AI fears and macro volatility pressured Q1 results, but our long-term conviction remains strong.
After a strong start, market conditions became more challenging later in the quarter which led to increased volatility and negative market returns.
Strength in key sectors and capital allocation drove outperformance as higher-quality, profitable businesses regained leadership.
Insights and analysis on global markets, AI disruption and where we see opportunities ahead.
Municipal Curve Steepens as Yields Rise in Q1
Oil Prices and Treasury Yields Rise Amid Ongoing Iran Conflict
From canals to cloud computing, municipal bonds have powered U.S. infrastructure for generations.
Treasury Yields Decline, Curve Flattens on Concerns Over AI Impact on Economy
Tax-Exempt Yields Fall Amid Strong Demand
Curve Steepens and Tax-Exempt Yields Fall Amid Strong Demand
Treasury Yields Rise Modestly as Fed Holds Rates at 3.5-3.75%; Trump Selects Warsh as Next Fed Chair
While the market’s performance was relatively “normal”, 2025 felt anything but normal to us.
U.S. equities advanced at the broad index level, though results were uneven across sectors, and the return dispersion among individual companies was high.
Chautauqua explores whether recent international equity outperformance signals a new long term market leadership cycle.
Global equity markets ended 2025 on a strong note, led by international equities. Read how our funds are positioned.
2025 Municipal Market Review
2025 Bond Market Review
