Qualified investors
Please read this page, as it explains certain restrictions imposed by law on the distribution of this information. The information contained in the following pages is only available to qualified investors with domicile/registered seat in Switzerland. The content in the following pages is advertising.
By clicking on the button "I agree" you certify that you are a qualified investor within the meaning of Art. 10 para 3 of the federal Act on Collective Investment Schemes of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 para 1 of the Swiss Federal Act on Financial Services ("FinSA"), domiciled in Switzerland and that you have read, understood and accepted the legal terms and conditions following below. Qualified investors are:
The following pages contain information on the foreign collective investment schemes managed by entities of the BlackRock Group ("Fund/s") which have been authorized by the Swiss Financial Market Supervisory Authority (FINMA) for offering to non-qualified investors in Switzerland in accordance with Article 119 CISA (“foreign authorized Funds”)and the Swiss domiciled iShares ETF Funds and BlackRock Investment Funds Switzerland.
The Representative of the foreign authorized Funds in Switzerland within the meaning of Article 120 and 123 et seq CISA is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, CH -8001 Zurich. The Paying Agent of the foreign authorized Funds in Switzerland within the meaning of Article 121 CISA is State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich. The prospectus, the key information document or equivalent, the Articles of Association (as applicable) and the annual as well as the semi-annual reports (as applicable) of the foreign authorized Funds are available free of charge from the representative in Switzerland.
The Management Company of the Swiss domiciled iShares ETF Funds and BlackRock Investment Funds Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, CH-8001 Zurich. The prospectus including the integrated fund contract, the key information document or equivalent, and, if applicable, the annual as well as the semi-annual reports of the Fund/s are available free of charge from the Management Company in Switzerland.
Place of fulfillment and jurisdiction for Units of foreign authorized Funds offered or advertised in Switzerland is the registered office of the representative in Switzerland.
It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. The following pages do not constitute an offer or solicitation to sell shares in any of the funds referred to on this site, by anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such an offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such an offer or solicitation.
Specifically, the funds described are not available for offer to or investment by US investors. The shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and, except in a transaction which does not violate the Securities Act or any other applicable US securities laws (including without limitation any applicable law of any of the States of the USA) may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.
Applications to invest in any fund referred to on this site must only be made on the basis of the offer document relating to the specific investment (e.g. Prospectus, Key Information Document or equivalent, when implemented or other applicable terms and conditions). As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Prospectus or Key Information Document.
The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.
The information contained on this site is published in good faith but no representation or warranty, expressed or implied, is made by us or by any person as to its accuracy or completeness and it should not be relied on as such. No information on this site constitutes investment, tax, legal or any other advice.
BlackRock Asset Management Schweiz AG shall have no liability for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential.
You may leave the BlackRock Asset Management Schweiz AG website when accessing certain links on this website. In doing so, you may be proceeding to the website of a third-party that is not regulated. BlackRock Asset Management Schwiez AG has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites.
Past performance is no guarantee of current or future performance. The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invested. Rates of exchange may cause the value of the investments to go up or 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.
If you are in doubt about the meaning of any information provided please consult your financial or other professional adviser.
BlackRock Asset Management Schweiz AG, Zurich is responsible for the content of this website in Switzerland.
©2024 BlackRock, Inc. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
In the post-pandemic world, investors need to be agile to navigate volatility and seize opportunity. So don’t get stuck thinking about index versus active. Successful wealth creation in this new era will come from harnessing the power of both.
By taking a ‘whole portfolio’ approach that blurs the lines between index and active strategies through index ETFs, active ETFs, and active mutual funds, you can exploit your skill in timing markets and picking exposures precisely and nimbly – while keeping a lid on costs.
Embracing a broader investing toolkit like this is the way to succeed in an uncertain world. And remember: using ETFs for both index and active strategies can free up fee budget for more highly-skilled alpha-seeking managers.
Clinging to old habits? You might be limiting your performance potential – right when clients are setting a higher performance bar.
With higher uncertainty and higher performance dispersion in specific markets, fixed or ‘set and forget’, strategies could soon turn to ‘set and regret’. It's time to be more dynamic. A flexible and more granular blend of asset classes should see you adapt and thrive.
Read our guide for expert insights that could help you succeed in the years ahead. On dynamic asset allocation, portfolio stress-testing, and investor education, we’ve got you covered.
In the past, portfolio builders have placed a lot of emphasis on picking, and sticking with, investment products.
Stategies built through broad and fixed allocations, adhered to false dichotomies like ‘public versus private markets’, or ‘passive versus active’, safe in the assumption that most investment choices would work.
Today, there’s far less conviction over the path ahead - prompting one of the most significant investment process transformations seen in a generation.
This new investment reality demands a more integrated approach. The moment is ripe for a rethink.
Your asset mix matters more than ever now, and traditional fixed allocations to public markets might not be up to the job. Time to blur the lines and prioritise strategic asset allocation in your investment process.
CIO Pulse
Alister Hibbert
Qu 1 – What is the top current investment opportunity a CIO should consider to grow their business?
