Investment objective & strategy
As of Sept. 24, 2025 · prospectusObjective. The investment objective of BlackRock Energy Opportunities Fund (the Fund), a series of BlackRock Funds SM (the Trust), is to provide long-term growth of capital.
Strategy. Under normal conditions, the Fund invests at least 80% of its total assets in equity securities of global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities). Equity securities include common and preferred stock, warrants, depositary receipts and securities or other instruments whose price is linked to the price of common stock. The Fund may also purchase convertible securities. Investments in derivatives are counted toward the Funds 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund will concentrate its investments ( i.e. , invest … Under normal conditions, the Fund invests at least 80% of its total assets in equity securities of global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities). Equity securities include common and preferred stock, warrants, depositary receipts and securities or other instruments whose price is linked to the price of common stock. The Fund may also purchase convertible securities. Investments in derivatives are counted toward the Funds 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund will concentrate its investments ( i.e. , invest more than 25% of its assets) in energy or natural resources companies. The Fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries. The Fund expects to invest primarily in developed markets, but may also invest in emerging markets. The Fund may invest in companies of any size. The Fund may, when consistent with the Funds investment objective, buy or sell options or futures on a security or an index of securities and may buy options on a currency or a basket of currencies (commonly known as derivatives). The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer issuers than a diversified fund.
Top holdings
As of Feb. 27, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| EXXON MOBIL CORP | — | $71.66M | 21.04% |
| CHEVRON CORP | — | $39.16M | 11.50% |
| SHELL PLC | — | $31.98M | 9.39% |
| TOTALENERGIES SE | — | $22.42M | 6.58% |
| WILLIAMS COS INC | — | $14.99M | 4.40% |
| TC ENERGY CORP | — | $13.07M | 3.84% |
| CAN NATURAL RES | — | $12.77M | 3.75% |
| VALERO ENERGY CORP | — | $12.11M | 3.56% |
| CONOCOPHILLIPS | — | $11.82M | 3.47% |
| KINDER MORGAN INC | — | $11.71M | 3.44% |
Portfolio moves
Nov 28, 2025 → Feb 27, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| BlackRock Energy & Resources Trust | 82% | — |
| iShares Global Energy ETF · IXC | 63% | 0.40% |
| Portfolio Building Block World Pharma and Biotech Index ETF | 55% | — |
Advisers
| Firm | Role |
|---|---|
| BlackRock International Limited | Sub-adviser |
| BlackRock Advisors, LLC | Adviser |
Footnotes
- Expense ratio as of September 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 27, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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