dsp blackrock gold fund
DESCRIPTION
DSP BlackRock Gold FundTRANSCRIPT
DSP BlackRock World Gold Fund
April 2011
2
(US$ 9.0 billion)
Indian Investors
Investing predominantly in Gold Mining companies
DSP BlackRock World Gold Fund
Accessing one of the Largest Funds in its category* with a 15 year Performance Track Record
Source: BlackRock; AUM of BGF-WGF on March 31, 2011; *Funds investing in Gold mining companies
DSP BlackRock World Gold Fund
4
DSP BlackRock World Gold Fund is a product that gives you • International diversification
• Access to the growth potential of Equities as well as the strong fundamentals of Gold
Access to BlackRock Global Funds - World Gold Fund• One of the largest funds in its category# with a 15 year Performance Track Record
• Out-performance over FTSE Gold mines (cap) Index, Gold Bullion and S&P CNX Nifty Index*
• Managed by a highly regarded Natural Resources Team
Why Invest In DSP BlackRock World Gold Fund?
A Precious GemPrecious Gem for your Investment Portfolio
*Time period under consideration: Dec 30 1994 to May 31, 2010, Source: Bloomberg; #Funds investing in Gold mining companies
5
Gold market
• Gained 29% in 2010 (in US$ terms)
• Gold has been in a bull market since 2001
• Financial crisis accelerated an already upward trend
• Driven by strong supply as well as demand fundamentals
200
400
600
800
1000
1200
1400
1600
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
US$
Source: DataStream, as at 28 March 2011
Gold Price US$/oz
6
Investment Demand – Key Drivers
Portfolio Diversifier Inflationary Concerns Currency Volatility / Dollar Weakness
Low correlation to fixed income and equities
Impact of quantitative easing – risk of inflationary scenario has increased
What will be the next reserve currency?
0
10
20
30
40
50
60
70
80
2003 2004 2005 2006 2007 2008 2009 2010
Mill
ion
ounc
es
300
500
700
900
1100
1300
1500
US$
/oz
GBS (ASX) GBS (LSE) New Gold (JSE) GLD (NYSE) IAU (Amex)
ZKB Gold ETF-SWX ETFS (London) XETRA (DAX) Julius Baer (SWX) ETFS(NYSE)
CS-XMTCH(SIX) UBS-IS Gold ETF Sprott Physical Gold Gold Price (US$/oz)Source: UBS. Data as at 28 March 2011
Amount of gold backed by ETFs
China’s Lion Fund Management launched new gold fund in December 2010 raising $500m to be invested gold-backed ETFs globally
7
Returns of gold and silver in a real interest rate environment
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
-5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9Real short-term FED funds rate (%)
% R
etur
n
Gold Silver
Source: Deutschebank March 2011
Year-on-year returns since 1970
8
Central bank gold holdings – Strategic shift in attitude
Source: Deutschebank, World Gold Council, December 2010 Source: World Gold Council, December 2010. *Estimate
Central Bank Gold Holdings (1958-2010) Change in official sector gold holdings 2000-2010
28000
30000
32000
34000
36000
38000
40000
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
Tonn
es
-600
-500
-400
-300
-200
-100
0
100
200
300
400
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*
Tonn
es
9
Central bank gold holdings
Top 20 Central Bank Gold Holdings as a % of reserves
01,0002,0003,0004,0005,0006,0007,0008,0009,000
Portu
gal
USA
Ger
man
y
Italy
Fran
ce
Aus
tria
Net
herla
nds
Vene
zuel
a
Spai
n
ECB
Leba
non
Switz
erla
nd UK
Indi
a
Rus
sia
Taiw
an
Japa
n
Saud
i Ara
bia
Chi
na IMF
Gol
d H
oldi
ng (T
onne
s)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
% o
f res
erve
s
Gold holding (LHS) % of reserves (RHS)
•
Average Central Bank gold holding as a percentage of foreign reserves ~ 10%
•
Emerging market holding significantly lower than average
Source: World Gold Council, end Q1 2010
10
Jewellery demand
Source: WGC, 2010. *Based on H1 2010 data
Jewellery demand by region - 2009
Indian Sub-Continent
39%
China23%
Europe13%
Middle East9%
CIS3%
Other2%
North America4%
Asia (ex China)7%
• Jewellery demand represents ~40%* of total demand
• Largest markets are India and China
• Demand tends to be price sensitive, acting as a support on price dips
11
Things to think about in 2011:
Official sector activity• IMF sales now complete
• No planned sales from European Central Banks
