Q2 2024 Market Insights: Global Equity Funds Performance and Economic Outlook

BNY Mellon Income Stock Fund Performance

The BNY Mellon Income Stock Fund experienced a challenging second quarter in 2024, with the fund underperforming its benchmark, the Dow Jones U.S. Select Dividend Index 1

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. The fund's performance was impacted by stock selection in the financials and consumer staples sectors, while the utilities sector provided some positive contributions.

Lazard International Equity Select Portfolio Overview

Lazard's International Equity Select Portfolio demonstrated resilience in Q2 2024, outperforming its benchmark, the MSCI EAFE Index 2

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. The portfolio benefited from strong stock selection in the information technology and consumer discretionary sectors, particularly in Japan and the United Kingdom.

Lazard International Strategic Equity Portfolio Insights

The Lazard International Strategic Equity Portfolio showed mixed results in the second quarter of 2024. While the portfolio faced challenges in some sectors, it managed to outperform its benchmark, the MSCI EAFE Index 3

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. The portfolio's performance was bolstered by strong stock selection in the healthcare and industrials sectors.

Lazard International Equity Portfolio Analysis

Lazard's International Equity Portfolio demonstrated solid performance in Q2 2024, outpacing its benchmark, the MSCI EAFE Index 4

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. The portfolio's success was attributed to effective stock selection in the financials and consumer staples sectors, with notable contributions from holdings in Europe and Japan.

Lazard Real Assets Portfolio Performance

The Lazard Real Assets Portfolio faced headwinds in the second quarter of 2024, underperforming its blended benchmark 5

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. The portfolio's performance was negatively impacted by weakness in the real estate and infrastructure sectors, particularly in the United States and Europe.

Global Economic Outlook

Across the various fund commentaries, a common theme emerged regarding the global economic outlook. Central banks worldwide continued their efforts to combat inflation, with many maintaining tight monetary policies. The United States showed signs of economic resilience, while Europe faced challenges related to energy prices and geopolitical tensions 1

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Sector-Specific Trends

Information technology emerged as a strong performer across multiple portfolios, driven by advancements in artificial intelligence and cloud computing 2

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. The healthcare sector also demonstrated resilience, benefiting from ongoing innovation and an aging global population 3

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Regional Market Insights

Japan stood out as a bright spot in many international portfolios, with strong corporate governance reforms and increased shareholder returns driving investor interest 2

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. European markets showed mixed results, with some countries benefiting from a rebound in consumer spending, while others faced challenges related to energy costs and political uncertainty 1

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Investment Strategies and Outlook

Fund managers across the board emphasized the importance of selective stock picking and a focus on quality companies with strong balance sheets and sustainable competitive advantages. Many highlighted the potential for value creation in sectors undergoing structural changes, such as energy transition and digitalization 1

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