Q2 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 third quarter of 2025. Reflecting on the second quarter, we’re pleased to share some developments that are especially noteworthy.

As we mentioned in our prior letter, Brady Johnson, aka “the intern” became a full-time member of our team in May. For those of you who haven’t met Brady, he is a graduate of Western Kentucky University and obtained a degree in Business Finance. Welcome again, Brady!

For clients who hold Bluerock Total Income+ Real Estate Fund, on July 3rd, Bluerock announced a proposed shareholder liquidity event for its flagship real estate fund, the Bluerock Total Income+ Real Estate Fund ("TI+" or "Fund"). This is a transformative and shareholder-driven initiative that is designed to improve liquidity and other characteristics. Curry Webb cannot vote the “proxy” that will be sent to you. Keep your eyes open for mail related to Bluerock and vote in favor of the initiative. Don’t hesitate to call us with questions.

Portfolio and Market Commentary

Q2 performance reports are now in your eMoney vault.

Economic data around the world remains stable. Developed markets are exhibiting positive momentum, led by consumer and business sentiment surveys as well as by improving manufacturing activity. With this backdrop, equity investments continue to marginally outperform fixed income. Our optimism for a rebound as the market digested tariff news was correct and equity indexes have rebounded from the lows seen during the initial tariff-related uncertainty and are making recent new highs.

For the 2nd quarter, the S&P 500 Composite rose by .37% (up 6.59% for the year) while the equal-weighted S&P 500 was up by 1.38%. The small-cap Russell 2000 rose by 2.37%. Emerging markets advanced with the MSCI Emerging increasing .69%. Real estate had a positive quarter with the Dow Jones Total Market US Real Estate index up .91% while the Bloomberg Aggregate Bond index was down -0.17%. Gold, represented by the SPDR Gold Trust increased by 1.45%. The Fed Funds rate ended at 4.33% unchanged with the Federal Reserve again holding steady.

S&P 500 growth estimates have been reduced by the street to 2.2% from the year-end and end-of-March projections of 9.2%, setting up for a possible upside surprise later this year. (CFRA, The Outlook, July 7, 2025).

We will remain focused on the long-term as that has served us well to this point. We have positioned portfolios to have some flexibility if the outcome is outside of what is expected, especially against the backdrop of volatility we have seen in the past year related to trade and tariffs.

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.