Market Commentary

April was the snapback. The S&P 500 gained 12.72% for the month and 9.95% quarter-to-date, erasing the early-year drawdown to put the index up 5.17% YTD and 31.33% over the trailing year. Growth led the bounce as Russell 1000 Growth rose 16.29% in April versus Value at 8.37%, though Value still leads YTD at 8.69% to Growth's 1.57%. 

The market has logged serious mileage in 2025. Equities have delivered robust returns: the Russell 1000 Growth Index leads with a (+26.9%) one-year gain, the S&P 500 is up (+18.3%), and EM equities (+21.3%) have surged as global breadth improves. Sector leadership remains concentrated in Communication Services (+43.9% YTD) and Technology (+28.5% YTD), while Health Care (-11.6% YTD) has lagged.

The latest U.S. strikes on Iran have thrust investors back into the ancient arena of fear and opportunity. Headlines, threats, and safe-haven bids pile-up, yet we look to history to remind us that markets often prevail long after swords are sheathed and sanctions are re-drawn. As with every geopolitical drama, the first reaction is rarely the final verdict.