SMID Cap Portfolio Review - May 2025
June 11, 2025
Stocks were strong in May, driven by easing trade tensions, lower-than-expected inflation readings and increasing investor optimism. After bottoming in mid-April, when the S&P 500, NASDAQ and the Russell 2000 all entered bear market territory of -20% from their highs, stocks have been on a tear. The S&P has risen 22% off of its intraday lows in April, the NASDAQ +29% and the Russell 2000 +19% through the end of May. Once again, those bearish market-timing commentators shouting “sell!” in the midst of trade uncertainty and oversold market conditions in mid-April have been proven wrong, while investors with a patient, fundamentally driven posture were proven right….at least through the end of May.
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