Skip to content
Welcome to the BlackRock site for intermediaries
Before you proceed, please take a moment to review and accept the following Terms and Conditions.
By accessing this website, you, as a client or potential client, accept to receive information on this website in more than one language. Should you require help understanding the content on this website, please reach out to your financial or other professional advisor.
Financial Intermediaries
On this website, Financial 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 tests: (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) a institutional investor whose main activity is to invest in financial instruments, including an entity 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 clients and qualified 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 securities investment.
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 and classed as a qualified investor under the Prospectus Regulation then you should seek independent advice.
Terms and conditions
Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
Please note that you are required to read and accept the terms of our Privacy Policy before you are able to access our websites.
Once you have confirmed that you agree to the legal information in this document, and the Privacy Policy – by indicating your consent above – we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this site, or other BlackRock sites, on future occasions. The cookie will expire after six months, or sooner should there be a material change to this important information.
By confirming that you have read this important information, you also:
(i) Agree that such information will apply to any subsequent access to the Individual investors (or Institutions / Intermediaries) section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and
(ii) Warrant that no other person will access the Individual investors section of this website from the same computer and logon as you are currently using.
The offshore funds described in the following pages are administered and managed by companies within the BlackRock Group and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund.
This does 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, 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.
Specifically, the funds described are not available for distribution to or investment by US investors. The units/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.
The funds described have not been, nor will they be, qualified for distribution to the public in Canada as no prospectus for these funds has been filed with any securities commission or regulatory authority in Canada or any province or territory thereof. This website is not, and under no circumstances is to be construed, as an advertisement or any other step in furtherance of a public offering of shares in Canada. No person resident in Canada for the purposes of the Income Tax Act (Canada) may purchase or accept a transfer of shares in the funds described unless he or she is eligible to do so under applicable Canadian or provincial laws.
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, simplified prospectus, key investor information document 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 other constitutional document.
If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.
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, express or implied, is made by BlackRock (Netherlands) B.V. (“BNBV”) or by any person as to its accuracy or completeness and it should not be relied on as such. BNBV 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. No information on this site constitutes investment, tax, legal or any other advice.
Where a claim is brought against BlackRock by a third party in relation to your use of this website, you hereby agree to fully reimburse BlackRock for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock as a consequence of improper use of this website. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.
You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.
You may leave the BNBV website when you access certain links on this website. In so doing, you may be proceeding to the site of an organisation that is not regulated. BNBV 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.
BNBV shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.
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.
For your protection, telephone calls and/or other electronic communications which result in, or are intended to result in, transactions will be recorded or saved.
Investors should read the offering documents for further details including the risk factors before making an investment.
For investors in Sweden:
The prospectus and KIID are available at BNBV, Stockholm branch, Malmskillnadsgatan 38, 111 51 Stockholm, Sweden. Investors should read the KIID before making an investment decision.
Please note that while some of the BlackRock funds are "ring-fenced", others form part of a single company and are not. For BlackRock funds that do not have segregated liability status, in the event of a single BlackRock fund being unable to meet liabilities attributable to that BlackRock fund out of the assets attributable to it, the excess may be met out of the assets attributable to the other BlackRock funds within the same company. We refer you to the prospectus or other relevant terms and conditions of each BlackRock fund for further information in this regard.
The views expressed herein do not necessarily reflect the views of BlackRock as a whole or any part thereof, nor do they constitute investment or any other advice.
Any research found on these pages has been procured and may have been acted on by BlackRock for its own purposes.
This site is operated and issued by BlackRock BNBV which is authorised and regulated by the Autoriteit Financiële Markten («AFM»). You can gain access to the AFM website from the following link: www.afm.nl. BlackRock (Netherlands) B.V. is a company registered in the Netherlands, No. 17068311. Registered Office: Amstelplein 1, 1096 HA, Amsterdam. BlackRock is a trading name of BlackRock (Netherlands) B.V. VAT No 007883250. General enquiries about this website should be sent to EMEAwebmaster@blackrock.com. This email address should not be used for any enquiries relating to investments.
© 2021 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
MKTGH1120E/S-1423192
2021 MIDYEAR GLOBAL OUTLOOK
Looking beyond the restart
We remain pro-risk as the powerful economic restart plays out. What lies beyond? The post-2008 crisis playbook won't work, in our view, and how a higher inflation regime will play out is key.