• Potential for further buying from Emerging Market Central Banks
ETFs• ETFs now own 2,140t of gold*, equivalent to the 6th largest central bank gold holding – the “People’s Bank”
• Drivers for investor demand• Currency volatility
• Inflation
• Low real interest rates
• Market uncertainty
Jewellery• India and China are the largest markets
• Demand will depend on:• Volatility of the gold price
• Rate of wealth increase versus the rise in the gold price (in local currency)
DEMAND
Source: UBS, as at 31st December 2010
12
World Gold Mine Production, 1988-2010
A stagnant industry
0
500
1,000
1,500
2,000
2,500
3,00019
88
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
*
Tonn
es
South Africa North America Australia China RoW H1 2010 H2 2010 ForecastSource: GFMS 2010, *H1 2010, actual data; H2 2010 GFMS forecast dataPrior to 1996, Chinese production is included in Rest of the World
Level of peak production
• Forecast production growth of 2.4% in 2010 vs. 2009, this compares to 6.9% growth in in 2009
• Total mine production only now above previous peak in 2001, despite a gold price rise of over 350%
• Number of world’s largest gold mines are approaching the end of their lives and grades across the industry are falling
• We estimate total cost of production (exploration, development and mining) c.US$950/oz
13
Mine supply – Future supply challenged
0
50
100
150
200
250
300
350
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
Mill
ion
ounc
es
>10 Moz 1-10 Moz 0.1-1 Moz Other Est
Source: Gold Fields, August 2010 Source: Gold Fields, August 2010
World Discovery Trends 3-Year Rolling Average Discover Cost
0
10
20
30
40
50
60
70
80
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
Dis
cove
ry C
ost (
2009
US
$/oz
14
Things to think about in 2011:
Mine Supply
• 2010 is forecast to be the 2nd year of mine production growth, following three years of decline
• Despite a gold price increase of over 350%, production only now to overtake previous peak in 2001
• Industry facing significant challenges that are Iimiting growth:• Cost inflation: price of raw materials, labour and the effect of strengthening currencies
• Declining average grades at existing operations and for new discoveries
• Scarcity – deposits are becoming harder to find
• No significant new mines to come on line until post 2015• These are large capex, low grade bulk mining operations
• Require prices to remain at or above current levels to be economic
Scrap
• The balancing item:• As demand has outpaced mine supply, scrap has balanced the market
• Largest scrap markets are the Middle East and East Asia
SUPPLY
15
0
500
1000
1500
2000
2500
3000
3500
4000
4500
200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400
Gold Price (US$/oz)
FTSE
Gol
d M
ines
Inde
x (U
S$)
Relationship between gold equities & gold price
Source: DataStream. Weekly data January 2001 to 28 March 2011
CurrentValue
Jan ‘01- Dec ‘02
Jan ‘03- June ‘06
May ‘06 – Aug ‘08
Aug ’08 - Present
Gold & Gold Shares
16
Why gold: Diversification from core asset classes
Correlation of gold and other selected commodities to a selection of financial assets – long term view (10 years)
(10 year dataset) MSCI World (Equities) S&P 500
Barclays Global Aggregate
(Bonds)
Trade Weighted US$
% Performance (U$)
Gold Bullion 0.16 0.04 0.40 -0.52 455%
BGF World Gold Fund* 0.44 0.31 0.35 -0.52 1017%
GSCI Commodities Index (Total Return) 0.38 0.29 0.17 -0.34 48%
LME Copper spot 0.41 0.33 0.07 -0.26 467%
WTI Oil spot 0.27 0.21 0.08 -0.22 306%
CBOT Wheat spot 0.19 0.11 0.17 -0.26 72%
• Gold has low correlation with almost all financial assets
• Superior diversification from equities and US$ compared to other commodities
• Exposed to spot rather than futures markets, so not impacted by negative roll yields and usually physically backed
Source: DataStream, data as at 31 March 2011 * BGF World Gold shown here as an example of a gold equity fund
17
Gold Equities – The Sweet Spot
Exploration Companies Mid Tier Growth Companies Gold Majors
Underweight Overweight Underweight
Little / no cashflow generation
Less correlation to moves in today’s gold price
Difficult to identify outperformers / generate alpha
