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BlackRock Active Equities

Combining human insights with innovative technologies

BlackRock's active equity platform includes 40 funds striving for both competitive performance and fees. We develop strategies to help your clients achieve their financial goals, whatever they may be.

BlackRock is raising the bar for active equity

BlackRock is a world leader in index ETFs, which raises the bar for our active equity managers. The firm has responded by revamping its active equity platform, with impressive results focused around three principles:
Magnifier
Alpha generation
We focus on security selection, not static sector or factor tilts.
Performance
Consistent returns
Aladdin helps us manage risk with particular focus on upside / downside capture.
Lowcost
Competitive fees
We’ve reduced client fees by $39.6 million over the last three years.*

Active equity investment ideas

Not sure where to start? Get started with these investment ideas from BlackRock’s active equity platform to help your clients reach their goals.

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Seek outperformance through ESG insights

ESG BIRIX

1Performance as of 9/30/21. Performance is not annualized for periods less than one year. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Refer to website www.blackrock.com to obtain performance data current to the most recent month end. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Source: Morningstar as of 12/31/20. BlackRock Advantage ESG U.S. Equity ranked in the 18th percentile (the least expensive quartile) vs. Large Blend institutional share category peers by net expense ratio. The Large Blend category median net expense ratio is 0.71%. Expenses stated as of the fund's most recent prospectus: Institutional Shares Total/Net, Including Investment Related expenses are 0.74%/0.49% and have contractual waivers with an end date of 6/30/23.Source: MSCI as of 9/30/21. Source: MSCI as of 9/30/21. The Advantage ESG U.S. Equity Fund was ranked 3/900 Large Blend funds with a MSCI ESG Quality Score of 8.6. The benchmark Russell 1000 Index has an MSCI ESG Quality Score of 6.06. The MSCI ESG Quality Score (0-10) for funds is calculated using the weighted average of the ESG scores of fund holdings. The Score also considers ESG Rating trend of holdings and the fund exposure to holdings in the laggard category. MSCI rates underlying holdings according to their exposure to industry specific ESG risks and their ability to manages those risks relative to peers. These issuer-level ESG ratings correspond to an issuer-level ESG score. The Score is a point in time score provided on a quarterly basis based on the fund’s most recent public holdings.

2Source: BlackRock as of 9/30/21. Fund Inception date: 5 October 2015. 45% of total BIRIX outperformance since inception is attributable to ESG alpha, or outperformance driven through ESG insights vs. standard alpha, or outperformance drive through non-ESG insights. Standardized performance as of 9/30/21 for BIRIX: 1yr 33.63%, 5yr 17.77% and 16.50% since inception. 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. Current performance may be lower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Refer to blackrock.com for current month-end performance.

The BlackRock Advantage ESG U.S. Equity Fund (BIRIX) outperformed the category average in each of the past 5 years, ranked in the first percentile for ESG quality score, and is priced in the lowest fee quartile1

Invest beyond your borders with a decade-long proven approach

MAILX

3Standardized performance as of 9/30/2021 for MAILX as follows: 1yr 34.54%, 5yr 13.20%, 10yr 9.60%. Standardized performance as of 9/30/2021 for MSCI All Country World ex-US Index as follows: 1yr 23.92%, 5yr 8.94%, 10yr 7.48%. Standardized performance for Foreign Large Blend Category as follows 1yr 23.96%, 5yr 8.33%, 10yr 8.07%. The performance data quoted represents past performance. Past performance does not guarantee future results.

4Source: Morningstar since PM inception 4/1/2007 to 9/30/2021. Since PM inception of 4/1/07, the fund was ranked 20/253 funds. Morningstar Category: Foreign Large Blend for International Fund. Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. As of 9/30/2021, International Fund was ranked 1yr, 24/770; 3yr, 10/691; 5yr, 5/591; 10yr, 33/397.

5Source: Morningstar: As of 12/31/20. BlackRock International Fund ranked in the 18th percentile (the least expensive quartile) vs. 181 Foreign Large Blend institutional share category peers by net expense ratio. The Foreign Large Blend category median net expense ratio is 0.86%. Expenses stated as of the fund's most recent prospectus: Institutional Shares Total/Net, Including Investment Related expenses are 0.83%/0.66% and have contractual waivers with an end date of 6/30/23 terminable upon 90 days' notice.

