Insights | June 18, 2025
US SMID Cap Growth Commentary May 2025
US equity markets rallied meaningfully in May as investors appeared to conclude that peak tariff rates and peak fear may be in the rearview mirror.
The S&P 500 leaped 6.29%, the Russell Mid Cap gained 5.72%, and the small cap-focused Russell 2000 rose 5.34%. Growth stocks handily outperformed value while large-caps outpaced both small- and mid-caps.
Corporate earnings outperformed consensus expectations, providing support for equities during the month, though trade policy decisions and headlines continued to move markets. While the equity markets generally responded positively during the month, trade discussions were uneven and suggest volatility isn’t going anywhere.
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June 18, 2025
The Open-Ended Question
Demand for fund structures that facilitate dynamically managed allocations to private markets has intensified in recent years. Consequently, investment managers have sought to provide greater optionality, both in respect of portfolio customisation, but also by offering ‘evergreen’ open-ended funds in the semiliquid and illiquid asset space – structures that Fiera Capital has provided for two decades across real estate, natural capital, infrastructure, private equity and private credit asset classes.
Global Asset Allocation Team Market Update – July 2025