Executive Summary
- U.S. equities returned 17% in 2025, marking the third straight year of double-digit percentage gains.
- Volatility remained present throughout 2025, with U.S equities falling nearly 16% through early April before beginning a steady upward trajectory.
- Developed international equities rose roughly 32%, with emerging market equities gaining approximately 34%.
- The US bond index gained 7% as interest rates fell across the board in 2025.
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QMR – Q4
