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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically attractive valuation discount relative to the S&P 500."
In 2Q 2025, Lyrical Asset Management's US CS composite gained +12.7% net, outperforming the S&P 500 by 180 bps (+10.9% return) and bringing YTD outperformance to 570 bps (+11.9% vs +6.2%). Active performance was driven by key contributors such as NRG and FLEX, despite headwinds from mega-cap concentration where only 29% of S&P 500 stocks beat the index. International strategies also outperformed EAFE by 500 bps in the quarter. Lyrical continues to project strong forward-looking opportunities due to a massive valuation spread, with the S&P 500 forward P/E at 22.1x compared to Lyrical's CS composite at 12.8x, even though Lyrical's holdings offer higher historical and forecasted EPS growth.
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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 delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Growth Outlook
Market outlook remains above average conviction: Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Risk Appetite
Risk appetite posture is above average conviction: Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Forward Guidance
Forward guidance signal: Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Language Signal
Tone analysis indicates above average conviction language: Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
Time Horizon
Investment time horizon reflects a high conviction orientation. Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically a...
