Blackrock, Inc. · NYSE:BLK
Blackrock — Investor Presentation (September 2026)
45 slides from Blackrock's investor presentation, September 2026
Slide 1: BlackRock Active Multi-Asset Models
BlackRock BlackRock April 2024 September 2026 BlackRock BlackRock Active ActiveMulti- Multi- Asset AssetModels Models NM0926U-5956635-1/45 FOR WHOLESALE CLIENTS ONLY – NOT FOR DISTRIBUTION TO RETAIL CLIENTS 1 MASS0926-H-5947237-EXP0927-1/45
Slide 2: Contents
Contents 1 Why BlackRock 2 Investment Framework 3 Macro Outlook 4 Allocation & Positioning 5 Performance 6 Use Case NM0926U-5956635-2/45 FOR WHOLESALE CLIENTS ONLY – NOT FOR DISTRIBUTION TO RETAIL CLIENTS 2 MASS0926-H-5947237-EXP0927-2/45
Slide 3: Why BlackRock
Why BlackRock NM0926U-5956635-3/45 FOR WHOLESALE CLIENTS ONLY – NOT FOR DISTRIBUTION TO RETAIL CLIENTS MASS0926-H-5947237-EXP0927-3/45
Slide 4: Your trusted partner for model portfolios
WHY BLACKROCK Your trusted partner for model portfolios Strong track record Pioneers in managing Breadth of global Highly competitive Risk management In multi-asset investing SMAs in Australia1 capabilities fees for investors using Aladdin® Consistent top Highly experienced in Best-in-class solution
Slide 5: BlackRock MASS Australasia: Platform Overview
WHY BLACKROCK BlackRock MASS Australasia: Platform Overview A$104Bn in client assets managed by MASS Australasia 1 2 3 Models and Diversified Funds Hedge Funds Whole Portfolio Solutions A$10.9Bn A$1.6Bn A$76.9Bn • Enhanced Strategic Models • Multi Opportunity Fund (MOP) • Dedicated Client CIO • ESG
Slide 6: Multi-year experience managing models globally
WHY BLACKROCK Multi-year experience managing models globally $11.8B $426B in model portfolio assets in model portfolio assets entrusted to BlackRock Australia locally entrusted to BlackRock globally $11.8B $426B $389B $9.3B $280B $6.4B $199B $4.6B $154B $143B $3.7B $3.8B $105B $2.2B $1.3B $57B $34B
Slide 7: Seasoned, well-integrated investment team with strong long-term track record
WHY BLACKROCK Seasoned, well-integrated investment team with strong long-term track record Australian Investment Team Portfolio Management George Zhu, CFA Dominic Suski, CFA Clarice Mok Director Director Associate Senior Portfolio Manager Senior Portfolio Manager Portfolio Manager Kate Cheng Alexand
Slide 8: A range of model portfolio solutions to choose from
WHY BLACKROCK A range of model portfolio solutions to choose from Target the allocation that’s appropriate for your client Active Enhanced Listed GSS ESG Multi-Asset Strategic Models Index Launch date July 2024 January 2015 August 2021 August 2022 April 2018 Conservative (15/85) Conservative (15/85)
Slide 9: Using cutting-edge technology to help protect your clients’ money
WHY BLACKROCK Using cutting-edge technology to help protect your clients’ money Aladdin, our proprietary risk management platform, helps our model portfolio mangers identify risks and opportunities – building more resilient model portfolios for your clients. Risk Contribution by Sub Fund Source: Bla
Slide 10: Investment Framework
Investment Framework NM0926U-5956635-10/45 FOR WHOLESALE CLIENTS ONLY – NOT FOR DISTRIBUTION TO RETAIL CLIENTS MASS0926-H-5947237-EXP0927-10/45
Slide 11: BlackRock Active Multi-Asset Models (BAMM)
INVESTMENT FRAMEWORK BlackRock Active Multi-Asset Models (BAMM) A best-of-breed diversified solution with more sources of value-add BEST-IN-CLASS KEY CHARACTERISTICS A suite of diversified portfolios offering “Best of Lead Portfolio Managers BlackRock” active strategies at efficient pricing. Targets
Slide 12: Our guiding principles
