A SPOTLIGHT ON PORTFOLIO TRENDS

The portfolio of the future

FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS / SOPHISTICATED INSTITUTIONS ONLY In today’s markets, portfolio construction has entered a new regime. Higher macro and market volatility, greater dispersion, diverging monetary policy and heightened geopolitical tensions have made traditional diversification less reliable and portfolio outcomes harder to predict. Against this backdrop, hedge funds are becoming increasingly important building blocks. They offer the potential for durable alpha, low correlation to traditional assets, and meaningful downside protection across market cycles, in our view, particularly when stock-bond relationships become less dependable. What defines this next chapter for hedge funds is not just the environment, but the opportunity set. Spanning macro-strategy, equity-hedged, event-driven and multi-strategy approaches, hedge funds can enhance portfolio resilience, returns and efficiency. Our analysis suggests that these benefits are amplified when multiple strategies work together. Blending hedge funds with each other, and with other asset classes such as private markets, can further improve expected risk-adjusted returns and enhance portfolio diversification, all while preserving liquidity, consequently helping investors to design a portfolio fit for the future. Read more in the latest edition of our Portfolio of the future series. Estimated length: 58 seconds. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. This document is marketing material: Before investing, please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights. Investors may not get back the amount originally invested. Important Information This material is for distribution to Professional, Qualified Clients and Investors only. This document is marketing material and will expire 12 months after issue In the UK and Non-European Economic Area (EEA) countries (excluding Switzerland),: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. For qualified investors in Switzerland: This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ('FinSA'). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa. BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian. Switzerland (BlackRock) For Switzerland, this is Issued by either BlackRock Investment Management (UK) Limited ( or BlackRock (Netherlands) B.V..BlackRock Investment Management (UK) Limited is authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. For investors in Bahrain The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Kuwait The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Oman The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Qatar The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser For investors in South Africa Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2026 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.

In today’s volatile macro and market environment, traditional portfolio strategies may fall short. The Portfolio of the Future series explores innovative approaches and emerging trends to help investors build more resilient, efficient multi-asset portfolios.

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Meeting a higher performance bar: hedge funds

girl walking on road

In a more volatile and fragmented market environment, traditional diversifiers are becoming less reliable. We believe hedge funds are increasingly emerging as core components of portfolios and can potentially offer durable alpha, uncorrelated returns and downside protection across market cycles.

Spanning macro, equity-hedged, event-driven and multi-strategy approaches, hedge funds may help transform volatility into a source of return. When blended together or alongside private markets, they may enhance portfolio resilience, improve risk-adjusted returns and help redefine diversification for a new investment regime.

Incorporating hedge funds into portfolios Read more

Meeting a higher performance bar: hedge funds

Higher volatility, weaker correlations and geopolitical uncertainty are challenging traditional portfolio diversifiers and increasing unpredictability in portfolio construction. Hedge funds are becoming essential building blocks, offering durable alpha, uncorrelated returns and downside protection across market cycles. We outline the benefits of macro, equity‑hedged, event‑driven and multi‑strategy approaches, hedge funds and how blending multiple strategies can enhance portfolio resilience and improve risk‑adjusted returns.

FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS / SOPHISTICATED INSTITUTIONS ONLY In today’s markets, portfolio construction has entered a new regime. Higher macro and market volatility, greater dispersion, diverging monetary policy and heightened geopolitical tensions have made traditional diversification less reliable and portfolio outcomes harder to predict. Against this backdrop, hedge funds are becoming increasingly important building blocks. They offer the potential for durable alpha, low correlation to traditional assets, and meaningful downside protection across market cycles, in our view, particularly when stock-bond relationships become less dependable. What defines this next chapter for hedge funds is not just the environment, but the opportunity set. Spanning macro-strategy, equity-hedged, event-driven and multi-strategy approaches, hedge funds can enhance portfolio resilience, returns and efficiency. Our analysis suggests that these benefits are amplified when multiple strategies work together. Blending hedge funds with each other, and with other asset classes such as private markets, can further improve expected risk-adjusted returns and enhance portfolio diversification, all while preserving liquidity, consequently helping investors to design a portfolio fit for the future. Read more in the latest edition of our Portfolio of the future series. Estimated length: 58 seconds. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. This document is marketing material: Before investing, please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights. Investors may not get back the amount originally invested. Important Information This material is for distribution to Professional, Qualified Clients and Investors only. This document is marketing material and will expire 12 months after issue In the UK and Non-European Economic Area (EEA) countries (excluding Switzerland),: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. For qualified investors in Switzerland: This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ('FinSA'). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa. BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian. Switzerland (BlackRock) For Switzerland, this is Issued by either BlackRock Investment Management (UK) Limited ( or BlackRock (Netherlands) B.V..BlackRock Investment Management (UK) Limited is authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. For investors in Bahrain The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Kuwait The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Oman The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Qatar The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser For investors in South Africa Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2026 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.
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FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS / SOPHISTICATED INSTITUTIONS ONLY In today’s markets, portfolio construction has entered a new regime. Higher macro and market volatility, greater dispersion, diverging monetary policy and heightened geopolitical tensions have made traditional diversification less reliable and portfolio outcomes harder to predict. Against this backdrop, hedge funds are becoming increasingly important building blocks. They offer the potential for durable alpha, low correlation to traditional assets, and meaningful downside protection across market cycles, in our view, particularly when stock-bond relationships become less dependable. What defines this next chapter for hedge funds is not just the environment, but the opportunity set. Spanning macro-strategy, equity-hedged, event-driven and multi-strategy approaches, hedge funds can enhance portfolio resilience, returns and efficiency. Our analysis suggests that these benefits are amplified when multiple strategies work together. Blending hedge funds with each other, and with other asset classes such as private markets, can further improve expected risk-adjusted returns and enhance portfolio diversification, all while preserving liquidity, consequently helping investors to design a portfolio fit for the future. Read more in the latest edition of our Portfolio of the future series. Estimated length: 58 seconds. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. This document is marketing material: Before investing, please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights. Investors may not get back the amount originally invested. Important Information This material is for distribution to Professional, Qualified Clients and Investors only. This document is marketing material and will expire 12 months after issue In the UK and Non-European Economic Area (EEA) countries (excluding Switzerland),: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. For qualified investors in Switzerland: This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ('FinSA'). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa. BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian. Switzerland (BlackRock) For Switzerland, this is Issued by either BlackRock Investment Management (UK) Limited ( or BlackRock (Netherlands) B.V..BlackRock Investment Management (UK) Limited is authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. For investors in Bahrain The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Kuwait The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Oman The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. For investors in Qatar The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser For investors in South Africa Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2026 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.

Capital Market Assumptions: informing long-term portfolio decisions

Our forward-looking research helps institutional investors assess return and risk expectations across asset classes amid structural change and wider outcome dispersion. These insights can support more robust strategic allocation, risk assessment and long-term portfolio construction.

Explore our Capital Market Assumption Explore our Capital Market Assumption