BlackRock Model Portfolios Expand AI Allocation, Shifting Toward AI Beneficiary Companies
nashnova research
BlackRock is reshuffling its $300 billion+ model-portfolio suite, shifting part of its AI exposure from pioneer stocks to broader AI-beneficiary companies while adding to U.S. large caps — a signal that the world's largest asset manager sees AI profits migrating from the builders to the users.
What changed in the AI allocation?
BlackRock kept its AI theme intact but moved part of the exposure from AI pioneer stocks (chipmakers, cloud giants) toward AI adopters and beneficiaries — companies using AI to boost their core business.
This means → BlackRock sees AI investing entering a "second phase": the pick-and-shovel sellers have run; now the bet shifts to the miners using those tools.
Chief portfolio manager Michael Gates said the firm maintains a 1% equity overweight with its highest-conviction directional views, but acknowledged that some top-performing holdings have pushed active risk higher.
Why is BlackRock narrowing its regional bets?
BlackRock trimmed the magnitude of its regional tilts across the U.S., developed markets, and emerging markets.
In plain terms = it was heavily overweight U.S. equities before; now the gap between regions is smaller — less of an "all-in America" stance.
Gates's reasoning: recent earnings-revision trends have narrowed the U.S. edge, while country-level dispersion has widened, making single-country rotation more attractive.
Fund flows confirm the shift: iShares International Country Rotation Active ETF (CORO) drew over $4 billion in inflows; iShares Large Cap Core Active ETF (BLCR) saw nearly $2 billion this week, the most since March.
How is the bond side repositioned?
BlackRock is running a modest duration underweight (holding fewer long-dated bonds to reduce rate sensitivity) and avoiding credit, adding instead to core bonds and global sovereigns.
In bond-heavy portfolios, the firm selectively added actively managed MBS (mortgage-backed securities), convertibles, and liquid alternatives.
This means → the bond playbook is "stability first, incremental yield second" — dodge credit risk, anchor on sovereigns, then layer in MBS and convertibles for a small return pickup.
Why was the momentum factor trimmed?
BlackRock cut its standalone momentum-factor exposure — buying whatever has rallied hardest. iShares MSCI USA Momentum Factor ETF (MTUM) saw over $4 billion in outflows.
In plain terms = momentum is still a favored strategy, but its weight came down because some high-flyers had pushed portfolio risk beyond the intended level.
Gates summed up the stance: amid a complex policy backdrop and persistent inflation, "the right posture is to stay invested" — but trim positions where risk has overshot.
What bigger signal does this rebalance reflect?
BlackRock's model-portfolio suite has doubled from $150 billion to over $300 billion in a year; its rebalancing decisions carry real weight in directing market flows.
This reflects a broader call: the AI theme is shifting from concentrated bets to dispersed beneficiaries, while U.S. equity dominance is being tempered.
The key variable to watch next: whether the structural pivot in AI allocation can deliver excess returns across a wider set of beneficiary companies.
市场有风险，内容仅供研究参考，不构成投资建议。