Largest BlackRock equity mutual funds worldwide in June 2026, by net assets

Leading equity mutual funds owned by BlackRock worldwide as of June 17, 2026, by net assets under management

BlackRock is the worlds largest asset manager, but it is best known for its iShares exchange-traded funds. Its lineup of traditional equity mutual funds is far smaller, and this report ranks the largest BlackRock equity mutual funds worldwide in June 2026 by net assets, led by a single long-running dividend fund. BlackRock was founded in 1988 and at the end of 2025 managed around 14 trillion dollars in total assets, the largest of any asset manager in the world, yet the bulk of that money sits in index funds rather than the active mutual funds ranked here.

At the top sits the BlackRock Equity Dividend Fund, with around 20 billion dollars in net assets, followed by sector funds in technology and health care and a range of large-cap and international funds. This is the mutual fund counterpart to our largest BlackRock equity ETFs ranking, and it sits alongside our leading BlackRock funds by NAV return analysis.

One fund on top: the BlackRock Equity Dividend Fund, at around 20 billion dollars, leads every other active equity mutual fund. Technology and health sector funds follow, with the rest far smaller.

Unlike the giant iShares ETFs, these are actively managed funds run by BlackRock portfolio teams. The firm broader fund range, dominated by ETFs, is set out in our iShares ETF overview, and the performance of its funds in our worst-performing BlackRock funds report.

A note on the data. The figures cover BlackRock active equity mutual funds, ranked by net assets and combining all share classes. They are approximate, drawn from fund disclosures and industry data, and move with markets, so the exact ranking shifts over time. Mutual fund net assets are reported across several share classes, including institutional, investor and retirement versions, so a single fund can appear under several tickers, which is why the totals here are presented as careful approximations rather than exact figures.

BlackRock Equity Mutual Funds Versus Its Giant ETFs

The most striking feature of BlackRock equity mutual funds is how small they are next to the firm exchange-traded funds. The largest equity mutual fund holds around 20 billion dollars, while the largest equity ETF holds around 800 billion, forty times more. For context, the Vanguard S&P 500 ETF became the first exchange-traded fund to pass one trillion dollars in 2026, and the iShares Core S&P 500 ETF sits second at around 800 billion, so even one ETF holds far more than every BlackRock equity mutual fund combined.

The entire top ten of BlackRock equity mutual funds, taken together, holds little more than 60 billion dollars, a fraction of the assets in a single large iShares fund. This gap reflects the firm decisive tilt toward index investing, as our BlackRock AUM by asset class breakdown shows.

Dwarfed by ETFs: on a log scale, the largest equity mutual fund (around 20 billion dollars) is tiny next to the largest equity ETF (around 800 billion) and the entire iShares ETF range (around 5.5 trillion).

The contrast captures how completely the ETF has reshaped investing. BlackRock built its scale through cheap index funds, leaving its actively managed equity mutual funds as a modest, if respected, corner of a vast business dominated by iShares. The shift has been decades in the making, as low fees, tax efficiency and simplicity drew trillions of dollars into index funds, leaving active managers across the industry, not just at BlackRock, fighting to justify their higher costs to increasingly price-conscious investors.

Largest BlackRock Equity Mutual Funds by Net Assets

The table lists the largest BlackRock equity mutual funds by net assets in 2026, with each fund as a share of the top ten total. It shows how the Equity Dividend Fund alone makes up nearly a third of the assets, well ahead of the technology and health sector funds. Sorting any column reveals the full order. The Equity Dividend Fund trades under tickers including MADVX for its institutional class and MDDVX for its investor class, and it has been rated by Morningstar against more than a thousand large value funds, a sign of how crowded that part of the market has become.

Largest BlackRock Equity Mutual Funds by Category

By category, the largest BlackRock equity mutual funds split into a few clear groups: broad large-cap value and core funds, sector funds in technology and health care, growth funds, sustainable funds and international funds. Large-cap value and core funds hold the most. The Equity Dividend Fund top holdings have included JPMorgan, Wells Fargo, Comcast, Chevron and Home Depot, reflecting a focus on established, dividend-paying companies in financials, industrials and energy rather than the fast-growing technology names that dominate broad market indexes.

