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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
The Ceredex Mid-Cap Value Equity Strategy Composite returned -8.61% net of fees in the third quarter of 2026, underperforming the Russell Midcap Value Index's return of -1.98%. Year-to-date, the strategy has gained 13.57% net of fees compared to 15.25% for the benchmark. Stock selection in information technology detracted heavily, with AI sentiment reversing sharply following first-half gains, alongside drag from consumer discretionary and financials. Relative performance was supported by strong stock selection across real estate and energy holdings. Macroeconomic conditions remained volatile throughout the quarter as the war involving Iran prompted sharp swings in energy prices and renewed inflation pressures. Global central banks, including the Federal Reserve under new Chairman Warsh, the European Central Bank, and the Bank of Japan, enacted tighter monetary policies, triggering a global bond market selloff. While elevated interest rates weighed on rate-sensitive segments like housing and sparked credit concerns, a resilient U.S. labor market and solid consumer spending continued to provide macroeconomic ballast. Portfolio management actively adjusted exposures during the AI-driven market pullback. The team exited STMicroelectronics due to iPhone launch delays and trimmed Silicon Motion Technology to redeploy into more compelling opportunities, while adding to semiconductor component supplier MKS on weakness. In healthcare, the strategy initiated a new holding in Revvity and expanded Agilent Technologies as biopharma funding indicators improved, while repurchasing Solaris Energy Infrastructure to capture surging AI data center power demand.
Ceredex seeks long-term capital appreciation and income by investing in high-quality mid-cap companies trading at substantial discounts relative to their industry sector and valuation history that possess identifiable catalysts for business and earnings recovery.
Operating conditions and corporate earnings are expected to diverge across sectors as the Fed maintains a restrictive posture to counter persistent inflation. While higher rates pressure businesses lacking pricing power, sustained infrastructure investment in AI and cyclical recoveries in select industries continue to offer attractive long-term growth.
Moderate Conviction Bullish
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