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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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As of Nov 5, 2026
BlackRock Science and Technology Term Trust (BSTZ) recorded a net asset value total return of -0.3% net of fees for the third quarter of 2026, while its market price gained 4.8% and its benchmark, the MSCI ACWI SMID Growth IT Index, declined -7.5%. Over the trailing one-year period, the Trust generated a net NAV return of 53.7% net of fees, outpacing the benchmark's 42.5%. Portfolio exposures as of quarter-end were tilted toward large-cap equities (55.2%) and private investments (41.8%), with software representing the largest industry allocation at 34.3%, followed by semiconductors at 28.2% and hardware at 25.5%. Management's macroeconomic and sector outlook emphasizes that the artificial intelligence landscape is progressing beyond initial infrastructure builds toward accelerated enterprise deployment. While advanced semiconductors, compute, and foundation models remain essential and supported by unprecedented capital expenditure, competitive differentiation and value creation are increasingly concentrating at the application and software layers. Secular tailwinds continue to favor market leaders possessing wide competitive moats and clear monetization pathways. High-conviction allocations remain heavily centered in both private and publicly listed AI pillars. The Trust's largest holding is private software enterprise Databricks at 17.7% of net assets, followed by Anthropic at 5.8% and PsiQuantum at 5.4%. Among public market holdings, top allocations include Micron Technology (4.3%), Nvidia (4.2%), and Lumentum (4.2%). No new private investments were initiated during the third quarter.
Technology is structurally transforming global industries, creating compelling multi-year growth opportunities accessible through high-conviction investments in both publicly traded and private market innovators.
AI markets are advancing from initial infrastructure construction toward broad enterprise adoption, creating attractive opportunities in software applications, specialized hardware, and enabling technologies where valuations understate long-term growth.
Moderate Conviction Bullish
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