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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts."
BNY Mellon Global Equity Income Fund returned 9.07% in Q2 2026, underperforming the FTSE World Index's 15.92% return due to its material underweight to technology driven by yield requirements. Global equities rallied strongly in April and May on AI excitement and hopes for a US-Iran peace deal, though June saw a pullback on concerns about elevated AI valuations and potential interest rate increases. The fund's strict yield-based discipline resulted in zero exposure to the Magnificent Seven technology stocks, which continue to dominate index returns. The manager views current market concentration as creating elevated valuation and correlation risks similar to 2000. Income stocks trade at historically wide discounts to low-yielding stocks, presenting compelling opportunities. With great power competition remaining an inflationary force and interest rates expected to stay higher for longer, the manager believes the environment favors undervalued income stocks. Technology and consumer discretionary stock selection added value, while financials detracted. The fund remains positioned for long-term outperformance through its differentiated income-focused approach despite near-term relative performance volatility.
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