The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 30, 2026
The BlackRock Managed Income Fund posted a 2.57% return for Q2 2026, marginally outperforming its benchmark driven by equity positioning and an overweight to U.S. growth stocks. The fund rotated from international high-dividend exposure into targeted European banks and German infrastructure to capture fiscal spending, rate, and energy capital expenditure tailwinds, then later shifted from European equity futures into S&P 500 Index futures and added TOPIX futures. Equity security selection was the primary driver of positive performance, with U.S. growth equities benefiting from improved investor sentiment and emerging market holdings in Taiwan and Korea gaining from AI investment and greater market breadth. Detractors included U.S. Treasury futures positioning as intermediate maturities sold off more than longer-dated ones, and floating rate loans performed poorly due to AI-related disruption concerns. The manager remains constructive but selective, favoring the United States given stronger earnings visibility while pursuing selective opportunities in markets with improving earnings breadth, attractive valuations, and AI-related investment support. The base case is that core inflation will continue to decline, allowing the Federal Reserve to potentially remain on hold for longer than markets have priced in.
The fund seeks consistent income through a diversified, risk-managed approach that favors U.S. growth equities given stronger earnings visibility, while selectively rotating into targeted opportunities in European banks, German infrastructure, and Asian markets benefiting from AI investment and improving earnings breadth.
The manager remains constructive but selective. U.S. activity is resilient with initial jobless claims below their 12-month average, improved payroll growth, and expansionary leading indicators. Equities are expected to stay supported by positive earnings revision breadth and earnings growth that has more than offset price appreciation. The base case is that core inflation will continue to decline, allowing the Federal Reserve to potentially remain on hold for longer than markets have priced in. Regionally, the United States is favored given its stronger earnings visibility, while selective opportunities are being pursued in markets with improving earnings breadth, attractive valuations, and AI-related investment support.
Neutral / Balanced
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