Monthly Investment Updates

U.S. stocks closed May 2026 at or near record highs, with the S&P 500, Nasdaq, and Dow all posting strong gains. But beneath the surface, the rally narrowed, inflation ticked up, and the Fed’s outlook shifted under new leadership. Here’s what drove the month, and how we’re positioning portfolios in response.

April delivered one of the strongest market months we’ve seen in several years, with the S&P 500 up roughly 10% and gains across all major indices.

At first glance, that kind of performance suggests a clear shift higher. But when we look beneath the surface, the environment remains less settled than the headline numbers imply.

We’re continuing to see…

Markets moved lower in March as volatility picked up. Here’s what’s driving the current environment, what the data suggests may come next, and how our positioning has helped reduce downside.

Following the U.S.–Israel strike on Iran and a recent Supreme Court tariff ruling, markets reacted with higher energy prices, sector rotation, and increased volatility. Despite headline pressure, portfolios remain overweight Consumer Staples, Healthcare, Biotech, and Value, positions that have helped manage risk through recent choppiness. February market performance reflected rotation beneath the surface rather than broad market breakdown.

If you live in the Greensboro area, you’ve likely experienced the same frustration we have over the past two weeks: checking the weather forecast, planning accordingly, and then watching as Mother Nature had entirely different plans. One forecast called for a dusting of snow. We got six inches. Another predicted warming trends. Temperatures plummeted instead. The meteorologists weren’t incompetent. They were working with the best models and data available. But weather, like markets, is a complex system influenced by countless variables that can shift without warning. Here’s what struck us about those missed forecasts: The goal of weather forecasting isn’t perfection. It’s about getting it less wrong. And that same principle applies to investment management.

As 2025 came to a close, markets continued to show resilience despite elevated valuations and shifting economic conditions. This update reviews December market performance, discusses the Buffett Indicator, and explains how a disciplined, indicator-driven investment process helps manage risk and avoid emotion-based decisions.

The year 2025 challenged many of the assumptions investors carried into January. The pace of rate cuts, the durability of the labor market, the influence of artificial intelligence on productivity, and the resilience of corporate earnings all shifted throughout the year. Even with these changes, markets adapted and pushed forward.

As we close out the year, we are looking back at what changed and asking an important question: Is this the new normal?

Markets advanced through policy shifts, economic crosscurrents, and persistent headline noise. Throughout these transitions, our focus remained on discipline, strategy, and long term decision making.

October continued the market’s upward trajectory, rewarding investors who maintained discipline through a year of volatility. U.S. equities posted another month of solid gains, with technology and healthcare leading the charge. The S&P 500 and Nasdaq Composite both extended their positive momentum, while small-caps regained footing after uneven performance earlier in the year.
Our investment team maintained existing allocations with one key change, we have sold our position in Materials, reallocating that exposure back into our core holdings. We continue to hold allocations to Healthcare and Biotech, sectors that remain supported by strong innovation trends, attractive valuations, and steady demand through various economic environments.