風險自選投資組合 Powered by BlackRock® | 2026 年 6 月前瞻調倉報告

最新市場概況及影響（僅提供英文版）

Key takeaways:

• Taking profits from equities following a strong market recovery from April lows, while maintaining a modest equity overweight at 2%.
• Allocating active risk to AI-related sectors, including information technology, semiconductors, and AI infrastructure, where recent earnings have reinforced BlackRock’s conviction.
• Remaining cautious on duration, as shifting expectations for the interest-rate trajectory could continue to drive volatility in rates.
• Maintaining allocation to gold and inflation-linked bonds as hedges against potential inflation risks stemming from the prolonged Middle East conflict.

In recent weeks, global markets have oscillated between relief and retreat amid shifting US–Iran developments, with temporary ceasefires sparking rallies and renewed risks of escalation triggering sell-offs. Despite this period of heightened volatility, markets have demonstrated notable resilience, recovering from early April lows. AI-related stocks led the rebound across sectors and regions.

The prolonged closure of the Straits of Hormuz has pushed energy and oil prices higher, contributing to an uptick in inflation and adding uncertainty to the Federal Reserve's (Fed) interest rate outlook. With the path for monetary policy becoming less clear, markets have become increasingly reactive to geopolitical and macroeconomic developments.

Reoptimisation Commentary

BlackRock’s risk-on positioning has been rewarded as markets rallied sharply from recent lows. General Investing powered by BlackRock portfolios’ equity overweight has drifted higher since the previous rebalance, prompting BlackRock to take partial profits. They remain constructive on risk assets, keeping a tilt toward equities over fixed income and towards selected areas where they have the highest conviction.

In BlackRock’s view, the US macro backdrop remains constructive, with earnings from the most recent season proving exceptionally strong and outpacing the broader market. They are maintaining their overweight in US equities, while also adding selective exposure to high-conviction AI-related sectors, such as information technology, semiconductors, and AI infrastructure, which stand to benefit from ongoing growth.

Outside the US, BlackRock is keeping a modest overweight to Japan equities, supported by strong economic momentum and Japan's relatively high exposure to the technology sector among developed ex-US markets. They also favour emerging markets equities, which provide exposure to markets such as Taiwan and Korea, key participants in the global semiconductor supply chain. Relatively speaking, they are less constructive on Europe, as earnings continue to lag those of the US and emerging markets.

On the fixed income side, BlackRock is cautious on duration amid an uncertain Fed rate path and asymmetric return risk profile. They continue to prefer taking risk through equities rather than through higher-risk segments of fixed income. Hence, they are trimming their relative weights in high-yield credit and emerging market debt.

BlackRock maintains a basket of diversifiers to enhance portfolio resilience beyond traditional equities and bonds. They are maintaining their allocation to gold as a safe-haven asset during periods of heightened geopolitical uncertainty, alongside inflation-linked bonds to help mitigate potential inflation risks.

Source: BlackRock. Rebalance date is 24 June 2026.

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