BlackRock Fund Performance: Q2 2024 Insights Across Global and International Portfolios

BlackRock Advantage Global Fund Q2 2024 Commentary

The fund's annual total returns prior to October 26, 2017 reflect a different investment strategy. Expenses for Institutional shares: Total 0.95%; Net, Including Investment Related Expenses (dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.71%. For Investor A shares: Total 1.24%; Net, Including Investment Related Expenses 0.96%. Institutional and Investor A shares have contractual waivers with an end date of 06/30/2025 terminable upon 90 days' notice. For certain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund's most recent prospectus. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to Investment Management & Financial Services | BlackRock for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 0.71%; for Investor A shares: 0.96%. The fund posted returns of 4.23% (Institutional shares) and 4.13% (Investor A shares, without sales charge) for the second quarter of 2024. The fund's positive relative performance was driven by stock selection, as both sentiment and macro-thematic insights continued to capture the dominant artificial intelligence and weight-loss drug themes. Performance from fundamental measures was mixed. From a sector- and country-positioning perspective, the fund remained largely neutral. It had slight overweight exposures to the information technology and communication services sectors, and maintained slight underweight allocations to the consumer staples and utilities sectors. The fund had a slight overweight position in the United States and maintained a slight underweight exposure to Canada. Sentiment measures drove gains as these were able to correctly capture continuing market themes. Insights that evaluate trends across text from analyst and manager sentiment were top contributors as these helped to correctly position the fund around the AI and weight-loss drug themes. Macro insights compounded gains, as measures helped to motivate successful overweight allocations to IT and communication services names. Performance from fundamental measures was mixed, with quality growth oriented measures evaluating research expenditure and patents adding to relative returns. Despite positive performance, in aggregate, select fundamental measures struggled. Insights with a preference for attractively priced securities declined against the retrenching of highly valued leaders. Traditional valuation measures evaluating cash flows, valuations, and other financial statement data struggled. Other fundamental measures with a preference for lower volatility stocks proved overly defensive amid the market rally, as they helped to motivate an unsuccessful overweight exposure to the energy sector. Despite a pullback in April, driven by inflation surprises and a short-lived rate spike, equities again continued their ascent, driven by persistent returns of the AI theme. Strong earnings from AI leaders in May ignited another rally as investor focus shifted to earnings momentum. This highlighted a more discriminatory tone as investors chased fundamental strength. Cyclical stocks struggled amid softening macroeconomic data, with economic surprises falling to levels last observed in 2022. Unsurprisingly, IT performed best as seven out of 11 global sectors posted negative returns. As a result, growth outperformed value while small-cap equities lagged. More broadly, markets globally decoupled from an increasingly benign United States, notably in Europe amid a snap election in France. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

