BlackRock Investment Management, LLC Style: US Large Cap ...
BlackRock Investment Management, LLC
55 East 52nd Street New York, New York 10055
Equity Dividend (BLK-1) Select UMA
EXECUTIVE SUMMARY
To help you better understand the performance results of third-party investment manager strategies within our Select UMA Program, we are including additional information within manager profiles that may inform your decision to invest in this strategy:
The performance results displayed in this profile include a composite of Morgan Stanley accounts enrolled in the strategy. These are unshaded in the Investment Results and
Portfolio Quarterly Returns sections of the profile with the Select UMA label.
The results also display the performance of the manager's own composite of accounts invested in its version of the investment strategy, prior to the strategy's inception in the
Select UMA program. These are shaded in grey and labeled Manager.
If the transition month between the manager's results and the strategy's results occurs in the middle of a quarter, that quarter or year will be shaded gold in the Investment
Results and Portfolio Quarterly Returns sections of the profile and labeled Transition.
The manager exercises discretion in selecting securities for your account, but differences between the manager's prior gross results and the strategy's ongoing gross results may arise from variations in who executes the strategy or how it is implemented:
Some managers may deliver a model portfolio to Morgan Stanley, which may ultimately be responsible for executing those investment decisions.
In some cases, the manager may act as an "executing manager," which means it implements its investment decisions and transactions directly instead of delivering
instructions to Morgan Stanley.
The manager's prior performance results are based on accounts that do not participate in the Select UMA program, with investment and operational differences such as
account size and/or level of customization.
There may be other reasons why the performance results differ from those of individual Select UMA accounts managed in the same or a substantially similar investment
strategy. For example, Morgan Stanley may deviate from strategy models when applying client-requested restrictions.
If you have any questions about any of the information included in this profile, please contact your Morgan Stanley team. Past performance is not a guarantee of future results. Actual individual account results may differ from the performance shown in this profile. There is no guarantee that any investment strategy will achieve its intended results under all market conditions. Do not rely upon this profile as the sole basis for your investment decisions.
For MAPS Third Party Model Portfolios, `Manager' illustrated performance is that of the Model Portfolio Provider.
The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2022, unless otherwise noted and is subject to change.
BlackRock Investment Management, LLC
55 East 52nd Street New York, New York 10055
Style: Sub-Style: Firm AUM: Firm Strategy AUM:
US Large Cap Value Traditional Value $149.2 billion $11.0 billion
Year Founded: GIMA Status: Program Inception Date: Strategy Minimum:
Equity Dividend (BLK-1) Select UMA
1988 Focus 07/01/2009 $50,000
STRATEGY OVERVIEW
The strategy's investment philosophy is centered on offering a stable foundation for investors to protect and grow their assets. The team believes in the total return potential and downside protection of dividend-paying securities, as the constant revenue stream they provide acts as a buffer against market volatility.The Equity Dividend team's decision-making process is centered on bottom-up research and analysis of companies, industries and sectors. For individual companies, the team looks for stocks with market capitalizations greater than $1 billion that have conservative balance sheets, a history of dividend payments, and a strong management team that employs a consistent strategy.
TARGET PORTFOLIO CHARACTERISTICS Number of security holdings:
55 to 75
P/E ratio:
Below the S&P 500
Cash level over market cycle:
0 to 5%
Risk (standard deviation):
Below the S&P 500
Average turnover rate:
0 to 10%
Use ADRs:
0 to 25%
Capitalization:
Mega and Large companies
Eligible Investments:
Individual Stocks
MANAGER'S INVESTMENT STRATEGY Top-down / portfolio structures based on economic trends Bottom-up / portfolio structure based on individual securities
PORTFOLIO'S EQUITY SECTOR WEIGHTINGS
Sector Energy
---------------06/22--------- 12/21 BlackRock------I-ndex*** BlackRock
8.05
7.24
6.48
Materials
3.10
4.23
3.19
Industrials
7.82
9.90
7.66
Consumer Discretionary
5.96
5.75
6.71
Consumer Staples
7.03
7.29
6.74
Health Care
23.31
17.23
18.08
Financials
19.30
19.52
24.15
Information Technology
10.62
9.03
10.47
Communication Services
5.83
8.76
5.82
Utilities
3.14
5.96
4.70
Miscellaneous
5.85
0.00
0.00
Real Estate/REITs
0.00
5.09
0.00
Cash/Cash Equivalents
0.00
0.00
6.00
PORTFOLIO STATISTICS
---------------06/22------ 12/21
BlackRoc-k------I-n-d- ex*** BlackRock
Number of security holdings
75
859
80
Dividend Yield
2.5%
2.3%
2.1%
Distribution Rate
--
--
--
Wtd avg P/E ratio ?
