The major benchmarks we track produced positive total returns for the second quarter of 2025.

• The MS World Equity Index increased 11.63%.
• The S&P 500 Composite Index increased 10.94%.
• The S&P 500 Equal Weighted Index increased 4.96%.
• Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 7.40%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond increased 5.07%.

With the composite US Treasury yield curve staying at 4.6% and coupon yields at their historical norms, we believe fixed income securities will produce positive normalized returns for the next 12 months. We will be favoring intermediate-term investment grade bonds. We are projecting equities will produce positive normalized returns and are continuing to prioritize domestic over international stocks.

You can review our current outlook and policy by going to the Client Info page.