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

• The MS World Equity Index increased 7.36%.
• The S&P 500 Composite Index increased 8.12%.
• The S&P 500 Equal Weighted Index increased 4.35%.
• Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 5.21%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond increased 4.44%.

With the composite US Treasury yield curve decreasing to 4.4% and coupon yields at their historical norms, we believe fixed income securities will produce positive normalized returns for the next 12 months. We will favor intermediate-term investment grade bonds going forward. We are projecting equities will produce positive normalized returns.  We are continuing to prioritize diversified domestic over international stocks and favoring equities over bonds in blended accounts.

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