--
13.60x 15.39x
Wtd avg portfolio beta
--
--
--
Mega capitalization
0.0%
43.2%
0.0%
Large capitalization
0.0%
44.8%
0.0%
Medium capitalization
0.0%
11.8%
0.0%
Small capitalization
0.0%
0.1%
0.0%
Micro capitalization
0.0%
0.0%
0.0%
PORTFOLIO'S TOP FIVE SECURITY HOLDINGS
%
WELLS FARGO
3.4
CITIGROUP INC
3.2
ELEVANCE HEALTH INC
2.9
HUMANA INC
2.6
SANOFI ADR REPRESENTING SA
2.4
% PROCESS BASED ON 0 Asset allocation - cash vs. stock
50 Industry or sector weighting 50 Stock Selection
?The P/E used here is calculated by the harmonic mean. Total may not equal 100% due to rounding. ***Index : Russell 1000 Vl
The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2022, unless otherwise noted and is subject to change.
Page 2 of 8
Equity Dividend (BLK-1) Select UMA
MANAGER'S INVESTMENT PROCESS
? Equity Dividend team uses only fundamentally-based, bottom up research in its stock selection process ? Research is conducted through one-on-one meetings ? The strategy generally invests in dividend-paying securities with market capitalizations >$1 billion and debt-to-total cap ratios< 50%. ? Security valuations are met with a bottom-up examination of structural characteristics of sectors and industries. ? Strategy's investments emphasize long-term total return more than current income
RISK CONSIDERATIONS
Equity securities prices may fluctuate in response to specific situations for each company, industry, market conditions and general economic environment. Companies paying dividends can reduce or cut payouts at any time. Strategies that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than portfolios that diversify among a broad range of sectors. Investing in securities entails risks, including: When investing in value securities, the market may not necessarily have the same value assessment as the manager, and, therefore, the performance of the securities may decline. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline in the value of these investments would cause the portfolio's overall value to decline to a greater degree than that of a less concentrated portfolio.
PORTFOLIO'S ALLOCATION HISTORY (%) 06/22 03/22
12/21
09/21
See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2022, unless otherwise noted and is subject to change.
Page 3 of 8
Equity Dividend (BLK-1) Select UMA
Morgan Stanley Composite Start Date: 07/2009 ?
Strategy Inception Date:
--
RISK/RETURN ANALYSIS ? - 5 YEARS ENDING 06/30/22
R a t e
o f
R
e
t
u
r
n
Standard Deviation (%)
BlackRock (Gross) BlackRock (Net) Primary Benchmark Risk-free Benchmark
RISK VOLATILITY (%) ?
R a t e
STD 19.03 18.94 20.04
0.46
o f
R e t u r n
ROR 8.57 6.09 7.17 1.09
*07/01/17-12/31/17
BlackRock (Gross) BlackRock (Net) Primary Benchmark
**01/01/22-06/30/22 Number Of Up Qtrs. 15 15 14
Down Qtrs. 5 5 6
AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 06/30/22
R a t e
o f
R e t u r n
INVESTMENT RESULTS
BlackRock (Gross) BlackRock (Net) Primary Benchmark
? 2012 2013 12.89 25.25 10.29 22.44 17.50 32.54
Annual Rates of Return (%) 2014 2015 2016 2017 2018 2019 9.48 0.04 16.18 16.18 -7.01 27.81 6.91 -2.26 13.47 13.50 -9.15 24.94 13.46 -3.84 17.33 13.66 -8.27 26.54
10 Year - Ending 06/30/22
2020 2021 Snc. Incpt. Annual Std. Dev.