Investment themes
01
The new nominal
The powerful economic restart is broadening, with Europe and other major economies catching up with the U.S. We expect a higher inflation regime in the medium term – with a more muted monetary response than in the past. Tactical implication: We go overweight European equities and inflation-linked bonds. We cut U.S. equities to neutral.
02
China stands out
Growth in China is starting to slow at the same time the policy stance is relatively tight. The regulatory crackdown on dominant companies is ongoing. We see these as important aspects of China’s efforts to improve the quality of growth. Tactical implication: We introduce a neutral stance on Chinese equities and an overweight to Chinese debt.
03
Journey to net zero
There is no roadmap for getting to net zero, and we believe markets underappreciate the profound changes coming. The path is unlikely to be a smooth one – and we see this creating opportunities across investment horizons. Tactical implication: We are overweight the tech sector as we believe it is better positioned for the green transition.
Paragraph-1
Paragraph-2,Advance Static Table-1,Paragraph-3,Advance Static Table-2
Image-1,Image-2
A consequential juncture
The powerful economic restart after the Covid-19 shock is playing out. We remain pro-risk as the restart broadens. The more consequential question: What lies beyond? This juncture could be as critical as the shift to the neoliberal consensus in the 1980s. The post-global financial crisis (GFC) playbook won’t work, in our view, as the historic monetary-fiscal collaboration to bridge the pandemic should lead to a higher inflation regime. This means we don’t expect another decade-long bull market in stocks and bonds.
A restart is not a traditional business cycle recovery – you can only turn the lights back on once, so to speak. Fiscal stimulus and easy monetary policy have provided a bridge through the pandemic. We have estimated the U.S. has seen more than four times the stimulus compared with the GFC for less than one-quarter the shock. We see a wide range of macro outcomes as a result.
Higher inflation regime
New policy paradigms mean central banks are now attempting to overshoot inflation targets to make up for past misses. See the chart below. The shaded region shows how high the Fed would likely need to let inflation run to make up for previous shortfalls. This is a major shift from the neoliberal consensus adopted in the early 1980s that helped contain inflation and usher in a four-decade period of falling inflation and interest rates. Yet markets have not yet bought the narrative, and are pricing in a more rapid lift-off in policy rates than what the Federal Reserve’s new policy framework and projections imply. This mismatch and resulting uncertainty could stoke volatility.
We expect a higher inflation regime in the medium term – as a result of a more muted monetary response than in the past. We see any bond yield rises driven by inflation, rather than policy hikes, making the unique environment that we have called the new nominal constructive for equities.
Only getting into the inflation zone
Average Fed inflation projections vs. average make-up, 2015-2023
Sources: BlackRock Investment Institute, with data from the U.S. Bureau of Economic Analysis and Federal Reserve, June 2021. Notes: The chart shows the range of future PCE inflation levels over the Fed’s policy horizon, which we set at two years, that would be needed on average to make up for past inflation undershoots of the Fed’s 2% target. The undershoot is calculated as the average actual core PCE inflation over the previous two to five years. The red and yellow lines show the average of Fed forecasts of annual core personal consumption expenditure inflation in Q4 2021, Q4 2022 and Q4 2023 from its quarterly Summary of Economic Projections.
Staying moderately pro-risk
We are moderately pro-risk and look for opportunities from any turbulence to increase risk: Negative real, or inflation-adjusted, bond yields should support equities. We see potential for cyclical shares and regions to benefit form a broadening restart. We are turning positive on European equities and upgrading Japanese equities to neutral – and cut U.S. equities to neutral. Even if yields remain low, the direction of travel is up – and we remain underweight developed market government bonds.
For the first time, we break out Chinese assets from emerging markets as distinct tactical allocations. We believe Beijing’s focus on quality growth should bear fruit, keeping us tactically neutral on Chinese equities but heavily overweight strategically.
The path to net-zero carbon emissions has a starting point and potential destination – but there is no clear roadmap yet for getting there. Some of the coming changes may be abrupt – and add to supply and demand disruptions among commodities. We see opportunities along the way, with private market financing playing a key role.
Staying pro-risk
The broadening economic restart, coupled with global central banks’ resolve to maintain easy financial conditions, keeps us pro-risk. We favor equities over credit and government bonds on both a strategic and tactical investment horizon.
