July 2025 Market Update
Cup of Joe
Mid-Year Check-In
Asset Class Returns as of 6/30/25
- US Large Cap Stocks 6.2%
- US Mid Cap Stocks 4.8%
- US Small Cap Stocks -1.8%
- International Stocks 19.9%
- Emerging Markets Stocks 15.6%
- US Bonds 4.0%
Path Taken in 2025
- US stocks started declining mid-February while International and EM stocks held on
- Everything saw a sharp decline in April when tariffs were announced
- May was a month of recovery
- June was positive, but marked by shocks from Iranian conflicts
Diversification at Work
- An illustrative diversified 60/40 portfolio created by JP Morgan outperformed the S&P 500 through June 30th and experienced 55% of the drawdown in April!
What Argent Bridges Investment Committee is talking about
- Where can active management add value?
- Balancing risk and opportunity
- The “risk” of holding on to cash
- Harvesting tax opportunities
Ideas to Hang on To
- Diversifying is still important
- Stock markets are resilient
- Staying invested is your best weapon against volatility
Joe Gallemore CIMA®, CExPTM
Partner & Director of Investment Management