The BlackRock International Fund (MAILX) is led by a portfolio management team who has delivered over 10 years of competitive results3 driven by bottom-up stock picking, not top-down sector bets. It is a high conviction portfolio of 30-40 stocks with a proven track record throughout market cycles.

Invest in high-growth companies driving technological disruption

BGSIX

6Source: Morningstar as of 9/30/2021. Morningstar Category: Technology for Technology Opportunities. Rankings are based on tot al return excluding sales charges, independently calculated and not combined to create an overall ranking. Technology Opportunities was ranked 1 Year 120/246; 3 Year 19/213; 5 Year 2/183; 10 Year 8/155. Since PM inception of 6/17/2013, the fund was ranked 3/163 funds.

7Source: Blackrock as of 9/30/2021.

The BlackRock Technology Opportunities Fund (BGSIX) is a balanced portfolio diversified across industries, geographies and markets, and goes beyond the benchmark to achieve alpha. BGSIX is ranked in the 2nd percentile in the Morningstar technology category since PM inception6.

Invest in a large cap value strategy built for diverse markets

MADVX

8Source: Morningstar as of 9/30/2021. Morningstar Category: US Fund Large Value. Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. Equity Dividend Fund was ranked. 1 Year 566/1,205; 3 Year 414/1,144; 5 Year 225/1,022; 10 Year 417/747; 15yr, 59/528. Past performance is no guarantee of future results. Click here for standardized performance.

9Source: Morningstar. Returns are from PM team inception (August 2014) and through 9/30/2021.Past performance is no guarantee of future results.

The BlackRock Equity Dividend Fund (MADVX) outperformed 87% of peers over the last 15 years8. The BlackRock Equity Dividend team invests in U.S. large cap value companies with a greater potential for dividend growth, and seeks lower volatility equity returns, trading at attractive prices.

Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance and standardized performance, click on the fund names above.

Expert insights from our active equity team

Hear the latest from our BlackRock active portfolio managers and experts on what they’re seeing in the markets and advisor portfolios.

202010816_BlackRock Fundamental Equities Expert to Expert

Episode 3: Behaving your way to investment success

Part 1: Lessons from an unusual year

Speakers:

James Bristow, BlackRock Senior Portfolio Manager

Morgan Housel, Author, behavioral finance authority

Carrie King, Deputy CIO of Developed Markets, BlackRock Fundamental Equities

Carrie King: Welcome to Expert to Expert, a BlackRock Fundamental Equities video series that pairs our investment pros with the business heads, politicians, policymakers and academics who are leaders in their fields and influencers in our global economy.

Together they explore the topics that are driving markets and shaping investor decision-making.

Our third episode explores the art and science of investing, pairing a BlackRock expert in fundamental research and investing with an authority in behavioral finance.

In Part 1 of their three-part conversation, James Bristow and Morgan Housel reflect on living through a most unusual time in history.

James Bristow: Hello everybody. It's James Bristow here. I'm really happy to be joined here today to talk about markets with Morgan Housel, who many of you know is the author of The Psychology of Money.

And really the first subject that we're going to discuss is, it comes under the heading, this hasn't been a typical market cycle. When we look at the big drawdown we saw during COVID, and the subsequent recovery, many aspects of the regular playbook haven't really played out in this market, because it's been a unique scenario. And Morgan, I'd love to start with a question for you of, what's your sense of what you saw of how people behaved in that March 2020 period when markets took the big drawdown, and how they reacted to how information changed thereafter.

Morgan Housel: Well thank you so much for having me, James. I really appreciate the opportunity to do this It's such a good question. I think to me the biggest difference with what's happened over the last year and a half in the market, is if you compare it to 2008-2009, the last market crash, 2008 and 2009 was a financial crisis. That was the crisis, was the economic collapse. So that's what people were paying attention to. The last year and a half has been different because it was a biological crisis. It was a virus. So the stock market collapse that occurred last March was almost a sideshow at the time for most people. Because most people last March were not necessarily paying attention to their portfolio. They were saying, am I going to get a virus that's going to kill me? Can my kid go to school? Is there enough food at the grocery store? That is what people were worried about last March.

So I think for your average investor, in the United States and around the world, what most people were thinking about last March was very different from what they were thinking about in 2008. And then of course the other big difference is how quickly it all recovered. By the time that most people were back towards paying attention to the rest of the world outside of COVID last year, the market was back recovered, at an all-time high in the United States. So it's a very different fundamental than what took place in 2008.

