The major benchmarks we track produced positive total returns for the full year of 2025.

• The MS World Equity Index increased 21.60%.
• The S&P 500 Composite Index increased 17.88%.
• The S&P 1500 Supercomposite increased 17.02%.
• Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 15.80%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond increased 11.58%.

With the composite US Treasury yield curve staying at 4.4% and coupon yields at 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 will continue to prioritize diversified domestic and 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.