Model Portfolio
Performance and positioning update:
- US equities rebounded strongly: Mega-cap tech and growth stocks led on solid earnings and renewed AI enthusiasm, while small caps and value stocks lagged.
- International performance was mixed: Developed markets posted modest gains, while emerging markets surged on easing US-China tensions and semiconductor strength in South Korea and Taiwan.
- Macro backdrop remained supportive: Treasury yields fell on Fed easing expectations, the Fed delivered a second consecutive rate cut, and resilient consumer spending and corporate earnings sustained risk appetite despite policy uncertainty.
Source: BlackRock. Monthly returns for the period 10/1/2025 – 10/31/2025. U.S. large cap stocks represented by the S&P 500 Index; U.S. small cap, Russell 2000 Index; international developed, MSCI EAFE Index; emerging market stocks, MSCI Emerging Markets Index; Treasury bonds, Bloomberg U.S. Treasury 7-10 Year Total Return Index; corporate bonds, Bloomberg U.S. Aggregate Bond Index; high yield bonds, Bloomberg High Yield 2 Issuer Capped Index; EM bonds, JP Morgan Emerging Market Bond Index-Global. 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.
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Michael Gates
Michael Gates, CFA, Managing Director, is the head of Model Portfolio Solutions in the Americas within BlackRock's Multi-Asset Strategies and Solutions group.
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