Navigating Volatility: A Look into Global Income Strategies

Second Quarter 2025 Performance Review for the Global Income Builder Fund

During the second quarter of 2025, the Global Income Builder Fund's A Shares, which are free of sales charges, delivered a return of 5.24%. This figure represents the fund's growth over the three-month period ending June 30, 2025.

Strategic Asset Allocation as of Mid-2025

By the close of June 2025, the Fund's investment portfolio was predominantly allocated to equities, accounting for 66.07% of its total assets. This equity component was further diversified, with 43.38% invested in international stocks and 22.68% in US-based stocks. The fixed-income portion of the portfolio stood at 19.92%, a significant portion of which, specifically 14.32%, was held in investment-grade bonds.

Comparative Performance Against Benchmark Index

The Global Income Builder Fund's performance in the second quarter of 2025 did not meet the returns of its designated composite index. This indicates that while the fund experienced positive growth, it lagged behind the broader market or a specific set of benchmarks designed for comparison during this period.

Market Dynamics: Tariffs and Risk Assets

The period was characterized by significant market volatility. Initial concerns surrounding “Liberation Day” and its potential impact on markets were somewhat allayed by a delay in the implementation of more severe tariffs, which subsequently revitalized investor interest in riskier assets.