Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th June 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.23% | 14.1% | 16.12% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.23% | 14.1% | 16.12% |
The BlackRock Advantage Global Fund posted a 14.19% return in Q2 2026, slightly underperforming its benchmark due to weakness in sentiment insights and traditional valuation measures. Thematic insights proved the strongest contributor, with industry models identifying longer-term structural trends supporting successful overweight positioning in semiconductor and computer equipment companies. Traditional valuation insights favoring dividend-paying companies and businesses investing heavily in research and development also added value. However, sentiment measures analyzing management earnings calls and company momentum failed to keep pace with changing market leadership, proving the largest drag. The fund maintained largely sector-neutral positioning with slight overweights to communication services and information technology, and underweights to consumer discretionary and financials. Country positioning favored the United Kingdom and Italy while underweighting Japan and Germany. The MSCI World Index posted its strongest quarterly gain since Q4 2020, driven primarily by artificial intelligence, though volatility increased late in the quarter as investor positioning became stretched and monetary policy expectations turned more hawkish, leading to a correction in technology stocks and rotation toward defensive sectors.
The BlackRock Advantage Global Fund employs a quantitative, multi-factor approach combining thematic insights, traditional valuation, fundamental quality, sentiment analysis, and macro positioning to generate alpha across global equity markets.
The letter does not provide explicit forward-looking guidance. The commentary focuses on explaining Q2 2026 performance drivers and market conditions during the quarter, including the correction in technology stocks and rotation toward defensive sectors late in the period.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 29 2026 | 2026 Q2 | - | AI, global, momentum, quantitative, semiconductors, technology, thematic | - | BlackRock Advantage Global Fund returned 14.19% in Q2 2026, slightly trailing its benchmark. Thematic insights identifying semiconductor and computer equipment opportunities drove outperformance, while sentiment measures analyzing momentum and trend-following indicators detracted as market leadership shifted. AI remained the primary return driver until late-quarter volatility triggered a technology correction and defensive rotation as monetary policy expectations turned hawkish. |
| May 6 2026 | 2026 Q1 | - | global, Macro, quantitative, Sentiment, technology, thematic | - | BlackRock's quantitative global equity fund outperformed in Q1 2026 through macro-thematic insights and sentiment analysis. Strong positioning in technology and financials drove returns despite March volatility from Iran tensions. The systematic approach captured AI-led rotations and benefited from overweight US and UK allocations while navigating stagflation concerns. |
| Feb 8 2026 | 2025 Q4 | AAPL, AMZN, CME, GOOGL, JPM, MS, MSFT, NVDA, PFE, TSM | global, large cap, quantitative, Sentiment, technology | - | BlackRock's quantitative global fund delivered 3.75% in Q4 2025, outperforming through successful sentiment and macro-thematic positioning. Trend-following measures and smart money sentiment evaluation drove performance, particularly in U.S. and Taiwanese technology stocks. The fund maintains neutral positioning with slight overweights in technology and financials sectors amid broadening market leadership. |
| Oct 28 2025 | 2025 Q3 | 0700.HK, AAPL, AMZN, BAC, GOOGL, JPM, MS, MSFT, NVDA, PFE | AI, global, growth, large cap, momentum, semiconductors, technology | MSFT | BlackRock's Advantage Global Fund delivered 9.00% returns in Q3 2025 by positioning around AI and risk-on themes through overweight allocations to technology and communication services. Despite early quarter volatility from speculative AI deleveraging, the fund's macro-thematic approach captured gains as investor belief in AI themes strengthened, supported by Fed rate cuts and solid macro data. |
| Aug 11 2025 | 2025 Q2 | AAPL, AMZN, BAC, GOOGL, MS, MSFT, NVDA, NVS, PFE, SPGI | AI, defense, energy, Europe, Global Equities, Japan, technology | - | The fund underperformed due to unsuccessful Japanese financial positioning but benefited from sentiment measures and macro-thematic insights. Successful rotation from European defense to electrification themes, supported by AI broadening to infrastructure providers. Global equities showed remarkable resilience near all-time highs, moving past trade and geopolitical concerns as recession fears fade and technology earnings strengthen. |
