BlackRock Global Dividend Fund

Investor Summary

The fund is co-managed by Olivia Treharne, CFA, Managing Director, and Molly Greenen, CFA, Director, both serving as co-Portfolio Managers for the Global Dividend, International Dividend and Global Long-Horizon strategies on BlackRock's Global Core Equity team. Treharne brings over 14 years of industry experience to fund management, while Greenen contributes 11 years of experience, having joined BlackRock in 2013. Both managers are part of BlackRock's Global Core Equity team, providing institutional-grade expertise in global dividend-focused investing strategies with a focus on high-quality companies across international markets.

Fund Strategy

The BlackRock Global Dividend Fund invests in a portfolio of high-quality companies from across the globe with financial stability, sustainable business models, and emphasizing dividend growth potential. The fund gives investors access to the world's equity growth potential and has historically done this with lower volatility than global stock indexes. The investment team seeks high-quality, dividend-paying companies that the team believes can generate strong, consistent returns with lower volatility over the long term. The fund uses derivatives for hedging and enhancing returns and may engage in short-selling. The fund does not seek to follow a sustainable, impact or ESG investment strategy.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
7.94%	-2.38%	-2.38%

Executive Summary

The BlackRock Global Dividend Fund posted negative returns of -2.29% in Q1 2026, outperforming the MSCI All Country World Index which declined -3.20%. The fund's strategy of investing in quality dividend-paying companies globally demonstrated relative resilience during a volatile quarter marked by macroeconomic turbulence and geopolitical tensions. Key contributors included Applied Materials, which benefited from AI-driven semiconductor demand, BAE Systems, supported by rising defense spending amid Middle East tensions, and Williams Companies, which gained from energy infrastructure demand. Detractors included Alibaba due to competitive pressures in quick commerce, UnitedHealth from Medicare reimbursement challenges, and Kotak Mahindra Bank from broader Indian equity weakness. The portfolio managers moderated AI exposure while retaining market leaders, increased defensive positions, and maintained focus on diversification beyond U.S. markets. The fund's approach of seeking dividend growth from quality companies with lower volatility positioning appears well-suited for the current uncertain environment, with management emphasizing tighter risk management given escalating geopolitical tensions.

