Summary
- US equities saw a volatile Q1 2025, with the S&P 500 and Russell 2000 declining due to trade tensions, AI scrutiny, and softer economic data.
- The Goldman Sachs Small Cap Growth Fund outperformed its benchmark, driven by strong stock selection in Industrials and Financials, despite headwinds in Tech and Health Care.
- We remain committed to active, quality-oriented investing, focusing on strong balance sheets and management teams to navigate ongoing market uncertainty and volatility.
- Recent portfolio changes reflect our conviction in high-growth, resilient businesses, while maintaining discipline and nimbleness to capture idiosyncratic opportunities.
Market Overview
The S&P 500 Index (SP500, SPX) decreased by 4.27% (total return, in USD) in the first quarter of 2025, whereas the Russell 2000 Index decreased by 9.48% (total return, in USD). The S&P 500 Index initially reached record highs, but sentiment turned
Select quarterly mutual fund commentaries.
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