Directional views
Strategic (long-term) and tactical (6-12 month) views on broad asset classes, May 2021
| Asset | Strategic view | Tactical view | Commentary |
|---|---|---|---|
| Equities |  |
|
We keep our overweight equities on a strategic horizon. We see a better outlook for earnings amid moderate valuations. Incorporating climate change in our expected returns brightens the appeal of developed market equities given the large weights of sectors such as tech and healthcare in benchmark indices. Tactically, we stay overweight equities as we expect the restart to re-accelerate and interest rates to stay low. We tilt toward cyclicality and maintain a quality bias. |
| Credit |  |
 |
We stay underweight credit on a strategic basis as valuations are rich and we prefer to take risk in equities. On a tactical horizon, we are neutral credit following the tightening in spreads in investment grade and high yield. |
| Government bonds | |
|
We are strategically underweight nominal government bonds given their diminished ability to act as portfolio ballasts with yields near lower bounds. Rising debt levels may eventually pose risks to the low rate regime. Tactically, we prefer inflation-linked bonds – particularly in the U.S. relative to the euro area on valuations. We add to our underweight on U.S. Treasuries on expectations of gradually rising yields. |
| Cash | - | |
We are moderately pro-risk and keep some cash to potentially further add to risk assets on any market turbulence. |
| Private markets | |
- | We believe non-traditional return streams, including private credit, have the potential to add value and diversification. Our neutral view is based on a starting allocation that is much larger than what most qualified investors hold. Many institutional investors remain underinvested in private markets as they overestimate liquidity risks, in our view. Private markets are a complex asset class and not suitable for all investors. |
Note: Views are from a U.S. dollar perspective, July 2021. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding any particular funds, strategy or security.
Our granular views indicate how we think individual assets will perform against broad asset classes. We indicate different levels of conviction.
Tactical granular views
Six to 12-month tactical views on selected assets vs. broad global asset classes by level of conviction, May 2021
| Asset | Tactical view | Commentary | ||
|---|---|---|---|---|
| Equities | ||||
| United States |  |
We turn neutral U.S. equities. We see U.S. growth momentum peaking and expect other regions to be attractive ways to play the next leg of the restart as it broadens to other regions, notably Europe and Japan. | ||
| U.S. small caps | |
We stay overweight U.S. small-caps. We see potential in this segment of the U.S. equity market to benefit from the cyclical rebound in domestic activity brought about an accelerated vaccination rollout. | ||
| Europe |  |
We upgrade European equities to overweight on the back of the broadening restart. We see a sizeable pickup in activity helped by accelerating vaccinations. Valuations remain attractive relative to history and investor inflows into the region are only just starting to pick up. | ||
| U.K. | |
We turn neutral UK equities following their strong performance. We see the market as fairly valued and prefer European equities. | ||
| Japan |  |
We upgrade Japanese equities to neutral. We see a global cyclical rebound helping boost earnings growth in the second-half of the year. The country’s virus dynamics are also improving. | ||
| China | |
While overweight on a strategic basis, we see near-term risks. Growth is slowing at the same time as policy stance is tight – and may not respond in a timely way as authorities focus on the quality of growth. The anti-monopoly clampdown is ongoing. | ||
| Emerging markets | |
We downgrade EM equities to neutral. We see more uncertainty on the U.S. dollar outlook due to a risk premium from Fed communication. Many EMs have started tightening policy, showing less policy support and a greater risk of scarring. | ||
| Asia ex-Japan | |
We downgrade Asia ex-Japan equities to neutral. The anti-monopoly clampdown in the heavyweight Chinese tech sector and broader geopolitical risks dampen the outlook, in our view. | ||
| Fixed income | ||||
| U.S. Treasuries |  |
We add to our underweight on U.S. Treasuries primarily on valuations. We see the balance of risks is for gradually higher yields as markets continue to price in the economic restart, especially given the pullback in yields in recent months. | ||
| Treasury Inflation-Protected Securities | |
We turn overweight U.S. TIPS. We believe the recent pullback in the asset class presents an attractive opportunity, particularly on a relative basis against European inflation breakevens as the outlook for euro area inflation remains sluggish. | ||