Forward Outlook

The fund remains focused on diversification, supported by the view that U.S. fiscal dynamics and global fragmentation create opportunities beyond the United States. Management emphasizes tighter risk management given geopolitical tensions and continues to strengthen fund resilience through defensive positioning.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 6 2026	2026 Q1	AMAT, BA.L, BABA, UNH, WMB	AI, defense, dividends, global, Quality, volatility	-	BlackRock's Global Dividend Fund outperformed global markets in Q1 2026 despite negative returns, benefiting from quality dividend-focused positioning. Defense and energy infrastructure holdings contributed while tech and healthcare faced headwinds. Management moderated AI exposure, increased defensive positions, and maintains conviction in global diversification strategy amid geopolitical tensions and macroeconomic uncertainty.
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	BlackRock's Global Dividend Fund underperformed in Q4 2025 due to stock selection challenges, particularly in technology and materials. The fund focuses on quality dividend-growth companies globally, with current overweights in financials and Europe. Managers remain constructive on 2026 prospects, expecting broader economic activity and favorable conditions for international markets as global fragmentation creates new opportunities.
Nov 3 2025	2025 Q3	AAPL, AVGO, AZN, BABA, CL, CMS, GOOGL, KO, MSFT, NVDA, NVO, ORCL, TSM, WMT	AI, Cloud, dividends, global, Quality, technology, volatility	BABA AVGO ORCL BABA AVGO ORCL NOVO CL	BlackRock Global Dividend Fund delivered 6.84% in Q3 2025, driven by AI infrastructure investments including Alibaba, Broadcom, and Oracle, though underperforming due to stock selection challenges. Managers remain constructive on 2026 with expected rate cuts supporting activity, maintaining focus on quality dividend-paying companies while strategically positioned in AI infrastructure and diversifying into strong consumer brands.
Aug 11 2025	2025 Q2	AVGO, AZN, CMS, KO, META, MSFT, NVDA, ORCL, RELX, TSM, UNH, VMW, WMT	dividends, global, healthcare, Quality, technology, Utilities, volatility	-	BlackRock's Global Dividend Fund posted 8.42% quarterly returns driven by AI beneficiaries Broadcom, Oracle, and Taiwan Semiconductor. Healthcare and utilities detracted amid earnings disappointments and risk-on sentiment. Managers expect near-term volatility from policy reforms but focus on quality dividend-paying companies for long-term resilience, maintaining overweight European exposure while avoiding overvalued AI names like Nvidia.
Mar 31 2025	2025 Q1	ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH	AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy	-	BlackRock's Global Dividend Fund outperformed in Q1 2025 through selective positioning, avoiding AI volatility while benefiting from European fiscal stimulus and defense spending. The fund maintains its focus on quality dividend-paying companies with overweight European exposure and underweight China positioning due to trade policy concerns, seeing opportunities in changing market dynamics.
Dec 31 2024	2024 Q4	AAPL, ABBV, ACN, AVGO, AZN, CRM, MDLZ, MSFT, NVO, RELX, TSLA, TSM, TXN, UNH, WMB	dividends, energy, global, healthcare, Quality, technology	-	BlackRock's Global Dividend Fund delivered 9.69% returns in 2024 despite a weak Q4, focusing on quality dividend-growth companies globally. Energy stock selection drove outperformance while AI beneficiaries like Broadcom and Salesforce contributed significantly. The fund maintains sector overweights in industrials and healthcare while avoiding real estate exposure entirely.
Sep 30 2024	2024 Q3	AAPL, ACN, ALLE, AMAT, AZN, LVMUY, MDLZ, MSFT, NVDA, NVO, OTIS, PM, SHEL, TSM, TXN	dividends, global, healthcare, industrials, Quality, technology	-	BlackRock's Global Dividend Fund delivered 7.35% returns in Q3 2024 through selective stock picking and sector allocation. Strong performance from Allegion and Philip Morris offset weakness in Novo Nordisk and Shell. The fund maintains focus on quality dividend-paying companies globally while tactically adjusting sector exposures based on market conditions and opportunities.
Jun 30 2024	2024 Q2	AAPL, AXP, AZN, CRM, GOOGL, MC.PA, MSFT, NESN.SW, NVDA, NVO, PRU, RELX.L, TSM, TXN, UNH, UNP	dividends, global, healthcare, Quality, technology	-	BlackRock's Global Dividend Fund posted solid Q2 returns driven by healthcare and energy stock selection, particularly TSMC's AI chip positioning and strong pharmaceutical performance. However, the fund's dividend-focused mandate created headwinds in an AI-driven market, leading to underweight tech exposure. Managers tactically added IT names while reducing financials allocation.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 6 2026

2026 Q1

AMAT, BA.L, BABA, UNH, WMB

AI, defense, dividends, global, Quality, volatility

BlackRock's Global Dividend Fund outperformed global markets in Q1 2026 despite negative returns, benefiting from quality dividend-focused positioning. Defense and energy infrastructure holdings contributed while tech and healthcare faced headwinds. Management moderated AI exposure, increased defensive positions, and maintains conviction in global diversification strategy amid geopolitical tensions and macroeconomic uncertainty.

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

BlackRock's Global Dividend Fund underperformed in Q4 2025 due to stock selection challenges, particularly in technology and materials. The fund focuses on quality dividend-growth companies globally, with current overweights in financials and Europe. Managers remain constructive on 2026 prospects, expecting broader economic activity and favorable conditions for international markets as global fragmentation creates new opportunities.

Nov 3 2025

2025 Q3

AAPL, AVGO, AZN, BABA, CL, CMS, GOOGL, KO, MSFT, NVDA, NVO, ORCL, TSM, WMT

AI, Cloud, dividends, global, Quality, technology, volatility

BABA
AVGO
ORCL
BABA
AVGO
ORCL
NOVO
CL

BlackRock Global Dividend Fund delivered 6.84% in Q3 2025, driven by AI infrastructure investments including Alibaba, Broadcom, and Oracle, though underperforming due to stock selection challenges. Managers remain constructive on 2026 with expected rate cuts supporting activity, maintaining focus on quality dividend-paying companies while strategically positioned in AI infrastructure and diversifying into strong consumer brands.

Aug 11 2025

2025 Q2

AVGO, AZN, CMS, KO, META, MSFT, NVDA, ORCL, RELX, TSM, UNH, VMW, WMT

dividends, global, healthcare, Quality, technology, Utilities, volatility

BlackRock's Global Dividend Fund posted 8.42% quarterly returns driven by AI beneficiaries Broadcom, Oracle, and Taiwan Semiconductor. Healthcare and utilities detracted amid earnings disappointments and risk-on sentiment. Managers expect near-term volatility from policy reforms but focus on quality dividend-paying companies for long-term resilience, maintaining overweight European exposure while avoiding overvalued AI names like Nvidia.