The Equity Dividend Fund anchors the large-cap value group, while the Technology Opportunities and Health Sciences Opportunities funds lead the sector group. International and sustainable funds round out the list, a spread explored in our BlackRock AUM by asset class analysis.

Value leads: large-cap value and core funds hold the most assets, led by the Equity Dividend Fund, followed by the technology and health sector funds, then growth, international and sustainable funds.

This mix reflects where active management still draws money. Investors who want a managed dividend strategy or focused exposure to technology or health care still turn to mutual funds, even as broad market exposure has shifted almost entirely to cheap index ETFs. The Technology Opportunities Fund, for instance, has held stakes in private companies such as Anthropic and Databricks alongside listed technology firms, giving investors exposure that a simple index fund tracking only public stocks cannot easily replicate at the same low cost.

Active Funds, Real Fees

Unlike the ultra-cheap iShares ETFs, these active mutual funds charge real fees. The Equity Dividend Fund charges around 0.71 percent, and the sector funds charge close to 1 percent, far above the 0.03 percent on the largest index ETFs. The largest iShares core ETFs charge as little as 0.03 percent, meaning an investor pays just three dollars a year for every ten thousand invested, while the BlackRock sector mutual funds can cost more than thirty times that amount in return for active management.

Plotting each fund net assets against its expense ratio shows a looser pattern than with ETFs: the largest fund is not the cheapest, and several smaller funds charge less than the big sector funds. Active management commands higher fees, a contrast drawn out in our leading fund managers ranking.

Real fees: each bubble is a fund, placed by its expense ratio and net assets. Unlike the ultra-cheap ETFs, these active funds charge 0.4 to over 1 percent, with the sector funds the most expensive.

This is the core trade-off of active mutual funds. Investors pay more in the hope of beating the market, where index ETF buyers pay almost nothing to simply match it, a choice that has tilted the industry sharply toward low-cost index funds. Studies of fund performance have repeatedly shown that a majority of active managers fail to beat their benchmark over long periods after fees, which helps explain why cost-conscious investors have moved so decisively toward cheap index products over the past two decades.

Net Assets and Fees of the Largest Funds

Pairing net assets with fees shows that BlackRock active equity mutual funds are both smaller and more expensive than its index ETFs. The largest funds charge between 0.4 and 1.1 percent, many times the cost of the firm core ETFs. Expense ratios matter enormously over time because they compound: a one percent annual fee can consume a large share of an investor total return across several decades, which is precisely the maths that has driven the long migration from active funds toward index ETFs.

The Equity Dividend Fund charges around 0.71 percent on roughly 20 billion dollars, while the sector funds charge close to 1 percent on smaller asset bases. These fees fund active research and management, a cost structure examined in our BlackRock assets under management overview.

Cost of active: the bars show net assets while the line shows the expense ratio. The largest funds charge between 0.4 and 1.1 percent, many times the 0.03 percent on the firms core index ETFs.

This is why active mutual funds have lost ground to ETFs. Higher fees eat into returns over time, and most active funds struggle to beat their benchmarks, which has pushed a growing share of investor money toward cheap index products. The Health Sciences Opportunities Fund, with biotechnology making up around a third of its portfolio and holdings such as AbbVie, charges close to one percent, reflecting the specialised research needed to pick winners in a volatile and science-driven part of the market.

How the Largest Funds Have Grown

The largest BlackRock equity mutual funds have grown over the past several years, but far more slowly than the firm ETFs. Comparing net assets in 2020 with 2026 shows steady gains driven mainly by rising markets rather than big new inflows. Because these are actively managed funds rather than index trackers, their growth depends both on the performance of the stocks the managers choose and on whether investors add or withdraw money, making their paths less predictable than a fund that simply follows a market index.

The Equity Dividend Fund grew from around 14 billion dollars in 2020 to around 20 billion by 2026, a solid rise but modest next to the explosive growth of the iShares ETFs over the same period. The divergence is a recurring theme in our fastest-growing BlackRock funds coverage.

