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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating toward cyclical, value, and international sectors."
HORAN Wealth's Winter 2025 Quarterly Investor Letter analyzes the key market dynamics of 2025 and provides a constructive framework for 2026. The dominant theme of 2025 was Artificial Intelligence, but market leadership broadened beyond the 'Magnificent 7,' with international equities (EEM returning 33.7%) and emerging markets leading performance, aided by a 10% decline in the U.S. Dollar. In the U.S., despite soft consumer sentiment readings (52.9), hard economic data remains robust: retail sales rose 7.6% YoY in December, and Q3 real GDP grew at a 4.3% annual rate, powered by consumer spending and A.I. related capital expenditure. Looking to 2026, corporate earnings are projected to grow by 15.6%, which should serve as the primary engine for further equity gains. Backed by a dovish Federal Reserve, HORAN Wealth envisions a continuation of the bull market, marked by healthy rotations into cyclical and value-oriented equities.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Growth Outlook
Market outlook remains high conviction: HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Risk Appetite
Risk appetite posture is above average conviction: HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Forward Guidance
Forward guidance signal: HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Language Signal
Tone analysis indicates above average conviction language: HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
Time Horizon
Investment time horizon reflects a high conviction orientation. HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating ...
