BlackRock Tactical Opportunities Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, BlackRock Tactical Opportunities Fund held 886 positions with $5.09B in net assets. Its ten largest holdings made up 28.3% of the fund. The PBAIX share class costs 0.77% a year. Over the 12 months to May 2026, PBAIX returned 13.6%, with dividends reinvested. In 2026 Q3 it added 115 new positions and exited 203.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
United States of America | 4.48% | $227.83M | — | — |
United States of America | 3.65% | $185.78M | — | — |
NVDANVIDIA Corp. | 3.58% | $182.27M | 913.3K | $199.57 |
TSTXXBlackRock Liquidity Funds | 3.53% | $179.62M | — | — |
AAPLApple, Inc. | 3.04% | $154.50M | 569.4K | $271.35 |
United States of America | 2.28% | $116.11M | — | — |
MSFTMicrosoft Corp. | 2.28% | $116.00M | 284.5K | $407.78 |
AMZNAmazon.com, Inc. | 2.07% | $105.46M | 397.9K | $265.06 |
GOOGLAlphabet, Inc. | 1.82% | $92.86M | 241.3K | $384.80 |
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.
The 200 largest of 886 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Cash
- 21.0%
- International
- 20.9%
- Information Technology
- 20.2%
- Financials
- 7.6%
- 11 other sectors
- 30.3%
- Cash
- 21.0%
- International
- 20.9%
- Information Technology
- 20.2%
- Financials
- 7.6%
- Industrials
- 6.7%
- Communication Services
- 5.5%
- Consumer Discretionary
- 5.3%
- Health Care
- 4.1%
- Energy
- 2.3%
- Other
- 2.2%
- Consumer Staples
- 1.9%
- Utilities
- 1.1%
- Materials
- 0.5%
- Real Estate
- 0.5%
- Securitized
- 0.0%
How it has done
PBAIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.38%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.77% | +13.63% | +34.00% | +41.62% | -2.31% | |
| 1.04% | +13.36% | +32.98% | +39.75% | -2.35% | |
| 1.06% | +13.33% | +32.91% | +39.58% | -2.35% | |
| 1.77% | +12.50% | +30.09% | +34.73% | -2.47% | |
| 0.63% | +13.81% | +34.56% | +42.60% | -2.25% |
These classes hold the same portfolio, so the 7.87pp spread over 5 years is the cost difference between them — roughly 1.57pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.63% – 1.77%· PBAIX 0.77%
- Portfolio turnover
- 108.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
115 new· the largest 6
203 exited· the largest 7
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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