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Institutional Investor Insights

Institutional Investor Insights (In3) is a unified program that brings together BlackRock’s institutional platform views and events, delivering an actionable outlook, asset allocation themes and timely talking points to help inform portfolio discussions.

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Market recap: what to know now

A quick view of key market signals, what they may mean for portfolio positioning and talking points on timely themes.

3.4%

Core PCE year over year vs. 2% target1

2.1%

Real GDP Q1 2026 annualized2

4.2%

Unemployment rate3

29%

S&P earnings growth year over year vs. 9.5% 10-year average4

Inside institutional outlook investing image

What changed this month

Timely platform level talking points

More constructive U.S. equity tone into July - Seasonality, quarter-start flows, buybacks, retail demand, low volatility and light positioning support the setup into Q2 earnings.

Rotation over de-risking - The momentum unwind is viewed as an opportunity to rotate into laggards, cyclicals and high-quality mega-cap tech, rather than a broad risk-off signal.

AI exposure has broadened to bottlenecks - Focus is shifting from headline AI winners to power, grids, data centers, memory, chips, utilities, infrastructure and Asian supply chains.

Style and benchmark risk matter more - The Russell reconstitution meaningfully reshapes growth and value indexes in our view, increasing the sentiment for active management of style, factor and concentration risks.

Trimming duration - Higher inflation risk and unstable/ unreliable performance of duration as a hedge lead us to a modest reduction in duration.

Credit remains constructive, but selective - The platform remains pro-risk but favors higher-quality credit as spreads stay tight, with less enthusiasm for broad high-yield upside.

Securitized assets attractive on yield and diversification - Tight corporate spreads are pushing the platform toward securitized credit for differentiated yield.

Macro framing has shifted to AI scarcity vs. abundance - AI may lift productivity and growth over time, but it first intensifies demand for power, grids, chips, data centers, labor and capital, keeping scarcity and rate pressure in focus.

Private markets and portfolio construction are more selective - The platform is increasingly emphasizing dispersion, liquidity constraints, exit selectivity, AI/software disruption risk and more disciplined use of infrastructure, private credit and alternatives.

Portfolio construction insights for institutional investors

Resources to connect market themes with strategic and tactical allocation discussions.

Institutional Outlook

Monthly publication for institutional investors delivering macro market perspectives with asset class level implications.

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