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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 7, 2026 | Brighton Jones LLC | 0.0% | 0.0% | DXY | diversification, Dollar, global, inflation, rates, Resilience, Trade Policy | 2025 has been marked by resilience with equities pushing higher despite episodes of volatility, international leadership emerging after years of US dominance, and fixed income delivering strong positive returns. The experience of 2025 fits the story perfectly: despite a 20% drop earlier in the year, the US stock market closed the year with a 16% total return. It's a reminder that volatility and setbacks are a normal part of investing, and that keeping a long-term perspective is essential. President Trump unveiled his long-awaited tariff plan on April 2nd, with measures far more sweeping than the expected modest 10% tariffs. The surprise sent shockwaves through global markets, sparking panic selling as investors recalibrated the potential impact on trade, supply chains, and corporate earnings. On April 9th, Trump announced a 90-day pause on the newly implemented tariffs, giving each country an opportunity to negotiate a trade deal before higher rates would take effect. The US dollar declined ~11% since January, but after zooming out for context, the dollar index sits slightly below its pre-election level. The dollar has spent the past three years oscillating within a 100-115 range, and over fifteen years, the prevailing trend has been upward. Currency swings are just one factor among many rather than the primary driver of outcomes. The Federal Reserve has reduced the Fed Funds target rate by 175 basis points over the past five quarters, from 5.00% to 3.75%. Yet yields on Treasury securities with maturities beyond five years have risen modestly, reflecting concerns that inflation may prove stubborn. The yield curve is moving back toward normal, with short-term yields easing and long-term yields staying elevated. Elevated inflation has been an ongoing concern for consumers and a key driver of investment returns since 2022. The Federal Reserve has made significant progress: inflation has fallen from a peak of 9% in June 2022 to 2.7% in the most recent readings. Some economists expect inflation to ease further in early 2026 as elevated monthly readings roll out of the 12-month calculation. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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