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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversification."
In the 2025 Q2 Client Letter, Christopher D. Flis of Resilient Asset Management reviews recent global developments, including tariffs, military action in Iran, and the conflict in Ukraine. Despite these potentially disruptive events, the S&P 500 advanced by well over 10% during the second quarter. The letter highlights the futility of attempting to predict short-term market movements, emphasizing the importance of staying invested. A key focus of the letter is the resurgence of international equities, which performed well in the first half of 2025, validating the firm's approach to international diversification. While US markets have outperformed international markets by approximately 173% over the past decade, Flis warns against assuming this 'US Exceptionalism' is permanent, noting that valuations matter over the long run and that historical returns between US and international equities have been more closely aligned over longer periods. To illustrate the power of compounding and long-term investing, Flis provides an anecdote comparing the record-breaking $10 billion sale of the Los Angeles Lakers to a simple long-term investment in the S&P 500, which would have grown from $67 million in 1979 to approximately $13 billion. The letter concludes with a recommendation to start investing early and maintain a disciplined, principles-based approach through changing market conditions.
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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: Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Growth Outlook
Market outlook remains high conviction: Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Risk Appetite
Risk appetite posture is high conviction: Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Forward Guidance
Forward guidance signal: Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Language Signal
Tone analysis indicates high conviction language: Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite geopolitical headwinds, the S&P 500 gained over 10% in Q2 2025, highlighting the benefits of sticking to core long-term investing principles and international diversificati...
