The major equity benchmarks we track produced positive total returns while the fixed income and blended benchmarks produced negative total returns for the third quarter of 2026.

• The MS World Equity Index increased 1.96%.
• The S&P 500 Composite Index increased 2.30%.
• Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond decreased 0.25%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond decreased 1.21%.

The composite US Treasury yield curve increased to 4.7%. We believe fixed income securities will produce volatile below normalized returns for the next 12 months, and we’ll continue to favor short to intermediate-term investment grade bonds going forward. We’re also projecting equities will produce normalized returns and plan to continue to prioritize domestic large-cap stocks over international stocks and favor equities over bonds in blended accounts.

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