Thornburg Small/Mid Cap Growth Fund Q1 2025 Commentary
2025-06-10 00:30:00 ET
Market Review
Markets experienced substantial volatility during the quarter, largely driven by U.S. trade and economic policy uncertainty. Performance was challenging across U.S. equities as an unwind of the artificial intelligence and momentum trade stoked fears of peak spending within AI, following the arrival of DeepSeek, which showcased China’s cost-efficient advancement within the technology. The Magnificent Seven stocks were hit especially hard (down 16%) and large cap growth underperformed value by more than 1,200 basis points. The risk-off environment was challenging for small and mid-cap segments of the market which reacted more sensitively to the prospect of a reduced level of rate cuts in 2025....
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Thornburg Small/Mid Cap Growth Fund Q1 2025 Commentary
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