Q3 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 4th quarter of 2025. Reflecting on the third quarter, we’re pleased to share some developments worth noting.

On October 30th from 4:00 – 5:30 PM we’ll be hosting a seminar at our “new” office covering Medicare Parts A, B, and D, Medicare Advantage, Medicare Supplements, who is eligible, when and how to enroll. Email Jenn at jkeene@currywebb.com to RSVP.

A big congratulations to Ty Williams, CFP®, who recently passed the Certified Financial Planner exam on his first attempt! Earning the CFP® designation requires a rigorous year-long study commitment, and Ty not only met the challenge head-on—he’s now sharing his experience and insights on social media to help others pursuing the same path.

Last quarter, we announced a shareholder proposal for the Bluerock Total Income + Real Estate Fund. In the past few days, the proposal was approved and the fund is going to list and trade on the New York Stock Exchange later this year. This will provide the liquidity that we’ve been hoping for.

Those of you who have visited our offices since August know that we have expanded our space, almost doubling the footprint. With the addition of Brady Johnson, we officially filled our offices. We now have another conference room, lounge, and additional offices to accommodate growth that is already happening.

Portfolio and Market Commentary

Q3 performance reports are now in your eMoney vault.

Overall, global equity markets surged in Q3, adding roughly $5 trillion in market value. NVIDIA became the first company to hit a $4 trillion valuation. While technology and AI related issues led the way, it was a broad-based move in stocks. A soft jobs report in early August preceded a .25% Federal Funds rate cut, with the expectation that there will be at least another cut before the year-end. While tariff policy is still affecting expectations to an extent, feared price increases have not materialized. The Federal Government has been shut down for a little over one week, perhaps another sign that not much has changed in DC. The good news is that the effect of such “shut-downs” are typically shallow and short-lived.

The 3rd quarter closed out with the S&P 500 Composite up 8.12% (up 14.75% for the year) while the equal-weighted S&P 500 was up by 4.84%. The small-cap Russell 2000 rose by 12.4%. Emerging markets advanced with the MSCI Emerging Markets increasing 10.95%. Real estate had another positive quarter, with the Dow Jones Total Market US Real Estate index up 3.12%.

The Bloomberg US Aggregate bond index was up 2.03%, reversing last quarter’s loss. Gold, represented by the SPDR Gold Trust shares increased by 13.06%. The Fed Funds rate ended at 4.09%, down .24% from the prior.

S&P 500 growth estimates for Q3 are for a 6.9% increase (year-over-year). The growth in EPS expectations is being driven mainly by expected strength in information technology but is expected to affect financials, industrials, and utilities. (CFRA, The Outlook, October 6, 2025).

Our Invesco models are neutral as to regional composition versus the benchmark and tilted towards larger capitalizations versus value, mid, and small companies. Portfolios with bonds are tilted slightly towards fixed income. While volatility has been low, we think portfolios are structured well to get through an increase if it should happen.

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.