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Individual Investors
An individual investor, also known as a retail client and a private client, is a client organisation or individual who cannot meet both (i) one or more of the professional client criteria laid down in Annex II to the Markets in Financial Instruments Directive II (Directive 2014/65/EU), and (ii) one or more of the qualified investor criteria set out in Article 2 of the Prospectus Regulation ((EU) 2017/1129).
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Risk Warnings
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.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information. Investment should be made on the basis of the relevant Prospectus which is available from the manager.
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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.
Key points
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01
Healthy earnings, but selectivity key
We expect earnings to expand globally and support equities – but see some areas of the market lagging behind.
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02
Mega forces drive sector dispersion
Vast spending is driving economic growth and transforming the corporate landscape, leading to wide dispersion within sectors.
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03
Global bargains?
Many companies outside the U.S. have world-leading businesses with global operations – yet trade at a discount to U.S. peers.1
Will 2025 be another positive year for equities?
At BlackRock Fundamental Equities, we see a supportive environment for equity markets as we head into 2025. Inflation is likely to remain under control in most major economies, in our view, allowing central banks to cut interest rates further. At the same time, global economic growth is forecast to be around 3% a year over the next couple of years, according to the IMF. This environment could allow a broad set of companies to boost earnings and maintain elevated profit margins.
Dispersion between and within sectors
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Source: Fundamental Equities, with data from Bloomberg, Oct. 31, 2024.
Cyclical signs of life
The auto sector may remain weak due to the tricky EV transition, but we expect housing and construction to pick up in 2025.
Next wave of winners
Valuations for the most obvious beneficiaries of structural change are high, and so we look for the next wave of winners within AI, the energy transition and other mega forces.
Global opportunities
Geopolitical concerns can lead to regional discounts for companies with solid fundamentals. See the chart for one example of how sentiment can impact a region.
Emerging markets and Japan
We see opportunities in parts of emerging markets that may benefit from the relocation of supply chains after the pandemic, and Japanese stocks that are set to receive a boost from corporate reform.
Source:
1Bloomberg data, December 2025
Disclaimer
For Italy: 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.
Risk warnings
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.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Important information
This document is marketing material.
In the UK and Non-European Economic Area (EEA) countries: 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.
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.
In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, 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.
© 2024 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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