Firm-wide
In his annual letter, CEO Tom Powers reflects on a successful 2025 marked by growth, innovation, and strong partnerships, and shares how we’re building on that momentum to create lasting value for our clients in the year ahead.
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Municipal Bond
With record Rainy Day Funds and cautious budgeting, US states head into 2026 well equipped to manage slowing growth, cost pressures, and policy shifts.
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Macro
Our CIO, Harold Kotler, reminds us that even in a tense, unpredictable world like the one we experienced in 2025, resilience still drives progress.
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Municipal Bond
Municipal bonds closed 2025 strong, driven by curve shifts, steady demand, and active opportunities as the market enters 2026 with resilient fundamentals.
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Taxable Bond
Taxable bonds posted solid gains in 4Q25 as Fed cuts, lower front‑end rates, and strong corporate and securitized performance supported the sector.
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Domestic Equity
US equities soared in the third quarter, led by AI and tech. Small caps outperformed, gold hit record highs, and Fed rate cuts boosted market optimism.
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Global Equity
Global equities rose in 2025, with non‑US markets outperforming as shifts in trade, currency, and valuations created compelling international opportunities.
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Taxable Bond
The fixed income market gave back some ground in December but delivered a solid performance for 2025 — bonds returned their best annual gain since 2020.
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Municipal Bond
Munis were steady in December, consolidating gains for the second month in a row. Tax-equivalent yields are compelling: some finished 2025 at their highest year-end levels since 2010.
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