Monthly Market Commentary

Despite lingering geopolitical tensions, higher oil prices, and renewed inflation concerns, equities moved higher in April, supported by a strong start to the Q1 earnings season and resilient economic growth. After approaching correction territory late last month, the S&P 50 rebounded to post seven record closing highs, gaining more than 10% for its strongest monthly performance since November 2020. The tech-heavy Nasdaq-100 also surged over 15%, marking its best month since April 2020. The rebound was broad-based, with US small-caps (+10.4%), emerging market equities (+9.2%), and US midcaps (+7.8%) all posting strong gains. Aside from 7-10 year US Treasuries (-0.1%), bonds also fared well as high yield credits increased 1.7%, municipal bonds rose 1.2%, and Treasury Inflation Protected Notes gained 1.1%. Commodities produced mixed returns as both crude oil and broad based commodities rose (15.6% and 4.2%, respectively), while both silver and gold fell (-2.2% and -1.5%, respectively).

Amid heightened Iran tensions, growing stress in private credit, and a rotation out of AI-related names, large-cap equities struggled in Q1 2026. The S&P 500 Index declined 4.3%, marking its worst quarter since Q3 2022, while the tech-heavy Nasdaq 100 Index fell even further, down 5.8%. Meanwhile, the S&P 500 Equal Weight Index eked out a modest 0.7% gain. Despite a difficult March, other rotational pockets were able to hold onto gains for the quarter as US small-caps led (+3.5%), followed by international developed equities (+2.8%) and US mid caps (+2.6%). Bonds were mixed as Treasury Inflation Protected Notes and the US Aggregate Bond Index were up marginally (+0.3% and +0.1%, respectively) while high yield credits and municipal bonds fell (-0.4% each). Commodities produced strong positive returns as crude oil rose 84.0%, broad based commodities increased 24.4%, gold was up 8.6%, and silver gained 5.8%.

Amid heightened scrutiny of AI-related capex, geopolitical tensions, and a hotter-than-expected inflation report late in the month, US large-cap equities came under pressure in February, with the Nasdaq 100 and S&P 500 declining 2.3% and 0.8%, respectively. However, market leadership continued to broaden beyond mega-caps, as the S&P 500 Equal Weight Index (+3.6%) outperformed its market-capweighted counterpart. International developed equities (+6.2%) led gains, followed by US mid-caps (+4.1%) and emerging market equities (+2.7%). Bonds mostly fared well as 7-10 year US Treasuries rose 2.5%, the US Aggregate Bond Index gained 1.6%, and Treasury Inflation Protected Notes increased 1.3%. Commodities produced positive returns as silver was up 12.7%, gold gained 8.7%, crude oil rose 3.1%, and broad-based commodities increased 0.4%.

Despite early volatility driven by global bond market stress, tariff-related tensions, renewed inflation concerns, and uncertainty surrounding Federal Reserve leadership, equities finished January higher, with the S&P 500
reaching new all-time highs. On the back of strong economic data and earnings, market leadership broadened beyond mega-caps as the S&P 500 Equal
Weight Index (+3.4%) outperformed its market capweighted counterpart (+1.5%). International developed equities (+5.8%) led gains, followed by US small-caps
(+5.5%) and emerging market equities (+5.1%). Bonds mostly fared well as municipal bonds rose 0.7%, high yield credits gained 0.6%, and Treasury Inflation Protected Notes increased 0.5%. Commodities produced
strong positive returns as silver was up 17.1%, crude oil gained 15.0%, gold rose 12.3%, and broad-based commodities increased 11.2%.

Despite geopolitical risks, tariff concerns, inflation pressures, a government shutdown, and labor market softness, equities delivered strong gains in 2025.
Leadership broadened as international markets led performance alongside mega-cap strength, AI-related optimism, and interest rate cuts. The S&P 500 Index gained roughly 18% for the year, marking its third consecutive year of double-digit gains, while recording 39 all-time highs. Notably, international developed equities (+34.7%) led gains, followed by emerging market equities (+25.6%) and US growth (+22.1%). Bonds fared well as high yield credits rose 8.8%, 7-10 year US Treasuries gained 8.0%, and investment grade corporates increased 7.8%. Aside from crude oil (-8.5%), commodities produced
positive returns as silver was up 144.7%, gold rose 63.7%, and broad-based commodities increased 14.9%. 

