Voya Target Retirement Trust Q3 2025 Commentary Voya Investment Management 39 Follower s Comments Summary Markets rallied in 3Q25 on strong U. S. earnings, artificial intelligence (AI)-driven optimism, and U. S. Federal Reserve rate cuts, with small caps and growth stocks leading. The Trusts posted positive absolute but negative relative returns for the period, underperforming their strategic allocation benchmarks, on both a gross- and net-of-fees basis. Inflation has moderated meaningfully, with core personal consumption expenditure (PCE) falling from a 5. 6% peak in 2022 to a 12-month average of 2. 8%. We see roughly 3% global growth in 2025, in line with the long-term average. In the third quarter of 2025, relative to their strategic allocation benchmarks, Trusts underperformed on both a gross- and net-of-fees basis. Key takeaways Markets rallied in 3Q25 on strong U. S. earnings, artificial intelligence (AI)-driven optimism, and U. S. Federal Reserve rate cuts, with small caps and growth stocks leading. International equities saw mixed results, while emerging markets ( This article was written by 39 Follower s Voya Investment Management helps investors push what’s possible through differentiated solutions across its fixed income, equity and multi-asset platforms, including private markets and alternatives. For inquiries or communication, please use Voya Investment Management’s official channels. Comments Recommended For You.
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