Financial Intermediaries
On this website, Intermediaries are investors that qualify as both a Professional Client and a Qualified Investor.
In summary, a person who can both be classified as a professional client under the Markets in Financial Instruments Directive II (2014/65/EU, “MiFID”) and a qualified investor in accordance with the Prospectus Regulation (EU) 2017/1129) will generally need to meet one or more of the following requirements:
(1) An entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:
(a) a credit institution;
(b) an investment firm;
(c) any other authorised or regulated financial institution;
(d) an insurance company;
(e) a collective investment scheme or the management company of such a scheme;
(f) a pension fund or the management company of a pension fund;
(g) a commodity or commodity derivatives dealer;
(h) a local;
(i) any other institutional investor;
(2) a large undertaking that meets two of the following size requirements on a company basis: (i) a balance sheet total of EUR 20,000,000; (ii) an annual net turnover of EUR 40,000,000; (iii) own funds of EUR 2,000,000;
(3) a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECB, the EIB) or another similar international organization;
(4) other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions;
(5) a natural person resident in an EEA State that permits the authorisation of natural persons as professional investors, who expressly asks to be treated as a professional client and a qualified investor and who meets at least two of the following criteria: (i) he/she has carried out transactions, in significant size, on securities markets at an average frequency of, at least, 10 per quarter over the previous four quarters before the application, (ii) the size of his/her financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500,000, (iii) he/she works or has worked for at least one year in the financial sector in a professional position which requires knowledge of the transactions or services envisaged.
Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a professional client under the Markets in Financial Instruments Directive II and classed as a qualified investor under the Prospectus Regulation then you should seek independent advice.
Terms and conditions
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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.
BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information. Investment should be made on the basis of the relevant Prospectus which is available from the manager.
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Investors should read the offering documents for further details including the risk factors before making an investment.
For Investors in Denmark:
Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. Copies of all documentation can be obtained free of charge from offices of the paying agent at BlackRock (Netherlands) BV, Copenhagen Branch, Harbour House, Sundkrogsgade 21, 2100 København Ø, Denmark.
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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.
Managing macro risk
The macro outlook is more uncertain. Exposures to macro risk can be punished as well as rewarded, so we think investors should be deliberate about which exposures they take.
Steering portfolio outcomes
We believe the new regime rewards an active approach to portfolios. We don’t see one-and-done strategies working as in the past.
Harnessing mega forces
Mega forces are key drivers of the new regime, affecting the long-term growth and inflation outlook and creating shifts in profitability. We see them as a source of return now and far into the future.
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 financial product or to adopt any investment strategy. The opinions expressed are as of December 2023 and may change as subsequent conditions vary.
Karim Chedid: Welcome to Around the World. Spotlight on our 2024 outlook. We see elevated volatility persisting in the new year, leading to higher dispersion of returns.
Yet we see this as a time of opportunity and look to put the cash on the sidelines. Back to work. And I believe selectivity, agility and scale will be key to identifying opportunities and achieving alpha. I'm joined today by Ann-Katrin Petersen, Senior Investment Strategist for the BlackRock Investment Institute, who will discuss our new investment themes for 2024. I'll then look at what these themes mean for investors portfolios.
Ann Katrin Petersen: Thanks, Karim.
We see a real opportunity to take advantage of greater volatility in the new regime this year. Our first investment theme for 2024 looks at managing macro risks. Growth across major economies has been slower than before the pandemic and interest rates much higher. We believe that markets have started adjusting to this new reality and we seek out mispricing as they do. Our second theme really focuses on the idea that investors need to take a more active approach to their portfolios and be deliberate about any macro exposures. The reality is that dispersion of returns and volatility create space for investment skill to shine, and we see a huge opportunity to make lemonade out of the macro lemons and put more money to work. This involves being both dynamic and selective with index and alpha seeking strategies, and one way to do that is theme free harnessing mega forces. These are big structural forces in the global economy and market structure. Markets are typically slow at pricing those mega forces making for abundant investment opportunities. We see mega force as driving returns now and in the future, and they also serve as important portfolio building blocks on their own.
Karim Chedid: Thanks. Ann-Katrin.
So how can we implement these themes in portfolios? We're managing macro risk through a whole portfolio approach. Looking back to bonds for income and the last we see an opportunity to lock in yields at decade-highs with fixed-maturity bonds. We remain overweight, short dated U.S. treasuries, and we favor duration in Europe. We turn to alternatives and private markets for diversification, and we look to size cash sleeves appropriately for the environment ahead. As we believe the record level of cash on the sidelines is somewhat unwarranted. We follow two approaches to put money back to work, either through attractive valuations or through seeking quality.
For example, we see good value in developed market (DM) sectors like energy and European banks, and we also see opportunity in Japanese equities as resurgent. Inflation and wage growth translate into better pricing power for Japanese companies. Finally, we're harnessing mega forces through exposure to their catalysts and their beneficiaries. We expect that AI will continue to shape markets in 2024. We see the strongest opportunity set today in semiconductors, and we look to Alpha strategies to identify the next generation of AI breakthroughs. With more people set to vote in 2024 than in any year in history. The geopolitical fragmentation. Mega force is also in focus. We see an acceleration in the rewiring of global supply chains through reshoring and new shoring, and we expect sectors like industrials and materials to benefit from this with our views and our implementation ideas across asset classes at the link below. And thank you for joining.
Karim Chedid, Head of EMEA iShares Investment Strategy and Ann-Katrin Petersen, Senior Investment Strategist and Director with the BlackRock Investment Institute (BII), break down our key themes and Outlook for 2024
Discover how BlackRock’s products could help you adjust your portfolio to a new world of heightened macro volatility. Navigate our range of iShares and BlackRock funds.