BNY Mellon Equity Income Fund Q1 2025 Commentary

Summary

• BNY Mellon Equity Income Fund (Class A at NAV) returned -3.31% during Q1 2025. In comparison, the fund’s benchmark, the S&P 500 Index (the “Index”), returned -4.27% for the same period.
• On a sector basis, security selection in consumer staples and communication services were among the positive contributors, offset by weaker selection in financials and industrials.
• Global economic volatility has arrived and is apparent within an asset class and across asset classes. Equity investors are focused on high quality fundamentals to help weather economic uncertainty.

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The fund is comprised of companies with stable above average dividends that also exhibit attractive valuation characteristics through a diversified set of factors.

Market Review

Equity markets were mixed during the first quarter, as US