Leverage to current gold price
High quality asset base enables internal funding of future growth
Multi asset reduces risk / increases rating
Development companies with large land packages are attractive
Struggle to maintain / grow production
Difficulty in replacing reserves with new ounces of equal / better quality
Need to see stronger dividend growth to drive a potential re-rating
opportunity
Focus on cashflow exposed to the gold price and ability to grow per share gold production
18
Gold mining production costs$/
Oun
ce
100200300400500600700800900
10001100
0
Cash Costs Gold
79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09
Average annual gold price vs industry cash operating costs
Operating leverage has returned to the gold sector•Mining companies delivering on margin growth in rising gold price environment
02 03 04 05 06 07 08 09 10
$/O
unce
100200300400500600700800900
1000110012001300
Cash Cost Production Cost Gold Price
The price of gold and cash operating costs of productionQuarterly, price through second quarter 2010
CPM Group October 2010
19
Gold companies with large war chests
Cash and Short Term Investments and Dividends Paid by Gold Producers
0
2000
4000
6000
8000
10000
12000
14000
1600012
/31/
2004
6/30
/200
5
12/3
1/20
05
6/30
/200
6
12/3
1/20
06
6/30
/200
7
12/3
1/20
07
6/30
/200
8
12/3
1/20
08
6/30
/200
9
12/3
1/20
09
6/30
/201
0
Tota
l Cas
h +
ST In
vest
men
ts (U
S$ m
illio
n)
0
50
100
150
200
250
300
350
Dividends Paid (U
S$ Million)
Total Cash + ST Investments Dividends Paid (4Q Rolling Average)
Source: Capital IQ
Included Companies:Agnico-Eagle mines LtdAngloGold Ashanti LtdBarrick Gold CorpEldorado Gold CorpGold Fuelds LtdGoldcorp incIAMGOLD CorpKinross Gold CorpNewcrest mining LtdNewmont Mining CorpRandgold Resources ltdYamana Gold Inc
20
10
15
20
25
30
35
40
45
Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
Silv
er U
S$/o
z
Other precious metals
From being a laggard in 2008, platinum and palladium have started to gain back the relative ground they lost
• Auto catalyst demand recovering
• Supply side issues facing South African producers
• New ETF products
Chinese demand surprises on the upside• Quicker than expected growth in auto sales
• Exceptional demand for white metal jewellery
Silver has outperformed since mid-2010
• Industrial / electronics applications recovering
• Strong investment demand, especially in the US
• Fund exposure – Fresnillo, Hochschild
Platinum Exchange Traded Instruments, oz
Source: DataStream, 7 April 2011
Source: UBS as at 28 March 2011
Silver – Strong Performance continues into 2011
0
500000
1000000
1500000
2000000
May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10
Oun
ces
0
500
1000
1500
2000
2500
US$
/oz
ZKB ETFS (LSE) ETFS (LSE) BasketETFS (NYSE) Julius Baer UBS FundTFS WM Basket Mitsubishi Platinum Price
21
Corporate events in the Gold Sector
• Significant M&A activity in the gold sector as companies start to put the cash on their balance sheets to work by
increasing their gold reserves through acquisitions of high quality mid-cap producers
―
Newcrest Mining bid for Lihir Gold; deal closed end of August
―
Kinross bid for Red Back Mining,
―
Goldcorp bids for Andean Resources
―
Anatolia bids for Avoca
•
Dividends have resumed or increased and debt markets are reopening
—
Barrick increased dividend
—
Newmont increased dividend
—
Goldcorp doubles dividend
—
Alamos issues maiden dividend in March; increase of 17% in September
—
Newcrest continues to increase dividend
—
Centerra maiden dividend
22
50150250350450550650750850950
10501150
Jan-
01
Jul-0
1
Jan-
02
Jul-0
2
Jan-
03
Jul-0
3
Jan-
04
Jul-0
4
Jan-
05
Jul-0
5
Jan-
06
Jul-0
6
Jan-
07
Jul-0
7
Jan-
08
Jul-0
8
Jan-
09
Jul-0
9
Jan-
10
Jul-1
0
Jan-
11
Reb
ased
to 1
00
BGF WG FT Gold Mines Index Gold Bullion
BGF World Gold Performance
• Launched in 1994
• AUM of U$ 9.0 bn
• Open Ended SICAV
• AAA rated – OBSR
• AAA rated – S&P Fund Research
• Elite rated- Morningstar
Source: Datastream. Net performance in USD on a NAV pricing basis with income reinvested as at end March 2011. Past performance is not necessarily indicative of future performance.