| German Bunds | |
We are neutral on bunds. We see the balance of risks shifting back in favor of more monetary policy easing from the European Central Bank as the regional economic rebound shows signs of flagging. | ||
| Euro area peripherals | |
We are neutral euro area peripheral government bonds despite recent outperformance. We see further rate compression due to stepped-up quantitative easing by the European Central Bank and other policy actions. | ||
| China government bonds | |
We initiate a view on Chinese government bonds with an overweight. We see the relatively stability of interest rates and the carry on offer as brightening their appeal. | ||
| Global investment grade | |
We have downgraded investment grade credit to underweight. We see little room for further yield spread compression and favor more cyclical exposures such as high yield and Asia fixed income. | ||
| Global high yield | |
We downgrade high yield to neutral after the asset class’ strong performance. Spreads are now below where we see high yield as attractively valued. We prefer to take risk in equities. | ||
| Emerging market - hard currency | |
We are neutral hard-currency EM debt. We expect it to gain support from the vaccine-led global restart and more predictable U.S. trade policies. | ||
| Emerging market - local currency | |
We downgrade to neutral and see more uncertainty on the U.S. dollar outlook due to a risk premium from Fed communication. Many EMs have started tightening policy, showing less policy support and a greater risk of scarring, in our view. | ||
| Asia fixed income | |
We are overweight Asia fixed income. Outside of China, we like Asia sovereigns and credit for their yield and income given the region’s fundamental outlook. | ||
Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index. Note: Views are from a U.S. dollar perspective. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. This information should not be relied upon as investment advice regarding any particular fund, strategy or security.
Wide range of potential outcomes
How does the current environment compare with the post-GFC recovery? We are on a very different path now, in our view. Historic fiscal stimulus and innovative monetary policy – the policy revolution – make a repeat of the 10-year bull market in stocks and bonds unlikely. Our base case: the New nominal.
Sources: BlackRock Investment Institute, July 2021. Notes: The schematic shows hypothetical macro and policy outcomes now compared with the sluggish outcome following the GFC. These are our views on the implications for equities and government bonds as of July 2021. For illustrative purposes only. There is no guarantee that any forecasts made will come to pass.
Journey to net-zero
The path to net-zero carbon emissions has a starting point and potential destination – but there is no clear roadmap yet for getting there. Some of the coming changes may be abrupt – and add to supply and demand disruptions among commodities. We see opportunities along the way, with private market financing playing a key role.
Sources: BlackRock Investment Institute, with data from Refinitiv Datastream, July2021. Note: chart shows the spot price of London Metal Exchange (LME) copper and Brent crude oil rebased to 100 at the start of 2000.
Meet the authors
Philipp Hildebrand
Vice Chairman
Philipp Hildebrand, Vice Chairman of BlackRock, is a member of the firm's Global Executive Committee.
Jean Boivin
Head of BlackRock investment institute
Jean Bolvin, PhD, Managing Director, is the Head of the BlackRock Investment Institute (BII).
Wei Li
Global Chief Investment Strategist – BlackRock Investment Institute
Wei Li, Managing Director, is Global Chief Investment Strategist at the BlackRock Investment Institute (BII).
Vivek Paul
Senior Portfolio Strategist, BlackRock Investment Institute
Vivek Paul, FIA, Managing Director, is Senior Portfolio Strategist for the Portfolio Research Group within the Blackrock Investment Institute (BII).
Elga Bartsch
Head of Macro Research
Elga Bartsch, PhD, Managing Director, heads up economic and markets research at the BlackRock Investment Institute (BII).
Scott Thiel
Chief Fixed Income Strategist
Scott Thiel, Managing Director, is Chief Fixed Income Strategist for BlackRock and a member of the BlackRock Investment Institute (BII).
Stay ahead of markets with the latest insights from the BlackRock Investment Institute.
Please try again
Thank you for your subscription!
We usually publish weekly insights on every Monday. Expect to receive your first newsletter from us this upcoming Monday.
General disclosure: 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 investment strategy. The opinions expressed are as of May 2020 and may change. The information and opinions are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.
