The US equity market posted positive returns for the quarter and outperformed non-US developed markets, but underperformed emerging markets.
US real estate investment trusts outperformed non-US REITs during the quarter.
Interest rate changes were mixed across global developed markets for the quarter. In the US and Japan, interest rates increased. However, interest rates decreased in the UK, Germany, Canada, and Australia.
Markets have been resilient despite a difficult backdrop. Growth has improved from late last year, but sticky inflation and weak consumer sentiment have kept uncertainty elevated.
Earnings have been the key support for stocks. Corporate results have generally come in better than expected, especially in areas tied to AI, technology infrastructure, energy, and business investment.
Bonds are offering more income, but not without volatility. Higher yields have improved the income opportunity, while inflation data, rate expectations, and government borrowing concerns continue to create price sensitivity.
The return of large IPOs requires discipline. SpaceX has brought renewed attention to public listings, but recent IPO history shows why investors should separate excitement around a company from the price being offered.
The US equity market posted negative returns for the quarter and underperformed both non-US developed and emerging markets.
Developed markets outside of the US posted negative returns for the quarter and outperformed US markets, but underperformed emerging markets.
US real estate investment trusts outperformed non-US REITs during the quarter.
Stock and bond returns around the world were excellent in 2025.
Stock market returns have historically been negative 25% of the time. You should always be prepared for a negative year.
Our job is to keep the focus on what you can control and to keep your portfolio aligned with your plans as conditions change.
The US equity market posted positive returns for the quarter and underperformed both non-US developed and emerging markets
US real estate investment trusts underperformed non-US REITs during the quarter.
Within the US Treasury market, short-term interest rates generally decreased and long-term interest rates generally increased during the quarter.
The US equity market posted positive returns for the quarter and outperformed non-US developed markets but underperformed emerging markets.
US real estate investment trusts outperformed non-US REITs during the quarter.
During the quarter, interest rates decreased within the US Treasury market.
Long-term U.S. Treasury yields have risen, even as inflation data softens. Concerns appear to be rising regarding our country’s fiscal trajectory and debt.
Proposed legislation, including the “Big Beautiful Bill,” points to further spending and borrowing, reinforcing investor concerns about U.S. creditworthiness.
We are also seeing renewed interest in international markets as investors seek diversified opportunities amid shifting global capital flows.
The US equity market posted positive returns for the quarter and underperformed both non-US developed and emerging markets.
US real estate investment trusts underperformed non-US REITs during the quarter.
During the quarter, short- to intermediate-term interest rates decreased, and long-term interest rates increased within the US Treasury market.
US stock markets had an excellent year in 2024 and outperformed international and emerging markets.
The price-to-earnings (P/E) ratio discount of international stocks vs. US stocks is greater today than the 20-year average.
It makes sense to rebalance your portfolio when your stock allocation gets either too far above or below the target allocation.
The US equity market posted positive returns for the quarter and outperformed both non-US developed and emerging markets.
Developed markets outside of the US posted negative returns for the quarter and underperformed the US market, but outperformed emerging markets.
Within the US Treasury market, interest rates generally increased during the quarter.
The US equity market posted positive returns for the quarter and underperformed both non-US developed and emerging markets.
REIT indices outperformed equity market indices.
The Bloomberg Commodity Total Return Index returned +0.68% for the third quarter of 2024.
Cycles of US stock outperformance and underperformance vs. International stocks are normal.
The international equity outperformance from. 2000 to 2009 was especially painful for US investors because US stocks averaged negative returns for 10 years - now known as “The Lost Decade.”
Valuation measures such as price-to-earnings ratios lead some to believe that International stocks may outperform US stocks over the coming yearsmay outperform US stocks over the coming yearsmay outperform US stocks over the coming years
The US equity market posted positive returns for the quarter and outperformed non-US developed markets, but underperformed emerging markets.
The Bloomberg Commodity Total Return Index returned +2.89% for the second quarter of 2024.
Interest rates generally increased across global developed markets for the quarter.
The US equity market posted positive returns for the quarter and outperformed both non-US developed and emerging markets.
Interest rates generally increased in the US Treasury market for the quarter.
US real estate investment trusts outperformed non-US REITs during the quarter.
In only six out of 97 years from 1926 to 2022 did the market have an annual return that came within two percentage points of the market’s long-term average returns of 10%.
It’s extremely important for investors to understand market volatility so they do not get too excited about a “good year” and too worried by a “bad year”.
The allure of trying to be in the market when it’s rising - and out of the market when its falling - is completely understandable. But timing decisions can often result in lower returns and increased stress.
The US equity market posted positive returns for the quarter and outperformed both non-US developed and emerging markets.
US real estate investment trusts outperformed non-US REITs during the quarter.
US government debt reached 121% of the value of the country’s gross domestic product (GDP) last year. Many investors have expressed concern over the impact that servicing this level of debt could have on the stock market. But the historical data show little relation between the two.
The US equity market posted negative returns for the quarter and outperformed non-US developed markets, but underperformed emerging markets
Interest rates increased across all bond maturities in the US Treasury market for the quarter
Emerging markets posted negative returns for the quarter and outperformed both US and non-US developed markets.
