
2025 Mid-Year Investment Report
The first half of 2025 delivered a tale of two quarters for US equity markets, characterized by significant volatility that ultimately resolved in modest positive returns across major equity indices. The bond market delivered solid, positive returns in the first half of 2025, with most high-quality fixed income sectors up by low- to mid-single digits. We believe investors should remain vigilant to both opportunities and risks while maintaining a focus on long-term fundamentals.