Now if there is one quirk on this, I would say it is this. If you look at the economic crisis last year, away from the stock market but looking at unemployment, those kind of things, I think 2008 made it very easy for people to say this is bad, this is terrible, but this is a one-off crisis. This is a once-in-a-century event. Whereas now that kind of the same thing occurred with COVID, and you had another economic collapse, tens of millions of people losing their job. I think it's easier for people around the world to suddenly say, maybe this is just how the world works. Like, fool me once in 2008, but now I realize this happened again. Maybe just every 10 years the world breaks. And this is how the world works. And I actually think that's a pretty good way to think about risk, is that once per decade, roughly on average, the world breaks in a fundamental way. But I think more people believe that now than did one and 1/2 years ago.

James Bristow: Yeah I think that's right. And one of the most notable statistics I always pull out from that period is, if you look at the GDP, the macroeconomic hit in the U.S. from COVID and its current effects, we at BlackRock calculate that as being roughly a quarter of the size of the hit we saw during the GFC.

Caption: COVID crisis saw a fiscal response four times greater than during the Global Financial Crisis (GFC)

But when you look at the size of the fiscal response, and this is before all the monetary policy actions that were taken, that fiscal response was four times the size of what we saw in the GFC. So policy came to the rescue in a way that was really quite unprecedented. And I think, that again, made navigating this environment particularly tricky.

Morgan Housel: One thing that's astounding in the United States is that we have spent more money, adjusted for inflation, fighting COVID in one year than we spent fighting World War II over four years. It's just, the numbers are hard to wrap your head around, how big the policy response has been in the last year. And again, during the GFC in 2008, we in the United States spent about $800 billion. And now we're doing $2 or $3 trillion stimulus packages like it's nothing, that people don't even think about. So it's a completely different world.

James Bristow: If I sort of step back though and relate this to, what did we do and what would an individual investor do at that time, and what it's good to learn from all this? It comes back to, what is the old cliche of really having a plan?

Caption: Have a plan in place before crisis hits

That the plan for us as professional investors was, there are so many great individual companies out there whose stocks have had very significant drawdowns. Let's go through that list and see which we think are just cyclically impaired and which are more structurally impaired, and there are bargains to be had. But our plan for any drawdown always involves doing that. And for the individual investor, maybe that plan doesn't come at a stock-specific level, but it comes at the level of, how would I allocate my assets? What level of risk would I be comfortable with? So it just reinforces that fact for all of us, whether individual professional investor, to have a forward-looking plan of, here's what I'm trying to achieve, and here's what I would do in certain circumstances. And we had a great road test of that last year.

Morgan Housel: I think there's a weird thing during these crises where, when the future is the most uncertain, when you're in the midst of the deepest uncertainty, there are a lot of people who become the most certain about their views during that time.

Caption: People become most certain in their views in times of uncertainty

So you're right, that if we go back to last spring, there were people who were completely dead set on, this is what the future is going to look like. Usually in a negative way. People aren’t going to fly again, people aren’t going to go to concerts again. I just think it's an interesting quirk of behavior in these moments when you're in the trenches. That when the future is the most uncertain, that's when people lock onto their views and grab onto them really tightly.

James Bristow: You talked in a recent blog post about pandemic learnings. And you sort of highlighted three of them. The aspect of what people aren't talking about, the fact that the very concept of exponential growth is not particularly intuitive, and then I think you're surprised at how quickly businesses adapted to this new environment. Just interested which of those you'd really pull out as something that really struck you as a lesson from the pandemic and its aftermath to this point.

Morgan Housel: Yeah, I think the biggest that really struck me, and this is something that I had written about before COVID, but it just became so clear how powerful this concept is, is that risk is what you don't see. And risk is what people aren't talking about. To me, I just think it's astounding that we, in the investing field through no fault of our own, spent a decade discussing the question, what is the biggest economic risk? That's the question that takes up all the oxygen in the field. And by and large, we talked about things like interest rates, and trade wars, and profit margins, and tax cuts, et cetera, those kind of topics. And then a virus comes and 30 million people lose their jobs in two months. Like it's, in order of magnitude, greater than the risk that we had been discussing for the last decade. And I think if you look historically, it's always like that.

