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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.
Most higher net worth households realize income from many different sources like capital gains, interest, dividends, and pass-through income.
While there’s no optimal approach to mitigating taxes from your investments, there are repeatable strategies and techniques to help keep more of what you earn after tax.
Asset location, product selection, rebalancing approach, and tax-loss harvesting decisions can all work to reduce your applicable income taxes.
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.
RECENT BLOG POSTS
Inflation has cooled from its 2022 peak, but prices have not reset, rates remain meaningfully higher, and investors may need to adjust to a different environment than the one that followed the global financial crisis.
In our latest piece, Associate Portfolio Manager Connor MacKenzie looks at why higher prices may remain a recurring pressure, how those pressures affect consumers and businesses, and why preserving purchasing power starts with making sure every dollar has a purpose.
Image Source: Reginald Thomas II/ San Antonio Spurs
When we’re looking at planning strategies that can have a meaningful impact over time, tax management is one of the most valuable areas to focus on. With so much in life that we can’t control, taxes are one of the few variables where thoughtful planning can make a real difference.
Today, when I talk with people about money and their goals, they often say they just want to “live comfortably.” I find myself saying the same thing. Over time, I’ve learned that while the phrase sounds simple, it’s deeply personal. It almost never means the same thing from one person to the next, and it rarely has as much to do with numbers as people expect.
Here we are… winding down the very last hours of 2025, marking the end of the first quarter of the 21st century. Soon, we will find ourselves chronologically closer to the unknown experiences of the 2050s than to the Y2K panic, the hanging chads in Florida, and heated debates of Team Britney (Spears) vs. Team Christina (Aguilera)… well maybe the last one carries on.
It’s a natural impulse, especially when markets appear like they are about to collapse due to being bloated and overexpensive, and headlines reinforce the idea that a correction is overdue. But history shows that periods of discomfort are often when discipline matters the most.
Disclaimer
Posts are general in nature and do not constitute the rendering of legal, investment, accounting or other professional advice. Please refer to our Disclosures for more information.