As we look back at 2025, we see that it was a year that required patience, discipline and a willingness to tune out the daily noise. Markets continued to digest higher-for-longer interest rates, shifting growth expectations, and a steady stream of geopolitical headlines. While volatility resurfaced at times, long term investors were reminded, yet again, that staying invested and diversified matters more than trying to time every turn.
Currently, political and economic uncertainties remain a constant global backdrop. Developments in places like Venezuela underscore how regional instability can ripple into energy markets and investor sentiment even when it’s not the dominant driver of returns. This reinforces why global awareness and prudent risk management remain essential.
Looking ahead, we see more clarity than we had twelve months ago, but not without uncertainty. Opportunities are likely to favor quality businesses, resilient balance sheets, and portfolios built for a range of possibilities rather than a single outcome. As always, our focus remains on building portfolios that align with your long-term goals, not short-term headlines.
Thank you for your continued trust. We look forward to navigating the year ahead together.
As always, if there is anything you would like to discuss, please reach out. We would love to hear from you!
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"If 2025, was the year that tariff-induced uncertainty upended the outlook for the global economy, 2026 could be the year that things come back into focus."
"Not only were returns driven by multiples in 2023, but they were also highly concentrated, as the AI-spawned Magnificent 7 drove 63% of returns.The S&P 500 is on track to notch its third consecutive double-digit annual return. This explosive three-year rally has investors both celebrating the past, but anxious about the future. Yet, compared to the two prior years, 2025 returns have been underpinned by robust profitability, not multiple expansion, providing a sturdier foundation for stocks."
"The U.S. large cap growth landscape is shifting. Portfolio Manager Brian Recht explores how AI is moving from blanket enthusiasm to competitive differentiation and why extreme market concentration creates opportunities in overlooked segments.
After a period dominated by a narrow set of mega-cap leaders, we believe the large-cap growth segment of the market is poised for greater differentiation among winners and losers, making selectivity crucial. "