23 hours Ago
Maxiphoto Average annual total returns (%) as of 9/30/24 Commentary as of 09/30/24 Top 10 holdings (%) Investment approach Invests at least 80% of its assets in equity securities or other financial instruments that are components of, or have market capitalizations similar to, the securities included in the Russell 1000 Growth® Index. Further insight Continued global equity strength belies the rotations observed during the quarter. In July, inflation data and large-cap technology earnings were both softer, which initiated a rotation toward cyclical stocks exposed to a "soft-landing" macroeconomic thesis.
As the technology sell-off continued, the rotation moved to rate-sensitive defensive stocks in August amid heightened recession fears. The collapse in U.S.
Treasury yields contrasted with other hawkish central banks (notably the Bank of Japan), which unwound several macro trades. This stoked intraday volatility to the third-highest level, behind only the global financial crisis and onset of COVID-19. Ultimately, a resilient U.
S. consumer and cooling inflation soothed markets and enabled the Federal Reserve to begin easing monetary policy with a 50-basis-point rate cut in September. Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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