David Zhao serves as Managing Director and Co-Director of Research for BlackRock's US Income & Value team within the Fundamental Active Equity business, leading the portfolio management of the Mid-Cap Value Fund. Zhao brings extensive experience from his previous role as senior analyst and principal at Pzena Investment Management and early career experience at Lehman Brothers. His educational background includes a BA in Economics and Computer Information Systems from Northwestern University. Franco Tapia serves as additional portfolio manager, contributing an MBA from Wharton, CFA charterholder designation, and portfolio management experience at BlackRock and Capital Group. The team operates under BlackRock's broader platform managing over $8 trillion in client assets as of December 31, 2024.

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The fund seeks capital appreciation and, secondarily, income, by investing in securities that fund management believes are undervalued and therefore represent investment value. The investment approach centers on investing in mid-sized companies with attractive valuations, employing risk management as an anchor for portfolio construction through a high conviction strategy. The fund focuses on mid-cap value equity securities, particularly targeting companies that pay attractive, sustainable, and growing dividends with the aim of providing mid-capitalization equity returns with reduced volatility. The portfolio maintains at least 80% allocation to mid-cap value equity securities, reflecting a pure-play approach to this market segment.

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