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 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
| 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 | The largest 10 companies, by market capitalization, had reached 40.7% of the S&P 500 by the end of 2025, up from roughly 30% at the end of 2021. At the top of this list are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Broadcom (AVGO), Meta (META), and Tesla (TSLA). Apple: Market capitalization near $4 trillion. A double requires creating a company larger than the size of Walmart, JPMorgan, and Pfizer combined. |
| AMZN | We added to our holdings in Amazon.com Inc. |
| 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 | I'm willing to go bankrupt rather than lose this race. Larry Page, co-founder of Google |
| 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. As JPM depicts to the right, tech capex in 2025 dwarfs every major historical U.S. infrastructure project as a percentage of GDP. |
| MS | Morgan Stanley is a global investment bank with over 50,000 employees operating in 42 countries. CEO Ted Pick has continued the strategy of former head Jim Gorman in terms of pivoting the bank to a more favorable model of fee generating businesses. |
| MSFT | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| NVDA | Nvidia sits at the top of the S&P 500 as the designer in the AI ecosystem. |
| PFE | Pfizer -6.1%/-7.8% 6.77% +2.50%/year One of the world's largest research-based pharmaceutical companies. |
| TSM | TSMC leads the MSCI Emerging Markets Index as the manufacturer in the AI ecosystem. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||