| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.7% | 1.2% | 9.6% |
| 2025 |
|---|
| 9.9% |
The BlackRock Managed Income Fund delivered 1.37% returns in Q4 2025, bringing full-year performance to 9.87%. The fund's underperformance versus benchmark was driven by equity security selection challenges and underweight exposure to international equities. Positive contributors included strong U.S. equity selection supported by resilient economic data and earnings momentum, along with an overweight equity allocation in a risk-supportive environment. The team made tactical adjustments during the quarter, increasing emerging market exposure across equities and local-currency debt while rotating toward global healthcare and defense-focused stocks. Growth exposure was trimmed in favor of more attractively-valued non-cyclical and defensive segments. Looking forward, managers expect more attractive opportunities in equities relative to credit as spreads remain tight and anticipate broadening market leadership to support dividend-oriented equities. The fund maintains an underweight duration position as a risk-management measure amid ongoing rate volatility and inflation uncertainty, while favoring high-quality investment grade and securitized assets over stretched high-yield valuations.
The BlackRock Managed Income Fund seeks consistent income through a diversified, risk-managed approach that tactically allocates between equities and fixed income based on relative value opportunities.
The team expects more attractive opportunities in equities relative to credit as spreads remain tight. They foresee a broadening of market leadership to support dividend-oriented equities and expect equity income strategies to remain well supported by resilient earnings growth into 2026.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 8 2026 | 2025 Q4 | - | Allocation, credit, dividends, duration, equities, income | - | The fund expects a broadening of market leadership to support dividend-oriented equities given elevated U.S. equity market concentration. The team maintains exposure to dividend-focused strategies as part of their equity income approach. The fund rotated equity positioning by adding defense-focused stocks during the quarter as part of their tactical allocation adjustments. |
| Oct 28 2025 | 2025 Q3 | - | Artificial Intelligence, cyclicals, duration, fixed income, Multi-Asset | MSCI | The fund outperformed as tactical equity allocation and high-quality fixed income selection boosted results. Exposure to cyclical and AI-linked equities, combined with selective duration hedging and CLOs, enhanced returns. Managers expect earnings growth and pro-growth policies to sustain risk assets, while maintaining balanced exposure to equities and bonds amid easing inflation pressures. |
| Aug 11 2025 | 2025 Q2 | - | asset allocation, carry, Covered Calls, diversification, income | - | The letter highlights diversified income generation through a blend of equities, covered calls, and fixed income. Tactical allocation across regions, duration, and credit is used to stabilize returns while capturing carry. Income strategies are positioned to benefit from resilient earnings growth and selective risk-taking. |
| Mar 31 2025 | 2025 Q1 | - | - | - | |
| Dec 31 2024 | 2024 Q4 | - | - | - | |
| Sep 30 2024 | 2024 Q3 | - | - | - | |
| Jun 30 2024 | 2024 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines |
DividendsJapanese companies paid record dividends of ¥18 trillion for fiscal year ending March 2025, a 13.8% year-over-year increase. Many major firms have adopted progressive dividend policies guaranteeing dividends will never be cut, only maintained or increased. |
Progressive Dividend Record Payouts Shareholder Returns Yield Growth | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
| 2025 Q2 |
Income |
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