In the U.S. and Canada, this material is intended for public distribution. In EMEA Until 31 December 2020, 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. 2020394, has issued this document for access by Professional Clients only and no other person should rely upon the information contained within it. 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. From 1 January 2021, in the event the United Kingdom and the European Union do not enter into an arrangement which permits United Kingdom firms to offer and provide financial services into the European Union, the issuer of this material is:(i) BlackRock Investment Management (UK) Limited for all outside of the European Union; and(ii) BlackRock (Netherlands) B.V. for in the European Union, BlackRock (Netherlands) B.V. is 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 Switzerland, for qualified investors in Switzerland: This document is marketing material. Until 31 December 2021, this document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”), as amended. From 1 January 2022, 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. For investors in Israel: BlackRock Investment Management (UK) Limited is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder. In South Africa, please be advised that BlackRock Investment Management (UK) Limited is an authorized financial services provider with the South African Financial Services Board, FSP No. 43288. In the DIFC this material can be distributed in and from the Dubai International Financial Centre (DIFC) by BlackRock Advisors (UK) Limited — Dubai Branch which is regulated by the Dubai Financial Services Authority (DFSA). This material is only directed at 'Professional Clients’ and no other person should rely upon the information contained within it. Blackrock Advisors (UK) Limited - Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC Registered Number 546), with its office at Unit 06/07, Level 1, Al Fattan Currency House, DIFC, PO Box 506661, Dubai, UAE, and is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738). In the Kingdom of Saudi Arabia, issued in the Kingdom of Saudi Arabia (KSA) by BlackRock Saudi Arabia (BSA), authorised and regulated by the Capital Market Authority (CMA), License No. 18-192-30. Registered under the laws of KSA. Registered office: 29th floor, Olaya Towers – Tower B, 3074 Prince Mohammed bin Abdulaziz St., Olaya District, Riyadh 12213 – 8022, KSA, Tel: +966 11 838 3600. The information contained within is intended strictly for Sophisticated Investors as defined in the CMA Implementing Regulations. Neither the CMA or any other authority or regulator located in KSA has approved this information. The information contained within, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Any distribution, by whatever means, of the information within and related material to persons other than those referred to above is strictly prohibited. In the United Arab Emirates this material is only intended for -natural Qualified Investor as defined by the Securities and Commodities Authority (SCA) Chairman Decision No. 3/R.M. of 2017 concerning Promoting and Introducing Regulations. Neither the DFSA or any other authority or regulator located in the GCC or MENA region has approved this information. In the State of Kuwait, those who meet the description of a Professional Client as defined under the Kuwait Capital Markets Law and its Executive Bylaws. In the Sultanate of Oman, to sophisticated institutions who have experience in investing in local and international securities, are financially solvent and have knowledge of the risks associated with investing in securities. In Qatar, for distribution with pre-selected institutional investors or high net worth investors. In the Kingdom of Bahrain, to Central Bank of Bahrain (CBB) Category 1 or Category 2 licensed investment firms, CBB licensed banks or those who would meet the description of an Expert Investor or Accredited Investors as defined in the CBB Rulebook. The information contained in this document, does not constitute and should not be construed as an offer of, invitation, inducement or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In South Korea, this material is for distribution to the Qualified Professional Investors (as defined in the Financial Investment Services and Capital Market Act and its sub-regulations). In Taiwan, independently operated by BlackRock Investment Management (Taiwan) Limited. Address: 28F., No. 100, Songren Rd., Xinyi Dist., Taipei City 110, Taiwan. Tel: (02)23261600. In Japan, this is issued by BlackRock Japan. Co., Ltd. (Financial Instruments Business Operator: The Kanto Regional Financial Bureau. License No375, Association Memberships: Japan Investment Advisers Association, the Investment Trusts Association, Japan, Japan Securities Dealers Association, Type II Financial Instruments Firms Association.) For Professional Investors only (Professional Investor is defined in Financial Instruments and Exchange Act). In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975 AFSL 230 523 (BIMAL). The material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. In China, this material may not be distributed to individuals resident in the People’s Republic of China (“PRC”, for such purposes, excluding Hong Kong, Macau and Taiwan) or entities registered in the PRC unless such parties have received all the required PRC government approvals to participate in any investment or receive any investment advisory or investment management services. For Other APAC Countries, this material is issued for Institutional Investors only (or professional/sophisticated /qualified investors, as such term may apply in local jurisdictions). In Latin America, for institutional investors and financial intermediaries only (not for public distribution). No securities regulator within Latin America has confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at A2.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.
©2021 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
Explore more
Products
Themes
Insights
ETFs & Indexing
© 2021 BlackRock, Inc. All rights reserved.
BIIM0721U/M-1710130