BlackRock Sustainable Advantage Large Cap Core Fund Q1 2025 Commentary

Summary

• BlackRock Sustainable Advantage Large Cap Core Fund posted returns of -5.04% (Institutional shares) and -5.12% (Investor A shares, without sales charge) for the first quarter of 2025.
• The fund’s underperformance of its benchmark was driven by weakness in macro-thematic and fundamental measures.
• U.S. market stress drove the sell-off as uncertainty from the new U.S. administration’s policy agenda simultaneously stoked recession concerns and market volatility.

Eoneren

Average annual total returns (%) as of 3/31/25

	1Q25 (not annualized)	YTD (not annualized)	1 Year	3 Year	5 Years	10 Years	Since Inception1
Institutional	-5.04	-5.04	6.26	8.22	18.55	—	13.30
Investor A (Without Sales Charge)