Abstract: A master alloy for modification and grain refining of hypoeutectic and eutectic Al—Si based foundry alloys is described. In addition to unavoidable contaminants the alloy contains nucleating and modifying additions of Ti, B and Sr, wherein the content of Ti is between 0.5 and 2.0% by weight, the content of B is between 0.5 and 2.0% by weight and the content of Sr is between 3.0 and 12.0% by weight, with the ratio Ti/B between 0.8 and 1.4. A method for the preparation of said master alloy is also described.