BlackRock Advantage International Fund Q2 2024 Commentary

Expenses for Institutional shares: Total 0.68%; Net, Including Investment Related Expenses (dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.50%. For Investor A shares: Total 1.00%; Net, Including Investment Related Expenses 0.75%. Institutional and Investor A shares have contractual waivers with an end date of 06/30/2025 terminable upon 90 days notice. For certain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund's most recent prospectus. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to Investment Management & Financial Services | BlackRock for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 0.50%; for Investor A shares: 0.75%. The fund posted returns of 1.36% (Institutional shares) and 1.33% (Investor A shares, without sales charge) for the second quarter of 2024. Stock selection measures largely drove the fund's strong relative performance. Fundamental insights led gains, followed by sentiment measures, which continued their solid performance. Macro-related insights were mixed, with industry insights correctly capturing the weight-loss drug theme. From a sector-positioning perspective, the fund remained largely neutral. However, there were slight overweight exposures to the industrials and information technology ('IT') sectors, and slight underweight allocations to the consumer discretionary and consumer staples sectors. Stock selection measures led gains during the quarter. A resurgence of fundamental insights, particularly quality-related measures, was the main driver of performance. Insights with a preference for companies with higher research & development expenditure and measures evaluating balance sheets correctly positioned the fund around health care stocks that benefited from the weight loss drug theme. Traditional valuation measures rebounded, driving gains in Japanese stocks. Elsewhere, text-based sentiment insights analyzing company conference calls and supply chain disruptions also worked in the aerospace and defense industry. Despite positive relative performance, in aggregate, select macro-related measures struggled. Style-related measures that went against value motivated an unsuccessful overweight exposure to Japanese IT stocks in the semiconductors & semiconductor equipment industry, which detracted due to a reversal of the market. Certain nontraditional quality measures looking at environmental measures, such as waste management and green gas emissions, were also challenged. Finally, positioning around French names proved wrong footed amid a snap election. Despite a pullback in April, driven by inflation surprises and a short-lived rate spike, equities again continued their ascent, driven by the persistent returns of the artificial intelligence ('AI') theme. Strong earnings from AI leaders in May ignited another rally as investor focus shifted to earnings momentum. This highlighted a more discriminatory tone as investors chased fundamental strength. Cyclical stocks struggled amid softening macroeconomic data, with economic surprises falling to levels last observed in 2022. Unsurprisingly, IT performed best as seven out of 11 global sectors posted negative returns. As a result, growth outperformed value while small-cap equities lagged. More broadly, markets globally decoupled from an increasingly benign United States, most notably in Europe. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors. This post originally appeared on BlackRock.

BlackRock International Fund Q2 2024 Commentary

Expenses for Institutional shares: Total 0.78%; Net, Including Investment Related Expenses(dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.66%. For Investor A shares: Total 1.12%; Net, Including Investment Related Expenses 0.91%. Institutional and Investor A shares have contractual waivers with an end date of 06/30/2025 terminable upon 90 days' notice. For certain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund's most recent prospectus. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to Investment Management & Financial Services | BlackRock for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 0.65%; for Investor A shares: 0.90%. The fund posted returns of-1.33% (Institutional shares) and-1.42% (Investor A shares, without sales charge) for the second quarter of 2024. The largest contributor to relative performance was the communication services sector. The health care sector performed well, while an underweight exposure to the real estate sector was also beneficial. The largest detractors were the financials, information technology, and consumer discretionary sectors. During the quarter, the fund purchased Taiwan Semiconductor Manufacturing (TSM), Nintendo (OTCPK:NTDOY), AstraZeneca (AZN), Saint-Gobain (OTCPK:CODGF), Teck Resources (TECK), and Julius Baer (OTCPK:JBAXY). We took profits on Freeport-McMoRan (FCX), and sold the holdings in Vestas Wind Systems (OTCPK:VWDRY) and BBVA in Europe. We exited Lojas Renner (OTCPK:LRENY) and B3 (OTCPK:BOLSY) in Brazil, as well as Smith & Nephew (SNN) and Remy Cointreau (OTCPK:REMYF). The largest contributors to relative performance were Recruit, Tencent, and Novo Nordisk. Recruit's share price increased due to strong results and its commitment to return more cash to shareholders. Tencent benefited from the release of its long-awaited Dungeon & Fighter mobile game, which became a top seller in China. Novo Nordisk continued its strong performance, buoyed by further favorable data for its blockbuster weight- loss drug, Wegovy. The largest detractors were Lojas Renner, TSMC, and XP. Brazilian retailers such as Lojas Renner were impacted by"stronger- for-longer" interest rates in the United States and the subsequent re-pricing of rates expectations in Brazil. An underweight holding in TSMC weighed on relative returns. The stock performed strongly as revenue rose, driven by improving market conditions, booming demand for AI chips, and a better product cycle outlook from leading customer Apple (AAPL). XP was affected by macroeconomic developments that led to weak performance. We have seen some disappointing economic data across international markets, such as declining new order numbers, while some"bellwether" have reported weakness. At the same time, input cost inflation has continued to normalize. This aligns with our expectation of global economic slowdown, though we do not foresee a recession. We continue to hold a focused portfolio with idiosyncratic earnings drivers to navigate this market environment. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors. This post originally appeared on BlackRock.

