BLACKROCK
ASIAN TIGER BOND FUND
Core Asian credit strategy, designed for income and
downside protection
November 2015
Important Information
1. The Fund invests in debt securities that are subject to both actual or perceived downgrading. The Fund may be affected by changes in prevailing interest
rates and by credit quality considerations. The Fund may invest in non-investment grade bonds which may subject the Fund to higher default, volatility and
liquidity risks. The Fund invests in certain emerging markets that may be subject to additional risks arising from political, economic and market factors.
The Fund also invests in bonds issued or guaranteed by governments or authorities which may involve political, economic, default, or other risks, and in
turn have an adverse impact on the Fund. The Fund’s investments are concentrated in Asia excluding Japan. This may result in greater volatility than more
broad-based investments.
2. Class 6 Shares pay dividends gross of expenses or from capital at the Directors’ discretion. Class 8 Shares pay dividends gross of expenses and include
interest rate differential arising from share class currency hedging or pay dividends from capital at the Directors’ discretion. Negative interest rate
differentials may decrease the dividends paid, and in extreme cases may deduct from capital. Paying dividends gross of expenses may result in more
income being available for distribution; however these shares of the Fund may effectively pay dividends from capital. Dividends paid from capital may
amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the
NAV price of the share class on the ex-dividend date.
3.The Funds may use derivatives to hedge market and currency risk and for efficient portfolio management. However, derivatives will not be extensively
or primarily used for investment purposes. In an adverse situation, the Funds may suffer significant losses from their derivatives usage for hedging and
efficient portfolio management.
4.The value of a Fund can be volatile and could go down substantially within a short period of time. It is possible that the certain amount of your investment
could be lost.
5.Investors should not only base on this marketing material alone to make investment decision.
Fund Highlights:
st
5.6% p.a. (A6 USD)
7.4% p.a. (A8 AUD Hedged)
1 Quartile
265%
For 1, 3 & 5-year period
among peer group1
Cumulative return
since inception
3-month average (8/31/15-10/30/15) dividend yield2 (A6 and A8 share classes
aim to pay a dividend on a monthly basis. Dividend payment is not guaranteed.
The Fund may effectively pay dividends from capital see Important Information 2)
Why invest?
1
Increasingly Difficult to Find Income
Asian credit issued in US dollars remains an attractive asset
class for investors seeking yield in a low rate environment. In
recent years, the number of bonds yielding more than 4% has
fallen sharply. Now only 15% fall into this category, many of
which can be found in the Asia region.
3
0
-5
-10
-15
-20
-25
-30
-35
100
80
60
40
20
01
02
03
04
05
06
07
08
09
10
11
12
13
Asian Bonds
14
Asian Credit Offers Attractive Relative Yield
Compared to other asset classes, Asian credit offers compelling
and stable relative yield while still providing high quality
investment grade opportunities.
Average 12M Yield (%)
7
6
5
4
3
2
1
0
US
Investment Grade
US
High Yield
Asian Equities
US Equities
Source: BlackRock/Bloomberg end September 2015. Asian bonds: JP Morgan Asia Credit Index. Asian
equities: MSCI AC Asia ex Japan USD. US Investment Grade: Barclays US Aggregate Bond Corporate USD. US
High Yield: Barclays US HY Bond Index. US Equites: S&P 500 Index.
Sources: BlackRock Investment Institute, Barclays and Thomson Reuters. Based on 20 fixed income indexes
that represent the bond markets. You cannot invest directly in an index. As of 12/31/14. Past performance is
no guarantee of future results.
2
Asian credit offers investors a way to protect their capital during
periods of market weakness. Regional hard currency bonds have
demonstrated lower drawdowns than their US investment grade
or high yield peers, while still delivering attractive yield.
Max Drawdown over 1 Year (%)
Percent of Bonds Yielding More than 4%, 2001-2014
0
Helps Protect Capital During Downturns
4
Superior Performance & Award-Winning Team
The Fund has significantly outperformed its peer group’s
average for 1, 3 and 5 year periods1. The team are the current
holders of the BENCHMARK “Outstanding Achiever” award3 in
the Fixed Income category.
Cumulative Return (%)
25
20
15
10
BlackRock Asian US High Yield
Tiger Bond Fund
US Investment
Grade
EU High Yield
EU Investment
Grade
Source: BlackRock/Bloomberg, end September 2015. BlackRock Asian Tiger Bond Fund yield is based on
12M average of A6 USD annualized monthly distribution yield. Dividend Payment is not guaranteed, and is not
indicative of the return of the Fund. Dividend Yield = (Dividend rate/ex-date NAV) * (12*100). US Investment
Grade: Barclays US Aggregate Bond Corporate. US High Yield: Barclays US HY Bond Index. EU Investment
Grade: Barclays Europe Aggregate Bond Corporate. EU High Yield: Barclays Europe HY Bond Index.