INVESTMENT FRAMEWORK Our guiding principles SAA is crucial Be nimble and adapt Seek differentiated Monitor Update SAA to changing market returns across alpha, risk and understand annually conditions beta & factors exposures Be creative Think beyond traditional asset classes Evolution is key New mark
Slide 13: A disciplined approach to model portfolio construction
INVESTMENT FRAMEWORK A disciplined approach to model portfolio construction 01 02 03 Start Select Monitor with a long-term best-in-class alpha sources and strategic asset strategies across portfolio allocation asset classes outcomes using Aladdin Source: BlackRock. For illustrative purposes only. As
Slide 14: Start with a long-term strategic asset allocation
INVESTMENT FRAMEWORK Start with a long-term strategic asset allocation Our Strategic Asset Allocation (SAA) incorporates long-term, structural trends that align with your clients' goals and risk tolerances. Responsibilities Sample Strategic Asset Allocation (SAA) Client risk tolerance Growth Assets
Slide 15: Our approach to strategic asset allocation
INVESTMENT FRAMEWORK Our approach to strategic asset allocation Develop long-term views to identify opportunities Translate these views into a robust asset allocation 9% Japanese Equities 8% Global Equities Global Equities Hedge Funds (hedged) 7% Global Listed Property Global Listed Australian Infla
Slide 16: Select best-in-class strategies across asset classes
INVESTMENT FRAMEWORK Select best-in-class strategies across asset classes We conduct due diligence on a rigorous breadth of BlackRock funds across active and index strategies Active Funds Liquid Alternatives Index Funds/ETFs Investment skill & Low correlation to Total cost of ownership track record
Slide 17: Our due diligence process on manager selection on BlackRock’s active funds
INVESTMENT FRAMEWORK Our due diligence process on manager selection on BlackRock’s active funds 1 Qualitative • Differentiation of opportunity set, strategy type, + Quantitative • Analysis of alpha strategy’s expected return and asset class, trading instruments risk profiles, leverage, capital requi
Slide 18: Harnessing the “Best of BlackRock” active insights
INVESTMENT FRAMEWORK Harnessing the “Best of BlackRock” active insights Diversified alpha sources across equities, fixed income, real assets and alternative strategies Type Strategy Description Track Record 21 Years BlackRock High Conviction High conviction, bottom-up fundamental equity long-only st
Slide 19: Portfolio Spotlights
Alternatives BlackRock Global Liquid Alternatives Fund What is it? Daily liquid multi-strategy fund with low correlation to broad market indices. The fund seeks to deliver “equity-like” returns of Cash + 3- 5% (net) with “bond-like” risk of 3-5% p.a. over a rolling 3Y period. Why do we hold the fund
Slide 20: Macro Outlook
Macro Outlook NM0926U-5956635-20/45 MASS0926-H-5947237-EXP0927-20/45
Slide 21: MSCI ACWI market events 2026
LATEST MARKET INSIGHTS • 2026 YTD: Positive returns, despite bumps along the way • Action-packed with a barrage of market-moving events 130 Robust corporate earnings underpin MSCI ACWI (31 Dec 2024 Indexed to 100) 125 US resumes Iran risk appetite strikes 120 US Fed cuts Greenland tensions Strong US
Slide 22: Equities and commodities are leading the charge YTD
LATEST MARKET INSIGHTS Equities and commodities are leading the charge YTD Most asset classes are in positive territory despite heightened volatility 50.6% 32.1% 23.4% 22.6% 13.1% 12.9% 11.4% 10.3% 7.4% 5.2% 5.9% 1.9% 3.0% 1.9% 1.6% 1.6% 2.9% 2.7% 0.4% 1.9% -2.2% -1.1% EURUSD AUDUSD USDJPY DM equiti