BlackRock Capital Appreciation Fund Q2 2024 Commentary

Expenses for Institutional shares: Total 0.73%. For Investor A shares: Total 1.00%. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of dividends and capital gains. Refer to Investment Management & Financial Services | BlackRock for current month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. The fund posted returns of 7.69% (Institutional shares) and 7.64% (Investor A shares, without sales charge) for the second quarter of 2024. The largest contributor to relative performance was security selection in the consumer discretionary and industrials sectors, and positioning in the consumer staples sector. The largest detractor was positioning in the financials sector, along with stock selection in the communication services and real estate sectors. The largest exposures were in the information technology, consumer discretionary, and communication services sectors. During the quarter, the fund increased its allocations to the communication services and IT sectors, and reduced its exposures to the financials and health care sectors. Stock selection in the consumer discretionary sector was the largest contributor to relative performance. Notably, a lack of exposure to the specialty retail industry and an underweight holding in the hotels, restaurants & leisure industry proved beneficial. In the industrials sector, a lack of exposure to the machinery and ground transportation industries boosted relative results. Lastly, no exposure to the consumer staples sector added value, notably in the beverages industry. The largest detractor was positioning in the financials sector, notably overweight allocations to the capital markets and financial services industries. In communication services, stock selection in the interactive media & services industry hindered performance. An overweight position in the real estate management & development industry in the real estate sector also detracted meaningfully. The fund emphasizes exposure to businesses with attractive and growing end markets, durable competitive advantages, and runways for growth that are underappreciated in terms of either magnitude or durability. The transformative potential of artificial intelligence and the associated swell in data center capital expenditure remain key influences on our research pipeline, while we continue to investigate investment opportunities across a host of other sectors, industries, and business models. The goal of our research process is to surface actionable investment ideas where we believe we have an edge in projecting a company's future earnings growth prospects relative to consensus expectations. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors. This post originally appeared on BlackRock.

BlackRock Sustainable Balanced Fund Q2 2024 Commentary

Expenses for Institutional shares: Total 0.56%; Net, Including Investment Related Expenses(dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.55%. For Investor A shares: Total 0.81%; Net, Including Investment Related Expenses 0.80%. The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. For cer- tain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund's most recent prospectus. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to Investment Management & Financial Services | BlackRock for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 0.54%; for Investor A shares: 0.79%. The fund posted returns of 2.91%(Institutional shares) and 2.81% (Investor A shares, without sales charge) for the second quarter of 2024. The fund outperformed its benchmark during the quarter, led by tactical asset allocation decisions and security selection within equities and bonds. The fund maintained an overweight allocation to global equities and an underweight to exposure to U.S. fixed income. In equities, the fund had overweight holdings in the United States and developed market Europe. In equity sectors, the fund favored information technology ('IT'), health care, consumer discretionary, and energy. Within bonds, the fund had underweight positions in long-dated U.S. duration (interest rate sensitivity). In foreign exchange, it had a short U.S. dollar exposure versus long euro, Canadian dollar, and Australian dollar positions. iShares Russell 1000 Value ETF Tru - 41.95 Tactical asset allocation contributed to returns. An overweight U.S. large cap equity allocation was additive due to continued strength in economic growth data and the artificial intelligence ('AI') theme. An underweight position in long-dated fixed income was additive due to yield curve steepening during the quarter. Currency positioning was also modestly additive, driven by a long Australian dollar versus U.S. dollar position. Within equity security selection, sentiment insights helped position the fund correctly around the AI and weight-loss drug themes. Environmental, social & governance measures also performed well, with insights evaluating green patent issuance and employee sentiment driving contributions. Within tactical asset allocation, overweight allocations to U.S. value equities and European equities detracted due to concentrated performance in technology-related stocks. Within equity security selection, fundamental measures led to positioning in attractively priced securities, which declined amid the retrenching of highly valued leaders. A preference for lower volatility stocks also detracted. The macroeconomic pendulum continued its shift from spring overheating to summer "soft landing" as stocks rose and bond yields fell. The feedback loop between these two scenarios has characterized much of the past year and we expect this dynamic to continue. While there have been some signs of moderation in pockets of U.S. growth, our analysis points to global growth that has sequentially firmed over the past quarter, and underlying price pressures have remained above pre-pandemic levels. Moreover, the latest political developments in France provide further evidence of a shift in voter preferences toward greater fiscal activism. We continue to believe that policymakers will ultimately prioritize sustaining fiscal activism over returning inflation to target, which should be a tailwind to our broadly reflationary positioning of overweight equities and underweight duration, and presents challenges for the U.S. dollar. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