Mar 31 2025

2025 Q1

ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH

AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy

BlackRock's Global Dividend Fund outperformed in Q1 2025 through selective positioning, avoiding AI volatility while benefiting from European fiscal stimulus and defense spending. The fund maintains its focus on quality dividend-paying companies with overweight European exposure and underweight China positioning due to trade policy concerns, seeing opportunities in changing market dynamics.

Dec 31 2024

2024 Q4

AAPL, ABBV, ACN, AVGO, AZN, CRM, MDLZ, MSFT, NVO, RELX, TSLA, TSM, TXN, UNH, WMB

dividends, energy, global, healthcare, Quality, technology

BlackRock's Global Dividend Fund delivered 9.69% returns in 2024 despite a weak Q4, focusing on quality dividend-growth companies globally. Energy stock selection drove outperformance while AI beneficiaries like Broadcom and Salesforce contributed significantly. The fund maintains sector overweights in industrials and healthcare while avoiding real estate exposure entirely.

Sep 30 2024

2024 Q3

AAPL, ACN, ALLE, AMAT, AZN, LVMUY, MDLZ, MSFT, NVDA, NVO, OTIS, PM, SHEL, TSM, TXN

dividends, global, healthcare, industrials, Quality, technology

BlackRock's Global Dividend Fund delivered 7.35% returns in Q3 2024 through selective stock picking and sector allocation. Strong performance from Allegion and Philip Morris offset weakness in Novo Nordisk and Shell. The fund maintains focus on quality dividend-paying companies globally while tactically adjusting sector exposures based on market conditions and opportunities.

Jun 30 2024

2024 Q2

AAPL, AXP, AZN, CRM, GOOGL, MC.PA, MSFT, NESN.SW, NVDA, NVO, PRU, RELX.L, TSM, TXN, UNH, UNP

dividends, global, healthcare, Quality, technology

BlackRock's Global Dividend Fund posted solid Q2 returns driven by healthcare and energy stock selection, particularly TSMC's AI chip positioning and strong pharmaceutical performance. However, the fund's dividend-focused mandate created headwinds in an AI-driven market, leading to underweight tech exposure. Managers tactically added IT names while reducing financials allocation.

QUARTER	THEMES	TAGS
2026 Q1	AI The fund moderated aggregate AI exposure while retaining positions in market leaders. Applied Materials benefited from solid demand due to artificial intelligence and improved sentiment around semiconductor capital expenditure.	Artificial Intelligence Semiconductors Technology
	Defense Spending BAE Systems benefited from rising global defense spending and tensions in the Middle East, supported by its diversified, government-backed contract base. The fund added to the position when shares came under pressure.	Defense Geopolitical Government
	Dividends The fund focuses on 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.	Income Quality Yield
2025 Q4	Dividends The fund focuses on carefully selected quality companies with strong dividend growth globally. Portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term. The fund's investment approach seeks high-quality, dividend-paying companies that can generate strong, consistent returns.	Dividend Growth Quality Income Yield Distribution
	AI AI infrastructure demand remained strong with SK Hynix benefiting from robust memory demand. However, concerns emerged about AI's potential negative impact on parts of RELX's business, leading to position exit. IT rotation and year-end softness drove sentiment weakness in AI-related holdings.	Artificial Intelligence Memory Infrastructure Technology
	Semiconductors SK Hynix added to returns as memory demand stayed strong within AI infrastructure. Robust results and peer commentary reinforced its leading position amid favorable supply-demand dynamics. TSMC is held as a top 10 position representing 3.63% of the portfolio.	Memory Chips Supply Chain Demand
2025 Q3	AI The fund is invested in AI infrastructure, especially data centers, and sees long-term value in software. AI demand drove strong performance in Broadcom and Oracle, with Oracle experiencing a more than 350% year-on-year surge in bookings. Alibaba's AI chip launch affirmed its role as a core AI and cloud operator in China.	Data Centers Cloud Semiconductors Software Infrastructure
	Dividends The fund focuses on carefully selected quality companies around the globe with strong dividend growth. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through high-quality, dividend-paying companies.	Quality Growth Income Volatility Long-term
2025 Q2	AI Strong AI semiconductor demand drove performance for holdings like Broadcom and Taiwan Semiconductor. Oracle benefited from robust cloud and database growth with a landmark multi-cloud deal projected to generate $30 billion annually. The fund avoided Nvidia despite AI-driven rallies due to valuation concerns.	Semiconductors Cloud Data Centers Chip Designers
	Dividends The fund focuses on carefully selected quality companies with strong dividend growth potential. The investment approach seeks high-quality, dividend-paying companies that can generate consistent returns with lower volatility over the long term.	Quality Income Yield Distribution
2025 Q1	AI The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions.	Nvidia DeepSeek Generative AI Trade tensions Broadcom
	Defense Spending BAE Systems was buoyed by European plans to increase defense spending. U.S. defense policy changes have affected European markets where spending commitments have increased.	BAE Systems European defense Defense spending Policy changes
	Trade Policy The new U.S. administration's America First trade policy agenda may cause frictional costs and economic slowdown. Japan's economy may be sensitive to U.S. protectionist policies, and the fund retains underweight exposure to China due to U.S. tariff concerns.	America First Protectionist policies Tariff concerns China exposure Trade tensions
	Dividends The fund focuses on 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.	Dividend growth Quality companies Lower volatility Consistent returns
2024 Q4	AI Broadcom significantly boosted performance as it reported a sharp increase in artificial intelligence revenues and a major design win from Apple. Salesforce also benefited from AI competitiveness and new product launches that boosted investor confidence.	AI Semiconductors Cloud Enterprise Software
	Dividends The fund focuses on carefully selected quality companies around the globe with strong dividend growth. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term.	Dividends Quality Growth Income
2024 Q3	Dividends The fund focuses on carefully selected quality companies with strong dividend growth potential. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through global dividend-paying companies.	Dividend Growth Quality Income Yield Distribution
2024 Q2	AI TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. The fund added IT exposure through Alphabet and Salesforce during the quarter.	Semiconductors Chips Technology
	Dividends The fund seeks high-quality, dividend-paying companies that can generate strong, consistent returns with lower volatility over the long term. Most IT stocks do not align with the fund's dividend criteria, which meant an underweight exposure to the sector was a headwind.	Income Quality Yield

