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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 6, 2026
BlackRock Technology and Private Equity Term Trust recorded a net asset value total return of -1.8% for the third quarter of 2026, outperforming its referenced benchmark, the MSCI ACWI SMID Growth IT Index, which declined -7.5% over the same period. In market price terms, the Trust gained 1.3% for the quarter and maintained an annualized market price distribution rate of 7.0%. Portfolio liquidity remained conservative, with cash and cash equivalents ending the quarter at 1.3% of net assets, while private equity holdings accounted for 37.75% across 29 distinct private investments. Sector allocation shifted decisively during the quarter as the investment team rotated capital into software and select internet businesses, raising software exposure from 24.2% to 33.5% of net assets. Concurrently, the team reduced positioning across semiconductors (down to 27.2% from 33.8%) and hardware (trimmed to 26.5% from 27.9%). The managers observed that artificial intelligence markets have transitioned beyond the initial infrastructure buildout phase, shifting from experimental pilot programs toward broad enterprise deployment, tangible return on investment, and software application-layer monetization. Portfolio investments reflect this barbell between liquid technology leaders and late-stage private innovators. Private software and hardware assets represent the largest individual exposures, led by Anthropic at 8.6% and PsiQuantum at 5.9% of net assets. In public markets, core allocations include Micron Technology at 4.3%, Nvidia at 4.2%, and Lumentum at 4.1%, alongside specialized supply chain enablers Asia Vital Components and Elite Material at 2.8% each.
Technological disruption is fundamentally reshaping global industries, creating compelling multi-year growth opportunities accessible through a hybrid portfolio of public and private next-generation technology leaders.
Management intends to selectively expand exposure to companies with direct AI monetization and competitive moats where market valuations do not yet capture multi-year growth, focusing particularly on application-layer software and essential enabling hardware.
Moderate Conviction Bullish
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