Natixis Insights Q2 2025 Update: Mirova Global Equity Funds
Jul 16, 2025
Hua Cheng, Portfolio Manager at Mirova US, dives into the tumultuous market conditions of Q2 2025, revealing the surprising resilience of the S&P 500 amidst global challenges. He discusses the standout performance of various sectors, especially healthcare and tech, and highlights strategic adjustments in their portfolio. The conversation also uncovers exciting investment opportunities linked to AI-driven power demand, with companies like NVIDIA in the spotlight. Hua emphasizes a balanced portfolio strategy that leverages growth while addressing market volatility.
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Tariff Surprises and Market Impact
- Tariffs in early 2025 surprised markets with historically high levels and rapid increases, impacting global trade significantly.
- Governments' efforts to negotiate agreements lowered stagflation risks and boosted market confidence.
Sector Performance Drivers
- Healthcare sector underperformed due to tariff uncertainties and defensive bias during market rallies.
- Strong stock picking in IT and payments, especially AI-related firms like NVIDIA and Microsoft, contributed positively.
Portfolio Adjustments in Volatility
- Reinforce positions in AI, medical devices, and complementary consumer companies during market volatility.
- Trim or sell stocks facing structural headwinds like auto slowdown and solar panel credit cuts.