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BNY Mellon Global Stock Fund Q3 2025 Commentary

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**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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business, economy, finance

Thrivent Global Stock Fund Q3 2025 Commentary

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**Thrivent Asset Management: Quarterly Fund Performance and Company Overview**

For the latest quarter, the Fund underperformed its public benchmark but outperformed its Morningstar peer group. Specifically, an overweight allocation to domestic equities contributed positively to performance, while the overweight to SMID caps detracted. Overall, the Fund’s managers performed well in aggregate.

Looking at the one-year period, the Fund again underperformed its public benchmark but maintained outperformance relative to the Morningstar peer group. Both domestic and international overweight positions added to the Fund’s results, as did an overweight allocation to growth stocks.

**Performance Factors**

During the quarter, the Fund’s performance lagged behind its public benchmark, the MSCI All Country World Index USD Net Returns. However, it outpaced its Morningstar peer group. The Fund’s slight overweight to domestic equities supported positive returns, though the overweight to SMID caps held back overall performance.

On the macroeconomic front, indicators have highlighted weakness in employment, housing, and consumer sentiment, which may have influenced recent market movements and Fund performance.

**About Thrivent Asset Management**

Thrivent has been offering investment products since 1970. Its investment adviser, Thrivent Asset Management, LLC (TAM), is a subsidiary of Thrivent. As a membership-owned fraternal organization, Thrivent has delivered holistic financial services and demonstrated a commitment to serving clients for over 100 years.

Thrivent Distributors, LLC, a registered broker-dealer and FINRA member, serves as the distributor for Thrivent Mutual Funds and Thrivent Variable Portfolios. Additionally, ALPS Distributors, Inc., also a FINRA member, is the distributor for Thrivent ETFs, with Thrivent Distributors, LLC acting as the marketing agent for these ETFs.

Thrivent Asset Management, LLC is an SEC-registered investment adviser providing asset management services for Thrivent Mutual Funds and ETFs. It also offers non-discretionary investment advice to sponsors of managed accounts through model portfolios. The Thrivent Variable Portfolios receive advisory services from Thrivent, another SEC-registered investment adviser.

Both Thrivent Distributors, LLC and Thrivent Asset Management, LLC operate as subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans. It is important to note that ALPS Distributors, Inc. is not affiliated with Thrivent or any of its subsidiaries.

For inquiries or communication, please use Thrivent’s official channels.

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