Q1 2025 Newsletter from Curry Webb

Greetings from Curry Webb Wealth Management! 

We hope this message finds you and your family well as we rapidly move into the second quarter of 2025. Reflecting on the first quarter, we’re pleased to share some developments that are especially noteworthy.

We are very excited that Brady Johnson, aka “the intern” is going to be back to join us as a full-time member of Curry Webb in May. While this is not new news, it is certainly worth highlighting.

We are happy to announce that Charles Schwab has implemented a favorable change regarding the reflection of private (alternative) investment purchases in client accounts. Previously, there was a delay of several days between the wiring of funds and the appearance of the alternative investment purchased in the account. Now, the new investment will be reflected on the next trading day.

Portfolio and Market Commentary 

Q1 performance reports are now in your eMoney vault. 

To start the year, markets were forced into a correction starting on about February 19th as the rising risk of recession associated with the initiation by the U.S. of a global trade war.  There has been plenty of news about a group called DOGE, talk of tariffs, and the potential effects of each. We have experienced consolidation within the “Magnificent Seven” tech stocks which represent roughly 33% of the S&P 500’s capitalization.  The average Mag 7 stock was down -15.7% for the quarter.  In general, we’re seeing valuations across the board moving back toward the longer-term averages.

Looking more closely, the S&P 500 Composite declined by -4.27% while the equal-weighted S&P 500 was down by a modest -0.61%.  The small-cap Russell 2000 declined by -9.48%.  Emerging markets was a bright spot with the MSCI Emerging advancing 3.01%. Real estate and bonds had a good quarter with the Dow Jones Total Market US Real Estate index up 3.49% while the Bloomberg Aggregate Bond index was up 2.78%. The Fed Funds rate ended at 4.33% virtually unchanged with the Federal Reserve holding steady at each of the last two meetings.

While increased volatility and short-term declines that occur are rarely fun for clients or advisors, it is all part of the wealth building process.  Overall, we are pleased with the results in client accounts, which have been improved by the combination of both public and private investments.

We are optimistic that the uncertainty around tariffs will ultimately abate.  If that takes an extended period of time, we will seek out opportunities along the way. 

Important Disclosures 

Curry Webb Wealth Management (“CWWM”) is a registered investment adviser. Registration with the U.S. Securities and Exchange Commission (SEC) does not imply a certain level of skill or training. This communication is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities or investment strategies. Any references to market performance are for informational purposes and based on publicly available data. Indices are unmanaged, not investable, and do not reflect the deduction of advisory fees, trading costs, or other expenses. Past performance is not indicative of future results. Investment returns and principal values will fluctuate. Actual client results may differ due to timing of investments, account restrictions, fees, and other variables. Curry Webb Wealth Management is independent of Charles Schwab, and no endorsement by Schwab is implied. Additional information about Curry Webb Wealth Management, including our advisory services, fees, and conflicts of interest, is available in our Form ADV Part 2A, which is available upon request or by visiting the SEC’s Investment Adviser Public Disclosure (IAPD) website.