BlackRock Emerging Markets Fund Q2 2024 Commentary

Expenses for Institutional shares: Total 1.01%; Net, Including Investment Related Expenses (dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.87%. For Investor A shares: Total 1.34%; Net, Including Investment Related Expenses 1.12%. Institutional and Investor A shares have contractual waivers with an end date of 06/30/2025 terminable upon 90 days' notice. For certain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund's most recent prospectus. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to Investment Management & Financial Services | BlackRock for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 0.86%; for Investor A shares: 1.11%. The fund posted returns of 2.29% (Institutional shares) and 2.21% (Investor A shares, without sales charge) for the second quarter of 2024. In aggregate, an overweight position and security selection in Brazil and Indonesia, respectively, detracted the most from relative returns during the quarter. An underweight allocation to Saudi Arabia and security selection in Korea contributed the most. At quarter-end, the fund had overweight holdings in Brazil, Indonesia, and Hungary, and underweight positions in China, Saudi Arabia, and Korea. From a sector standpoint, it had overweight allocations to information technology and utilities, and underweight exposures to consumer discretionary and materials. The main contributor to performance was an overweight allocation to Korean chip producer SK Hynix, which reported a record first-quarter operating profit, driven by its dominance in AI memory technology. An overweight position in Brazilian retailer Lojas Renner (OTCPK:LRENY) was the largest detractor. The stock continued to sell off as the broader retail industry experienced weak performance amid competition from China. Lojas Renner also anticipated weak second-quarter financial performance. Overall, Brazil continued to drag on returns after the Federal Reserve delayed interest rate cuts, which restricted the Brazilian central bank from loosening monetary policy more aggressively. During the quarter, we initiated a position in Taiwanese semiconductor company Mediatek, which specializes in AI hardware and comprehensive solutions for a broad consumer base. The fund also added to its position in Tencent, following positive first-quarter results. We took profits on and reduced the holding in Taiwan Semiconductor Manufacturing, following strong performance. We maintained our conviction in the company, which has gained market share. The fund sold its position in China Petroleum & Chemical (OTCPK:SNPMF), which faced U.S. sanctions. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors. This post originally appeared on BlackRock.

BlackRock Unconstrained Equity Fund Q2 2024 Commentary

Novo Nordisk was the fund's top contributor as it raised full-year guidance. In addition to the well-publicized weight-loss opportunity, the company's diabetes care franchise has won market share and, in our view, had a significant runway for growth. Elsewhere, a holding in Intuitive Surgical performed well. In January, Intuitive confirmed its new robot, the Da Vinci 5, and in May provided plans for the rollout. We expected the new system to fuel strong earnings growth. Artificial intelligence trends continued to dominate the market. Nvidia showed the scale of investment in the industry when it reported its results. Sales growth was the strongest of any "mega cap" (262% year-on-year). Not owning the shares weighed on relative performance. Luxury goods positions, most notably LVMH, also hampered relative returns. There has been a cyclical slowdown in the luxury goods market following a period of exceptional growth. This did not give us cause for concern in our long-term view of the company. The fund, under normal circumstances, will invest at least 80% of its net assets in equity securities. The fund has no geographic limits on where it may invest. In addition to investing in foreign securities, the fund actively manages its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. While the overall economy remains resilient, the prolonged high interest rate environment is driving some industry-specific slowdowns. These are not to be feared for the long-term investor-cyclical issues typically play through over the course of a few years. A far greater risk, in our eyes, is attempting to time the onset, duration, and recovery of such periods. The potential to "buy high- sell low" is a perennial one that risks locking in losses that, had a long-term view been taken, could have been avoided. This is why we take a long-term investment approach that allows fundamentals to be rewarded over time. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

