NYLI Fiera SMID Growth Fund Q1 2025 Commentary

Summary

• Amidst a challenging equity backdrop NYLI Fiera SMID Growth Fund returned -10.85% (Class I), and slightly underperformed Russell 2500 Growth Index which returned -10.80%.
• U.S. equity market returns generally turned negative for the first quarter of 2025 with the S&P 500 Index falling -4.30%.
• The market is pricing in a slower growth rate and not necessarily a full-blown recession.

Jonathan Kitchen

Market Review

• U.S. equity market returns generally turned negative for the first quarter of 2025 with the S&P 500 Index falling -4.30%. However, there was a huge divergence in performance by style. For instance, the Russell 1000 Growth Index had a return of -9.97% while