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BlackRock Asset Management1 MIN READING TIME2019-01-17

Blackrock: Better US Treasury Outlook

After the sharp slide in October, November was a month of breather. While the first week was still set for a small recovery in prices, most of the major indexes gave it back over the remainder of November. At the end of the month, most of the price levels were close to the previous month.

Given the weakening macro outlook - less synchronized and less dynamic - tighter liquidity and gradually rising interest rates, the skepticism of many investors has grown noticeably. It is noteworthy that, despite the still over-potential economic expansion in Europe and the US and now significantly
cheaper valuations that equity markets failed to propose a broader recovery. Geopolitical risks continue to weigh on investors' willingness to invest. If the main risks Brexit, Italy and the trade dispute between the US and China signal a tendency towards recovery, a recovery with a good chance of a conciliatory trend towards the end of the year is likely.


Rounding differences possible. 1 Scope Analysis GmbH: The Scope Fund Rating assesses the quality of a fund within its peer group. The evaluation includes quantitative and qualitative criteria. The rating scale goes from (A) very good to (E) weak. The Moderate and Growth profiles of BlackRock Strategic Funds (BSF) from the BlackRock Managed Index Portfolios were rated (A) and Profile Defensive and Conservative rated (B). The Scope Award was given to the fund with the share class A2 EUR. For more information, visit www.scopeanalysis.com; As of: 30.11.2018. 2 Source: Isarvest GmbH; EXtra magazine; Stock Exchange Stuttgart. As part of the EXtra-ETP awards, active ETF providers and their product offerings in Germany will be selected by a panel of experts consisting of around 50 financial experts as well as an audience online survey
rated. The following categories are evaluated by the expert jury and make up a total of 50% of the overall grade: service and product quality, costs, innovation. Likewise, 50% of the overall score results from the results of the public online survey, with voting taking place over a period of four weeks. iShares took 1st place as ETF provider of the year 2017 on November 22, 2017. Further information can be found at www.etp-award.de; As of: 28.02.2018. 3 Taking into account the hedging of exchange rate risks.


Assessment of fund management

On the bond side, in the context of positive signals for long-term risk premia, the weightings in longer-dated US government bonds were increased and financed by a significant reduction in mortgage-backed US bonds. With a moderate investment in Swiss equities, we have emphasized the defensive investment character of the portfolio. Within our global factor strategy, the smart beta factor Momentum has been reduced slightly and the minimum volatility factor has been strengthened. As a result, adjustments on the equity side led to a moderate increase in the equity allocation. The overall risk of the portfolio has hardly changed compared to the previous month. We remain confident for the coming months.


Stand
2019-01-23
BSF - BlackRock Mgd Idx Ptf. - Defensive A4 EUR
WKN: A14X2J
Performance 1Y
-3.53%
Volatility 1Y
2.46%
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Stand
2019-01-23
BSF - BlackRock Mgd Idx Ptf. - Defensive A2RF
WKN: A14UAN
Performance 1Y
-3.53%
Volatility 1Y
2.47%
Follow

Important Information The validity of the information is limited to the time of writing of this report and may change according to its purpose or for other reasons, in particular market evolution. The information and opinions contained in this report are, in our opinion, reliable sources. However, we can not guarantee that they are correct or up-to-date. Historical data is no guarantee of future yields. Statements about future - economic - developments are based on observations from the past and theoretically based objective procedures, are therefore forecasts and as such to understand. The BSF - BlackRock Managed Index portfolios are designed as funds of funds that can invest up to 100% of their net asset value in other collective investment schemes. BlackRock Strategic Funds (BSF) is an open-ended investment company incorporated under Luxembourg law that complies with the requirements of a collective investment undertaking (UCITS) in accordance with Part I of the Luxembourg Law. The decision to subscribe for shares in the BSF must be made on the basis of the information contained in the sales prospectus, supplemented by the latest annual and semi-annual reports and the key investor information that you can call up at blackrockinvestments.de. BSF are only available to non-US nationals (as defined in the Prospectus) for investment purposes. Issued by BlackRock Investment Management (UK) Limited, a subsidiary of BlackRock, Inc., authorized and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London EC2N 2DL. Registration number in England: 2020394. Phone: +44 207 743 3000. For your security, phone calls can be recorded. Further information, the Prospectus, the Key Investor Information Document and the annual and semi-annual reports are available free of charge, in German and in paper form from the publisher in Germany, BlackRock Investment Management (UK) Limited, German Branch, Frankfurt am Main, Bockenheimer Landstraße 2-4, 60306 Frankfurt am Main, and available from our sales partners. The paying agent in Germany is JP Morgan AG, Junghofstrasse 14, 60311 Frankfurt am Main, in Austria Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, A-1030 Vienna. © 2018 BlackRock, Inc. All rights reserved. BLACKROCK, iSHARES, BLACKROCK SOLUTIONS, BUILDING ON BLACKROCK, THAT'S WHY I WILL DO WITH MY MONEY, and the Stylized i Logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the US and other countries. All other trademarks are the property of their respective owners.