Thornburg Summit Fund Q1 2025 Commentary

2025-06-10 05:40:00 ET

Market Review

Global markets experienced substantial volatility during the quarter, largely driven by escalating trade tensions initiated by the United States. Following a year in which U.S. equities outperformed international markets by approximately 20%, optimism from November's election and AI enthusiasm supported expectations for continued U.S. market exceptionalism entering 2025. However, reality diverged significantly, with the S&P 500 Index trailing international equities by its widest margin since 2009....

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