**BNY Mellon Global Stock Fund Q3 2025 Commentary**

The BNY Mellon Global Stock Fund (DGLRX) underperformed its benchmark, the MSCI World Index, during the third quarter of 2025. Several factors contributed to this cautious performance outlook, including tariff uncertainty, government debt trajectories, and valuation concerns in certain areas of the market.

One notable drag on relative returns was the fund’s greater exposure to the weak healthcare sector, alongside underperformance from some held names. Despite these short-term challenges, we remain confident that the long-term driver of investor returns will be the enduring ability of companies to innovate, grow, and prosper.

**Market Review**

Global equity markets continued to rise throughout Q3 2025, even amid concerns over economic growth. This upward momentum was supported by central banks—most notably the U.S. Federal Reserve—shifting their policy stance toward easing. Additionally, broadly resilient earnings growth helped sustain investor confidence and market performance.

**About BNY Investments**

BNY Investments is a global, multi-specialist asset management group anchored by the strength and resilience of BNY, which boasts a 240-year history and wealth of experience. Managing nearly $2 trillion in assets, BNY Investments offers a wide range of investment solutions developed and managed by talented asset class specialists. Each specialist team employs distinct philosophies and proven approaches to delivering value.

For inquiries or further communication, please use BNY Investments’ official channels.

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