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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low-P/E portfolio."
Lyrical Asset Management (LAM) delivered solid performance in 2025, with its flagship U.S. Value Equity - CS strategy returning +17.9% net YTD, successfully matching the return of the cap-weighted S&P 500 without owning any of the highly concentrated 'Magnificent Seven' stocks. The strategy outperformed the S&P 500 Value index by 470 bps. In international markets, LAM International Value excelled with a +35.5% net return. Lyrical highlights that the S&P 500's current multiple of 22.2x forward P/E represents an expensive valuation driven strictly by multiple expansion rather than superior earnings growth. Conversely, Lyrical's portfolio trades at an attractive 12.5x forward P/E despite growing earnings at a 10.6% CAGR (vs. 6.6% for the S&P 500), reflecting a historically wide 78% value spread that they believe will drive future outperformance.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Growth Outlook
Market outlook remains moderate conviction: Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Risk Appetite
Risk appetite posture is above average conviction: Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Forward Guidance
Forward guidance signal: Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Language Signal
Tone analysis indicates above average conviction language: Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
Time Horizon
Investment time horizon reflects a high conviction orientation. Lyrical matched the S&P 500's 17.9% return in 2025 without owning any Magnificent Seven stocks, highlighting a historically wide 78% value spread that favors their high-growth, low...