 Despite early volatility driven by the longest government shutdown on record, hawkish Fed signals, AI scrutiny, and elevated valuations, the S&P 500 Index finished slightly higher (+0.2%) as economic data came in mixed but softened, the Fed’s tone turned more dovish, sentiment improved, and odds of a December interest rate cut increased. US small-caps and US mid-caps led gains (+2.6% and +2.1%, respectively), while emerging market equities and US growth were down (-1.2% and -0.9%, respectively). Bonds fared well as 7-10 year US Treasuries rose 1.0%, investment grade corporates gained 0.8%, and high yield credits increased 0.8%. Aside from crude oil (-2.1%), commodities produced positive returns as silver was up 16.4%, gold rose 5.4%, and broad-based commodities increased 3.1%.

Despite the US government shutdown and hawkish commentary at the October FOMC meeting, equities were largely up for the month amid a strong start to the Q3 earnings season, lower than expected inflation, optimism regarding a US-China trade deal, and additional easing in monetary policy. The rally was centered around megacap technology as US growth and US large-caps led gains (+3.4% and +2.4%, respectively), while US small-caps and US mid-caps were down (-0.9% and -0.5%, respectively). Bonds mostly fared well as munis rose 1.2%, 7-10 year US Treasuries gained 0.7%, and the US Aggregate Bond Index increased 0.7%. Aside from crude oil (-1.6%), commodities produced positive returns as silver was up 3.9%, gold rose 3.6%, and broad-based commodities increased 2.7%.

Despite inflation concerns and revealed weakness in the
labor market, equities rallied in Q3 with market
participation broadening amid improving trade policy,
rate cut optimism, and better than feared corporate
earnings. Both the Nasdaq Composite Index and S&P 500
Index notched their best Q3 since 2020, as well as their
best September in 15 years despite the month’s poor
seasonality. For the quarter, US growth (+9.8%) was
among the best performers, followed by emerging
markets (+9.5%) and US small-caps (+9.2%). Bonds fared
well as munis rose 2.7%, investment grade corporates
gained 2.7%, and high yield credits increased 2.4%.
Commodities produced positive returns as silver was up
29.1%, gold rose 16.6%, broad-based commodities
increased 3.7%, and crude oil gained 0.9%.

Despite tariff uncertainty, a slowing consumer, and continued inflation worries, equities posted positive returns in August amid a healthy Q2 earnings season and renewed hopes
for interest rate cuts. The S&P 500 Index gained 2% for the month, reaching a new all-time high on August 28th. With the Federal Reserve hinting at near term monetary easing, equity
performance broadened in the month. Small-caps (+7.1%) were among the best performers, followed by international developed equites (+4.6%) and US value (+3.4%).
Bonds also fared well as 7-10 year US Treasuries gained 1.6%, Treasury Inflation Protected Notes rose 1.5%, and high yield credits were up 1.2%. Aside from crude oil (-6.0%), commodities posted positive returns as silver increased 8.6%, gold was up 5.0%, and broad-based commodities rose 2.0%.

Despite ongoing tariff uncertainties and hawkish post FOMC meeting commentary towards the end of the month, US equities extended their rally into July amid resilient Q2
earnings, progress on trade negotiations, and improving consumer sentiment. The S&P 500 Index notched 10 all-time highs during the month alone. US growth (+3.4%) was the best performer, followed by US large-caps (+2.3%) and US mid-caps (+1.6%). Bonds were mixed as high yield credits and Treasury Inflation Protected Notes were up (+0.2% and +0.1%, respectively) while 7-10 year US Treasuries and municipal bonds fell (-0.6% and -0.3%, respectively). Likewise, commodity performance varied as crude oil and silver gained 8.9% and 1.6%, respectively, while broad based commodities and gold each decreased 0.6%. 

