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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Lagging its benchmark due to detractions from Japanese financials and low-volatility factor tilts, though gains were supported by sentiment insights and European electrification energy trades."
During the second quarter of 2025, the BlackRock Advantage Global Fund (Institutional shares) achieved a total return of 10.69%, while its Investor A shares achieved 10.65% (without sales charge). This performance represents an underperformance relative to its benchmark, the MSCI All Country World Index, which returned 11.69% for the quarter. The fund's underperformance was primarily driven by fundamental insights that motivated unsuccessful positioning in Japanese financial sector stocks, which faced downward pressure in April amid global growth concerns and continued to lag as market leadership shifted toward aggressive growth names. Additionally, stability-related insights preferring lower-volatility stocks ran against the prevailing risk-on market tone, detracting from relative returns. Conversely, performance was supported by select sentiment measures evaluating executive and analyst sentiment, alongside consumer intent-related indicators. Macro-thematic impulses also added value, particularly through successful positioning in European defense stocks early in the quarter, followed by a tactical rotation into European electrification energy companies. These energy names were further bolstered by the broadening of the artificial intelligence (AI) theme from enablers to infrastructure providers. Geographically and sectorally, the fund maintained a largely neutral stance with minor overweights in technology, financials, and Japan, and slight underweights in consumer discretionary, consumer staples, and Australia.
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