3Q

2022
SEPARATELY MANAGED ACCOUNTS

Mid Cap Value*

Sector Allocation Investment Strategy
This investment strategy seeks capital
19%
18%
20% appreciation, and to a lesser extent,
18% current income. It invests primarily in

14%
16% dividend-paying equity securities of
13%

12%

12%
medium capitalization companies
12%

14% 10%
domiciled in the US. Medium
10%

12% capitalization companies are

9%

9%
10% companies that at the time of purchase

8%
7%
7%

8% have market capitalizations in the

6%
5%
5%

5%
range of companies included in the
4%

4%

6%
4%
4%

Russell Midcap Value Index. It also may

4%
2%
invest in equity securities of small and
2%

0%
large capitalization companies and
0% companies domiciled outside of the
US. Selection of this strategy indicates
Consumer Staples

Industrials

Information
Energy

Derivatives
Communication

Health Care

Materials

Real Estate

Utilities
Discretionary

Financials

Technology

Cash and
Consumer

a willingness to assume a risk level that

at times may be greater than that of the
US stock market in general. The
principal risks of the strategy are
Equity Securities Risk, Foreign
Securities Risk, Income Producing
Portfolio Benchmark
Stock Availability Risk, Market Risk and
Selection Risk, Liquidity Risk More
Top Ten Equity Holdings (% Weight) detailed information on this strategy is
available upon request.
Company Sector %
FIRST CITIZENS BANCSHARES INC CLAS Financials 2.87%
MEDTRONIC PLC Health Care 2.32% Strategy Inception Benchmark1
ZIMMER BIOMET HOLDINGS INC Health Care 2.06% Russell Midcap
3/31/2018
BAYER ADR AG Health Care 1.86% Value Index

FERGUSON PLC Industrials 1.86% *As of 10/1/2021 Mid Cap Dividend changed its name
COGNIZANT TECHNOLOGY SOLUTIONS COR Information Technology 1.83% to Mid Cap Value
CARDINAL HEALTH INC Health Care 1.83%
RALPH LAUREN CORP CLASS A Consumer Discretionary 1.74%
SS AND C TECHNOLOGIES HOLDINGS INC Information Technology 1.69%
HESS CORP Energy 1.66% Investing involves risk. Past performance does not
guarantee or indicate future results. The information
expressed herein is as of the expressed dates and is
subject to change. Model portfolio characteristics reflect
the strategy for a fully discretionary, unconstrained
account and are the result of actual trading. Actual
Quarterly Composite Performance (Total return % in USD) portfolios may differ as a result of account size, client-
imposed investment restrictions, the timing of client
Composite (Net) Composite (Gross) Benchmark1 investments, cash flows into or out of such accounts,
market, economic and individual company
YTD -15.40 -13.45 -20.36
considerations and other factors.
9/30/2022 -6.43 -5.71 -4.93
6/30/2022 -12.53 -11.86 -14.68 BlackRock acts as either a discretionary investment
manager or a non- discretionary model provider in a
3/31/2022 3.36 4.15 -1.82 variety of separately managed account or wrap fee
12/31/2021 4.90 5.70 8.54 programs. Any performance information included herein
represents the performance achieved by BlackRock as a
discretionary investment manager with trade
implementation responsibility.

MKTGH1022U/S-2551853-1/2
 Mid Cap Value THIRD QUARTER 2022

Average Annual Composite Performance (Total return % in USD) Model Portfolio Characteristics
1 Portfolio
Composite (Net) Composite (Gross) Benchmark
1 Year -11.26 -8.51 -13.56 Dividend Yield 2.11%
3 Year 3.86 7.07 4.50
5 Year Price-to-Earnings Ratio 10.79x
10 Year
Since Inception2 3.51 6.71 4.64 Price-to-Book Ratio 1.5x

Average Market Capitalization

$24484.39
(Millions)

Historical Composite Performance (Total Return % in USD) Model Risk Characteristics

1
Composite (Net) Composite (Gross) Benchmark Portfolio Benchmark1
2021 22.18 25.96 28.34 Beta (3yr) 0.95
2020 2.30 5.47 4.96
2019 23.31 27.12 27.06 R-Squared (3yr) 96.19

Standard Deviation (3yr) 6.64% 6.89%

Sharpe Ratio (3yr) 0.39 0.28

Important Notes
BlackRock claims compliance with GIPS.“GIPS” is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the
content contained herein. For a complete list and description of BlackRock composites and/or a presentations contact GroupGlobalGIPS@Blackrock.com.

Investment Involves Risk.

BlackRock Investment Management, LLC (“BlackRock”) acts as a discretionary investment manager or non-discretionary model provider in a variety of separately managed account or wrap fee
programs (each, an “SMA Program”) sponsored either by BlackRock or a third party investment adviser, broker-dealer or other financial services firm (a “Sponsor”). When acting as a discretionary
investment manager, BlackRock is responsible for implementing trades in SMA Program accounts. When acting as a non-discretionary model provider, BlackRock’s responsibility is limited to providing
non-discretionary investment recommendations (in the form of model portfolios) to the SMA Program Sponsor or overlay portfolio manager (“OPM”), and the Sponsor or OPM may utilize such
recommendations in connection with its management of SMA Program accounts. In such “model-based” SMA Programs (“Model-Based Programs”), it is the Sponsor or OPM, and not BlackRock, which
serves as the investment manager to, and has trade implementation responsibility for, the Model-Based Program accounts.
Past performance does not guarantee or indicate future results. Composite and benchmark/index performance results reflect realized and unrealized appreciation and the reinvestment of dividends,
interest, and/or capital gains. Taxes have not been deducted. Gross composite returns do not reflect actual performance because they do not reflect the deduction of any fees or expenses. Such fees that
a client may incur in the management of their investment advisory account may reduce the client’s return. The “net of fees” performance figures reflect the deduction of an investment advisory fee but
do not reflect the deduction of custodial fees, platform fees or brokerage commissions. All periods longer than one year are annualized. When BlackRock invests a client’s separate account in mutual
funds or exchange traded funds, such funds may charge fees and expenses payable to third parties and/or BlackRock that are in addition to the fee payable to BlackRock in connection with its
management of the separate account. Net composite returns reflect the deduction of an annual fee of 3.0 % typically deducted quarterly. Due to the compounding effect of these fees, annual net
composite returns may be lower than stated gross returns less stated annual fee. Index returns do not reflect transaction costs, or the deduction of fees and it is not possible to invest directly in an index.
This material has been created by BlackRock and the information included herein has not been verified by your program sponsor and may differ from information provided by your program sponsor.
The firm’s performance results are the product of the efforts of numerous personnel and the firm-wide global resources made available to them. The personnel and resources contributing to the firm’s
performance results include portfolio managers and their staff, research analysts, risk management professionals, in-house trading professional, investment supervisory personnel, and the firm’s
proprietary investment processes, integrated global research systems and access to third-party research sources. During the periods shown, changes may have occurred in the investment team
responsible, and/or the investment process utilized, for managing client accounts. Additional changes to the investment team and/or investment process may occur in the future.
Certain information contained herein has been obtained from third-party sources believed to be reliable, but we cannot guarantee its accuracy or completeness.

1 Benchmark: The benchmark index shown is the Russell Midcap Value Index .
2 Strategy Inception: 3/31/2018. The performance results from 3/31/2018 to the end of the most recent calendar quarter represents the performance of all fully discretionary, unconstrained
separate accounts managed in this style for one month which includes one proprietary account that did not pay any fees.

FOR MORE INFORMATION: www.blackrock.com ©2022 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc.
SMA-MDCD-0922
MKTGH1022U/S-2551853-2/2