Webinars [[{“value”:”Original broadcast details
Date: Tuesday, July 15, 2025
Executive Summary
Lyrical’s U.S. CS composite had a great quarter with a 12.7% return.Lyrical-CS outperformed the S&P 500 by 180 bps, despite a difficult environment. Mega-cap stocks outperformed, and the large-cap value indices underperformed. Lyrical was able to overcome those headwinds due to our idiosyncratic stock selection. Year-to-date, Lyrical-CS is 570 bps ahead of the S&P 500 and 860 bps ahead of the S&P 500 Value.
It was an even better quarter for our International Value composite.The MSCI EAFE index is up 19.5% year-to-date, outperforming the S&P 500 by 13.3 percentage points. On top of that, our International composite is outperforming the EAFE benchmark by 7.7 percentage points, returning 27.2% year-to-date.
Global Value also strongly outperformed.Our Global portfolio returned 13.9% in the quarter, ahead of the MSCI World Index by 240 bps and ahead of our style benchmark, the MSCI World Value Index, by 850 bps.
Our Global Value Impact Strategy, GIVES, crossed the 5-year mark with a strong track record. Since its launch in June 2020, GIVES has delivered a 15.1% annualized net return, nearly 1,000 bps per year better than the MSCI Sustainable Impact Index. This outperformance has come from avoiding expensive impact stocks and focusing on the overlooked impact stocks in the cheapest parts of the market.
We believe we remain well-positioned with our uncommon combination of value and growth.The S&P 500 forward P/E is 73% higher than Lyrical’s CS composite, despite our higher growth profile. In International, we also have the same combination of lower valuation and higher growth. We believe these valuation spreads should normalize, which would provide a significant performance tailwind in the future.
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