Victory RS Partners Fund Q1 2025 Commentary

2025-06-25 06:06:00 ET

Market Commentary

Nothing good lasts forever, and the incredible winning streak that domestic equities were enjoying came to an abrupt end during the first quarter of 2025. Truth be told, stocks began souring in the final month of last year after a brief spell of post-election euphoria. At first, expectations for fewer regulations and pro-business policies were largely embraced by the market. But then questions regarding the outlook for economic growth—along with the uncertainty surrounding President Trump’s commitment to install and enforce a wide range of tariffs—were more than enough to undermine investor sentiment. After two consecutive years of 20%-plus returns for the broad market (as measured by the S&P 500®Index ¹ ), investors were content to take some profits and reduce exposure to equities. As a result, the S&P 500®Index finished the first quarter deep in the red, shedding approximately 4.3%. This made it the worst-performing quarter since mid-2022....

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