Gentle growth: comparing 2020 with 2026, the largest BlackRock equity mutual funds rose steadily, led by the Equity Dividend Fund from around 14 to 20 billion dollars, far slower than the surge into ETFs.

The pattern shows how active mutual funds grow today: largely through market appreciation rather than fresh money. With investors favouring ETFs, the mutual funds rise and fall mostly with the value of the stocks they already hold. Over the same period the iShares Core S&P 500 ETF roughly doubled to around 800 billion dollars, drawing in vast new inflows, so the contrast in growth between the active mutual funds and the index ETFs reflects investor preferences as much as underlying market returns.

How Concentrated the Assets Are

BlackRock equity mutual fund assets are concentrated at the top. The Equity Dividend Fund alone holds nearly a third of the assets in the top ten, and the top three funds together hold well over half. This pattern, where a single flagship fund dwarfs the rest, mirrors what happens across the wider fund industry, in which a handful of well-known products capture most new money while thousands of smaller funds compete for whatever remains of investor attention and inflows.

This concentration shows how a few flagship active funds dominate, while the rest are mid-sized at best. The Equity Dividend, Technology Opportunities and Health Sciences funds carry most of the weight, a pattern our asset manager statistics overview notes.

Top-heavy: the Equity Dividend Fund alone holds nearly a third of the assets in the top ten, and the top three funds together hold well over half. A few flagship funds carry most of the weight.

The result is that BlackRock active equity mutual fund business rests on a handful of well-known funds. Outside the top three, the funds are far smaller, underlining how narrow the firm active equity franchise has become next to its sprawling ETF range. Many of the smaller funds on the list, such as the international and sustainable strategies, hold only a few billion dollars each, which is modest for a firm of BlackRock size and shows how concentrated investor demand for active equity funds has truly become.

Mutual Fund Assets by Style and Sector

Grouping the funds by style and sector shows where the money sits. Large-cap value and core funds hold the most, followed by the technology and health sector funds, then growth, international and sustainable funds. The strength of large-cap value and core funds reflects steady demand for dividend income and conservative US equity exposure, while the sector funds in technology and health care show that some investors still pay up for focused, actively managed bets on fast-changing industries.

The strength of the large-cap value group reflects the enduring appeal of the Equity Dividend Fund, while the sector funds show that investors still pay for focused active exposure to technology and health care. The breadth echoes our number of BlackRock funds overview.

Where the money sits: large-cap value and core funds hold the most, followed by the technology and health sector funds, then growth, international and sustainable funds, showing both concentration and variety.

This segment view captures both the concentration and the variety of the active range. One group, large-cap value and core, holds most of the money, but BlackRock still runs sizable active funds across sectors, styles and regions. BlackRock also runs sustainable and international equity mutual funds, and in 2026 international funds across the industry saw renewed interest as some investors trimmed US exposure, a move commentators described as a sell America trade that lifted flows into overseas strategies.

The Rise of the Equity Dividend Fund

The BlackRock Equity Dividend Fund has grown steadily over the years. From around 10 billion dollars in the mid-2010s, its net assets climbed to around 20 billion by 2026, roughly doubling over the decade. The fund has been managed with a consistent focus on undervalued, dividend-paying companies, trading higher current yields for steadier long-term growth, an approach BlackRock describes as a core, conservative holding suitable for investors seeking income and capital preservation together.

Rising US stock markets and steady demand for dividend strategies drove the climb, though the pace has been gradual compared with the surge into ETFs. The fund growth reflects the slow, steady nature of active mutual funds, as our leading Vanguard funds comparison shows.

A slow climb: the Equity Dividend Fund grew from around 10 billion dollars in the mid-2010s to around 20 billion by 2026, roughly doubling over the decade, far gentler than the explosive growth of the ETFs.

