NVO - Artisan International Fund Q2 2025 Commentary
2025-08-13 23:25:00 ET
Investing Environment
Global equity markets experienced a rollercoaster ride in Q2 as a combination of economic and geopolitical events led to a sharp rise and subsequent fall in market volatility. The quarter began with the US administration’s “Liberation Day” announcement of tariffs on nearly all its trading partners. The market reaction was swift, with the US stock market losing over $6 trillion in value, sending the S&P 500® Index into correction territory and the Nasdaq Composite Index into a bear market. However, global financial markets quickly reversed course when President Donald Trump announced a 90-day pause on tariffs, opting instead for negotiated tariffs with each country. China was initially excluded from negotiations, igniting further volatility; however, this too subsided after direct talks with China yielded some progress. US and international markets resumed their recovery through the end of June. While some countries have reached negotiated tariffs, most have not. With the 90-day pause ending on July 9, the negotiations timeline remains unclear....
Artisan International Fund Q2 2025 Commentary