5
0
1 year
3 years
BlackRock Asian Tiger Bond Fund
Source: Morningstar, to 31st October 2015
5 years
Peer Group Average
BlackRock Asian Tiger Bond Fund
Best-in-Class Awards 20144
Asia Bond
Bloomberg Businessweek
Investment Objective
Joel Kim/Neeraj Seth5
02.02.1996
Unhedged:
USD
Hedged:
HKD, AUD, EUR,
NZD, SGD, ZAR, GBP, CAD
Total Fund Size (m)
USD1,273.80
Annual Management Fee
1.00%
Initial Charge
5%
MERATAA LX
Bloomberg Ticker
ISIN Code
LU0063729296
NAV (USD)
36.60
Standard Deviation (3 years)
5.02%
Sharpe Ratio (3 years)
0.61
Beta (3 years)
1.12
Average Maturity (years)
7.43
Average Duration (years)
6.29
Average Yield to Maturity
4.58%
Average Credit Rating
BBB
Average No. of Holdings
247
Manager Inception
Currency
Composition of Fund (%)
Country
China
Indonesia
India
Hong Kong
Philippines
Korea
Australia
Malaysia
Singapore
Others
Cash and Derivatives
38.82
13.11
9.50
8.90
5.16
2.86
2.33
2.15
2.10
6.47
8.60
BBB
A
B
BB
AA
CCC
D
Non-Rated
Cash and Derivatives
39.19
27.49
10.20
6.96
6.13
1.29
0.01
0.14
8.60
Credit Rating
&
Cumulative Performance in USD (%)
YTD
6 Months
1 Year
3 Years
5 Years
Fund
+2.95
-0.25
+2.69
+9.35
+25.00
JP Morgan Asia Credit Index
+3.19
+0.31
+3.43
+11.63
+28.61
Calendar Year Performance in USD (%)
2014
2013
2012
2011
2010
Fund
+8.19
-2.95
+14.16
+1.92
+13.05
JP Morgan Asia Credit Index
+8.32
-1.37
+14.27
+4.12
+10.61
130
120
110
100
90
Oct 10
Oct 11
Oct 12
Oct 13
Oct 14
Distribution Information
Corporates
Government Related
Treasury
Cash and Derivatives
47.09
43.02
1.29
8.60
Oct 15
Ex-dividend date: 30.10.2015
2
Currency
Share Class
Frequency
Dividend
Yield (%)2
AUD hedged
CAD hedged
NZD hedged
ZAR hedged
USD
EUR hedged
GBP hedged
HKD hedged
SGD hedged
USD
AUD hedged
EUR hedged
HKD hedged
NZD hedged
SGD hedged
A8 Distributing (R)
A8 Distributing (R)
A8 Distributing (R)
A8 Distributing (R)
A6 Distributing (S)
A6 Distributing (S)
A6 Distributing (S)
A6 Distributing (S)
A6 Distributing (S)
A3 Distributing (M)
A3 Distributing (M)
A3 Distributing (M)
A3 Distributing (M)
A3 Distributing (M)
A3 Distributing (M)
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
0.072000
0.053500
0.084000
0.900000
0.054000
0.049000
0.034500
0.400000
0.045500
0.036154
0.030906
0.028750
0.032111
0.031376
0.028963
7.42
5.72
8.25
10.41
5.55
5.36
5.31
5.31
5.55
3.56
3.60
3.61
3.56
3.51
3.57
10 Largest Holdings
Security
Sector
SHARE
CLASSES
BlackRock Asian Tiger Bond Fund seeks to maximise total return. The Fund invests
at least 70% of its total assets in the fixed income transferable securities of issuers
domiciled in, or exercising the predominant part of their economic activity in, Asian Tiger
countries. The Fund may invest in the full spectrum of available securities, including
non-investment grade. The currency exposure of the Fund is flexibly managed.
Fund Indexed Performance
Fund Data
A6 A8
CNOOC FINANCE 2015 USA LLC 3.5 05/05/2025
HUTCHISON WHAMPOA INTERNATIONAL 14 RegS 3.625 10/31/2024
INDONESIA (REPUBLIC OF) MTN RegS 3.375 07/30/2025
INDONESIA (REPUBLIC OF) MTN RegS 5.875 01/15/2024
PERTAMINA PERSERO PT MTN RegS 5.625 05/20/2043
PELABUHAN INDONESIA (PELINDO) II P RegS 4.25 05/05/2025
PHILIPPINES (REPUBLIC OF) 9.5 02/02/2030
NTPC LTD MTN RegS 5.625 07/14/2021
PELABUHAN INDONESIA (PELINDO) II P RegS 5.375 05/05/2045
CITIC PACIFIC LTD RegS 6.8 01/17/2023
Total
Weighting (%)
3.13
2.08
1.86
1.63
1.56
1.51
1.41
1.23
1.17
1.11
16.69
Unless otherwise specified, all fund information applies to A2 share class only, as of end October 2015.
