Global Allocation Fund

Nov 21, 2023

A flexible multi-asset strategy to seek better outcomes

It takes an experienced and well-resourced team to seek out the most attractive investment opportunities around the world while managing volatility. BlackRock Global Allocation Fund seeks returns competitive with global stocks over market cycles but with less risk.

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Performance and positioning update

  • The fund outperformed its benchmark in October as global stocks and bond markets fell in response to a back-up in yields and increased geopolitical concerns.
  • Neutral position to equities, with an emphasis on quality and stable growth. Small duration underweight, overweight credit and securitized assets. Cash, derivatives, & gold as additional risk mitigants.

View fund commentary


The fund has outperformed global stocks with less volatility

ga monthly


Source: BlackRock, Bloomberg, as of 10/31/23. Performance is based on a hypothetical investment of $10,000 in the fund and the FTSE World Index made the first month post inception (2/3/89). Volatility for the same period, which is represented by annualized standard deviation, was 9.98% for the fund and 15.39% for global stocks. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.

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Rick Rieder
Chief Investment Officer of Global Fixed Income and Head of the Global Allocation Team
Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.   Responsible for roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investment ...
Russ Koesterich
Russ Koesterich
Portfolio Manager,
BlackRock Global Allocation Team
Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team.   Mr. Koesterich's service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation ...
David Clayton
David Clayton
Portfolio Manager,
BlackRock Global Allocation Team
David Clayton, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team.   Mr. Clayton joined the BlackRock Global Allocation team in 2010 and was named a portfolio manager of the Fund in 2017. Prior to his current role, he was head of portfolio oversight, as well as a senior investor and investment group leader, ...
Kate Moore
Kate Moore
Head of Thematic Strategy,
BlackRock Global Allocation Team
Kate Moore, Managing Director, is a member of the Global Allocation investment team and Head of Thematic Strategy. Her investment mandate includes identifying opportunities to exploit structural change, policy evolution, and dislocations across global industries. She is a member of the Human Capital Committee. Ms. Moore's service with the firm ...

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Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to for most recent month-end performance.

To obtain more information on the fund, including the Morningstar time period ratings and standardized average annual total returns as of the most recent calendar quarter and current month-end, please visit Global Allocation Fund.

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.