Tactical Opportunities Fund Q3 2025 Commentary (PBAIX)

BlackRock 5.09K Follower s Follow 5 Share Save Play ( 4min ) Comments Summary The fund's positive performance came primarily from relative value equity positioning, specifically a long U.S. allocation versus a short exposure to developed European equities. The fund started with a fairly long position, though overall equity exposure was shifted to neutral given pricing moves during the quarter. The primary detractors included a directional short exposure to long-dated U.S. Treasuries and a short position in the U.S. dollar. We have reduced directional exposures based on the view that financial conditions could tighten in the fourth quarter as economic growth and inflation accelerate. The fund has short exposures to government bonds in these countries where inflation expectations are on the rise. EyeOfPaul/iStock via Getty Images The fund posted returns of 3.63% (Institutional shares) and 3.56% (Investor A shares, without sales charge) for the third quarter of 2025 while the BofA ML 3-Month T-Bill returned 1.08%. The fund's positive performance came This article was written by BlackRock 5.09K Follower s Follow 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.

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