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Funds Commentary

Alternative Mutual Funds

 
June 2025 Commentary

By the last trading day of Q2, the S&P 500 had clawed back the almost $10T it lost between its pre-tariff high on February 19th and its April 8th tariff-inspired low, plus $500B on top of this recouped loss, closing the first six months of 2025 with its fifth new closing high of the year (and 15th since the U.S. election). The M7 accounted for 44% of this bottom-to-top recovery and as the M7 group is the ‘poster child’ for both large cap and growth factors, the graph below explains their outperformance during the Q2 recovery in equities. Starting on the left, from January 2024, the right side of this 18-month indexed graph makes it pretty clear that large cap growth was the only place to be of late, prior to the ‘junk rally’ that joined the party in early June, with the ‘high beta’ and ‘most shorted’ factors outperforming the M7 during that time.

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