| Mar 31 2025 | 2025 Q1 | AAPL, AMZN, BAC, GOOGL, META, MSFT, NVDA, NVS, SHEL, SPGI | AI, Europe, global, Japan, Quality, Sentiment, technology | - | BlackRock's global fund outperformed despite -1.02% Q1 returns through sentiment insights and quality measures across Europe and Japan. Smart-money positioning and earnings sustainability focus drove gains, while U.S. tech selection struggled amid leadership rotation. Fund evolved AI positioning toward adopters over enablers as elevated U.S. valuations faced pressure from Chinese AI competition and policy uncertainty. |
| Dec 31 2024 | 2024 Q4 | AAPL, AMZN, BAC, CME, GOOGL, MS, MSFT, NVDA, SHEL, TT | Election, global, large cap, Macro, Sentiment, technology | - | BlackRock's global equity fund delivered 18.93% annual returns despite Q4 struggles with U.S. stock selection. The strategy combines sentiment analysis and trade dynamics to capture market trends. Strong international positioning offset domestic challenges as post-election speculation favored growth over fundamentals. Maintains neutral sector allocation with technology and financials overweights. |
| Sep 30 2024 | 2024 Q3 | AAPL, AMZN, BAC, GOOGL, JNJ, LMT, MSFT, NVDA, NVS, WMT | global, large cap, quantitative, rates, Sentiment, technology | - | BlackRock's quantitative global fund underperformed in Q3 despite 5.38% returns, hurt by incorrect technology overweighting during market rotations. Sentiment measures around consumer trends supported positioning in staples, but macro-thematic insights failed amid volatility. Fed rate cuts and resilient consumer data stabilized markets by quarter-end. Fund maintains neutral positioning while refining quantitative approach. |
| Jun 30 2024 | 2024 Q2 | AAPL, AMZN, CMCSA, GOOGL, JNJ, LRCX, MSFT, NVDA, QCOM, SPGI | AI, global, growth, large cap, momentum, technology | - | BlackRock's Advantage Global Fund delivered 4.23% in Q2 2024 by successfully capturing the AI theme through quantitative sentiment and macro insights. The fund maintained neutral positioning with slight IT and communication services overweights. Strong AI earnings drove market leadership while fundamental measures struggled against expensive growth stocks. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIArtificial intelligence remained the primary driver of returns during the quarter. Thematic insights identifying longer-term structural trends supported successful positioning through overweight exposures to semiconductor and computer equipment companies. However, volatility increased late in the quarter as investor positioning became stretched and expectations of monetary policy turned more hawkish, leading to a correction in technology stocks. |
Semiconductors Technology Structural Trends Positioning |
Semiconductor CycleIndustry models identifying longer-term structural trends supported successful positioning through overweight exposures to semiconductor companies in the IT sector. The fund held significant positions in Nvidia, Broadcom, Applied Materials, and Micron Technology. Late-quarter volatility led to a correction in technology stocks as investor positioning became stretched. |
Semiconductors IT Sector Structural Trends Equipment | |
MomentumMomentum stocks continued to lead markets stylistically during the quarter. However, sentiment measures analyzing company momentum and other trend-following indicators were unable to keep pace with changing market leadership, proving the largest drag on performance. Volatility increased late in the quarter as investor positioning became stretched. |
Market Leadership Trend-Following Volatility Positioning | |
DividendsTraditional valuation insights favoring companies with attractive dividend characteristics added to performance during the quarter. This positioning helped offset some of the weakness from sentiment and quality measures. |
Valuation Income Traditional | |
| 2026 Q1 |
AIArtificial intelligence-led rotation of software names contributed to international stocks outperforming U.S. equities through February. The AI theme was part of the broader technology sector positioning that helped drive fund performance. |
Software Technology Rotation |
InflationThe new year began with confidence that inflation was moderating and central banks would continue an easing policy path. However, military action in Iran led to stagflation concerns mounting in March, bringing challenges to the market environment. |
Central Banks Easing Stagflation | |
| 2025 Q4 |
AILarge-cap technology stocks, which led for much of the year, weakened into year-end, with more speculative names under pressure. Macro-thematic measures designed to evaluate evolving market themes were additive as these helped to motivate successful overweight positions in U.S. and Taiwanese technology stocks. |
Technology Semiconductors Taiwan Growth |
