MELI - Thornburg International Growth Fund Q1 2025 Commentary

2025-06-04 09:30:00 ET

Summary

• With headlines dominated by inflation concerns, recession fears, and tariff tensions, it is no surprise investors are feeling uneasy.
• In 1Q25, the portfolio (I share class) returned -1.18%, -314 basis points behind the MSCI ACWI ex-U.S. Growth Index.
• U.S. tariff-induced market volatility reflected growing concerns about the impact on global economic growth, exacerbating recent doubts about the return on investment in the infrastructure buildout necessary for the widespread industry adoption of AI.

Market Review

With headlines dominated by inflation concerns, recession fears, and tariff tensions, it is no surprise investors are feeling uneasy. Uncertainty causes doubt. Yet, it is precisely in these moments of uncertainty that opportunities emerge, especially in international markets in 2025....

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