US$ YTD 2010 2009 2008 2007 2006 2005 2004
BGF World Gold Fund -3.9 35.7 48.5 -34.4 33.6 27.5 31.1 -6.2
FTSE Gold Mines Index -3.8 29.0 29.6 -19.9 21.1 12.6 27.8 -6.9
Gold Bullion 1.4 29.4 27.1 3.1 31.8 23.8 17.0 5.0
Source: DataStream, data to 4 April 2011
23
BGF World Gold Top Ten
Source: Internal as at end March 2011 Indicative only and subject to change.
Stock % of Fund Geography Commodity
Newcrest Mining 10.2 Australia Gold
Goldcorp 7.4 North America Gold
Kinross Gold 7.1 North America Gold
Fresnillo 6.3 Latin America Silver
Buenaventura 5.5 Latin America Gold
Penoles 4.8 Latin America Silver
Impala Platinum 4.1 South Africa Platinum
Randgold Resources 3.8 Africa Gold
Newmont 3.6 North America Gold
Agnico-Eagle 3.4 Global Gold
Total 56.2%
Number of Holdings: 58
24
DSP BlackRock World Gold Fund is a product that gives you • International diversification
• Access to the growth potential of Equities as well as the strong fundamentals of Gold
Access to BlackRock Global Funds - World Gold Fund• One of the largest funds in its category# with a 15 year Performance Track Record
• Out-performance over FTSE Gold mines (cap) Index, Gold Bullion and S&P CNX Nifty Index*
• Managed by a highly regarded Natural Resources Team
Why Invest In DSP BlackRock World Gold Fund?
A Precious GemPrecious Gem for your Investment Portfolio
*Time period under consideration: Dec 30 1994 to March 31, 2011, Source: Bloomberg; #Funds investing in Gold mining companies
25
Note: As per the SEBI standards, for performance reporting, the “since inception”
returns are
calculated on Rs 10/-
invested at inception. For this purpose the inception date is deemed to be the date of allotment. The ‘returns’
shown are for the Regular Plan -
Growth Option. Performance in INR term.
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
CAGR as on March 31, 2010
DSP BlackRock World Gold Fund FTSE Gold Mines (Cap) Index
Last 1 year 33.30% 27.71%
Last 3 year 9.41% 12.03%
Since Inception Returns 19.03% 14.82%
NAV/ Index Value (Rs) 18.5406 171971.67
Date of allotment Sep 14, 2007
DSP BlackRock World Gold Fund: Performance
26
Minimum Investment and Minimum Additional Purchase
• Regular Plan: Rs. 5000/- and Rs. 1000/- thereafter• Institutional Plan: Rs. 1 cr. and Rs. 1000/- thereafter
• Options available:
Growth(for both plans)
Dividend - Payout- Reinvest
Entry Load (both plans)
Nil
Exit Load (both plans)
For holding period: < 12 months: 1%; holding period >= 12 months: Nil
DSP BlackRock World Gold Fund: Scheme Features
Thank You
28
DSP BlackRock World Gold Fund (DSPBRWGF) is an open ended fund of funds scheme, investing in gold mining companies through an international fund, and the primary investment objective is to seek capital appreciation by investing predominantly in units of BGF - WGF. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. Asset Allocation: Units of BGF – WGF or other similar overseas mutual fund scheme(s): 90% to 100%; Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0% to 10%.Features: SIP only in Regular Plan, SWP & STP available in each plan of the scheme. Nomination facility available, subject to applicable conditions as per the Statement of Additional Information (SAI) and Scheme Information Document (SID). Declaration of NAV on all Business Days. Redemption normally within 5 Business Days. Sale and Redemption of Units on all Business Days at Purchase Price and Redemption Price respectively. Minimum investment: Rs. 5,000/- (Reg. Plan)/Rs. 1 crore (Inst. Plan). Entry load: NIL. Exit load: Holding Period < 12 months: 1%, Holding Period >= 12 months: NIL. Investors shall bear the recurring expenses of the Scheme in addition to the expenses of the underlying scheme(s) in which the Scheme will make investment.Statutory Details: DSP BlackRock Mutual Fund (Fund) was set up as a Trust and the settlors/sponsors are DSP ADIKO Holdings Pvt. Ltd. & DSP HMK Holdings Pvt. Ltd. (collectively) and BlackRock Inc. (Combined liability restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd. Investment Manager: DSP BlackRock Investment Managers Pvt. Ltd. Risk Factors: Mutual funds, like securities investments, are subject to market and other risks and there can be no assurance that the Scheme’s objectives will be achieved. As