TSM - Carillon ClariVest International Stock Fund Q1 2025 Commentary

2025-05-29 14:25:00 ET

Summary

• Global equities, as measured by the MSCI ACWI® (All Country World) Index, declined for the second successive quarter in their first such streak since 2022.
• At the start of the quarter, as compared to its MSCI All Country World Ex-United States benchmark, the Carillon ClariVest International Stock Fund was most overweight the information technology and consumer staples sectors, and most underweight energy and materials.
• The world took a walk down tariff lane and found the visibility to be even poorer than imagined.

Market Overview

Global equities, as measured by the MSCI ACWI® (All Country World) Index, declined for the second successive quarter in their first such streak since 2022. Even more notable was the complete reversal of relative performance between the U.S. and non-U.S. markets (all returns measured in U.S. dollars). In the fourth quarter of 2024, the U.S. market, as represented by the S&P 500 Index, rose in contrast to a drop in the MSCI indices for Canada, Europe, Japan, EAFE (Europe, Australasia, and the Far East), and emerging markets. In the first quarter of 2025, the S&P 500 was the only market among these six to decline. We don’t know anyone who had that flip on their bingo cards....

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