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 |
|---|---|---|---|---|---|---|
BlackRock Science and Technology Term Trust delivered a strong 44.2% NAV return in Q2 2026, bringing the one-year return to 72.2%. The portfolio maintains AI Infrastructure and AI model companies as core pillars, supported by improving earnings visibility and periodic volatility favoring active stock selection. As the AI buildout scales and competitive moats widen, the managers see structural tailwinds for well-positioned technology leaders. The portfolio is shifting focus as AI markets move beyond initial infrastructure deployment toward the application layer, with differentiation now acutely focused on monetization and competitive advantages. Top holdings include Databricks at 13.5%, followed by private companies PsiQuantum and Anthropic, alongside public semiconductor leaders Micron Technology, Nvidia, and Tower Semiconductors. The Trust maintains substantial private investment exposure at 33.7% of net assets across 21 companies, with no new private activity during the quarter. The managers are selectively increasing exposure to companies with AI monetization potential across hardware, infrastructure, and enabling technologies directly benefiting from expanding AI workloads.
AI Infrastructure and AI model companies remain core portfolio pillars with improving earnings visibility, supported by unprecedented investment in advanced semiconductors, compute, and model innovation as markets shift from experimentation to accelerated deployment.
The managers expect AI Infrastructure and AI model companies to remain core portfolio pillars supported by improving earnings visibility and periodic volatility that continues to favor active stock selection. They see potential for structural tailwinds for well-positioned technology leaders as the AI build-out scales and competitive moats widen, with markets shifting from experimentation to accelerated deployment and differentiation now focused on the application layer.
As of Aug 18, 2026
BlackRock Science and Technology Term Trust (BSTZ) is actively managed by a highly experienced team led by Tony Kim, Managing Director and Head of BlackRock's Global Technology Team, who serves as the lead portfolio manager with extensive expertise in technology investments. Reid Menge, Managing Director and co-portfolio manager of technology equities, serves as co-portfolio manager, bringing significant experience in fundamental U.S. growth strategies. The management team also includes Christopher M. Accettella and Kyle McClements, with the collective team having over 30 years of combined experience in technology investment management. Tony Kim leads BlackRock's Global Technology Team and has been instrumental in developing the firm's technology investment capabilities and research infrastructure. Reid Menge heads the Fundamental US Growth Team and brings deep expertise in growth equity analysis and portfolio construction. The team has been managing BSTZ since its inception in June 2019, providing continuity and consistent application of investment philosophy. BlackRock's technology investment platform provides the management team with extensive research resources, global market access, and institutional-quality investment infrastructure. The portfolio managers leverage BlackRock's comprehensive analytical capabilities and risk management systems to identify and evaluate science and technology investment opportunities. The management team's approach combines fundamental analysis with quantitative screening to identify companies with rapid and sustainable growth potential in the science and technology sectors.
BlackRock Science and Technology Term Trust's investment philosophy centers on providing total return and income through a combination of current income, current gains, and long-term capital appreciation by investing primarily in science and technology companies. The fund focuses on investing at least 80% of its assets in equity securities of U.S. and non-U.S. science and technology companies selected for their rapid and sustainable growth potential across all market capitalizations. The investment approach targets companies that develop innovative technologies and operate in emerging markets, with a global investment mandate spanning public equity markets. The fund emphasizes growth stocks within the science and technology sectors, leveraging BlackRock's extensive research capabilities and technology sector expertise. As of 2025, the fund removed options writing from its principal investment strategies to better align with shareholder interests and potentially allow greater capital appreciation. The fund maintains a non-diversified approach with concentrated exposure to technology-related sectors including software & services, semiconductors, and tech hardware & equipment. The investment philosophy does not incorporate sustainable, impact, or ESG investment strategies as primary objectives, though ESG considerations are integrated into risk management processes. The fund's term structure, with a planned dissolution in 2031, creates additional strategic considerations for portfolio management and investor alignment. The philosophy emphasizes active management by experienced technology investment professionals with deep sector expertise and global market access.
Lead Portfolio Manager
Tony Kim
Managing Partner
Moderate Conviction Bullish
Market Conviction
The portfolio demonstrates moderate-high conviction through concentrated positions including Databricks at 13.5%, substantial private investments at 33.7% of assets, and a focused top 10 representing meaningful portfolio weight. The managers articulate clear theses around AI infrastructure and application layer opportunities with specific positioning. However, the portfolio holds 21 private positions plus public holdings suggesting diversification rather than extreme concentration. The letter describes selective positioning and measured language rather than declarative high-conviction statements about specific holdings, placing this in the moderate-high conviction range rather than extreme conviction.
Growth Outlook
Market outlook remains above average conviction: BTX delivered a constructive 1.5% NAV return in Q4 2025, supported by key reallocation into the AI hardware and semiconductor stack and the elimination of its legacy options-writin...
Risk Appetite
Risk appetite posture is above average conviction: BTX delivered a constructive 1.5% NAV return in Q4 2025, supported by key reallocation into the AI hardware and semiconductor stack and the elimination of its legacy options-writin...
Capital Deployment
The managers state they are selectively increasing exposure to companies with AI monetization advantages, indicating modest net deployment activity. However, no new private investments were made during Q2 2026 despite private holdings representing 33.7% of the portfolio, suggesting a hold posture on that significant allocation. The language describes selective additions rather than broad deployment, and no specific cash level changes are disclosed. The activity appears to be rotation and selective additions rather than meaningful net new capital deployment, warranting a mildly positive score.
Forward Guidance
Forward guidance signal: BTX delivered a constructive 1.5% NAV return in Q4 2025, supported by key reallocation into the AI hardware and semiconductor stack and the elimination of its legacy options-writin...
Language Signal
The letter contains predominantly constructive language including improving earnings visibility, structural tailwinds, potential for multi-year growth, competitive moats widening, and accelerated deployment. Risk language is limited to standard disclosures and acknowledgment of periodic volatility. The tone emphasizes opportunities and positive market evolution rather than concerns. However, the language is professional and measured rather than overwhelmingly bullish, with frequent use of selective and potential qualifying the optimism.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. BTX delivered a constructive 1.5% NAV return in Q4 2025, supported by key reallocation into the AI hardware and semiconductor stack and the elimination of its legacy options-writin...
Opportunity Density
The managers describe a rich opportunity set with improving earnings visibility, structural tailwinds for well-positioned technology leaders, and potential for multi-year growth across AI infrastructure and applications. They are selectively increasing exposure across hardware, infrastructure, and enabling technologies, suggesting multiple attractive opportunities. The language emphasizes selectivity but within an abundant opportunity set rather than scarcity. The shift from infrastructure to application layer is framed as opening new areas for investment rather than narrowing options.
Time Horizon
The managers describe potential for structural tailwinds and multi-year growth as the AI buildout scales, indicating a multi-year investment horizon. The portfolio includes substantial private investments at 33.7% which inherently require longer holding periods due to illiquidity. The language emphasizes scaling, competitive moats widening, and structural market evolution rather than near-term catalysts. However, the Trust is a closed-end fund with quarterly reporting and public market exposure, not a permanent capital vehicle, preventing a higher score. The time horizon appears to be 2-4 years rather than decade-plus.
Top Conviction Themes
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