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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The 1290 SmartBeta Equity Fund delivered a 1.21% NAV return for Class I in 4Q25 (13.95% YTD), gaining from strong technology selection but facing relative headwinds from underperforming Industrials and Health Care holdings."
For 4Q25, the 1290 SmartBeta Equity Fund Class I NAV shares returned 1.21%, bringing YTD returns to 13.95%. Globally, US markets saw a slowing pace of gains as rotation out of the US into undervalued UK and European markets gathered steam. In November, markets faced a brief speed bump due to concerns over stretched AI valuations and trade worries, but ended strong in December with a 'Santa rally' triggered by positive GDP and rate-cut optimism. For the Fund, positive security selection in Technology helped performance, whereas negative stock selection in Industrials (professional services and commercial services) and Health Care (pharmaceuticals and equipment) dragged on relative performance.
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