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United Asset Strategies Quarterly Letter: 2Q2025
If the 2nd quarter statement was the first time you reviewed your accounts this year, and you haven’t followed financial headlines along the way, 2025 may appear to be unfolding like a typical market year. Following a strong 2nd quarter, as highlighted in Exhibit 1, stock and bond indices have generated mid and low-single-digit percentage returns on average respectively, roughly half of what would be expected in a full calendar year. Consistent with our expectations for heightened volatility, however, the journey to this point has been notably turbulent. Buried within the S&P 500’s +6% 1st half return was a -19% drawdown and a subsequent +23% recovery, which eventually culminated in new all-time highs. To provide perspective on this degree of volatility, Exhibit 2 illustrates the distance traveled over four short months this year compared with that of prior corrections and bear markets.