The opinions expressed are those of BlackRock as of October 2012 and are subject to change at any time due to changes in market or economic conditions.
This material is not intended to be relied upon as a forecast, research or investment advice and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any strategy in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. It is your responsibility to be aware of the applicable laws and regulations of your country of residence.
BlackRock has not considered the suitability of investment against your individual needs and risk tolerance. To ensure that you understand whether a financial product is available to you and whether it is suitable to meet your investment needs, please speak to your financial adviser.
All financial investments involve an element of risk. The value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Overseas investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume.
Investments in fixed interest securities such as corporate or government bonds pay a fixed or variable rate of interest 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. 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. Under certain market conditions, liquidity in bond markets may fall significantly without warning. Therefore it may not be possible to sell a security at the last quoted price or at a value considered to be fair. In extreme market conditions, it may be difficult to realise your investments.
Exchange Traded Funds (ETFs) and index tracking mutual funds seek to track a benchmark and holdings are not altered during rising or falling markets. Some ETFs are optimised and therefore may not hold all securities within the benchmark index. Performance may differ from the underlying benchmark index. ETFs trade on exchanges intraday at the current market price which may differ from net asset value. Transaction or brokerage fees will apply. Liquidity is not guaranteed. Active and index tracking mutual funds can usually be accessed at a single valuation point each business day at net asset value adjusted for applicable dealing charges and fees.
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