Goldman Sachs GQG Partners International Opportunities Fund Q1 2025 Commentary

2025-06-24 20:15:00 ET

Market Overview

During the 1Q25 period, the MSCI ACWI fell 1.32% despite eight of the 11 sectors demonstrating a positive return. The largest drivers of the benchmark's loss were Information Technology (-11.6%, detracting 288 bps from the performance of the ACWI index) and Consumer Discretionary ( ?7.6%,?82bps ). From a country perspective, only 6 of the 20 largest constituents in the index exhibited losses but the decline in the US (MSCI US -4.6%, detracting 279 bps from the performance of the benchmark) was only partially offset by gains in China ( +16.1%,+36bps ), the United Kingdom ( +9.4%,+30bps ), and Germany (+15.8%, +28 bps)....

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