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Q2 2025 Performance Review: A volatile quarter for stocks ends on a high.

The second quarter was a period of extremes. In early April, the S&P 500 briefly fell into bear market territory, having declined more than 20% from its highs on worries about the “Liberation Day” tariff announcement. But after the initial tariff plan was put on “pause” stocks began to recover. By the end of the quarter global stocks were trading at all-time highs. Here are our thoughts on what happened this quarter, how it impacted our strategies, and what we expect in the coming quarters.

10 Min Read