Webinars [[{“value”:”Original broadcast details
Date: Tuesday, October 14, 2025
Executive Summary
Third quarter returns continued an already strong year in the U.S. Lyrical-CS returned 3.4% in the quarter, bringing the year-to-date return to 15.7%. The S&P 500 continued to be boosted by mega-cap growth stocks and returned 8.1% in the quarter, outperforming our CS composite by 470 basis points, but we still lead that index by 90 bps for the year.
Third quarter returns continued an even stronger year for International. TThe MSCI EAFE index returned 4.8% in the quarter and is now up 25.1% year-to-date, outperforming the S&P 500 by 10.3 percentage points. Lyrical’s International composite returned 2.6% in the quarter, underperforming the EAFE, but is still outperforming for the year by a wide margin with a 30.6% return, 550bps ahead of the EAFE index.
Like U.S. and International, Global Value and GIVESunderperformed in the quarter, butare outperforming for the year. Lyrical Global returned 2.5% in the quarter, bringing the year-to-date return to 18.8%. The MSCI World Index was also boosted by U.S. mega-cap growth stocks and returned 7.3% in the quarter, outperforming our Global composite by 480 basis points. Year-to-date we still lead that index by 140 bps. GIVES returned 5.6% in the quarter, compared to 10.1% for the MSCI Sustainable Impact Index. Year-to-date GIVES returned 27.7%, 10.6 percentage points ahead of the index.
We believe our uncommon combination of value and growth is as attractive as ever. In regard to valuation, the value spread in the U.S. between our portfolio and the S&P 500 is historically wide at 80%. This compares to about a 30% average spread during the first decade of our firm. Regarding growth, our U.S. companies have an average historical EPS CAGR of over 10%, more than three percentage points faster than the S&P 500 growth of 6.4%. If our companies keep compounding earnings, their stock prices should follow. And if that growth continues to match or outpace that of the S&P 500, their valuation multiples should rise too, and their stock prices should rise even more.
“}]]