Caption: The biggest risks are those we don’t see

That the biggest risk that moves the needle the most are the surprises. And I think that will always be the case. And that might be disheartening for people to hear, that like the biggest risk is what no one's talking about, but I think that's just the reality of how the world works. Because if something is a surprise, people aren't prepared for it. And if they're not prepared for it, its damage is just amplified and magnified when it arrives. So September 11th terrorist attacks, COVID-19, Pearl Harbor, or these kinds of things, that's what makes the biggest difference over your investing lifetime.

And I think just becoming more comfortable with that mindset, that forecasting is great, planning is great, having plans is absolutely essential, but the biggest news stories of the next year, of the next 10 years, over the course of the rest of our investing lives are going to be things that you and I, and anyone else, cannot be discussing right now, because they're going to be surprises. And to me that just kind of pushes room for error in your investing strategy and in your asset allocation

Ben Graham has this great quote where he said, “The purpose of the margin of safety is to render the forecast unnecessary.” And I think that's so powerful for investing and financial planning. That if you have room for error in your analysis, in your allocations, in your budgets, you don't necessarily need to know exactly what's going to happen next.

Caption: A sound strategy should leave room for error

You can just kind of ride the waves as they come. And that to me, I think is a better way to think about and manage risk, and just a more realistic way to manage risk, than assuming that we know exactly what's going to happen next.

Carrie King: James and Morgan covered a lot of ground. One concept that stood out to me: Have a plan before crisis strikes.

Display slide:

This can help you to better weather the market’s ups and downs, without letting your emotions lead you astray.

We hope you’ll tune into Part 2 of our behavioral finance series where James and Morgan dig deeper into the role of emotions in investment decision-making.

DISCLOSURE

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of Aug. 11, 2021, and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the viewer/reader.

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. Investing involves risks, including possible loss of principal. International investing involves additional risks including, but not limited to, those related to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

© 2021 BlackRock, Inc. BlackRock is a trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.

USRRMH1021U/S-1869220

202010816_BlackRock Fundamental Equities Expert to Expert

Episode 3: Behaving your way to investment success

Part 1: Lessons from an unusual year

Speakers:

James Bristow, BlackRock Senior Portfolio Manager

Morgan Housel, Author, behavioral finance authority

Carrie King, Deputy CIO of Developed Markets, BlackRock Fundamental Equities

Carrie King: Welcome to Expert to Expert, a BlackRock Fundamental Equities video series that pairs our investment pros with the business heads, politicians, policymakers and academics who are leaders in their fields and influencers in our global economy.

Together they explore the topics that are driving markets and shaping investor decision-making.

Our third episode explores the art and science of investing, pairing a BlackRock expert in fundamental research and investing with an authority in behavioral finance.

In Part 1 of their three-part conversation, James Bristow and Morgan Housel reflect on living through a most unusual time in history.

James Bristow: Hello everybody. It's James Bristow here. I'm really happy to be joined here today to talk about markets with Morgan Housel, who many of you know is the author of The Psychology of Money.

And really the first subject that we're going to discuss is, it comes under the heading, this hasn't been a typical market cycle. When we look at the big drawdown we saw during COVID, and the subsequent recovery, many aspects of the regular playbook haven't really played out in this market, because it's been a unique scenario. And Morgan, I'd love to start with a question for you of, what's your sense of what you saw of how people behaved in that March 2020 period when markets took the big drawdown, and how they reacted to how information changed thereafter.

Morgan Housel: Well thank you so much for having me, James. I really appreciate the opportunity to do this It's such a good question. I think to me the biggest difference with what's happened over the last year and a half in the market, is if you compare it to 2008-2009, the last market crash, 2008 and 2009 was a financial crisis. That was the crisis, was the economic collapse. So that's what people were paying attention to. The last year and a half has been different because it was a biological crisis. It was a virus. So the stock market collapse that occurred last March was almost a sideshow at the time for most people. Because most people last March were not necessarily paying attention to their portfolio. They were saying, am I going to get a virus that's going to kill me? Can my kid go to school? Is there enough food at the grocery store? That is what people were worried about last March.

So I think for your average investor, in the United States and around the world, what most people were thinking about last March was very different from what they were thinking about in 2008. And then of course the other big difference is how quickly it all recovered. By the time that most people were back towards paying attention to the rest of the world outside of COVID last year, the market was back recovered, at an all-time high in the United States. So it's a very different fundamental than what took place in 2008.

