BlackRock publishes Q1 2026 commentary materials for multiple funds, including the BlackRock Advantage Emerging Markets Fund and the BlackRock High Yield V.I. Fund. In these commentaries, the firm reviews fund performance and discusses factors that influence results, such as portfolio positioning and broader market conditions relevant to each strategy. The emerging-markets commentary addresses developments affecting investors in emerging economies and the fund’s exposure to that asset class, while the high-yield commentary focuses on conditions in high-yield credit markets and how the fund manages credit risk and positioning. Both commentaries are designed to provide investors with context around quarter-to-quarter results and the outlook drivers for the respective investment mandates. Since the provided article excerpts contain only article titles and no additional details, specific performance metrics, holdings changes, or named market events are not included in the supplied text. Additional information from the full commentaries would be required to compare concrete outcomes across funds and to verify specific claims about performance drivers.