My answer is to go back to where it all started – public equities and, specifically, active investing in public equities. Equity markets are a phenomenally large, deep and broad opportunity set and their potential eclipses all other asset classes. Nearly all the value creation that comes from economic growth is to be found in equity markets – today think of AI or weight loss drugs - but this value will only accrue to a handful of public companies.
So, what’s key is selectivity in equity markets, given that most businesses are relatively uninteresting over the long term, even if they’re attractive from time to time. A subset of equity market exposure focussed on businesses with high returns that can remain that way over time, and an opportunity set that allows them to grow at least in line with global nominal GDP growth over time. And that’s the ultimate prize.
Within this, developed market equities typically have lower governance, geopolitical and currency risks, and its also important to avoid futurology and quoted business plans. Exciting stories can be extraordinarily compelling but investing in companies with market caps which bear no relation to the scale of the business as you would measure it in revenue or asset terms is inherently very high risk. Trying to find the next Tesla has been a difficult journey for investors.
So, for a CIO, I think the top current investment opportunity is the same as it was 10 years ago, and likely the same as it will be in 10 years’ time, and that’s selectively investing in public equities to help drive long-term growth for stakeholders.
Qu 2 – What is the top overall investment consideration a CIO should currently take into account?
Alongside the incredible opportunities for CIOs to capture in today’s markets, there are challenges. And among the most pertinent are behavioural ones.
CIOs have an extraordinary array of tactical tools which are surgical in their precision and offer lots of liquidity. And that’s the great thing about public markets – you can change your mind in a way that is just not possible when it comes to in private markets. But as impressive as that toolset is, it also represents temptation and a pathway to short-term, sub-optimal decision-making.
So the one thing I would always try to remind myself of a CIO would be that: all issues which are genuinely cyclical in nature are self-healing in time. After a bear market there’s a bull market, after a company misses its numbers because revenues fall short of budget for a cyclical reason, management adjust the cost base.
Despite this, the reality is that the short-term noise in markets is deafening, and it impacts expectations – from end clients to Board members. And I sympathise with CIOs on this front, especially as we now witness the building, almost overnight, of what we call ‘false market narratives’.
In March 2023, for instance, Silicon Valley Bank went under at which point investors believed that a banking crisis and credit crunch were upon us. Why investors believed this when there was no identifiable default cycle impacting the banking sector is beyond me but, at the time, it was a powerful narrative with few dissenters. These market narratives can be dispelled with in-depth analysis of companies and sectors but are dangerously persuasive at the moment that they burst into life.
The risk for CIOs is that while that narrative is playing out, or while those cyclical issues are working themselves through, investment decisions are taken that ultimately lead to whipsawing, in which case the impressive tactical tools at our disposal haven’t actually helped us.
CIOs may need to manage around short-term volatility as nearly all face real institutional constraints imposed by their boards, business transformation dynamics, and end client behaviour. But, if long-term capital growth is the objective, then we need to remember that a mark to market cyclical loss is not the same as a permanent loss of capital unless we make it so by selling at the wrong time. Even the calamity of 2008 is now no more than a blip on a chart of the S&P500.
Qu 3 – 3 x quick fire questions:
And now for some quick fire questions.
So AI is about as nuanced and confusing as it gets. For now, the outlook remains fantastic and there is almost no chance that the hyperscalers are going to stop investing in training models and then just leave their peers to take all the market, especially when they have so much cashflow to fund it. As long as they believe that their models will scale with more compute and data, it is unknowable how powerful and potentially valuable these models can become. Longer term, trends will be driven by the performance of these models, something we will watch extremely closely.
Unfortunately for now, negative, as democracies and policy only work with the permission of the people and a growing backlash against green policy agendas is evident in the West. This could change, of course, since the electorate can be fickle at times, but the biggest problem is that the cost of the energy transition falls disproportionately on lower income households and a rebellion is underway. From heat pumps to highly expensive electric vehicles, these costs are becoming real to people and their popularity is falling as a result.
Short-term, we’re wary of consumer exposures as cautious lenders and tight monetary policy have reduced consumer unsecured credit growth to low levels and maxed out credit cards, changing spending patterns and not for the better. Nonetheless, with inflation gone, the Fed is now free to reduce interest rates which, in turn, will take pressure off the consumer. Areas currently in the doldrums like housing or luxury goods should benefit in due course and be an opportunity for investors medium term.
Disclaimers & risk wording
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Important Information
This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons.
This document is marketing material.
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is issued by BlackRock (Netherlands) B.V., authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
For investors in Switzerland
For professional clients and qualified investors only.
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ('FinSA').
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.
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.
© 2024 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
Introducing CIO Pulse, a brand-new video series designed to help CIOs stay on top of today’s transformative opportunities. Hosted by Ursula Marchioni, Head of EMEA Investment & Portfolio Solutions, CIO Pulse features thought leaders from across BlackRock offering fresh perspectives on the most significant trends reshaping investing and tech.
MKTGH1024E/S-3926315