with any investment in securities, the NAV of Units issued under the Scheme can go up or down depending on the factors and forces affecting capital markets. Past performance of the sponsor/AMC/mutual fund does not indicate the future performance of the Scheme. Investors in the Scheme are not being offered a guaranteed or assured rate of return. Each Scheme/Plan is required to have (i) minimum 20 investors and (ii) no single investor holding>25% of corpus. If the aforesaid point (i) is not fulfilled within the prescribed time, the Scheme/Plan concerned will be wound up and in case of breach of the aforesaid point (ii) at the end of the prescribed period, the investor’s holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. DSPBRWGF is the name of the Scheme and does not in any manner indicate the quality of the Scheme, its future prospects or returns. If the SEBI limits for overseas investments allowed to the Fund are expected to be exceeded, subscriptions and switches into the Scheme may be temporarily suspended / SIP/STP into the Scheme may be terminated. For scheme specific risk factors, please refer the Scheme Information Document (SID). For more details, please refer the Key Information Memorandum cum Application Forms, which are available on the website, www.dspblackrock.com, and at the ISCs/Distributors. Please read the SID and SAI carefully before investing.
Disclaimer
Appendix
30
BlackRock’s Natural Resources team, London
Agriculture
As at October 2010
Richard DavisCatherine RawClive Burstow
Tom Holl
Poppy AllonbyAlastair Bishop
Joshua Freedman
BlackRock Offices worldwide250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management1,800+ Professionals
Evy Hambro & Robin BatchelorJoint Chief Investment Officers
Portfolio Manager AssistantsSimon McClure &
Greg Bullock
Mining & Gold Energy & New Energy
Richard Desmond Davis Cheung
Product SpecialistsMalcolm Smith
Fiona Stubbs & Alex Ball
31
Poppy Allonby, CFA, director and portfolio manager, is responsible for co-managing the Team’s energy and alternative energy portfolios. Ms. Allonby's service with the firm dates back to 2000, including her years with Merrill Lynch Investment Managers (MLIM) which merged with BlackRock in 2006. Prior to working on the Natural Resources team, Ms. Allonby was an analyst on the US Equity Team where she was responsible for the basic materials, utilities and energy sectors.
Ms. Allonby earned a BSc degree in physics from the Imperial College, London in 2000.
Alex Ball, analyst and product specialist for the Natural Resources Equity products, provides a link between the investment teams and the account managers. Mr Ball joined BlackRock in 2009 as part of the graduate scheme. Prior to working on the Natural Resources team, he was a member of the Proprietary Alpha Strategies team.
Mr Ball earned a BA degree, in english literature and language from Oxford University in 2009.
Robin Batchelor, managing director and portfolio manager, joined the Natural Resources Team in London in 1996 and worked initially on the gold and mining funds. Mr. Batchelor subsequently developed the Team’s energy capability and began managing dedicated energy portfolios in January 1999. Mr. Batchelor is responsible for both traditional oil and gas investment funds as well as alternative energy portfolios. He is also joint chief investment officer of the BlackRock Natural Resources Team.
Mr. Batchelor earned his BSc in applied geology from Glasgow University and Colorado State University and his MSc in investment analysis from Stirling University. In 2001, Mr. Batchelor was named "One of the Top Twenty Fund Managers in the World" by Forbes magazine.
Alastair Bishop, director and portfolio manager is responsible for covering the energy and alternative energy sectors. Mr. Bishop joined BlackRock in 2010 from Piper Jaffray where he was a Senior Research Analyst covering the Clean Technology industry. Prior to joining Piper Jaffray in 2009, he covered the European Renewable Energy and Industrial sectors for 8 years at Dresdner Kleinwort Investment Bank.
Mr. Bishop earned a BSc degree in Economics from the University of Nottingham in 2001.
BlackRock Natural Resources team biographies (in alphabetical order)
32
Team biographies (contd.)
