2025 Q3 Commentary

Market Review

Equity markets reached new all-time highs in the third quarter, continuing the rally which began in early April. Whereas “uncertainty” was the common theme for the first three months of 2025, we believe markets have since become more comfortable with the overall outlook given the increased clarity around the U.S. government’s new tariff policy, in addition to more positive expectations for GDP growth, inflation, interest rate cuts, and corporate earnings growth. This all combined to spark a bullish reversal in sentiment which has fueled the ongoing rally in stock prices.