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Model Portfolio
Performance and positioning update:
- May was another strong month for risk assets, although the rally was not without tension. Markets were pulled between enthusiasm around artificial intelligence and resilient corporate earnings on one side, and higher oil prices, Middle East uncertainty, and stickier inflation concerns on the other.
- Ultimately, earnings momentum and AI optimism prevailed, driving equity markets higher in May. This was further supported by renewed hopes of a U.S.-Iran peace deal towards the end of the month. Equity leadership remained concentrated in areas tied to AI and Technology with the S&P 500 up +5.3% over the period and the NASDAQ up +10.6%. Emerging market equities were also up +9.7% given outsized exposure to semiconductors in Asia. By contrast, high dividend and defensive sectors generally lagged, led by a decline in Energy, Utilities, and broader infrastructure equities.
- Fixed income played a more limited role in May. Treasuries finished the month nearly flat given tensions between resilient economic data and renewed inflation concerns, as stronger growth expectations offset prospects for future Federal Reserve easing. Credit markets fared modestly better, though tight spreads continued to limit price appreciation potential.
Source: BlackRock as of 5/30/2026. All index data for market commentary sourced from Bloomberg as of 5/30/2026. 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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