BlackRock Capital Appreciation V.I. Fund Q1 2025 Commentary

Summary

• BlackRock Capital Appreciation V.I. Fund posted a return of -10.69% (Class I shares) for the first quarter of 2025.
• The largest contributors to relative performance were investment decisions in the communication services, consumer discretionary, and real estate sectors.
• The largest detractors were investment decisions in the information technology, consumer staples, and industrials sectors.

Andrii Yalanskyi

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

	1Q25 (not annualized)	YTD (not annualized)	1Year	3Year	5Years	10Years
Class I (Without Sales Charge)1	-10.69	-10.69	3.95	8.33	16.46	13.34
Morningstar US Insurance Large Growth Category