3.90 22.90 10.42 10.38 14.32
1.53 20.09
7.61 7.84 14.26
2.80 25.16 11.53 10.50 15.25
PORTFOLIO'S QUARTERLY RETURNS (%)
Quarter1 Quarter2 Quarter3
2012
Gross Net Gross Net Gross Net 7.87 7.25 -0.81 -1.39 5.02 4.41
2013
8.69 8.07 1.34 0.76 3.60 3.02
2014
1.18 0.56 3.63 3.03 0.22 -0.38
2015 2016
-1.09 -1.70 0.36 -0.22 -6.21 -6.75 0.77 0.15 4.33 3.73 1.51 0.92
2017
2.47 1.87 3.30 2.70 4.38 3.78
2018 2019
-2.04 -2.59 2.29 1.70 6.21 5.61 11.15 10.54 4.73 4.14 2.03 1.44
2020
-24.35 -24.81 13.89 13.29 3.09 2.50
2021 2022
11.65 10.99 4.75 4.16 -0.77 -1.36 1.11 0.52 -10.41 -10.97
Quarter4
Gross Net 0.46 -0.13 9.76 9.14 4.18 3.58 7.45 6.87 8.87 8.23 5.14 4.53 -12.62 -13.16 7.61 6.99 16.98 16.29 5.90 5.30
Manager
Transition
Select UMA
PORTFOLIO DIVERSIFICATION ? - R?(10 YEARS ENDING 06/22)+
R?
BlackRock vs. Primary Benchmark
0.97
+Statistics are calculated using gross of fee performance only.
PORTFOLIO'S RISK STATISTICS -" PERIODS ENDING
06/30/22 ? ?
3 Year 5 Year
Standard Deviation
Standard Deviation of Primary Benchmark Sharpe Ratio
22.29% 19.03% 23.87% 20.04%
0.34
0.39
Sharpe Ratio of Primary Benchmark Alpha
Beta
0.26
1.58% 0.93
0.30
1.56% 0.94
Downside Risk R-Squared
1.92% 0.99
1.56% 0.99
Tracking Error Information Ratio
2.89% 0.49
2.43% 0.58
1. Statistics are calculated using gross of fee performance only. 2. Russell 1000 Vl was used as the Primary Benchmark and the 90-Day T-Bills Index as the Risk-free Benchmark. 3. For more information on these dates please see the Glossary of Terms section
The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2022, unless otherwise noted and is subject to change.
Page 4 of 8
Equity Dividend (BLK-1) Select UMA
COMPOSITE DISCLOSURES
The disclosures provided below apply to performance information in this profile, if any. Past performance is not a guarantee of future results. Actual individual account results may differ from the performance shown in this profile. There is no guarantee that this investment strategy will achieve its intended results under all market conditions. Do not rely upon this profile as the sole basis for your investment decisions.
Performance results in this profile are calculated assuming reinvestment of dividends and income. Returns for more than one calendar year are annualized and based on quarterly data. Returns for periods of less than a calendar year show the total return for the period and are not annualized. No representation is being made that any portfolio will or is likely to achieve profits or losses similar to those shown. Returns will fluctuate and an investment upon redemption may be worth more or less than its original value. Performance shown does not reflect the impact of fees and expenses of the underlying mutual fund and ETFs, as applicable.
