Quarterly Report – Q2 2025
Insights from our investment team on the trends, risks, and sector shifts shaping the second half of 2025.
Read the Q2 2025 Report
After a volatile start to the year, equity markets regained their footing in Q2 as earnings expectations rebounded and investor confidence returned. Despite headwinds from tariff uncertainty, slowing private-sector job growth, and rising fiscal concerns, resilient consumer spending and AI-fueled innovation helped lift both U.S. and international equities.
In this quarter’s report, our Portfolio Managers provide in-depth analysis of the shifting macroeconomic landscape, including the market implications of the recently passed “One Big Beautiful Bill Act” and the potential path of interest rates heading into the second half of the year. We also explore where valuations remain stretched and where opportunities may still be found—both domestically and abroad.
Highlights include:
- The market’s rebound amid tariff-driven volatility
- AI infrastructure as a long-term growth engine
- Foreign equity outperformance and regional standouts
- Sector winners and fiscal trade-offs from new legislation
- Interest rate outlook and positioning across fixed income
Download the full Q2 2025 report below for insight into how we’re positioning portfolios to balance opportunity and risk in today’s dynamic environment.