Despite tariff concerns, geopolitical risks, and inflation worries, equity markets posted positive returns in the first half of the year amid decreasing policy uncertainty, strong earnings, and a resilient—although slowing—economy. The S&P 500 Index recovered dramatically within the period, rebounding over 20% since the April 8th tariff-related lows. International developed equities (+20.7%) were the best performers, followed by emerging market equites (+12.8%) and US growth (+8.8%). Bonds mostly fared well as 7-10 year US Treasuries gained 5.2%, high yield credits rose 4.8%, and Treasury Inflation Protected Notes were up 4.7%. Aside from crude oil (-3.2%), commodities posted positive returns as gold increased 25.9%, silver was up 24.6%, and broad-based commodities rose 5.2%.

Despite inflation worries, fiscal deficit concerns, and continued geopolitical conflict, equity markets posted strong returns in May on the back of easing tariff tensions, lower probability of recession, and better than expected US Q1 earnings. Technology led the rebound as the Nasdaq Composite Index gained 9.7%, while the S&P 500 Index was up 6.3%, both posting their best monthly gains since November 2023. Following US growth and US large-caps, US mid-caps rose 5.5% while international developed equities also increased 5.2%. Aside from high yield credits (+1.8%) and investment grade corporates (+0.3%), bonds were mostly down as 7-10 year US Treasuries and the US Aggregate Bond Index both fell (-1.2% and -0.7%, respectively). Commodities produced mixed returns, with both crude oil and silver posting gains (+5.7% and +1.4%, respectively) while broad-based commodities and gold were down (-0.3% and -0.1%, respectively).

Although US markets struggled in the first half of April on the back of tariff-related worries, the second half of the month was characterized by rallies amid policy reversal and easing of geopolitical tensions. However, both the S&P 500 and Dow Jones Industrial Average indices still fell in April (-0.7% and -3.1%, respectively), marking the third consecutive losing month for both indices. International developed equities and US growth posted gains (+4.0% and +2.0%, respectively), while US small-caps and US value declined (-4.1% and -3.6%, respectively). Bonds were also mixed, as the 7-10 year US Treasuries and the US Aggregate Bond Index were up (+1.1% and +0.4%, respectively) while municipal bonds and investment grade corporate bonds fell (-0.4% and -0.2%, respectively). Aside from gold (+5.4%), commodities produced negative returns as crude oil was down 17.8%, broadbased commodities fell 5.2%, and silver decreased 4.5%.

Despite tariff concerns and an AI scare driving the bid for safe haven assets towards the end of the month, strong earnings and consumer spending drove another positive month of equity returns in January. The S&P 500 Index closed the month at another all-time high despite volatility. International developed equities (+4.4%) were among the best performers, followed by US mid-caps (+3.7%) and US small-caps (+2.9%). Bonds were mostly up as high yield credits increased 1.4%, Treasury inflation protected notes gained 1.3%, and the US Aggregate Bond Index rose 0.6%. Commodities were among the best performers, with silver and gold at 8.28% and 6.79% respectively, with broad-based commodities (+3.85%) and crude oil (+3.27%) also producing notable returns.

Despite still stubborn inflation, a brief growth scare, less than expected interest rate cuts, and a pullback in December, US equities were up notably in 2024 on the back of a strong economy, accelerating earnings growth, US election results, and AI/megacap-related strength. The S&P 500 Index gained 25% for the year and recorded 57 all-time highs in 2024, the fifth highest of any year in history. US growth (+36.0%) was among the best performers, followed by US large-caps (+24.9%) and US midcaps (+13.9%). Bonds were mostly up as high-yield credits increased 7.7%, investment grade corporates gained 2.6%, and Treasury inflationprotected notes rose 2.3%. Commodities fared well as both gold and silver were up over 20% (+26.7% and +20.9%, respectively), crude oil increased
13.4%, and broad-based commodities gained 5.5%.