BlackRock International VI Fund Q2 2024 Commentary

The largest contributors to relative performance were Recruit, Tencent, and Novo Nordisk. Average annual total returns (%) as of 6/30/24 2Q24 (not annualized) YTD (not annualized) 1 Year 3 Years 5 Years 10 Years Class I (Without Sales Charge) 1 -1.34 1.98 7.32 -4.52 6.09 3.96 Morningstar Foreign Large Blend Category Avg. -0.07 5.16 10.30 1.52 5.82 3.76 MSCI EAFE 2 -0.42 5.34 11.54 2.89 6.46 4.33 Click to enlarge Data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown, which assumes reinvestment of dividends and capital gains. Insurance fees and charges are not included. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Expenses for Class I shares: Total 1.18%; Net, Including Investment Related Expenses (dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.87%; Net, Excluding Investment Related Expenses 0.86%. Refer to (800)-441-7762 for the most recent month-end performance. Click to enlarge Commentary as of 06/30/24 The fund posted a return of -1.34% (Class I shares) for the second quarter of 2024. The largest contributor to relative performance was an overweight exposure to the communication services sector. An overweight allocation to the health care sector performed well, as did an underweight position in the real estate sector. The largest detractors were the financials, information technology, and consumer discretionary sectors. During the quarter, the fund purchased Taiwan Semiconductor Manufacturing (TSMC), Nintendo (OTCPK:NTDOY), AstraZeneca (AZN), Saint-Gobain (OTCPK:CODGF), Teck Resources (TECK), and Julius Baer (OTCPK:JBARF). Among the sales, we took profits on Freeport-McMoRan (FCX), and sold the holdings in Vestas Wind Systems (OTCPK:VWDRY) and BBVA in Europe. We exited Lojas Renner (OTCPK:LRENY) and B3 in Brazil, as well as Smith & Nephew (SNN) and Remy Cointreau (OTCPK:REMYF). Top 10 holdings (%) Novo Nordisk Class B (NVO) 6.55 Sony Group Corp (SONY) 5.66 Beiersdorf Ag (OTCPK:BDRFF) 5.24 Recruit Holdings Ltd (OTCPK:RCRRF) 5.23 Deutsche Telekom N Ag (OTCQX:DTEGF) 4.77 Tencent Holdings (OTCPK:TCEHY) 4.74 Mastercard (MA) 4.56 Canadian National Railway (CNI) 4.55 ASML Holding (ASML) 4.49 Taiwan Semiconductor Manufacturing (TSM) 4.17 Click to enlarge Contributors The largest contributors to relative performance were Recruit, Tencent, and Novo Nordisk. Recruit's share price increased due to strong results and its commitment to return more cash to shareholders. Tencent benefited from the release of its long-awaited Dungeon & Fighter mobile game, which became a top seller in China. Novo Nordisk continued its strong performance, buoyed by further favorable data for its blockbuster weight-loss drug, Wegovy. Detractors The largest detractors were Lojas Renner, TSMC, and XP. Brazilian retailers such as Lojas Renner were impacted by "stronger-for-longer" interest rates in the United States and the subsequent re-pricing of rates expectations in Brazil. An underweight holding in TSMC weighed on relative returns. The stock performed strongly as revenue rose, driven by improving market conditions, booming demand for AI chips, and a better product cycle outlook from leading customer Apple. XP was affected by macroeconomic developments that led to weak performance. Investment approach The fund seeks current income and long-term growth of income and capital by investing primarily in equities of companies in developed countries outside the United States that fund management believes are currently undervalued by the market. Further insight We have seen some disappointing economic data across international markets, such as declining new order numbers, while some "bellwether" companies have reported weakness. At the same time, input cost inflation has continued to normalize. This aligns with our expectation of a global economic slowdown, though we do not foresee a recession. We continue to hold a focused portfolio with idiosyncratic earnings drivers to navigate this market environment. Important Risks: The fund is actively managed and its characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to political risks, currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Derivatives entails risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. The opinions expressed are those of the fund's portfolio management team as of June 30, 2024, and may change as subsequent conditions vary. Information and opinions are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings. 1 All data refers to the underlying variable insurance product and not the retail mutual fund of the same name. All returns assume reinvestment of all dividends and capital gains distributions. Total investment returns exclude separate account fees, insurance-related fees and expenses. See the fund's prospectus and the prospectus for the applicable variable insurance product for more information including fees and expenses. 2 Morgan Stanley Capital International (MSCI) EAFE Index comprises large- and mid-capitalization developed market equities, excluding the United States and Canada. You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectus should be read carefully before investing. ©2024 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA. Not FDIC Insured * May Lose Value * No Bank Guarantee 07/24 - International V.I. Fund Click to enlarge Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors. This post originally appeared on BlackRock. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks. BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

