Investment Commentary

Global equity markets rebounded strongly in Q2 2025, with the S&P 500 up 10.9% and MSCI AC World IMI Index gaining 11.6%, despite early volatility driven by U.S. tariff hikes and geopolitical tensions. Commodities were mixed—gold rose 5.5% while oil and energy prices declined—and bond yields fluctuated amid fiscal concerns and central bank actions. To learn more, click on the link for the latest Market Environment.