Amid the results of the US presidential election and resilient economic data, equities were up in November. Both the Dow Jones Industrial Average and S&P 500 indices produced their best monthly returns of 2024, gaining 7.7% and 5.9%, respectively. US small-caps (+10.9%) were among the best performers, followed by US mid-caps (+9.0%) and US growth (+6.1%). Bonds were also up as municipal bonds increased 1.7%, high yield credits gained 1.7%, and investment grade corporates rose 1.6%. Aside from broad-based commodities (+0.1%), silver, gold, and crude oil all produced negative returns, falling 6.3%, 3.1%, and 2.0% respectively.

Amid underwhelming Big Tech earnings, concerns regarding the path for Fed interest rate cuts, election uncertainty, and geopolitical conflict, equities were down in October as the S&P 500 Index and Nasdaq 100 Index fell 0.9% and 0.8%, respectively. International developed equities (-5.0%) were among the worst performers, followed by US small-caps (-2.6%) and emerging market equities (-2.6%). Bonds also struggled as 7-10 year US Treasuries decreased 3.4%, the US Aggregate Bond Index declined 2.6%, and investment grade corporates were down 2.5%. Aside from broadbased commodities (-1.3%), silver, crude oil, and gold all produced positive returns, gaining 4.9%, 4.5%, and 4.3%, respectively.

Despite pullbacks and elevated volatility in the earlier days of the month, major equity indices were up in August amid easing inflation, a dovish change in monetary policy, and increased probabilities of a
soft landing. The S&P 500 gained 2.4% for the month while the Dow Jones Industrial Average was up 2.0%, posting a new all-time high, and the Nasdaq Composite followed with an increase of 0.7%. US value stocks (+3.0%) were among the best performers, followed by international developed equities (+2.9%) and US large-caps (+2.3%). Bonds fared well as investment grade corporates rose 1.8%, high yield credits gained 1.6%, and the US Aggregate Bond Index increased 1.5%. Aside from gold (+2.1%), commodities struggled as crude oil was down 4.4%, broad-based commodities declined 0.2%, and silver fell 0.2%.

Despite pullbacks and elevated volatility in the earlier days of the month, major equity indices were up in August amid easing inflation, a dovish change in monetary policy, and increased probabilities of a soft landing. The S&P 500 gained 2.4% for the month while the Dow Jones Industrial Average was up 2.0%, posting a new all-time high, and the Nasdaq Composite followed with an increase of 0.7%. US value stocks (+3.0%) were among the best performers, followed by international developed equities (+2.9%) and US large-caps (+2.3%). Bonds fared well as investment grade corporates rose 1.8%, high yield credits gained 1.6%, and the US Aggregate Bond Index increased 1.5%. Aside from gold (+2.1%), commodities struggled as crude oil was down 4.4%, broad-based commodities declined 0.2%, and silver fell 0.2%.

Amid easing inflation, underwhelming technologyrelated earnings, and increased probabilities of Fed interest rate cuts, equity markets witnessed a meaningful rotation in July in which smaller, valueoriented stocks outperformed large-cap growth. The Russell 2000, an index that tracks small-caps, gained over 10%, posting its best month since December, as well as its best July since 2022. US mid-caps (+5.9%) and US value (+4.7%) were also among the best performers. Bonds fared well as 7-10 year US Treasuries were up 2.9%, investment grade corporates rose 2.4%, and the US Aggregate Bond Index increased 2.3%. Aside from gold (+5.4%), commodities struggled as broad-based commodities were down 3.7%, crude oil decreased 2.3%, and silver fell 0.7%.