Now if there is one quirk on this, I would say it is this. If you look at the economic crisis last year, away from the stock market but looking at unemployment, those kind of things, I think 2008 made it very easy for people to say this is bad, this is terrible, but this is a one-off crisis. This is a once-in-a-century event. Whereas now that kind of the same thing occurred with COVID, and you had another economic collapse, tens of millions of people losing their job. I think it's easier for people around the world to suddenly say, maybe this is just how the world works. Like, fool me once in 2008, but now I realize this happened again. Maybe just every 10 years the world breaks. And this is how the world works. And I actually think that's a pretty good way to think about risk, is that once per decade, roughly on average, the world breaks in a fundamental way. But I think more people believe that now than did one and 1/2 years ago.

James Bristow: Yeah I think that's right. And one of the most notable statistics I always pull out from that period is, if you look at the GDP, the macroeconomic hit in the U.S. from COVID and its current effects, we at BlackRock calculate that as being roughly a quarter of the size of the hit we saw during the GFC.

Caption: COVID crisis saw a fiscal response four times greater than during the Global Financial Crisis (GFC)

But when you look at the size of the fiscal response, and this is before all the monetary policy actions that were taken, that fiscal response was four times the size of what we saw in the GFC. So policy came to the rescue in a way that was really quite unprecedented. And I think, that again, made navigating this environment particularly tricky.

Morgan Housel: One thing that's astounding in the United States is that we have spent more money, adjusted for inflation, fighting COVID in one year than we spent fighting World War II over four years. It's just, the numbers are hard to wrap your head around, how big the policy response has been in the last year. And again, during the GFC in 2008, we in the United States spent about $800 billion. And now we're doing $2 or $3 trillion stimulus packages like it's nothing, that people don't even think about. So it's a completely different world.

James Bristow: If I sort of step back though and relate this to, what did we do and what would an individual investor do at that time, and what it's good to learn from all this? It comes back to, what is the old cliche of really having a plan?

Caption: Have a plan in place before crisis hits

That the plan for us as professional investors was, there are so many great individual companies out there whose stocks have had very significant drawdowns. Let's go through that list and see which we think are just cyclically impaired and which are more structurally impaired, and there are bargains to be had. But our plan for any drawdown always involves doing that. And for the individual investor, maybe that plan doesn't come at a stock-specific level, but it comes at the level of, how would I allocate my assets? What level of risk would I be comfortable with? So it just reinforces that fact for all of us, whether individual professional investor, to have a forward-looking plan of, here's what I'm trying to achieve, and here's what I would do in certain circumstances. And we had a great road test of that last year.

Morgan Housel: I think there's a weird thing during these crises where, when the future is the most uncertain, when you're in the midst of the deepest uncertainty, there are a lot of people who become the most certain about their views during that time.

Caption: People become most certain in their views in times of uncertainty

So you're right, that if we go back to last spring, there were people who were completely dead set on, this is what the future is going to look like. Usually in a negative way. People aren’t going to fly again, people aren’t going to go to concerts again. I just think it's an interesting quirk of behavior in these moments when you're in the trenches. That when the future is the most uncertain, that's when people lock onto their views and grab onto them really tightly.

James Bristow: You talked in a recent blog post about pandemic learnings. And you sort of highlighted three of them. The aspect of what people aren't talking about, the fact that the very concept of exponential growth is not particularly intuitive, and then I think you're surprised at how quickly businesses adapted to this new environment. Just interested which of those you'd really pull out as something that really struck you as a lesson from the pandemic and its aftermath to this point.

Morgan Housel: Yeah, I think the biggest that really struck me, and this is something that I had written about before COVID, but it just became so clear how powerful this concept is, is that risk is what you don't see. And risk is what people aren't talking about. To me, I just think it's astounding that we, in the investing field through no fault of our own, spent a decade discussing the question, what is the biggest economic risk? That's the question that takes up all the oxygen in the field. And by and large, we talked about things like interest rates, and trade wars, and profit margins, and tax cuts, et cetera, those kind of topics. And then a virus comes and 30 million people lose their jobs in two months. Like it's, in order of magnitude, greater than the risk that we had been discussing for the last decade. And I think if you look historically, it's always like that.

Caption: The biggest risks are those we don’t see

That the biggest risk that moves the needle the most are the surprises. And I think that will always be the case. And that might be disheartening for people to hear, that like the biggest risk is what no one's talking about, but I think that's just the reality of how the world works. Because if something is a surprise, people aren't prepared for it. And if they're not prepared for it, its damage is just amplified and magnified when it arrives. So September 11th terrorist attacks, COVID-19, Pearl Harbor, or these kinds of things, that's what makes the biggest difference over your investing lifetime.