1
Source: Morningstar, as of end October 2015. Peer group refers to Hong Kong Securities and Futures Commission (SFC) authorised funds in Asia Bonds categorised by Morningstar. SFC authorisation does
not imply official recommendation.
2
A3, A6 and A8 share classes aim to pay a dividend on a monthly basis. 3-month average dividend yields of A6 USD share class and A8 AUD hedged share class were calculated from 31 August 2015 to
30 October 2015. Ex-date and dividend yield for A6 USD share class and A8 AUD hedged share class respectively: 31 August 2015: 5.5%p.a. and 7.4%p.a.; 30 September 2015: 5.6%p.a. and 7.5%p.a.;
30 October 2015: 5.5%p.a. and 7.4%p.a. Inception date: A6 USD share class: 2 April 2012; A8 AUD hedged share class: 20 February 2013. Dividend Payment is not guaranteed, and is not indicative of
the return of the Fund. Dividend yield = (Dividend / (no. of days between previous ex-date and current ex-date) × number of days in the year / ex-date NAV) × 100.
3
The BENCHMARK Fund of the Year Awards 2014 reflects performance as of end September 2014.
4
The Bloomberg Businessweek Top Fund Awards 2014 reflect the funds’ performance as at 30 September 2014.
5
Effective from 27 July 2012. Previously the Fund was managed by Imran Hussain.
Morningstar Award as of end October 2015
Where the term “Asian Tiger countries” is used, it refers to any of the following countries: South Korea, the People’s Republic of China, Taiwan, Hong Kong, the Philippines, Thailand, Malaysia, Singapore,
Vietnam, Cambodia, Laos, Myanmar, Indonesia, Macau, India and Pakistan.
Sources: BlackRock and Morningstar. Performance is shown as of October 2015 in share class currency on a NAV to NAV price basis with income reinvested, net of fees.
Disclaimer
For Investors in Brunei - This document is intended for information purposes only and does not constitute investment advice or an offer to sell or
solicitation of an offer to buy the funds described herein. This document has been provided by BlackRock in a private and confidential manner to
institutional investors only upon their request.
The Funds mentioned in this document are Funds of BlackRock Global Funds.
Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial
investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount
cannot be guaranteed. Investors may not get back the amount they invest. Changes in the rates of exchange between currencies may cause the
value of investments to go up and 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. Levels and basis of taxation may change from time to time.
The above warnings are explained in greater detail in the fund specific risks in the current Prospectus and you should read them before investing.
This document is for informational purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock Group funds
and has not been prepared in connection with any such offer.
The Fund may use or invest in financial derivatives.
The following would apply to distributing share classes: They are not a projection or forecast of the future or likely performance of the Fund, and
may be higher or lower than the actual dividend yield received by investors. Dividend payments are subject to periodic review. Dividend payment is
not guaranteed and might be changed at the discretion of the Directors. In the event of income and realized gains being less than yield shown
above, Dividends may be made from capital, subject to Directors’ approval. Investors should be aware that the distributions may exceed the income
and realized gains of the Fund at times and lead to a reduction of the amount originally invested, depending on the date of the initial investment. All
declared dividends will result in an immediate reduction in the NAV price of the respective share class of the Fund on the ex-dividend date. Certain
share classes pay dividends (i) gross of expenses, (ii) gross of expenses and from capital at the Directors’ discretion, or (iii) gross of expenses,
interest rate differential and from capital at the Directors’ discretion. Paying dividends gross of expenses may result in more income being available
for distribution; however these shares may effectively pay dividends from capital. Dividends paid from capital may amount to a partial return or
withdrawal of an investor’s original investment or capital gains attributable to that original investment. Regardless of any aim of providing stable
distributions, distribution levels may fall or rise in the short and/or long term depending on income generated by the Fund’s underlying investments.
Subject to the express requirements of any client specific investment management agreement or relating to the management of a fund, we will not
provide notice of any changes to our personnel, structure, policies, process, objectives or, without limitation, any other matter contained in this
document.
BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions
only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S.
Reference to specific company names is for illustrations only and should not be construed as investment advice or recommendation.
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
for illustrative purpose only. 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.
Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation.
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©2015 BlackRock, Inc., All Right Reserved. S/N 1215-84
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