Strategic's Q3-2025 Quarterly Investment Report

An excerpt from our Q3-2025 Quarterly Investment Report:

Global equity markets posted solid returns in the third quarter, extending already sizeable gains. U.S. credit markets also rose, squeezing credit spreads to historically narrow levels. Although economic policy uncertainty remains high, risk premiums and expected market volatility remain low. AI enthusiasm is driving equity markets higher, while AI-related investments are also contributing importantly to economic growth. U.S. and Chinese equities have especially benefitted from the AI frenzy, but the tech sector has been a prominent driver of returns across many non-U.S. advanced and emerging equity markets. The U.S. equity market has also been emboldened by the prospect of further Fed rate cuts and continued fiscal stimulus, notwithstanding mounting government debt, continued high levels of policy uncertainty, and a government shutdown. These concerns have, however, weighed on the U.S. dollar, which has depreciated this year against most major currencies. Gold, in contrast, has soared.

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