And I think just becoming more comfortable with that mindset, that forecasting is great, planning is great, having plans is absolutely essential, but the biggest news stories of the next year, of the next 10 years, over the course of the rest of our investing lives are going to be things that you and I, and anyone else, cannot be discussing right now, because they're going to be surprises. And to me that just kind of pushes room for error in your investing strategy and in your asset allocation

Ben Graham has this great quote where he said, “The purpose of the margin of safety is to render the forecast unnecessary.” And I think that's so powerful for investing and financial planning. That if you have room for error in your analysis, in your allocations, in your budgets, you don't necessarily need to know exactly what's going to happen next.

Caption: A sound strategy should leave room for error

You can just kind of ride the waves as they come. And that to me, I think is a better way to think about and manage risk, and just a more realistic way to manage risk, than assuming that we know exactly what's going to happen next.

Carrie King: James and Morgan covered a lot of ground. One concept that stood out to me: Have a plan before crisis strikes.

Display slide:

This can help you to better weather the market’s ups and downs, without letting your emotions lead you astray.

We hope you’ll tune into Part 2 of our behavioral finance series where James and Morgan dig deeper into the role of emotions in investment decision-making.

DISCLOSURE

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of Aug. 11, 2021, and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the viewer/reader.

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. Investing involves risks, including possible loss of principal. International investing involves additional risks including, but not limited to, those related to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

© 2021 BlackRock, Inc. BlackRock is a trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.

USRRMH1021U/S-1869220

BlackRock's full active equity platform

Explore BlackRock’s full platform of active equity solutions to address your clients’ needs. 

Source: Morningstar as of 9/30/2021. Rankings for all funds are for the Institutional share class. Performance for other share classes may vary. Rankings based on total return excluding sales charges, Mid-Cap Growth Equity: 1 Year 166/584; 3 Year 88/549; 5 Year 35/495; 10 Year 9/386. Large Cap Focus Growth: 1 Year 678/1,235; 3 Year 265/1,133; 5 Year 209/1,024; 10 Year 208/762. Equity Dividend: 1 Year 566/1,205; 3 Year 414/1,144; 5 Year 225/1,022; 10 Year 417/747. Mid-Cap Value: 1 Year 117/408; 3 Year 49/391; 5 Year 45/348; 10 Year 80/250. Health Sciences Opportunities: 1 Year 137/167; 3 Year 57/138; 5 Year 28/130; 10 Year 28/106. Technology Opportunities: 1 Year 120/246; 3 Year 19/213; 5 Year 2/183; 10 Year 8/155. Emerging Markets: 1 Year 204/784; 3 Year 118/708; 5 Year 71/598; 10 Year 72/317. International Fund: 1 Year 24/770; 3 Year 10/691; 5 Year 5/591; 10 Year 33/397. Advantage Small Cap Core: 1 Year 451/641; 3 Year 93/603; 5 Year 34/525; 10 Year /360. Advantage ESG U.S. Equity: 1 Year 211/1,380; 3 Year 176/1,257; 5 Year 80/1,102; 10 Year /812. Capital Appreciation: 1 Year 559/1,235; 3 Year 357/1,133; 5 Year 237/1,024; 10 Year 302/762. High Equity Income: 1 Year 4/67; 3 Year 29/63; 5 Year 2/36; 10 Year 1/17. independently calculated and not combined to create an overall ranking. The following funds are ranked as follows: 2 Ratings based on risk-adjusted total return, determined monthly and subject to change. Equity Dividend Fund rated against 1,144 Large Value Funds; Advantage Small Cap Core rated against 603 Small Blend Funds; Mid-Cap Growth Equity Fund rated against 549 Mid-Cap Growth Funds; Large Cap Focus Growth rated against 1,133 Large Growth Funds; Health Sciences Opportunities Fund rated against 138 Health Funds; Technology Opportunities rated against 213 Technology Funds; Emerging Markets Fund rated against 708 Diversified Emerging Markets Funds. International Fund rated against 691 Foreign Large Blend Funds; High Equity Income rated against 63 Derivative Income Funds. Mid-Cap Value rated against 391 Mid-Cap Value Funds. Advantage ESG U.S. Equity rated against 1,257 Large Blend Funds The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics.