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Perspectives Newsletter: Q3 2025
September shook off its reputation for the worst month of the year with a risk-on rally that took domestic indices up over 30% from their March lows. The September advance was particularly notable in that it occurred with liquidity coming out of the markets, something that had been a major headwind for risk assets since the Global Financial Crisis. Small cap stocks, as measured by the Russell 2000, rallied throughout the quarter and on September 19 notched a new all-time high, breaking a streak of 967 trading days without one. Once again, performance was concentrated in the largest stocks: the market cap weighted S&P500 nearly doubled the return of the Equal Weighted S&P’s return (4.84%). Growth stocks again handily outperformed value. Developed international markets were relative laggards in the quarter, though a strong first half still left them ahead of the S&P 500. The standout, both in September and for the quarter, was the Emerging Markets category. China was the star in this group, with local tech companies surging and a trade truce between the U.S. and China fueling a 20%+ rally. Bitcoin notched nearly all of its third quarter surge in the final month.
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Parsons Capital Management, Inc.), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Parsons Capital Management, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Parsons Capital Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. If you are a Parsons Capital Management, Inc. client, please remember to contact Parsons Capital Management, Inc., in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, and/or revising our previous recommendations and/or services. A copy of the Parsons Capital Management, Inc.'s current brochure discussing our advisory services and fees is available upon request.