Slide 23: Fundamentals support our selective but constructive outlook
LATEST MARKET INSIGHTS Fundamentals support our selective but constructive outlook US companies beat earnings estimates at near-record rates1 AI still leads but the rally is widening3 Positive & negative earnings surprises vs. history Percentage of index constituents above 200-day moving average 100
Slide 24: The world has changed! Volatility has returned to normal
LATEST MARKET INSIGHTS The world has changed! Volatility has returned to normal Bonds are now a less reliable portfolio Heightened dispersion creates a richer diversifier amid higher inflation opportunity set for active strategies Rolling 3Y correlation between MSCI World Index and Bloomberg Stock d
Slide 25: 2026 Macro Scenarios
LATEST MARKET INSIGHTS 2026 Macro Scenarios A probabilistic framework Macro Probability Assets Central Scenarios Description Inflation Growth % Equities Bonds Banks The artificial intelligence (AI) build- out accelerates and expands. Capital spending supports economic growth while productivity Moder
Slide 26: Allocation & Positioning
Allocation & Positioning NM0926U-5956635-26/45 MASS0926-H-5947237-EXP0927-26/45
Slide 27: Strategic Asset Allocation (SAA) Review 2026
ALLOCATION & POSITIONING Strategic Asset Allocation (SAA) Review 2026 The latest SAA review, which was conducted in March 2026, saw some changes in the portfolio’s strategic allocations: • Reduce Australian equities against the backdrop of elevated valuations and relatively weak domestic earnings ou
Slide 28: Asset class views
ALLOCATION & POSITIONING Asset class views Asset Class View Rationale Growth Assets Less favourable capital market assumptions driven by a weak domestic earnings outlook and elevated valuations lead Australian Equities Trim us to modestly reduce Australian equities in favour of Developed market equi
Slide 29: Strategic Asset Allocation (“SAA”)
ALLOCATION & POSITIONING Strategic Asset Allocation (“SAA”) Asset class Benchmark Balanced SAA Growth SAA Aggressive SAA Developed Market Equities MSCI World ex Australia Net TR Index (unhedged) 14.0% 18.0% 23.0% Developed Market Equities MSCI World ex Australia Net TR Index (hedged) 6.0% 11.0% 16.0
Slide 30: Model Portfolio Allocations
ALLOCATION & POSITIONING Model Portfolio Allocations Blending alpha, factor and index return sources in a holistic portfolio approach Style Balanced Growth Aggressive Portfolio Constituents & Weights APIR/Ticker Alpha Factor Index (50/50) (70/30) (85/15) Indirect Cost Ratio 0.44% 0.47% 0.47% Perform
Slide 31: Active risk contribution – Growth
PORTFOLIO ANALYTICS Active risk contribution – Growth Contribution to Active Risk Contribution to Active Risk By Style By Fund BlackRock Australian Alpha Tilts Fund BlackRock High Conviction Australian Equity Fund BlackRock Hedged International Alpha Tilts Fund BlackRock International Alpha Tilts Fu
Slide 32: Active Multi-Asset Portfolio Positioning – Growth
ALLOCATION & POSITIONING Active Multi-Asset Portfolio Positioning – Growth Decomposing active positioning (vs SAA benchmark) using Aladdin Active Risk Decomposition by Block Stock Specific Sector Market Country Style Duration FX Other 41% 13% 12% 10% 9% 4% 4% 6% Active Positioning vs SAA Country Pos
Slide 33: Top 10 stock holdings on look-through basis – July 2026
ALLOCATION & POSITIONING Top 10 stock holdings on look-through basis – July 2026 Balanced Growth Aggressive Top 10 stock holdings 8.1% Top 10 stock holdings 12.8% Top 10 stock holdings 16.7% BHP Group Ltd 1.1% BHP Group Ltd 2.2% BHP Group Ltd 2.8% Nvidia Corporation 1.0% Commonwealth Bank of Austral
Slide 34: Performance