Despite still-elevated inflation and uncertainty around monetary policy, all three major equity indexes were up in the first half of 2024 on the back of AI-technology optimism and strong earnings. Notably, the Nasdaq Composite gained 18.6% and the S&P 500 increased 15.3%, while the Dow Jones Industrial Average was up 4.8%. US growth stocks (+23.5%) were among the best performers, followed by US large-caps (+15.2%) and emerging market equities (+7.7%). Bonds were mixed as high yield credits and Treasury Inflation Protected Notes rose (+2.3% and +1.4%, respectively) while 7-10 year US Treasuries and the US Aggregate Bond Index fell (-1.5% and -0.6%, respectively). Commodities fared well as silver was up 22.0%, crude oil gained 19.4%, gold increased 12.5%, and broad-based commodities rose 5.0%.

Despite weakness in the last week of the month, all three major stock market indices were up in May amid strong earnings results and slightly cooler inflation. The S&P 500 posted its largest monthly gain since February (+5.0%) while the Nasdaq Composite had its best month since November 2023 (+7.0%). US growth (+6.7%) was among the best performers, followed by US large-caps (+5.1%) and US small-caps (+4.9%). Aside from munis (-0.3%), bonds were also up as investment grade corporates rose 2.0%, 7-10 year US Treasuries increased 1.8%, and the US Aggregate Bond Index gained 1.8%. Though crude oil was down 4.5%, commodities fared well as silver was up 15.4%, broad-based commodities rose 2.2%, and gold increased 1.6%.

Amid hotter inflation, hawkish Fed commentary, and geopolitical tensions, all three major stock market indices were down in April. The Dow Jones Industrial Average (-5.0%) had its worst month since September 2022 while both the Nasdaq Composite and S&P 500 posted their largest monthly declines since September 2023 (-4.4% and -4.2%, respectively). US mid-caps (-6.0%) were among the worst performers, followed by US smallcaps (-5.5%) and US value (-4.3%). Bonds were also down as 7-10 year US Treasuries fell 3.1%, investment grade corporates decreased 2.6%, and the US Aggregate Bond Index declined 2.4%. Aside from crude oil (-0.4%), commodities fared well as silver was up 5.7%, gold increased 3.0%, and broadbased commodities gained 2.4%.

Despite still-elevated inflation and rate cut uncertainty, all three major stock market indices posted gains in Q1 2024 amid a tight labor market, economic strength, a continued earnings recovery, and AI optimism. The S&P 500 returned 10.6% for the quarter, notching its best Q1 performance since 2019. US growth (+12.6%) was among the bestperformers, followed by US large-caps (+10.4%) and US mid-caps (+9.8%). Bonds were mixed as 7-10 year US Treasuries (-1.3%) and the US Aggregate Bond Index (-0.8%) were down while high yield credits (+1.6%) and Treasury Inflation Protected Notes (+0.2%) rose. Commodities fared well as crude oil (+18.1%), gold (+7.6%), silver (+4.5%), and broad-based commodities (+2.1%) all
posted positive returns.

Amid a resilient economy and strong AI-related earnings, equities shrugged off inflation worries in February. All three major indices posted new all-time highs, and both the S&P 500 and Nasdaq posted their best February since 2015. US growth (+7.2%) was among the best performers, followed by US mid-caps (+5.8%) and US large-caps (+5.2%). Aside from high yield credits (+0.3%), bonds were mostly down as 7-10 year US Treasuries fell 2.1%, investment grade corporate bonds decreased 1.4%, and the US Aggregate Bond Index declined 1.4%. Commodities produced mixed returns as crude oil and gold rose (+3.4% and +0.5%, respectively) while broad-based commodities and silver fell (-1.4% and -0.9%, respectively).

Amid a resilient labor market, strong economy, and moderating inflation, major stock market indices were up in January. With the help of gains from the Magnificent Seven, the S&P 500 Index reached a new all-time high during the month. US growth (+2.9%) and US large-caps (+1.6%) were among the best performers, while US small-caps (-4.0%) and emerging market equities (-3.6%) struggled. Bonds were mixed with Treasury Inflation Protected Notes up 1.0%, while the US Aggregate Bond Index was down 0.3%. Commodities also produced mixed returns as crude oil and broad-based commodities rose (+6.4% and +0.4%, respectively) while silver and gold fell (-4.0% and -1.4%, respectively).