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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"BlackRock Global Dividend Fund returned 11.72% in Q2 2026, powered by semiconductor holdings benefiting from AI infrastructure demand. Applied Materials, MediaTek, and SK Hynix drove gains on strong earnings and favorable memory dynamics."
The BlackRock Global Dividend Fund delivered an 11.72% return in Q2 2026, driven primarily by semiconductor holdings that benefited from AI infrastructure enthusiasm. Applied Materials, MediaTek, and SK Hynix contributed strongly on robust earnings, upgraded outlooks, and favorable memory market dynamics. Performance was challenged by narrow market leadership favoring growth over higher-yielding areas, with stock selection in industrials and consumer discretionary detracting. A lack of exposure to Micron Technology hurt returns, while Shell and BAE Systems detracted as geopolitical tensions eased, reducing near-term support for energy and defense stocks. The fund maintained overweight positions in consumer discretionary, financials, and energy, with underweights in information technology, health care, and real estate. Geographically, the fund was overweight the United Kingdom and underweight the United States. The managers remain constructive on AI but are shifting focus toward infrastructure bottlenecks and second-order beneficiaries. They continue emphasizing quality businesses, valuation discipline, and deliberate risk sizing while navigating geopolitical fragmentation and supply-chain realignment that create selective global opportunities.
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