Carefully consider the Funds’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting blackrock.com/latamiberia. Read the prospectus carefully before investing.
The U.S. economy remains on decent footing, but returns on stocks have leapt ahead of fundamentals. The S&P 500 has risen more than 60% from its peak in 2007, roughly three times the increases in U.S. nominal GDP and corporate earnings over the same period. Returns have been fueled not by earnings growth, but by an investor willingness to pay more for each dollar of earnings (otherwise known as multiple expansion) and by robust share buybacks.