Performance NM0926U-5956635-34/45 MASS0926-H-5947237-EXP0927-34/45
Slide 35: Active Multi-Asset Models – Performance
PERFORMANCE Active Multi-Asset Models – Performance Performance (Net of fees, 31 August 2026) 2 YRS 3 YRS* 5 YRS* 1M 3M 6M 1 YR (p.a.) (p.a.) (p.a.) Aggressive (85/15) 1.4% 2.5% 4.9% 13.5% 14.2% 14.4% 8.9% Morningstar Aggressive Target Allocation Index (90/10) 0.8% 2.4% 4.4% 9.4% 12.0% 13.3% 8.4% Gr
Slide 36: Active Multi-Asset Models – Peer Group Comparison
PERFORMANCE Active Multi-Asset Models – Peer Group Comparison Morningstar multi-sector peer group comparison (31 August 2026) 2 YRS PEER GROUP 6M YTD 1 YR (p.a.) PERCENTILE Aggressive 4.9% 9.3% 13.5% 14.2% 1st quartile Peer Group Median 4.1% 6.6% 8.4% 10.8% (81-100% Growth Assets) 2nd quartile Growt
Slide 37: Better risk-adjusted returns and capture ratios, lower volatility and drawdowns
PERFORMANCE Better risk-adjusted returns and capture ratios, lower volatility and drawdowns RISK-ADJUSTED RETURNS (EX-POST) - 7 YEAR1 VOLATILITY (EX-POST) - 7 YEAR1 1.2 10.0 0.98 0.96 Standard Deviation (%) Risk-Adjusted Reutrns (%) 1.0 0.85 9.6 0.78 9.5 0.8 9.5 0.6 9.1 9.0 0.4 9.0 0.2 0.0 8.5 iShar
Slide 38: Use Case
Use Case NM0926U-5956635-38/45 MASS0926-H-5947237-EXP0927-38/45
Slide 39: BAMM is a whole-of-portfolio investment solution
USE CASE BAMM is a whole-of-portfolio investment solution Used as a ‘blend’ for diversification or the ‘core’ within a core-satellite approach Standalone Blend Core Satellite Leverage BlackRock’s Blend BAMM together or Layer BAMM as a core expertise with BAMM as with other model together with high a
Slide 40: Similar to the iShares Enhanced Strategic Models… yet different
Similar to the iShares Enhanced Strategic Models… …yet different Active Multi-Asset Enhanced Strategic Building • ETFs & Managed Funds • ETFs only blocks • Strategic Asset • Strategic Asset Allocation Allocation Investment Approach • Tactical Asset Allocation • Tactical Asset Allocation team • Secur
Slide 41: Similar beta, differentiated alpha
USE CASE Similar beta, differentiated alpha While market beta (via SAA) remains similar… …alpha sources are uniquely differentiated 200 105 104 180 Alpha returns* indexed to 100 SAA returns* indexed to 100 103 160 102 140 101 100 120 99 100 +0.98 98 0.00 SAA correlation alpha correlation 80 97 2019
Slide 42: BAMM adviser use-case
USE CASE BAMM adviser use-case Providing clients exclusive access to the ‘Best’ of BlackRock and a smoother ride through market dislocations High Net Worths Pre-Retirees & Risk-Averse (HNWs) Retirees Investors HNWs demand access Clients that are Those who are ill- to more sophisticated approaching r
Slide 43: BAMM Case Study
USE CASE BAMM Case Study As a natural complement to our existing suite of iShares Enhanced Strategic Model Portfolios (ESMP) The client The solution A financial adviser had been allocating to our ESMP for ~5 years for their low-balance accumulators but had grown their business Active SMA solution im
Slide 44: Important Information
Important Information IMPORTANT INFORMATION Issued by: BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 ("BIMAL"). BIMAL is a part of the global BlackRock Group which comprises financial product issuers and investment managers around the world. Information provide
Slide 45: Important Information
Important Information Performance Data: Performance figures represent past performance and are not indicative of future performance. Current performance may be higher or lower than that shown. Unless otherwise stated, performance for iShares ETFs is calculated on a NAV price basis, while performance