FinancialsThis benefited the financials sector as yield curves steepened and credit conditions eased. The fund had slight overweight holdings in the financials sector. |
Banks Credit Rates Yield Curve | |
ValueThe result was a rotation of style leadership as value fared well and momentum moderated after strong year-to-date returns. Traditional valuation metrics analyzing sales, valuations, and cash flows were also beneficial. |
Style Rotation Valuation Cash Flow | |
RatesGlobal market leadership broadened after a dovish Federal Reserve cut interest rates twice. This benefited the financials sector as yield curves steepened and credit conditions eased. |
Federal Reserve Interest Rates Monetary Policy | |
| 2025 Q3 |
AIThe fund maintained overweight allocations to communication services and semiconductors to capture artificial intelligence themes. AI-related positioning helped drive positive performance as style leadership reinforced investor belief in the AI theme, powering further positive performance in IT stocks. |
Artificial Intelligence Semiconductors Technology Growth Innovation |
SemiconductorsThe fund positioned around semiconductor companies as part of its AI and risk-on market theme strategy. Semiconductor exposure was driven by macro-thematic insights that helped identify opportunities in this space during the quarter. |
Chips Technology Hardware AI Growth | |
| 2025 Q2 |
AIThe fund benefited from macro-thematic impulses that correctly captured evolving AI themes. AI leaders regained market leadership following stronger-than-expected earnings and guidance from technology stalwarts. The AI theme broadened from enablers to infrastructure providers, supporting positioning in European energy companies. |
Artificial Intelligence Technology Infrastructure Leadership |
Energy TransitionThe fund rotated toward beneficiaries of the European electrification theme, driving effective positioning around select European energy companies. This positioning was buoyed by the broadening of the AI theme to infrastructure providers. |
Electrification European Energy Infrastructure Renewable | |
Defense SpendingThe fund successfully positioned around European defense stocks at the start of the quarter, capturing gains from this thematic exposure before rotating to other opportunities. |
European Defense Military Geopolitical Security | |
| 2025 Q1 |
AIThe fund's positioning in the IT sector began to evolve toward artificial intelligence adopters over enablers, which helped stem losses in March as large-cap technology winners capitulated. However, cooling sentiment toward the AI opportunity emerged after Chinese companies released rival, low-cost AI models. |
Artificial Intelligence Technology Enablers Adopters China |
QualityFundamental quality measures focused on sustainability of earnings were top contributors to performance. Other stability-related fundamental insights with a preference for lower volatility stocks and dividend consistency were additive to returns. |
Earnings Sustainability Volatility Dividends Stability | |
| 2024 Q4 |
AIThe fund struggled with security selection in the IT sector as perceived artificial intelligence winners evolved throughout the quarter. AI-related technology stocks were part of the speculative growth rally that dominated markets. |
Technology Growth Semiconductors Software |
Trade PolicyMacro insights focused on policy initiatives performed well around the election before a sharp reversal in December. The fund captured emerging trade dynamics and post-election market trends through analyst-related insights. |
Election Policy Macro Regulation | |
| 2024 Q3 |
AIThe fund maintained an overweight allocation to the information technology sector, though macro-thematic insights around technology positioning proved unsuccessful during market rotations. Technology earnings were softer in July, initiating a rotation away from large-cap technology stocks. |
Technology Semiconductors Software Cloud Data Centers |
RatesThe Federal Reserve began easing monetary policy with a 50-basis-point rate cut in September after cooling inflation data. The collapse in U.S. Treasury yields contrasted with other hawkish central banks, particularly the Bank of Japan, which unwound several macro trades. |
Interest Rates Fed Policy Monetary Policy Treasury Yields Central Banks | |
| 2024 Q2 |
AIThe fund successfully captured the dominant artificial intelligence theme through sentiment and macro-thematic insights. AI leaders drove strong earnings in May, igniting another rally as investor focus shifted to earnings momentum. The AI theme continued its persistent returns throughout the quarter. |
Technology Semiconductors Software Cloud Data Centers |
| 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 |
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