Sources of Performance Results and Other Data: The performance data and certain other information for this strategy (including the data on page 1 of this profile) may include one or more of the following: (i) the performance results of a composite of Morgan Stanley accounts managed by the third party investment manager, (ii) the performance results for accounts and investment products managed by the third party investment manager, in the same or a substantially similar investment strategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of Model Portfolio Strategies, the Model Portfolio Provider's results in managing accounts outside of the Morgan Stanley Select UMA program prior to Model Portfolio Strategy's inception in the Morgan Stanley Select UMA program . For periods through June 2012, the Fiduciary Services program operated through two channels ? the Morgan Stanley channel and the Smith Barney channel and any performance and other data relating to Fiduciary Services accounts shown here for these periods is calculated using accounts in only one of these channels.) Please note that the Fiduciary Services program was closed on January 2, 2018. Although the Fiduciary Services and Select UMA programs are both Morgan Stanley managed account programs, the performance results and other features of similar investment strategies in the two programs may differ due to investment and operational differences. Performance in one program is not indicative of potential performance in the other. For example, the individual investment strategies in Select UMA program accounts may contain fewer securities, which would lead to a more concentrated portfolio. The automatic rebalancing, wash sale loss and tax harvesting features of the Select UMA program, which are not available in Fiduciary Services, also could cause differences in performance. In addition, any performance results included in this profile that are based on a third party investment manager's accounts that are not part of the Morgan Stanley program accounts or institutional accounts that are part of the Model Portfolio strategy may differ due to investment and operational differences as well. As such, performance results of the third party investment manager's composites and the third party Model Portfolio Strategies may differ from those of Select UMA accounts managed in the same or a substantially similar investment strategy. For example, in the case of Model Portfolio Strategies, Morgan Stanley, as the investment manager, may deviate from the Third Party Model Portfolios.
From June 1, 2008 to the date hereof, BlackRock's performance results represent all of its fully discretionary, unconstrained separately managed accounts (SMA) program accounts managed in this style for at least 1 month. From July 1, 2007 to May 31, 2008, the firm's performance results represent one fully discretionary, unconstrained, proprietary separate account managed in this style for at least 1 month that did not pay any fees. Prior results represent the performance of a mutual fund managed in this style.
Morgan Stanley Performance: The composite consists of 1,125 account(s) with a market value of $721.4 million as of 06/30/2022. In this profile, the performance from July 1, 2009 through June 30, 2012 consists of accounts managed by the investment manager in this strategy in either the Morgan Stanley or the Smith Barney form of the Fiduciary Services program. From July 1, 2012 through December 31, 2015, performance consists of all Fiduciary Services (FS) accounts managed by the investment manager in this strategy, subject to any other limitations stated in this profile. From January 1, 2016, performance consists of the performance of all FS accounts (as described in the previous sentence) as well as the performance of all single style Select UMA accounts managed by the investment manager in this strategy, subject to any other limitations stated in this profile. Performance composites calculated by Morgan Stanley include all fee-paying portfolios with no investment restrictions. New accounts are included beginning with the second full calendar month of performance. Terminated accounts are removed in the month in which they terminate (but prior performance of terminated accounts is retained). Performance is calculated on a total return basis and by asset weighting the individual portfolio returns using the beginning of period values.
Gross Performance: BlackRock's gross results do not reflect a deduction of any investment advisory fees or program fees, charged by BlackRock or Morgan Stanley, but are net of commissions charged on securities transactions.
Net Performance for all Periods: Net performance results reflect a deduction of 0.5875% quarterly. This consists of three components: 0.5% maximum quarterly MS Advisory Fee and 0.0175% maximum quarterly Program Overlay Fee (which, together cover the services provided by Morgan Stanley), plus 0.07% quarterly SMA Manager Fees (being the fee currently charged by BlackRock to new clients for managing their assets in the Select UMA program). The SMA Manager Fees may differ from manager to manager, and managers may change their fee to new clients from time to time. If you select this manager for your account, check the SMA Manager Fees specified in the written client agreement, in case these have changed since you received this profile. Historical net fees reflect the Advisory Fee Schedule as of October 1, 2018. Morgan Stanley program fees are calculated quarterly for the performance illustrated in this profile, and have a compounding effect on performance. The Morgan Stanley program fee, which differs among programs and clients, is described in the applicable Morgan Stanley ADV brochure, which is available at ADV or on request from your Financial Advisor or Private Wealth Advisor. Document approval date February 2013.
Focus List, Approved List, and Watch Status:
Manager Performance:
The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2022, unless otherwise noted and is subject to change.
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