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Quarterly Market Commentary

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Thus far, 2025 has been a case study in the benefits of diversification and the resilience of capital markets.  While US equities bounced back well following April’s uncertainty, a globally diversified portfolio weathered volatility much better.  US equity markets are in a precarious position, given elevated levels of concentration and inflated valuations.  There is no shortage of alarming headlines, and their frequency is unlikely to decrease.  However, the stark reality is that most day-to-day news doesn’t drive long-term market returns.  Gradual, incremental economic growth does.  As such, we seek to construct portfolios to match client objectives and risk tolerances, rather than chasing the latest trend.  The end of the year presents an opportune time to evaluate your asset allocation, consider potential rebalancing and assess the adequacy of cash reserves.  Please don’t hesitate to reach out to your advisor to schedule time to discuss your financial plan, including your goals and planning assumptions.  Allowing planning to drive the investment approach, rather than reactions to market fluctuations or prognostication, helps ensure that your portfolio remains aligned with your vision for the future.