BlackRock Global Long/Short Equity Fund

C000166017 Fund Overview

BlackRock Global Long/Short Equity Fund is a US mutual fund managed by Blackrock Funds, categorised as Long-Short. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Blackrock Funds
• Category: Long-Short
• Assets under management: $8.88B
• 1-year return: 17.4%
• SEC CIK: 0000844779
• SEC series ID: S000039460
• Share class ID: C000166017

C000166017 Investment Objective and Strategy

BlackRock Global Long/Short Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Blackrock Funds.

Investment objective

The investment objective of BlackRock Global Long/Short Equity Fund (the “Fund”), a series of BlackRock Funds SM (the “Trust”), is to seek total return over the long term.

Principal investment strategy

Under normal circumstances, the Fund invests at least 80% of its total assets in equity instruments and related derivative instruments issued by, or tied economically to, companies located in developed markets. The Fund determines that an investment is tied economically to a developed market if such investment satisfies one or more of the following conditions: 1) the issuers primary trading market is in a developed market; 2) the issuer is organized under the laws of, derives at least 50% of its revenue from, or has at least 50% of its assets in developed markets; 3) the investment is included in an index representative of developed markets; and 4) the investment is exposed to the economic risks and returns of developed markets. The Fund may invest in securities of issuers of any market capitalization and in securities denominated in either U.S.

dollars or foreign currencies. The Fund pursues its investment objective by taking both long and short positions in a variety of developed market equity instruments. The Fund expects to maintain long and short positions primarily through the use of swap agreements and other derivative instruments, such as futures, and may invest in such instruments without limitation. Although the Fund intends to maintain an overall long position in its portfolio investments, the Fund generally expects to maintain significant short positions in equity securities and equity-related instruments. In certain circumstances, these short positions may approach or reach the size of the overall long position. The use of both long and short positions better enables the Fund to seek to produce returns that have low correlation to those available by investing in the market as a whole.

A long position arises where the Fund holds a security in its portfolio or maintains a position through a derivative instrument that provides economic exposure similar to direct ownership of the security. The Fund will have a short position where it sells a security it does not own by delivery of a borrowed security or has entered into a derivative instrument that provides economic exposure similar to a short sale of the security. The Fund looks to identify overvalued, undervalued or mispriced stocks and other equity instruments through proprietary ranking techniques. The Fund takes long positions primarily in securities that BlackRock has identified as attractive and short positions in such securities that BlackRock has identified as overvalued or poised for underperformance. Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%) of its total assets in securities (or derivatives with similar economic characteristics) of (i) foreign government issuers, (ii) issuers organized or located outside the United States, (iii) issuers whose securities primarily trade in a market located outside the United States, or (iv) issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States.

The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation described above. The Fund may utilize derivative instruments as a significant part of its strategy. When consistent with the Funds investment objective, the Funds investments may include short-term investments such as cash and cash equivalents, U.S. Government and agency securities, money market funds (including funds that may be affiliated with or sponsored or managed by BlackRock), commercial paper, certificates of deposit and other bank deposits and bankers acceptances. Equity instruments consist of: Common stock Depositary receipts Derivative securities or instruments such as futures, options, forward contracts and swaps (including, but not limited to, total return swaps, some of which may be referred to as contracts for difference), the value of which is based on a common stock or group of common stocks.

A contract for difference offers exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.

C000166017 Holdings

Top 10 holdings of BlackRock Global Long/Short Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000166017 holdings

C000166017 Portfolio Allocation

Asset-class allocation of BlackRock Global Long/Short Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000166017 Performance

Total returns for C000166017 (as of 2026-10-01), from SEC filings.

C000166017 Risk Information

Risk metrics for C000166017, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 6.6%

C000166017 Costs and Fees

C000166017 costs about $125 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.25%
• Gross expense ratio: 1.25%
• Portfolio turnover: 113%
• Brokerage commissions: 1.91 bps of average net assets (SEC N-CEN)

C000166017 Cashflows

Over the 12 months to 2026-01, BlackRock Global Long/Short Equity Fund had net inflows of $5.02B, from monthly SEC N-PORT filings.

C000166017 Debt Constituents

Largest debt holdings of BlackRock Global Long/Short Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000166017 Prospectus and SEC Filings

Official BlackRock Global Long/Short Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-08-24
• Prospectus (485BPOS) — filed 2025-08-25
• Prospectus (485BPOS) — filed 2024-08-27
• Portfolio holdings (N-PORT) — filed 2026-03-26
• Portfolio holdings (N-PORT) — filed 2025-12-29
• Portfolio holdings (N-PORT) — filed 2025-09-24
• Annual census (N-CEN) — filed 2025-07-11
• Annual census (N-CEN) — filed 2024-07-12

Related Funds

Other Long-Short funds tracked on ABC INVEST:

• JPMorgan Strategic Income Opportunities Fund (JSOSX)
• AQR Diversifying Strategies Fund (QDSRX)
• Goldman Sachs Absolute Return Tracker Fund (GARTX)
• AB Select US Long/Short Portfolio (ASYLX)
• Defensive Market Strategies Fund (GDMYX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.