BlackRock® 最新投資分析（僅提供英文版）
Key takeaways:
- Modestly reducing target equity overweight from 2.0% to 1.5%, balancing growth opportunities with portfolio resilience amid potential market volatility.
- Adding to global value equities, funded from market-cap-weighted exposures, to strengthen sector diversification and position the portfolios to benefit from a broader set of return drivers.
- Trimming the US and emerging markets equity overweight towards a more balanced regional stance, bringing European and Pacific ex-Japan equities from underweight to neutral.
- Remaining cautious on duration, while selectively adding exposures to the middle of the yield curve, where risk-reward dynamics have become more attractive.
- Maintaining allocations to gold and inflation-linked bonds as hedges against inflationary pressures and higher energy prices.
Market Overview and Impact
Global markets have remained resilient, navigating renewed geopolitical tensions and an increasingly complex macroeconomic environment. While inflationary pressure and higher energy prices continue to challenge policymakers, economic activity and corporate fundamentals have remained broadly supportive of risk assets.
Against this backdrop, the Federal Reserve (Fed) raised rates at its September meeting and maintained a hawkish stance, with markets increasingly pricing in the prospect of additional policy tightening through year-end.
Looking ahead, investors are likely to remain focused on the balance between resilient growth and tighter financial conditions. Market sentiment may continue to be highly sensitive to incoming economic data, central bank communication, and geopolitical developments. In this environment, maintaining a dynamic and tactically flexible asset allocation framework remains essential to navigating evolving risks and opportunities.
Re-optimisation Commentary
Recent earnings results and analyst estimate revisions have made the regional investment landscape less one-sided. While fundamentals remain supportive and underpin BlackRock’s overweight allocation to US equities, they are modestly reallocating some exposures towards European and Pacific ex-Japan equities, where earnings momentum have improved.
They are also adding to global value equities, funded from market-cap-weighted exposures, to strengthen sector diversification and position the portfolio to benefit from a broader set of return drivers. Similarly, BlackRock is reallocating a portion of their semiconductor exposure toward AI infrastructure, which offers broader and more diversified sector exposure, while positioning the portfolio to benefit from continued investment in the AI ecosystem.
Elsewhere, they are trimming their overweight to emerging markets ex-China given moderating earnings momentum, while remaining positive on the longer-term outlook given continued strength in AI-related investment. In light of the recent US-Japan intervention to support the yen, they are reducing their currency-hedged exposure to Japanese equities while maintaining a constructive view on Japan.
On the fixed income side, BlackRock remains cautious on duration, although they are selectively adding exposures to the middle of the yield curve, funded primarily from cash proxies at the short end and from long-duration holdings.
In particular, the reduction in long-duration exposure helps manage risk amid ongoing fixed income volatility while improving the portfolio's overall risk-reward profile. Within riskier fixed income segments, they are maintaining allocations to credit and EM debt, but continue to favour equities as their primary avenue for incremental risk-taking.
BlackRock maintains a basket of diversifiers to enhance portfolio resilience beyond traditional equities and bonds. As such, 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 29 September 2026.
This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the iShares Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial advisor know enough about their circumstances to make an investment decision. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.
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