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Capital Markets Review Digital Archive

2025 Q3 Capital Markets Review

After a volatile first half marked by tariff uncertainty, Q3 2025 delivered strong gains across global markets as trade tensions abated and AI enthusiasm resurged. However, stretched valuations, concentrated equity exposure, and massive AI capital spending now present meaningful risks. Our report examines how these dynamics shaped public and private market performance, evaluates the sustainability of AI-driven growth, and provides strategic guidance for navigating an environment characterized by high expectations and elevated uncertainty.

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2025 Q2 Capital Markets Review

Global equities, as measured by the ACWI Index in USD, appreciated 11.5% in Q2 and are up 10.1% YTD. Equities (especially US markets) experienced significant volatility during the quarter. The ACWI Index swiftly declined by 10.1% from March-end through April 8th following the April 2nd Liberation Day tariff announcement (the S&P 500 declined by 15.0% during that same peri od). However, global equities rallied 17.4% (and the S&P 500 rallied by over 25% from intra-day lows) through June-end.

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2025 Q1 Capital Markets Review

Entering 2025, strong economic momentum gave way to heightened volatility as aggressive U.S. tariff actions disrupted markets and trade relationships. Our report reviews how these shifts impacted public and private markets, identifies actionable investment opportunities, and outlines strategic positioning for a more uncertain global environment.

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2024 Q4 Capital Markets Review

Global equities declined 1.0% in Q4 but rose 17.5% in CY 2024, driven by U.S. large-cap stocks (+24.5%) benefiting from strong earnings, economic resilience, and AI-driven tech gains. Fixed income struggled in Q4 as yields surged, though CY 2024 returns remained positive. High-yield bonds and leveraged loans delivered solid returns for the year despite rising rates. Alternative assets, including hedge funds (+5.3%), private equity (+5.9%), and private credit, provided steady gains. With heightened geopolitical risks and potential volatility tied to U.S. policies, our report examines these trends and outlines portfolio adjustments for the evolving landscape.

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Capital Markets Review PDF Archive

To access and download PDF copies of our Capital Markets Reviews, please click the link provided below.

2025

Q1 2025 Capital Markets Review
April 2025

2024

Q4 2024 Capital Markets Review
January 2025
Q3 2024 Capital Markets Review
October 2024
Q2 2024 Capital Markets Review
July 2024
Q1 2024 Capital Markets Review
April 2024

2023

Q4 2023 Capital Markets Review
January 2024
Q3 2023 Capital Markets Review
November 2023
Q2 2023 Capital Markets Review
July 2023
Q1 2023 Capital Markets Review
April 2023

2022

Q4 2022 Capital Markets Review
January 2023
Q3 2022 Capital Markets Review
November 2022
Q2 2022 Capital Markets Review
July 2022
Q1 2022 Capital Markets Review
April 2022

2021

Q4 2021 Capital Markets Review
February 2022
Q3 2021 Capital Markets Review
November 2021
Q2 2021 Capital Markets Review
August 2021
Q1 2021 Capital Markets Review
May 2021

2020

Q4 2020 Capital Markets Review
February 2021
Q3 2020 Capital Markets Review
November 2020
Q2 2021 Capital Markets Review
August 2020
Q1 2020 Capital Markets Review
May 2020

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