BlackRock Tactical Opportunities Fund posted returns of 4.65% (Institutional shares) and 4.58% (Investor A shares, without sales charge) for Q4 2024, while BofA ML 3-Month T-Bill returned 1.17%. Relative-value equity exposures contributed strongly, driven by positioning in emerging markets, notably a long exposure to Taiwan versus short positions in Brazil and South Africa. Currency positioning was the main detractor during the quarter. The fund had a long position in a basket of developed market currencies versus a short exposure to the U.S. dollar.

BlackRock Tactical Opportunities Fund Q4 2024 Commentary

BlackRock Tactical Opportunities Fund reported returns of 4.65% (Institutional shares) and 4.58% (Investor A shares, without sales charge) for Q4 2024. The fund's relative-value equity exposures, particularly in emerging markets, contributed significantly. Notably, the fund had a long position in Taiwan and short positions in Brazil and South Africa. Currency positioning was a key factor, with developed market currencies having a positive impact and the U.S. dollar being a negative influence.