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 |
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 |
DividendsDividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). |
Dividend Growth Income Yield Distribution Payout | |
| 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 |
DividendsDividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). |
Dividend Growth Income Yield Distribution Payout | |
| 2025 Q2 |
DividendsDividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). |
Dividend Growth Income Yield Distribution Payout |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 continued its strong performance as the clear winner to date in high bandwidth memory, reporting a 62% year-over-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity is fully booked for 2026. SK Hynix was a top contributor over the quarter and year, with reductions made as it was among artificial intelligence-related companies that had performed well. |
| 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. |
| ALVY.DE | Allianz 2.69 |
| AVGO | Broadcom, a leading semiconductor company and long-term holding, continued to execute well amid strong demand for custom silicon supporting AI workloads. |
| AZN | World-class pharmaceutical and medical products manufacturer |
| BABA | Alibaba (+90% total return in local currency to the point of sale). The share price strength occurred despite a deterioration in some of the fundamentals: earnings declined by approximately 75% in the most recent quarter, while capital expenditure has increased fourfold over the past two years as the company invests heavily to drive growth in its cloud business. Our original investment case was anchored in the strength of the free cash flow generation of the core business. As this thesis has weakened, we exited the position during the quarter. |
| 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 | I'm willing to go bankrupt rather than lose this race. Larry Page, co-founder of Google |
| KO | The multiples of technology stocks should be quite a bit lower than the multiples of stocks like Coke |
| MSFT | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| 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 | 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 | |||