Fund Description

The fund invests at least 80% of net assets plus any investment borrowings in large cap value equity securities of U.S. issuers and derivatives providing exposure to such securities or related market risk factors. For this policy, holdings are within the market-cap range of the Russell 1000 Value Index and included in at least one BlackRock-determined value index: the Russell 3000 Value Index, the S&P Composite 1500 Value Index and the MSCI World Value Index. It primarily buys common stock and may invest in preferred stock, IPOs and convertible securities. It uses derivatives to enhance returns, hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets, and manage cash flows, and may gain commodity-market real asset exposure via commodity-linked derivatives and commodity-focused ETFs. The portfolio is built and rebalanced using proprietary quantitative return-forecast models and optimization to capture mispricing while controlling incremental risk.