Quarterly Update

The first three months of 2026 delivered a sudden and sobering wake-up call to global financial markets. High optimism for artificial intelligence and imminent interest rate cuts quickly collided with reality. Geopolitical tensions spiked energy prices, the AI boom faced physical infrastructure limits, and persistent inflation led the Federal Reserve to maintain a more cautious stance on interest rates. Consequently, the tech investments that dominated the last two years fell

As we close the book on 2025, the stock market gave investors a solid, if not euphoric, finish. The final three months of the year were characterized by steady gains rather than an explosive rally, pushing the total returns for 2025 to respectable double-digit levels. The S&P 500 (a good measure of the overall U.S. stock market) rose 2.7% in the fourth quarter, bringing its total gain for the year to 17.9%. Back in October, there was a measurable amount of nervousness—concern

As the third quarter of 2025 drew to a close on September 30, the U.S. stock market capped off another period of robust gains, defying seasonal headwinds and broader economic crosscurrents. The S&P 500 advanced 7.8% for the quarter, marking its strongest September performance in over 15 years and extending a powerful rally that has seen the benchmark index surge more than 24% from its April lows. This momentum was propelled by a confluence of factors: renewed investor enthusi

Global Market Commentary: Second Quarter 2025 In the second quarter of 2025, U.S. equity markets posted strong gains, buoyed by moderating inflation and resilient investor sentiment despite global trade tensions. A key driver of market movement was the evolving tariff landscape, with newly imposed levies on select imports – particularly in the tech and renewable energy sectors – reshaping investor expectations. While these trade policy shifts introduced pockets of volatility,