BlackRock Global Unconstrained Equity benefits from two skilled managers who follow a well-structured process that seeks to benefit from the long-term compounding of free cash flows. They make full use of an established internal network of investors at BlackRock and the ample other available in-house resources. The recent increase in turnover represents adaptability in the face of what the managers perceive to be changes to long-term structural demand drivers. Our conviction in the process has increased. We represent a best-in-class view with the maintenance of a High People Pillar rating and an upgrade to High from Above Average for the Process Pillar rating.