Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The investment objective of BlackRock Exchange Portfolio (the Fund), a series of BlackRock Funds SM (the Trust), is long-term growth of capital and consequent long-term growth of income.
Strategy. Under normal circumstances, the Fund invests largely in, and holds a supervised portfolio comprised of, common stocks or convertible securities, believed by management to have growth potential over the years. In pursuing the Funds investment objective, the Fund management team seeks to minimize the recognition of capital gains. The Fund currently emphasizes companies with mid to large market capitalizations. The Funds investments are not, however, limited by a companys market capitalization and the Fund may invest in companies with any market capitalization. Fund management may, when consistent with the Funds investment objective, buy or sell options or futures on a security or an index of securities (collectively, commonly known as derivatives). Under normal circumstances, the Fund invests largely in, and holds a supervised portfolio comprised of, common stocks or convertible securities, believed by management to have growth potential over the years. In pursuing the Funds investment objective, the Fund management team seeks to minimize the recognition of capital gains. The Fund currently emphasizes companies with mid to large market capitalizations. The Funds investments are not, however, limited by a companys market capitalization and the Fund may invest in companies with any market capitalization. Fund management may, when consistent with the Funds investment objective, buy or sell options or futures on a security or an index of securities (collectively, commonly known as derivatives).
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| MICROSOFT CORP | — | $58.25M | 22.57% |
| GENERAL DYNAMICS CORPORATION | — | $26.79M | 10.38% |
| BERKSHIRE HATH-B | — | $26.53M | 10.28% |
| JPMORGAN CHASE and CO | — | $21.31M | 8.25% |
| AMERICAN EXPRESS CO | — | $18.49M | 7.16% |
| JOHNSON&JOHNSON | — | $13.55M | 5.25% |
| ASTRAZENECA PLC | — | $12.62M | 4.89% |
| VISA INC-CLASS A | — | $12.01M | 4.65% |
| Novartis AG | — | $10.49M | 4.06% |
| WALMART INC | — | $10.22M | 3.96% |
Portfolio moves
Dec 31, 2025 → Mar 31, 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. |
|---|---|---|
| Principal U.S. Mega-Cap ETF · USMC | 27% | 0.12% |
| Union Street Partners Value Fund · USPVX, USPCX, USPFX | 27% | 1.15% |
| WP Large Cap Income Plus Fund · WPLCX | 27% | 2.21% |
Advisers
| Firm | Role |
|---|---|
| BlackRock Advisors, LLC | Adviser |
Footnotes
- Expense ratio as of April 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 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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