Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.4% | 3.7% | 23.6% |
| 2025 | 2024 |
|---|---|
| 23.6% | 18.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.4% | 3.7% | 23.6% |
| 2025 | 2024 |
|---|---|
| 23.6% | 18.6% |
BlackRock's Advantage Global Fund delivered strong Q4 2025 returns of 3.75%, driven by successful quantitative positioning around market themes. The fund's outperformance was led by strength across sentiment and macro-thematic measures, which helped drive successful positioning around market themes. Measures with a trend-following footprint drove positive performance, led by macro-thematic insights and sentiment measures capturing company linkages across key themes. The fund benefited from evaluating smart money sentiment as investors became more discerning into year-end, while macro-thematic measures helped motivate successful overweight positions in U.S. and Taiwanese technology stocks. However, recession concerns and retail demand for speculative growth stocks ran against select fundamentally focused measures. The fund maintained largely neutral sector and country positioning, with slight overweights in information technology and financials sectors, and geographic overweights to the United States and United Kingdom. Global equities ended 2025 near record highs, though elevated valuations and concentrated earnings made leadership increasingly sensitive to growth expectations and policy signals.
The fund leverages quantitative sentiment and macro-thematic measures to identify successful positioning around evolving market themes, particularly benefiting from trend-following insights and smart money sentiment evaluation.
The fund expects continued market leadership broadening with rotation of style leadership as value fared well and momentum moderated after strong year-to-date returns.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 8 2026 | 2025 Q4 | AAPL, AMZN, CME, GOOGL, JPM, MS, MSFT, NVDA, PFE, TSM | global, large cap, quantitative, Sentiment, technology | - | Large-cap technology stocks led for much of 2025 but weakened into year-end, with more speculative names under pressure. Macro-thematic measures helped motivate successful overweight positions… |
| Oct 28 2025 | 2025 Q3 | - | Artificial Intelligence, Communication Services, Global Equities, semiconductors, tariffs | MSFT | The fund gained 9.0% for the quarter, outperforming its benchmark due to strong positioning in AI-related sectors such as semiconductors and communication services. Managers cited… |
| Aug 11 2025 | 2025 Q2 | - | AI Infrastructure, Factor Rotation, Global Equities, Macro, Sentiment | - | The letter highlights global equity resilience driven by earnings strength and evolving macro themes. Tactical positioning reflects sentiment, policy shifts, and the broadening impact of… |
| 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 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
| 2025 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
| 2025 Q2 |
Macro |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 28, 2025 | Fund Letters | Raffaele Savi | MSFT | Microsoft Corp | Information Technology | System Software | Bull | - | Artificial Intelligence, Cloud computing, growth, Momentum, semiconductors, Software, technology, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | AAPL shares rose in 4Q25 following better-than-feared iPhone 17 sell-through trends and stronger Services momentum. The company reported that early adoption of its on-device AI features exceeded internal expectations, particularly in North America and Europe, where attach rates for Pro models remained elevated. Wearables also returned to growth, helped by new health features and improved battery life. |
| AMZN | This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA. |
| CME | Additionally, while CME is a great company and has been an excellent investment for our portfolio, it was at the high end of fair value, and we needed to make room for a new position as the portfolio was at out 20 stock holdings limit. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| JPM | JPMorgan (JPM) has identified 42 AI-related stocks in the S&P 500, which today represent 45% of the index's market cap. They estimate that these stocks have accounted for 78% of S&P 500 returns, 66% of earnings growth, and 71% of capital spending growth since ChatGPT launched in November 2022. As it relates to the impact on the U.S. economy, JPM estimates tech sector capital spending contributed 40%-45% of U.S. GDP growth through the first 9 months of the year, up from less than 5% during the same period in 2023. |
| MS | During the quarter, the Fund invested in Morgan Stanley, a leading global investment bank and wealth management firm. Morgan Stanley has successfully diversified its business beyond cyclical banking and trading fees into more recurring wealth and investment management. These businesses collectively oversee $9.3 trillion in client assets that generate predictable, capital-light revenue that grows from inflows and market appreciation. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| NVDA | Capital spending from Google, Microsoft, Amazon, Meta, OpenAI, and more have led to Nvidia becoming the Rrst 5 trillion market cap company. |
| PFE | Pfizer -6.1%/-7.8% 6.77% +2.50%/year One of the world's largest research-based pharmaceutical companies. |
| TSM | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||