The fund long, gentle ascent shows how an established active fund grows: through market gains and the loyalty of long-term investors, rather than the rapid inflows that have propelled the largest index ETFs to far greater size. Its trailing returns have been competitive within the large value category, with solid one-year and three-year numbers through 2026, though like all active funds its performance relative to the index varies from year to year depending on which stocks happen to lead the market.

The Cost of Active Management

The defining cost feature of these funds is that they are far more expensive than index ETFs. Expense ratios range from around 0.40 percent for the cheapest large-cap funds to over 1 percent for the sector funds, against just 0.03 percent on the largest iShares ETF. The cheapest large-cap funds on the list, including the Advantage and Sustainable Advantage strategies, charge around 0.40 percent by using quantitative models to keep costs down, while the most expensive sector funds charge over one percent for hands-on research and stock selection.

The sector funds in technology and health care charge the most, reflecting the cost of specialised active research, while the broad large-cap funds charge less. Even so, all are far pricier than the firm index ETFs, a gap highlighted in our largest ETFs by market cap coverage.

Pricey by comparison: these active funds charge expense ratios from around 0.40 percent for the cheapest large-cap funds to over 1 percent for the sector funds, against just 0.03 percent on the largest iShares ETF.

These higher fees are the price of active management. Investors pay them in the hope of returns above the market, but over long periods the drag of higher costs is one reason index funds have steadily won market share from active mutual funds. For a long-term investor, the difference between a 0.03 percent index fund and a one percent active fund can amount to a very large sum over a working lifetime, which is the central reason index funds have steadily captured market share from active mutual funds everywhere.

Modest Funds in a Giant Firm

Even the largest BlackRock equity mutual funds are modest by the standards of the firm ETFs. The biggest, the Equity Dividend Fund, would rank far down any list of the firm exchange-traded funds, where the largest holds around 800 billion dollars. To put the gap in perspective, the entire top ten of BlackRock equity mutual funds, at little more than 60 billion dollars combined, would not even rank among the firm ten largest individual ETFs, several of which each hold well over 100 billion dollars on their own.

This matters because it shows where BlackRock scale truly lies: in low-cost index ETFs, not active mutual funds. The active funds serve specific needs, but they are a small part of a business measured in trillions, as our asset management overview coverage underlines.

Size and strategy go together here. The mutual funds are smaller because active management has fallen out of favour, while the index ETFs are vast because cheap, broad market exposure is exactly what most investors now want. This division of labour suits BlackRock well: the index ETFs provide enormous scale and steady fee income at very low cost, while the active mutual funds serve investors who want professional stock-picking in specific areas such as dividends, technology or health care.

Largest BlackRock Equity Mutual Funds: The Big Picture

Taken together, the largest BlackRock equity mutual funds show a clear pattern: a single dividend fund dominates, followed by sector and large-cap funds, all far smaller than the firm giant ETFs. The ranking also underlines how the mutual fund and ETF worlds have diverged, with the same firm running both a vast, cheap index business and a smaller, pricier active one, each appealing to a different kind of investor with different goals and tolerance for fees.

These funds remain respected and well-run, but they are a modest part of a business built on index investing. The contrast with the trillion-dollar iShares range could hardly be sharper, a divide also seen across our largest asset managers coverage.

For BlackRock, the active equity mutual funds are a legacy and a niche rather than a growth engine. They serve investors who still want active management, even as the firm overwhelming scale comes from the low-cost ETFs that have reshaped the industry.

Taken together, the data shows that BlackRock equity mutual fund assets are concentrated in a few active funds, led overwhelmingly by the Equity Dividend Fund at around 20 billion dollars. Sector, growth and international funds fill out the rest of the top ten, with the multi-asset range covered in our leading BlackRock multi-asset funds report.

Whether measured by size or by cost, the largest BlackRock equity mutual funds tell the same story: active management is now a small, specialised corner of a firm whose scale rests on cheap index ETFs. From one 20 billion dollar dividend fund to a range of sector and style funds, the active equity lineup is dwarfed by the iShares giants and the broader market leaders in our biggest companies by market value overview.

Frequently Asked Questions: Largest BlackRock Equity Mutual Funds