BlackRock Global Dividend Fund Q2 2024 Commentary

Expenses for Institutional shares: Total 0.79%. For Investor A shares: Total 1.04%. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of dividends and capital gains. Refer to www.blackrock.com for current month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. The BlackRock Global Dividend Fund gives you access to the world's equity growth potential and has historically done this with lower volatility than global stock indexes. The Fund invests in carefully selected quality companies around the globe with strong dividend growth. The Fund is not specifically managed to a benchmark index for short-term performance purposes. The portfolio managers of the BlackRock Global Dividend Fund aim to provide dividend growth and consistent returns with lower volatility over the long term. Top 10 holdings (%) Seeks high-quality, dividend-paying companies that the team believes can generate strong, consistent returns with lower volatility over the long term. Taiwan Semiconductor Manufacturing (TSMC), AstraZeneca, and Novo Nordisk were the top individual contributors. TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. AstraZeneca reported first-quarter revenue and earnings that surpassed market expectations, particularly in its oncology division. Novo Nordisk continued its strong performance as it executed well on its established diabetes franchise and benefited from weight-loss drug opportunities. Underweight holdings in Nvidia and Alphabet weighed on performance in an AI-driven market environment. Most IT stocks do not align with the fund's dividend criteria, which meant that an underweight exposure to the sector was a headwind. In addition, LVMH, the French luxury goods company, performed weakly due to decelerating growth in its fashion and leather goods division, driven by weaker demand from aspirational consumers in developed markets such as Europe and the United States. During the quarter, the fund added to its IT exposure through the addition of Alphabet and Salesforce. In contrast, the allocation to the financials sector was reduced following the sales of American Express and Prudential. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors. This post originally appeared on BlackRock.

