781) Creditors Amount held at futures clearing houses and brokers (61) Bank overdraft (9) Other creditors (13) Total liabilities (864) Net assets attributable to unitholders 23,974 Note: Fund launched on 14 April 2015, therefore no comparatives have been presented. N C D Hall (Director) M T Zemek (Director) BlackRock Fund Managers Limited 15 October 2015 Note: Fund launched on 14 April 2015, therefore no comparatives have been presented. 11 BlackRock Dynamic Allocation Fund 12

8 Notes to Financial Statements (unaudited) for the period from 14 April 2015 to 31 August Accounting and Distribution Policies Accounting Policies (a) The financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds (the SORP ) issued by the Investment Management Association ( IMA ) (now known as the Investment Association) in May (b) Dividends on quoted ordinary shares and preference shares are recognised when the securities are quoted ex-dividend. Where such securities are not quoted, dividends are recognised when they are declared. Revenue from fixed interest securities is recognised on an effective interest rate basis. Accrued interest purchased and sold on interest bearing securities is excluded from the capital cost of these securities and dealt with as part of the revenue of the Fund. All revenue is recognised as a gross amount that takes account of any withholding taxes but excludes any other taxes such as attributable tax credits. Revenue from securities lending is accounted for net of associated costs and is recognised on an accruals basis. Returns from bond futures are streamed into revenue and capital components. Amounts recognised as revenue from long positions form part of the distribution. Amounts recognised as revenue from short positions reduce the amounts available for distribution. Returns from Total Return Swaps in the form of dividends or interest received from the underlying security or index are recognised as revenue. Capital gains on the underlying security or index are treated as capital. Bank interest is recognised on an accruals basis. All distributions from Collective Investment Schemes are recognised when the securities are quoted ex-dividend. All distributions from holdings on Collective Investment Schemes are treated as revenue with the exception of the equalisation element, which is treated as capital. The Fund receives Manager s charge rebates from BlackRock related investments in the normal course of business. These are recognised on an accruals basis and are treated as revenue, unless it is the policy of the underlying fund to charge its fees to capital, in which case these rebates will be recognised as capital. (c) Ordinary stock dividends are recognised wholly as revenue and are based on the market value of the shares on the date they are quoted ex-dividend. Where an enhancement is offered, the amount by which the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash dividend is taken to capital. (d) The underlying circumstances behind both special dividends and share buy backs are reviewed on a case by case basis in determining whether the amount is revenue or capital in nature. Amounts recognised as revenue form part of the distribution. Any tax treatment will follow the accounting treatment of the principal amount. (e) Underwriting commission is wholly recognised as revenue when the issue takes place, except where the Fund is required to take up some or all of the shares underwritten, in which case an appropriate proportion of the commission received is deducted from the cost of those shares. (f) All expenses, except those relating to the purchase and sale of investments and Stamp Duty are charged against revenue. All expenses are recognised on an accruals basis. (g) Provision for corporation tax is made at the current rate on the excess of taxable revenue over allowable expenses. Provision is made on all material timing differences arising from the different treatment of items for accounting and tax purposes. A deferred tax asset is recognised only to the extent that it is considered more likely than not that there will be taxable profits in the future against which the asset can be offset. (h) The investments of the Fund have been valued at market values, defined as fair value, which is usually bid value at close of business on the last business day of the accounting period. In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in respect of which a listed, traded or dealt price or quotation is not available at the time of valuation, the fair value of such an investment shall be estimated with care and in good faith by a competent professional person, body, firm or corporation including the Investment Manager s pricing committee and such fair value shall be determined on the basis of the probable realisation value of the investment. The Investment Manager, in agreement with the Directors of the Manager, shall be entitled to adopt an alternative method of valuing any particular asset if it considers that the methods of valuation set out above do not provide a fair valuation of a particular asset. For over the counter derivatives (e.g. credit default swaps, interest rate swaps, total return swaps, forward currency contracts and currency options), market value is determined based on valuation pricing models which take into account relevant market inputs as well as the time values, liquidity and volatility factors underlying the positions. Amounts due to and from an individual counterparty which fall under a legally enforceable master netting agreement are netted. Investments in dual priced Collective Investment Schemes have been valued at market values, defined as fair value, which is usually bid value at the closing valuation point of the underlying fund on the last business day of the accounting period. Investments in single priced Collective Investment Schemes have been valued at market values, defined as fair value, which is usually the quoted price at close of business on the last business day of the accounting period. (i) Any transactions in foreign currencies are translated into Sterling at the rates of exchange ruling on the date of any such transaction. Assets and liabilities in foreign currencies are translated into Sterling at the exchange rates ruling at the close of business on the last business day of the accounting period. Revenue items in foreign currencies are translated into Sterling at the exchange rate when the revenue is received. (j) Where appropriate, certain permitted financial instruments such as derivatives or forward currency contracts are used for both hedging and for the purpose of achieving the investment objective and policy of the Fund. Where such financial instruments are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in Revenue in the Statement of Total Return. Where such financial instruments are used to protect or enhance capital, the gains and losses derived therefrom are included in Net capital losses in the Statement of Total Return. 13 BlackRock Dynamic Allocation Fund 14

9 Notes to Financial Statements (unaudited) continued General Information Distribution policies (k) The ordinary element of stock dividends is treated as revenue but does not form part of the distribution. (l) All of the net revenue available for distribution at the final accounting period end will be distributed to unitholders with the balance attributable to accumulation unitholders retained within the Fund. In order to conduct a controlled dividend flow to unitholders, interim distributions may be made at the Manager s discretion, up to a maximum of the distributable revenue available for the period. Should expenses and taxation together exceed revenue, there will be no distribution and the shortfall will be met from capital. 2. Subsequent Events The Prospectus was amended on 17 September 2015 to add MarketAxess Europe Limited as an eligible market. Manager & Registrar BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: Dealing and Investor Services: Member of The Investment Association (formerly the Investment Management Association) and authorised and regulated by the Financial Conduct Authority. Directors of the Manager G D Bamping R A Damm N C D Hall* R A R Hayes A M Lawrence A J Stenning E E Tracey M T Zemek* (appointed 2 June 2015) * Non-executive Director. Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street, London EC4V 4LA Authorised and regulated by the Financial Conduct Authority. Investment Manager BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Authorised and regulated by the Financial Conduct Authority. Auditor Ernst & Young LLP 1 More London Place, London SE1 2AF Custodian The Bank of New York Mellon (International) Limited 1 Canada Square, London E14 5AL Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. BlackRock s proxy voting agent is ISS (Institutional Shareholder Services). This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: Dealing and Investor Services: blackrock.co.uk For your protection, telephone calls are usually recorded. 15 BlackRock Dynamic Allocation Fund 16

10 ABOUT US BlackRock is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. As of 30 June 2015, the firm manages 3 trillion across asset classes in separate accounts, mutual funds, other pooled investment vehicles, and the industry-leading ishares exchange-traded funds. Through BlackRock Solutions, the firm offers risk management and advisory services that combine capital markets expertise with proprietarily-developed analytics, systems, and technology. Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients. BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa, and the Middle East. Headquartered in New York, the firm maintains offices in over 30 countries around the world. For more information blackrock.co.uk