Commentary
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Strategy Review – June 2025
Markets sustained their upward momentum in June, bolstered by easing inflation data and a growing belief that the Federal Reserve may begin cutting rates later this year. The 10-Year Treasury yield declined from 4.46% to 4.24%, and CPI came in slightly better than expected, with headline inflation rising just 0.1% month-over-month in May. Both equities and fixed income markets rallied, with duration-sensitive assets and risk-oriented sectors seeing strong gains.
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Kensington Monthly Commentary – June 2025
The stock market endured one of its most volatile months in years. The S&P 500 fell 21.35% from its February 19 peak of 6,147.43 before bottoming on April 7 at 4,835.04, shortly before the Administration announced a 90-day pause on new tariffs (excluding China). Markets quickly rebounded on the news, with the S&P 500 soaring 9.52% on April 9, its largest single-day gain since October 2008. The Nasdaq Composite jumped 12.16% the same day, marking its biggest one-day percentage gain since January 3, 2001, and the second-largest on record.
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Strategy Review – May 2025
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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Kensington Monthly Commentary – May 2025
The stock market endured one of its most volatile months in years. The S&P 500 fell 21.35% from its February 19 peak of 6,147.43 before bottoming on April 7 at 4,835.04, shortly before the Administration announced a 90-day pause on new tariffs (excluding China). Markets quickly rebounded on the news, with the S&P 500 soaring 9.52% on April 9, its largest single-day gain since October 2008. The Nasdaq Composite jumped 12.16% the same day, marking its biggest one-day percentage gain since January 3, 2001, and the second-largest on record.
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Strategy Review – April 2025
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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April 2025: A Month of Reversals and Resilience Across Markets
The stock market endured one of its most volatile months in years. The S&P 500 fell 21.35% from its February 19 peak of 6,147.43 before bottoming on April 7 at 4,835.04, shortly before the Administration announced a 90-day pause on new tariffs (excluding China). Markets quickly rebounded on the news, with the S&P 500 soaring 9.52% on April 9, its largest single-day gain since October 2008. The Nasdaq Composite jumped 12.16% the same day, marking its biggest one-day percentage gain since January 3, 2001, and the second-largest on record.
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Strategy Review – March 2025
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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March 2025: TARIFFS, TUMULT, AND A SHIFT IN SENTIMENT
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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Flight to Quality in Uncertain Times
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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“America First” Approach
The world remains in flux as investors assess the geopolitical and economic policies of the new administration. Trump’s “America First” approach continues to drive policy, causing disruption abroad but reinforcing US leverage in global negotiations.
