Fiduciary Management Q2 2025 Investment Strategy Outlook

2025-07-21 11:05:00 ET

It was an eventful start to the second quarter, with the Trump administration announcing massive reciprocal tariffs on April 2, 2025 ("Liberation Day"), thereby swiftly driving stock markets into a steep decline. After a week of chaos, the White House enacted a 90-day pause, leaving 10% baseline tariffs in effect, among several other targeted levies. For some countries, the pause is expected to be extended beyond the July 9 deadline, as few trade deal agreements have been reached thus far. Meanwhile, hostilities in the Middle East ratcheted up, with Israel starting a 12-day war with Iran, which the U.S. joined by bombing Iran's key nuclear sites, before quickly brokering a ceasefire. Early stock market pessimism in the quarter soon turned into optimism, with the S&P 500 ( SP500 , SPX, +10.94%), Russell 2000( RTY , +8.50%), and MSCI ( MSCI ) EAFE (+3.18% in local currency, +10.11% in USD) indices each strongly advancing. After a brief reprieve, investors jumped right back into growth stocks, which substantially outperformed value across the board....

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