Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.8% | 2.2% | 19.0% |
| 2025 | 2024 |
|---|---|
| 19.0% | 9.5% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.8% | 2.2% | 19.0% |
| 2025 | 2024 |
|---|---|
| 19.0% | 9.5% |
The BlackRock Global Dividend Fund posted returns of 2.21% for Q4 2025, underperforming its benchmark due to stock selection challenges in materials, industrials, and information technology sectors. The fund's strategy focuses on carefully selected quality companies with strong dividend growth potential globally. Key contributors included Fineco Bank, which delivered strong results and client activity, and SK Hynix, which benefited from robust AI infrastructure demand for memory. Detractors included RELX, where the fund exited due to AI-related concerns, and Sony, which faced margin pressure from rising memory prices. The portfolio maintains overweight positions in financials, consumer discretionary, and communication services, with regional overweights in Europe. Looking ahead, managers remain constructive on international opportunities as global fragmentation creates new prospects. They expect economic activity to broaden in 2026, with a weaker dollar and lower bond yields supporting carry countries. Technology is expected to continue driving markets, with the fund owning industry leaders while maintaining disciplined valuation approaches.
The fund invests in carefully selected quality companies around the globe with strong dividend growth, aiming to provide dividend growth and consistent returns with lower volatility over the long-term.
We remain constructive as the world continues to fragment, creating opportunities across international markets. We expect a broadening out of economic activity in 2026, and a trajectory of a weaker U.S. dollar and lower bond yields to create a favorable backdrop for carry countries. We expect technology to continue to be a driver of markets.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 8 2026 | 2025 Q4 | 000001.SZ, 000660.KS, AAPL, ALVY.DE, AVGO, AZN, BABA, CMS, GOOGL, KO, MSFT, REL.L, SONY, TSM | dividends, Europe, financials, global, healthcare, Quality, technology | FBK IM | AI infrastructure demand remains strong, supporting memory companies like SK Hynix. However, AI concerns are creating headwinds for some businesses like RELX, where sentiment remains… |
| Nov 3 2025 | 2025 Q3 | BABA, NVO | AI, Cloud, consumer, dividends, Quality |
BABA AVGO ORCL BABA AVGO ORCL NOVO CL |
BlackRock Global Dividend Fund emphasizes quality dividend growers across global markets with selective AI exposure. Key contributors included Alibaba, Broadcom, and Oracle, while Novo Nordisk… |
| Aug 11 2025 | 2025 Q2 | AVGO, NVDA | cash flows, dividends, global, low volatility, quality equities | - | The commentary focuses on global dividend growth as a defensive equity strategy offering lower volatility and consistent returns. Management emphasizes high-quality companies with durable cash… |
| Mar 31 2025 | 2025 Q1 | AVGO, NVDA | - | - | - |
| Dec 31 2024 | 2024 Q4 | AVGO, NVO | - | - | - |
| Sep 30 2024 | 2024 Q3 | ALLE, AMAT, NVDA, NVO | - | - | - |
| Jun 30 2024 | 2024 Q2 | NVDA, TSM | - | - | - |
| 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 |
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 |
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 |
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 Q2 |
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 |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 3, 2025 | Fund Letters | Olivia Treharne | BABA | Alibaba Group Holding Ltd. | Consumer Discretionary | E-Commerce | Bull | NYSE | AI, China, cloud, Digital, e-commerce, growth, Regulation, valuation | Login |
| Nov 3, 2025 | Fund Letters | Olivia Treharne | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, growth, Integration, profitability, semiconductors, Software | Login |
| Nov 3, 2025 | Fund Letters | Olivia Treharne | ORCL | Oracle Corp. | Information Technology | Software | Bull | NYSE | AI, cloud, Contracts, enterprise, growth, recurring revenue, Software | Login |
| Nov 3, 2025 | Fund Letters | Olivia Treharne | BABA | Alibaba Group Holding Ltd. | Consumer Discretionary | E-Commerce | Bull | NYSE | AI, China, cloud, Digital, e-commerce, growth, Regulation, valuation | Login |
| Nov 3, 2025 | Fund Letters | Olivia Treharne | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, growth, Integration, profitability, semiconductors, Software | Login |
| Nov 3, 2025 | Fund Letters | Olivia Treharne | ORCL | Oracle Corp. | Information Technology | Software | Bull | NYSE | AI, cloud, Contracts, enterprise, growth, recurring revenue, Software | Login |
| Nov 3, 2025 | Fund Letters | Olivia Treharne | NOVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bear | NYSE | Competition, GLP-1, guidance, healthcare, Margins, Obesity, pharmaceuticals | Login |
| Nov 3, 2025 | Fund Letters | Olivia Treharne | CL | Colgate-Palmolive Co. | Consumer Staples | Household Products | Bear | NYSE | Brand, consumer staples, Defensives, dividends, Margins, Pricing | Login |
| Feb 8, 2026 | Fund Letters | Olivia Treharne | FBK IM | FinecoBank Banca Fineco SpA | Financials | Diversified Banks | Bull | Borsa Istanbul | Brokerage, earnings, Engagement, Keywords: Banking, Margins | Login |
| TICKER | COMMENTARY |
|---|---|
| 000001.SZ | Fineco Bank contributed to performance due to its strong results in November and client activity. Net income beat the consensus forecast, with resilient revenues and engagement aided by a favorable macroeconomic backdrop. |
| 000660.KS | SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand for its next-generation platforms at meaningfully higher price points and margins than prior generations. |
| 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. |
| ALVY.DE | Allianz 2.69 |
| AVGO | During the quarter, we initiated a below-average weight position in leading semiconductor and infrastructure software company Broadcom. Broadcom's ongoing transformation from a provider of custom ASICs to a full rack-scale solutions vendor, including scale-up networking, marks a significant improvement in its strategic positioning compared to earlier in the year. This strategic evolution has been validated by recent product launches, such as the Scale-up Ethernet solution, and committed orders from major customers like Anthropic. |
| AZN | World-class pharmaceutical and medical products manufacturer |
| BABA | our Asian investments performed strongly with Alibaba and Jardine Matheson up 63% |
| CMS | CMS Energy is a stable, well-managed utility with a strong track record of consistent growth, supported by a highly constructive regulatory environment in Michigan. The company's current capital investment plan and other initiatives are expected to modestly accelerate earnings growth. |
| 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. |
| KO | The multiples of technology stocks should be quite a bit lower than the multiples of stocks like Coke |
| 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. |
| REL.L | fears around AI-driven disintermediation led to notable sell-offs in a number of UK quality 'darling' names such as RELX, Experian and the London Stock Exchange Group |
| SONY | Japan's Sony, whose diversified media, entertainment and technology businesses are headlined by its PlayStation franchise, traded lower after the spinout of its Sony Financial Group. Additionally, the sharp rise in DRAM prices created uncertainty around margin pressure in the company's gaming division, further weighing on the share price. |
| 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 | |||