2024-07-23 08:56:00 ET
Summary
- Market performance was mixed during the quarter as investors navigated macro uncertainties. U.S. large cap growth was up while international, small caps and value lagged. The rally in U.S. growth was dominated by semiconductors, technology hardware, as well as media and entertainment industries as the artificial intelligence trade once again led markets.
- For the quarter, the Merrill Lynch Large Cap Core-Value SMA (the SMA) underperformed the S&P 500 Index (the Index), on a net asset value (NAV) basis.
- Despite challenges, the US economy remains resilient. Inflation remains a key focus, with the U.S. Federal Reserve holding interest rates steady to curb its impacts. Economic and Fed data continue to call for “status quo” equity positioning. However, we anticipate a regime shift as the market gains confidence in the next phase of Fed policy.
Strategy overview
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Voya Large Cap Core-Value SMA Strategy Q2 2024 Commentary