Third Quarter 2025 Video Commentary

In the third quarter of 2025 we enjoyed a continuation of exceptional performance as the average portfolio has generated year-to-date returns of around 12.5% through October 20th.

Earlier in the year we increased our allocation to international stocks and broadened our exposure to high quality U.S. companies, along with our significant exposure to gold, we have been very well positioned and therefore have enjoyed very strong performance so far this year. Trend following successfully reduced losses in the second quarter as the S&P 500 retreated close to -20% with the announcement of sweeping tariffs. Momentum quickly turned positive after the steep drop and trend following re-entered the markets, which have moved relentlessly upward since.

Valuations in almost all asset classes are extremely rich when examined in historical context, leaving many investors to worry the markets have run a bit too far. The world and the U.S. in particular, is digesting a deluge of daily news and economic data leaving investors concerned and confused about what might happen next.

In this quarter’s Market and Portfolio Commentary video we address these concerns, share our market outlook and discuss how we are viewing and adjusting for change.

https://vimeo.com/1024467808

Link to presentation slides