QUARTER

THEMES

AI

The fund moderated aggregate AI exposure while retaining positions in market leaders. Applied Materials benefited from solid demand due to artificial intelligence and improved sentiment around semiconductor capital expenditure.

Artificial Intelligence Semiconductors Technology

Defense Spending

BAE Systems benefited from rising global defense spending and tensions in the Middle East, supported by its diversified, government-backed contract base. The fund added to the position when shares came under pressure.

Defense Geopolitical Government

Dividends

The fund focuses on 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.

Income Quality Yield

2025 Q4

Dividends

The fund focuses on carefully selected quality companies with strong dividend growth globally. Portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term. The fund's investment approach seeks high-quality, dividend-paying companies that can generate strong, consistent returns.

Dividend Growth Quality Income Yield Distribution

AI

AI infrastructure demand remained strong with SK Hynix benefiting from robust memory demand. However, concerns emerged about AI's potential negative impact on parts of RELX's business, leading to position exit. IT rotation and year-end softness drove sentiment weakness in AI-related holdings.

Artificial Intelligence Memory Infrastructure Technology

Semiconductors

SK Hynix added to returns as memory demand stayed strong within AI infrastructure. Robust results and peer commentary reinforced its leading position amid favorable supply-demand dynamics. TSMC is held as a top 10 position representing 3.63% of the portfolio.

Memory Chips Supply Chain Demand

2025 Q3

AI

The fund is invested in AI infrastructure, especially data centers, and sees long-term value in software. AI demand drove strong performance in Broadcom and Oracle, with Oracle experiencing a more than 350% year-on-year surge in bookings. Alibaba's AI chip launch affirmed its role as a core AI and cloud operator in China.

Data Centers Cloud Semiconductors Software Infrastructure

Dividends

The fund focuses on carefully selected quality companies around the globe with strong dividend growth. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through high-quality, dividend-paying companies.

Quality Growth Income Volatility Long-term

2025 Q2

AI

Strong AI semiconductor demand drove performance for holdings like Broadcom and Taiwan Semiconductor. Oracle benefited from robust cloud and database growth with a landmark multi-cloud deal projected to generate $30 billion annually. The fund avoided Nvidia despite AI-driven rallies due to valuation concerns.

Semiconductors Cloud Data Centers Chip Designers

Dividends

The fund focuses on carefully selected quality companies with strong dividend growth potential. The investment approach seeks high-quality, dividend-paying companies that can generate consistent returns with lower volatility over the long term.

Quality Income Yield Distribution

2025 Q1

AI

The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions.

Nvidia DeepSeek Generative AI Trade tensions Broadcom

Defense Spending

BAE Systems was buoyed by European plans to increase defense spending. U.S. defense policy changes have affected European markets where spending commitments have increased.

