The major benchmarks we track produced negative to nominal total returns for the first quarter of 2025.

• The MS World Equity Index decreased 1.68%.
• The S&P 500 Composite Index decreased 4.279%.
• The S&P 500 Equal Weighted Index decreased 1.08%.
• Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 0.12%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond decreased 0.04%.

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

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