A note from Dennis Stattman

Insights from the Global Allocation Team

After 28 years as a portfolio manager for Global Allocation Fund, Dennis Stattman announced his retirement from portfolio management responsibilities. Hear from Dennis Stattman as he talks about his retirement and how this marks the completion of a transition plan to the Global Allocation Team.

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    Mike Trudel: So Dennis, what our investors want to know is why are you choosing to retire now?

    Dennis Stattman: Mike, before I get to that, the first thing I want to do is to thank everyone responsible of the success of Global Allocation. The people on the team, everyone at BlackRock, and particularly in the advisor community. We can all be proud of the job that we’ve done for our clients. We’ve made a real difference in their lives, whether it’s helping them build their wealth, save for college, or enjoy a better retirement, Global Allocation has been there for them and it couldn’t have happened without this entire community. Now let me get to why I am retiring now. The answer is simple - because the team is ready and so am I. I have watched the team in action, I have observed the organization, the processes and the results it’s producing and I am sure it is ready to thrive without me.

    Mike Trudel: Why the relatively short amount of time between announcement and transition?

    Dennis Stattman: This announcement does not mark the start of the transition, it marks the completion of the process. Our work began quite a long time ago. The first move to prepare for my departure came 13 years ago when we elevated Dan Chamby to be a portfolio manager along with me. More recently, over a year ago, we added Russ Koesterich to the team. And then at the start of this year, we formally recognized the strong contributions being made by David Clayton and Kent Hogshire when we formally recognized them as portfolio managers, along with Russ. Now, this is an amazing group of people. Besides me, this group of four portfolio managers combines 94 years of investment experience. I have been working alongside Dan Chamby for over two decades, and I can tell you that Dan embodies not only the strongest commitment to  pursuing our traditional value-oriented, global flexible investment philosophy for our clients, but also he is in his own right, one of the world’s most broadly experienced and capable investors. Together, Dan is going to ensure the continuity of our philosophy. Russ will relentlessly drive our process innovation forward and be a leader in our portfolio construction. Kent will bring to our top down and bottom up processes independent original thought, and David Clayton will make sure that our bottom up security selection continues to improve. I am very proud to be handing over my legacy to this group of people and confident that they will be successful.

MALOX
Global Allocation Fund seeks a rate of return competitive with that of global stocks at a lower level of volatility over a full market cycle by diversifying broadly across the world.
Dennis Stattman, CFA
Portfolio Manager, Head of the Global Allocation Team
Dennis Stattman, CFA, Managing Director, is head of the Global Allocation Team within BlackRock's Multi-Asset Strategies Group.
Mike Trudel, CFA
Global Strategist, Global Allocation Team
Michael Trudel, CFA, JD, Managing Director, is a member of the Global Allocation Team within BlackRock's Multi-Asset Strategies Group.