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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 30, 2026
The BlackRock Core Bond Fund posted a 0.89% return for Q2 2026, driven by securitized assets, U.S. rates positioning, and emerging market debt. The fund increased its overweight duration to 6.07 years versus the benchmark's 5.80 years, concentrated in the front to belly of the U.S. yield curve. The U.S. rates position benefited from tactical underweight exposure as markets priced in a more hawkish Federal Reserve amid elevated inflation and labor market resilience. The fund proactively reduced corporate beta as investment grade credit spreads reached historically tight levels, maintaining a meaningful underweight despite spreads retracing March widening. The preferred source of spread exposure remains securitized assets, valued for their quality-adjusted attractiveness and diversification benefits. The fund added to emerging market debt, which contributed through attractive yields and geopolitical developments, and increased European rate allocations given softer growth dynamics and attractive carry. Agency mortgage-backed securities were reduced while maintaining an overall overweight to securitized assets.
The fund seeks to generate returns through active duration management and selective spread exposure, favoring high-quality securitized assets over investment grade credit at current valuations while opportunistically adding emerging market debt and European rates exposure.
The fund maintains an overweight duration position with a focus on the front to belly of the U.S. yield curve, favoring European duration given softer growth dynamics and attractive carry, along with select emerging market duration. The preferred source of spread exposure remains securitized assets given attractive valuations on a quality-adjusted basis and diversification benefits, while maintaining a meaningful underweight to investment grade credit at historically tight spread levels.
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