Despite a turbulent start to April after “liberation day” tariffs were announced, we are pleased to report positive progress in your portfolio for the second quarter of 2025, generally keeping pace with the broader market. Year-to-date performance is roughly on par with market benchmarks and over the past 12 months we have delivered above-average absolute returns, outpacing the S&P 500 Index. While three-, five-, and ten-year returns are strong, they lag behind a highly robust market. Since inception (4/01/07 to 6/30/25), our annualized return stands at 11.9%, surpassing the S&P 500 Index and cumulative returns illustrate the power of long-term compounding.
To read more, download the full Second Quarter 2025 Investment Perspective.