BlackRock Tactical Opportunities Fund
BlackRock Funds · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
BlackRock Tactical Opportunities Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2025 Q3
The investment objective of BlackRock Tactical Opportunities Fund (the Fund), a series of BlackRock Funds SM (the Trust ), is to seek total return.
The fund employs a macro asset allocation strategy that combines systematic ranking of expected returns across global stocks, bonds, currencies, and cash with discretionary positioning based on macroeconomic research and analysis. The fund takes both long and short positions across and within asset classes, using individual securities and derivatives including swaps, futures, and currency forwards. Because performance depends on the accuracy of the macro themes identified and the positioning decisions made, results may diverge materially from broad equity or fixed-income benchmarks.
| Share class | Gross | Net |
|---|---|---|
| PBAIX | 0.77% | 0.77% |
| PCBSX | 1.04% | 1.04% |
| PCBAX | 1.07% | 1.06% |
| BRBCX | 1.77% | 1.77% |
| C000173964 | 0.64% | 0.63% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 108.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 65.01% |
| Cash & short-term | 19.80% |
| Derivatives | 0.66% |
These positions come to 85.47% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Cash | 22.1% |
| International | 20.4% |
| Information Technology | 18.8% |
| Financials | 6.9% |
| 11 smaller | 31.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +14.63% | +32.54% | +40.88% | 5.53% | -2.31% | |
| +14.36% | +31.49% | +38.98% | 5.52% | -2.35% | |
| +14.33% | +31.41% | +38.81% | 5.50% | -2.35% | |
| +13.51% | +28.70% | +33.98% | 5.49% | -2.47% | |
| +14.81% | +33.10% | +41.77% | 5.54% | -2.25% |
These classes hold the same portfolio, so the 7.80pp spread over 5 years is the cost difference between them — roughly 1.56pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 88.9% |
| Fixed rate | 11.1% |
Share of the fund's debt value in each maturity band, shortest first.
| 10y+ | 100.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.90 yr |
| High yield | -0.27 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 5% |
| 1 yr | 0.01 yr | 1% |
| 10 yr | 0.83 yr | 94% |
5 yr and 30 yr are NEGATIVE (-3.68 yr, -1.58 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 3 mo | 0.00 yr | 0% |
| 5 yr | 1.00 yr | 85% |
| 30 yr | 0.17 yr | 15% |
10 yr is NEGATIVE (-0.55 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.00 | -0.00 | $244 | -$0 |
| 1 yr | +0.01 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | -3.68 | +0.90 | +0.10 | $458.1k | $52.1k |
| 10 yr | +0.83 | +0.00 | -0.55 | $0 | -$279.2k |
| 30 yr | -1.58 | +0.00 | +0.17 | $0 | $88.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's -4.38 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | United States of America | 4.48% | — | $227.83M | — |
| — | United States of America | 3.65% | — | $185.78M | — |
| NVDA | NVIDIA Corp.NVDA | 3.58% | $199.57 | $182.27M | 913.3K |
| TSTXX | BlackRock Liquidity FundsTSTXX | 3.53% | — | $179.62M | — |
| AAPL | Apple, Inc.AAPL | 3.04% | $271.35 | $154.50M | 569.4K |
| — | United States of America | 2.28% | — | $116.11M | — |
| MSFT | Microsoft Corp.MSFT | 2.28% | $407.78 | $116.00M | 284.5K |
| AMZN | Amazon.com, Inc.AMZN | 2.07% | $265.06 | $105.46M | 397.9K |
| GOOGL | Alphabet, Inc.GOOGL | 1.82% | $384.80 | $92.86M | 241.3K |
| — | Yen | 1.60% | — | $81.52M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 28.34% of net assets, top 25 39.64%, across 839 issuers.
See more of this fund's book
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