A magnetizable composition comprises a phase made of a thermoplastic polymer material, a second phase containing a cured elastomeric material, and a hard magnetic material dispersed in both the thermoplastic and the elastomeric phases. The phases are blended into a homogenous mixture suitable for use in fabricating shaped articles. The shaped articles may be magnetized to create alternating opposite poles along the surface of the article, to provide articles useful as encoders and targets for measuring rotational position or speed.