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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The BNY Mellon Appreciation Fund underperformed the S&P 500 in Q4 2025 (1.33% vs. 2.66%) due to weak selection in tech and industrials, with the manager maintaining a cautious stance focused on cycle-tested compounders."
In Q4 2025, the BNY Mellon Appreciation Fund underperformed the S&P 500 Index, posting a 1.33% return (Investor Shares) against the index's 2.66% return. While the fund gained from strong stock selection in consumer discretionary, communication services, and consumer staples, negative stock selection in the technology, industrials, and financials sectors dragged on relative performance. On the macroeconomic front, the Fed cut interest rates twice in response to rising unemployment (4.6%), while trade negotiations between Trump and Xi showed signs of temporary de-escalation. The manager notes rising concern around an artificial intelligence bubble, circular financing of technology capital expenditures, and increasingly clear consumer bifurcation. The fund maintains a cautious, disciplined stance focused on long-term quality compounders.
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