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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"BlackRock's Core Bond Fund reduced duration and credit exposure after underperforming in Q1 2026 due to rate sell-off from inflation concerns and oil supply disruptions."
BlackRock's Core Bond Fund posted a -0.25% return in Q1 2026, underperforming its benchmark amid challenging market conditions. The fund's overweight duration position in the front end of the yield curve detracted from performance as rates sold off due to inflation concerns and oil supply disruptions that created macroeconomic uncertainty. However, structured products contributed positively given resilient yields and spreads in high-quality segments. The managers reduced the fund's overweight duration position and lowered agency MBS exposure while decreasing U.S. investment grade credit to underweight. They adopted a more defensive posture across spread sectors while maintaining flexibility to redeploy capital at more attractive entry points. The fund continues to favor high-quality structured products and maintains a U.S. steepening bias, believing the Federal Reserve could decrease rates by more than investors expect. The portfolio emphasizes seniority within structured products and takes a selective approach to emerging markets amid the elevated uncertainty.
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