Q3 2025 Review: Calm Quarter, Positive Outlook:
All the major asset classes* rose in Q3 2025, and for year to date. US equities and emerging market equities were the stronger performers in Q3. The key takeaway: a well-diversified portfolio remains critical for preserving and growing wealth over the long term.
In terms of major events, Q3 2025 was relatively quiet compared to the first half of the year.
But, simmering negative economic and geopolitical events still remain. Yet, there are also many favorable trends that should help in Q4.
The current thinking is that these simmering events are more likely to have a negative impact in 2026 rather than in 2025. So, we currently believe that 2025 will end up being a good year for most financial markets.
Our long-term philosophy for high-net-worth investors remains clear: diversify across major asset classes, maintain an equity bias to capture growth, and relentlessly control costs. We believe this is a very feasible strategy for building wealth and ensuring a secure retirement.
*Asset classes: Cash, Fixed Income, Equities, Real Estate, and Commodities—covering the investable universe.
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