Goldman Sachs Large Cap Equity Fund Q3 2025 Commentary
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Mutual Fund Commentaries57 FollowersFollow5ShareSavePlay(14min)CommentsSummaryThe Goldman Sachs Large Cap Equity Fund underperformed its benchmark, the Russell 1000 Index (net), during the quarter.We remain convinced that AppLovin is in the early stages of unlocking a huge new market in eCommerce.Given uncertain pacing of further interest rate reductions, weakening labor market dynamics, and lofty stock valuations, active management may become critical in identifying quality names.We are optimistic that a fundamental approach may generate excess returns in the long run for our clients.J Studios/DigitalVision via Getty Images Market Overview The S&P 500 Index increased by 8.12% (total return, in USD) in the third quarter of 2025, whereas the Russell 2000 Index increased by 12.40% (total return, in USD). The major US indices continued to notch repeated record highs thisThis article was written byMutual Fund Commentaries57 FollowersFollowSelect quarterly mutual fund commentaries.Quick InsightsHow is the Fund positioning around the AI growth theme?We are capitalizing on AI-driven secular growth by holding leaders like AppLovin and initiating positions in Lam Research, which is poised to benefit from AI-related semiconductor demand.What drove the decision to exit UnitedHealth Group (UNH) and Lennar (LEN)?We exited UNH due to profitability pressures, regulatory scrutiny, and adverse events, and left LEN after management missteps and declining conviction in its strategy and margin outlook.How does the Fund approach risk and opportunity amid market volatility?We prioritize active management, bottom-up stock selection, and quality businesses with strong balance sheets to navigate volatility and exploit idiosyncratic opportunities as AI adoption broadens.Recommended For You