Summary
- LargeCap Fund (THPGX) outperformed the S&P 500 in Q1 2025, returning -1.73% versus -4.27% for the benchmark.
- We see parallels between today’s AI investment boom and the late 1990s internet infrastructure cycle, positioning the portfolio for a potential sector rotation.
- Recent fund outperformance was driven by declines in AI stocks and gains in previously overlooked sectors like Consumer Discretionary.
- Market anxiety stems from new tariff policy uncertainty and stretched valuations in AI stocks; we expect continued recognition of value discrepancies over time.
Performance
The LargeCap Fund (MUTF:THPGX) produced a total return of -1.73% for the quarter ended March 31, 2025, as compared to its benchmark, the S&P 500 Index (SP500, SPX) , which returned -4.27%.
| Performance data quoted represents past |
Select quarterly mutual fund commentaries.
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