BAE Systems European defense Defense spending Policy changes

Trade Policy

The new U.S. administration's America First trade policy agenda may cause frictional costs and economic slowdown. Japan's economy may be sensitive to U.S. protectionist policies, and the fund retains underweight exposure to China due to U.S. tariff concerns.

America First Protectionist policies Tariff concerns China exposure Trade tensions

Dividends

Dividend growth Quality companies Lower volatility Consistent returns

2024 Q4

AI

Broadcom significantly boosted performance as it reported a sharp increase in artificial intelligence revenues and a major design win from Apple. Salesforce also benefited from AI competitiveness and new product launches that boosted investor confidence.

AI Semiconductors Cloud Enterprise Software

Dividends

Dividends Quality Growth Income

2024 Q3

Dividends

The fund focuses on carefully selected quality companies with strong dividend growth potential. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through global dividend-paying companies.

Dividend Growth Quality Income Yield Distribution

2024 Q2

AI

TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. The fund added IT exposure through Alphabet and Salesforce during the quarter.

Semiconductors Chips Technology

Dividends

The fund seeks high-quality, dividend-paying companies that can generate strong, consistent returns with lower volatility over the long term. Most IT stocks do not align with the fund's dividend criteria, which meant an underweight exposure to the sector was a headwind.

Income Quality Yield

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
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	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	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	CL	Colgate-Palmolive Co.	Consumer Staples	Household Products	Bear	NYSE	Brand, consumer staples, Defensives, dividends, Margins, Pricing	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

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

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

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

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

Nov 3, 2025

Fund Letters

Olivia Treharne

AVGO

Broadcom Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, data centers, growth, Integration, profitability, semiconductors, Software

Nov 3, 2025

Fund Letters

Olivia Treharne

ORCL

Oracle Corp.

Information Technology

Software

Bull

NYSE

AI, cloud, Contracts, enterprise, growth, recurring revenue, Software

Nov 3, 2025

Fund Letters

Olivia Treharne

Colgate-Palmolive Co.

Consumer Staples

Household Products

Bear

NYSE

Brand, consumer staples, Defensives, dividends, Margins, Pricing

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

Nov 3, 2025

Fund Letters

Olivia Treharne

AVGO

Broadcom Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, data centers, growth, Integration, profitability, semiconductors, Software

Nov 3, 2025

Fund Letters

Olivia Treharne

ORCL

Oracle Corp.

Information Technology

Software

Bull

NYSE

AI, cloud, Contracts, enterprise, growth, recurring revenue, Software

TICKER	COMMENTARY
AMAT	Applied Materials contributed to relative returns, supported by strong earnings, improved sentiment around semiconductor capital expenditure, solid demand due to artificial intelligence (AI), and easing China export concerns. We trimmed the position after share price gains.
BA.L	BAE Systems benefited from rising global defense spending, tensions in the Middle East, and its diversified, government-backed contract base. We added to the position in February, when the shares came under pressure.
WMB	Williams Companies performed positively as the Middle East conflict drove up energy prices, reinforcing demand for its secure gas infrastructure.
BABA	Alibaba detracted as its softer-than-expected quarterly results highlighted ongoing competition concerns in quick commerce, pressuring cash generation. However, we retained our conviction in its cloud and AI capabilities.
UNH	UnitedHealth was a hindrance given flat Medicare reimbursement and structural funding pressures. The fund exited the position.

TICKER

COMMENTARY

AMAT

Applied Materials contributed to relative returns, supported by strong earnings, improved sentiment around semiconductor capital expenditure, solid demand due to artificial intelligence (AI), and easing China export concerns. We trimmed the position after share price gains.

BA.L

BAE Systems benefited from rising global defense spending, tensions in the Middle East, and its diversified, government-backed contract base. We added to the position in February, when the shares came under pressure.

WMB

Williams Companies performed positively as the Middle East conflict drove up energy prices, reinforcing demand for its secure gas infrastructure.

BABA

Alibaba detracted as its softer-than-expected quarterly results highlighted ongoing competition concerns in quick commerce, pressuring cash generation. However, we retained our conviction in its cloud and AI capabilities.

UNH

UnitedHealth was a hindrance given flat Medicare reimbursement and structural funding pressures. The fund exited the position.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Defense Spending

Dividends

Dividends

AI

Semiconductors

AI

Dividends

AI

Dividends

AI

Defense Spending

Trade Policy

Dividends

AI

Dividends

Dividends

AI

Dividends

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Olivia Treharne Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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BlackRock Global Dividend Fund