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Model Portfolio
Performance and positioning update:
Global equities and the S&P 500 declined modestly in June, while the Magnificent 7 sold off sharply after a strong rally earlier in the quarter. At the same time, U.S. dividend growth stocks and value equities delivered positive returns as leadership rotated away from U.S. mega cap technology and toward value, financials and cyclicals. Lower oil prices and easing geopolitical tensions also helped support European equities, but the pullback in AI-linked exposures weighed on broad emerging market index performance.
Fixed income markets were marginally positive over the month, supported by falling oil prices, lower-than-expected inflation data, and resilient U.S. growth. Though the mid-June FOMC meeting left rates unchanged, comments from Chair Warsh were interpreted hawkishly given his emphasis on persistent inflation risks. The result was a flatter yield curve, with longer maturity Treasury yields moving lower while shorter maturity yields ticked up. Meanwhile, high yield spreads remained near cycle tights, reflecting continued confidence in corporate fundamentals and low expected defaults.
Source: BlackRock as of 6/30/2026. All index data for market commentary sourced from Bloomberg as of 6/30/2026. Index performance is for illustrative purposes only. Index performance does not reflect any management fees or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. US Dividend Stocks: MSCI USA High Dividend Index. Int’l Dividend Stocks: MSCI World ex USA High Dividend Yield Index. Global REITs: FTSE EPRA Nareit Developed Index. Global Infra. Equity: S&P Global Infrastructure Index. EM Debt: JPM EMBI Global Index. US IG Bonds: Bloomberg US Corp Bond. High Yield Bonds: Bloomberg US HY 2% Issuer Cap Index. Preferreds: S&P Preferred Stock Index. US Treasuries: Bloomberg US Treasury (1972) Index. Global Developed Equity: MSCI World Index. EM Equity: MSCI Emerging Market Index. US T-Bills: Bloomberg US Treasury Bills Index. Bank Loans: Morningstar LSTA US Leveraged Loan Total Return Index. This material represents an assessment of the market environment as of the date indicated; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular. A basis point represents one hundredth of a percent.
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Justin Christofel
Global head of Income Investing, Multi-Asset Strategies & Solutions
Justin Christofel, CFA, CAIA, Managing Director, is global head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions group. He is a portfolio manager for a number of income strategies including the Multi-Asset Income Fund, Dynamic High Income Fund, Managed Income Fund, and Multi-Asset Income model portfolios.
Louis Arranz
Portfolio manager, Multi-Asset Strategies and Solutions (MASS) Income team
Louis Arranz, CFA, CAIA, FRM, Director, is a portfolio manager for BlackRock’s Multi-Asset Strategies & Solutions (MASS) Income team where he focuses on investment research and portfolio management.
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