BlackRock EuroFund Q2 2024 Commentary

Expenses for Institutional shares: Total 1.48%; Net, Including Investment Related Expenses(dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 1.31%. For Investor A shares: Total 1.71%; Net, Including Investment Related Expenses 1.56%. Institutional and Investor A shares have contractual waivers with an end date of 06/30/2025 terminable upon 90 days' notice. For certain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund's most recent prospectus. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to Investment Management & Financial Services | BlackRock for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 1.31%; for Investor A shares: 1.56%. The fund posted returns of-2.84% (Institutional shares) and-2.87% (Investor A shares, without sales charge) for the second quarter of 2024. Eurozone equity markets weakened during the quarter as they faced some volatility, driven by stickier-than-expected U.S. inflation, mixed macroeconomic data, and a snap election in France. The first-quarter earnings season favored resilient companies adept at navigating weaker economic conditions. Turnover within the fund was very low. We built a position in Adidas, where brand momentum has started to improve after a few years of challenging performance, with the popularity of key franchises helping the top line and gross margin improve strongly. We closed the positions in Campari and Stellantis (STLA). The strongest relative performance came from the information technology sector. Stocks in the semiconductor& semiconductor equipment industry, such as ASM, ASML, and BE Semiconductor Industries (OTC:BESIY), were among the top contributors as they benefited from artificial intelligence('AI') spending announcements. Another AI beneficiary, Schneider Electric, was a strong contributor. The fund's positioning in the financials sector also aided returns. For example, Munich RE delivered encouraging first-quarter results that beat consensus expectations across all its business units. In the banks industry, Commerzbank (OTCPK:CRZBF), CaixaBank (OTCPK:CAIXY), and UniCredit contributed positively. The fund's exposure to the industrials sector detracted from returns, largely driven by holdings in IMCD (OTCPK:IMCDY) and Airbus (OTCPK:EADSF). Shares of chemicals distribution business IMCD remained weak due to a difficult pricing environment and a lack of momentum as end markets recovered slowly. Airbus was challenged as it issued a profit warning. A few luxury stocks also weighed on returns, given suggestions of modestly weaker trading and concern about U.S. consumer strength, with LVMH, Hermes, and Moncler (OTCPK:MONRF) among the worst performers. As economic momentum gathers pace and company guidance strikes a more optimistic tone, Europe has come into the spotlight. The European Central Bank's decision to cut interest rates was taken positively, though uncertainty persists about how quickly monetary policy will be further loosened. We continue to see a broad opportunity set in Europe, with a number of industries entering the early stages of a new cycle. Valuations are attractive versus history, especially compared with U.S. equities, we believe. Overall, evidence of a resilient consumer, healthy corporate sector, and a decent outlook underpinned by"green" stimulus should be supportive for the companies held in the fund. This post originally appeared on BlackRock. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

BlackRock Technology Opportunities Fund Q2 2024 Commentary

Expenses for Institutional shares: Total 0.98%; Net, Including Investment Related Expenses (dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.92%. For Investor A shares: Total 1.23%; Net, Including Investment Related Expenses 1.17%. Institutional and Investor A shares have contractual waivers with an end date of 06/30/2025 terminable upon 90 days' notice. For certain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund's most recent prospectus. Data represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to Investment Management & Financial Services | BlackRock for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 0.92%; for Investor A shares: 1.17%. The fund posted returns of 10.23% (Institutional shares) and 10.16% (Investor A shares, without sales charge) for the second quarter of 2024. The fund outperformed its benchmark during the quarter, primarily driven by security selection. The fund increased its exposure to the semiconductor and hardware industries, while taking profits on select software stocks. It added to companies involved in artificial intelligence ('AI') infrastructure, including power solutions for data centers. Security selection within the semiconductor industry contributed to relative performance. On a stock-specific basis, an overweight position in Nvidia was the largest contributor to relative returns. Investor sentiment toward the stock continued to improve as the semiconductor design company announced its latest generation of graphics processing unit (GPU) chips for AI data center customers. A lack of exposure to Intel contributed to relative performance after the company announced disappointing revenue guidance that weighed on the stock. An off-benchmark allocation to the internet industry weighed on active returns. On a stock-specific basis, an underweight position in Taiwan Semiconductor Manufacturing (TSM) was the largest detractor from relative performance. The stock rose as the semiconductor manufacturer benefited from its role as the primary manufacturer of GPUs. An overweight position in MongoDB (MDB) was unhelpful as the software company reported a deceleration in growth and significantly lowered guidance. Today marks the early stages of the AI era, which will drive exponential growth and value creation in the technology sector and beyond, we believe. AI is the next frontier of innovation and may be one of the biggest singular technology trends that the global economy has ever seen. While the initial beneficiaries have been mega-cap technology companies building the physical infrastructure required to train generative AI models, we see a variety of opportunities in companies aligned with the theme. Elsewhere, we maintain our exposure to other long-term secular themes, such as cloud computing and electric vehicles. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors. This post originally appeared on BlackRock.