Clive Burstow, vice president and portfolio manager, is responsible for covering the gold and mining sectors. Mr. Burstow joined BlackRock in 2010 from Alliance Bernstein where he was a EMEA Materials Analyst and Growth equities Precious Metals analyst. Prior to joining Alliance Bernstein in 2007, he was with Baring Asset Management as lead analyst for the Global Resources Fund.
Mr. Burstow earned a BEng degree in mining from the Camborne School of Mines in 1993.
Desmond Cheung, director and portfolio manager, is responsible for covering the agriculture sector and China. Prior to joining BlackRock in 2007, Mr. Cheung spent five years at Hang Seng Bank Ltd, a major subsidiary of HSBC Group in Hong Kong, as a credit and relationship manager specializing in financing metal companies in the Greater China region.
Mr. Cheung earned a BA degree in accounting from the Chinese University of Hong Kong in 2000 and an MBA degree from Judge Business School, Cambridge University in 2006.
Richard Davis, managing director and portfolio manager, is responsible for managing a range of natural resources portfolios, including agriculture, mining, gold and income strategies. Mr. Davis' service with the firm dates back to 1994, including his years with Mercury Asset Management and Merrill Lynch Investment Managers (MLIM). Prior to joining MLIM, he worked as a geologist for three years in Ireland and worked on mineral exploration and resource evaluation projects in base metals, gold and diamonds.
Mr. Davis earned a BA degree in geology from Trinity College, Dublin in 1989 and an MSc degree in mineral exploration from Imperial College, London in 1990.
33
Team biographies (contd.)
Joshua Freedman, associate and portfolio manager, is responsible for covering the global energy and energy technology sectors. Mr Freedman's service with the firm dates back to 2005, including his time with Merrill Lynch Investment Managers (MLIM). Prior to joining the team, he worked on MLIM's Emerging Europe team.
Mr. Freedman earned a BA degree in engineering from Downing College, Cambridge.
Evy Hambro, managing director and portfolio manager, is responsible for the management of several gold and mining portfolios and is joint chief investment officer of the BlackRock Natural Resources Team. Mr. Hambro's service with the firm dates back to 1994, including his years with Mercury Asset Management and Merrill Lynch Investment Managers (MLIM).
Mr. Hambro earned a BSc degree in marketing, from Newcastle University.
Thomas Holl, CFA, associate and portfolio manager, is responsible for covering the gold and mining sectors. Mr. Holl moved to his current role in 2008. His service with the firm dates back to 2005, including his time with Merrill Lynch Investment Managers (MLIM). At MLIM, Mr. Holl was a member of the Global Equity Team and the Real Estate Team as a member of the graduate training program.
Mr. Holl earned a BA degree in Land Economy from Cambridge University in 2006.
34
Team biographies (contd.)
Catherine Raw, CFA, director and portfolio manager, is responsible for covering the gold and mining sectors. Ms. Raw's service with the firm dates back to 2003, including her years with Merrill Lynch Investment Managers. Prior to joining MLIM, she worked at Anglo American Plc. in London and Johannesburg and at Boliden's Laisvall mine in Sweden as a geological field assistant underground.
Ms. Raw earned a MA degree in Natural Sciences from Downing College, Cambridge University in 2002 and an MSc degree in Mineral Project Appraisal from Imperial College, London in 2003.
Malcolm Smith, vice president and product specialist, is responsible for all product specialist functions for the Natural Resources Equity products. Mr. Smith's service with the firm dates to 2005, including his time with Merrill Lynch Investment Managers (MLIM). At MLIM, he worked within the retail business with a particular focus upon the Luxembourg and UK unit trust fund ranges. He moved to his current role with the Natural Resources Team in 2006. Prior to joining MLIM, he worked on the European equity team of a global multi-manager.
Mr. Smith earned an MA degree in accountancy from Aberdeen University in 2004.
Fiona Stubbs, associate and product specialist for the Natural Resources Equity products providing a link between the investment teams and account managers. Ms Stubbs’ time with the firm dates back to 2007. Prior to joining the Natural Resources team she worked in Global Consultant Relations with a number of assigned investment consultancies alongside their lead relationship managers, engaging in a variety of activities designed to support consultants' work with mutual and potential clients.
Prior to joining BlackRock in 2007, Miss Stubbs earned a BSc in Biology at Oxford Brookes University in 2002.