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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Value significantly outperformed Growth in Q1 as Trump's tariff agenda drove defensive rotation. Strong stock selection in Industrials, Consumer Staples, and Healthcare drove performance while Financials detracted."
Schafer Cullen's Value Equity strategy returned 1.4% net in Q1 2025, underperforming the Russell 1000 Value's 2.1% return but significantly outperforming the S&P 500's -4.3% decline. The quarter marked a sharp reversal from 2024's Growth dominance, with Value outperforming Growth by 12.1 percentage points as defensive, higher-yielding stocks rallied while Magnificent 7 stocks declined 15.8%. Trump's tariff-centric agenda created policy uncertainty, leading to market rotation toward defensive positioning. Key contributors included strong stock selection in Industrials with Siemens and RTX benefiting from automation and defense spending themes, Consumer Staples with Mondelez and Kenvue, and Healthcare with Cigna and Johnson & Johnson. The manager sees Value stocks in early stages of potentially longer-term resurgence, supported by compelling valuations with Growth trading at 94% premium versus 57% historical average. Portfolio maintains attractive valuation at 14.6x forward P/E versus 19.5x for Russell 1000 Value, positioning for continued market broadening beyond concentrated Growth leadership.
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