Q4 2025 Newsletter from Curry Webb

Greetings from Curry Webb Wealth Management!

We hope you and your family are doing well as we enter Q12026. Looking back on the fourth quarter, we are pleased to highlight a few important developments.

Several weeks ago, we proudly launched the reimagined Curry Webb website. Internal and external partners dedicated many hours to bringing it to life, and we are pleased to share that the response has been overwhelmingly positive. If you haven’t had the opportunity to explore it yet, we invite you to visit www.currywebb.com. Thank you to everyone who has shared feedback— we truly appreciate your insights and support. In November, the team traveled to Texas to meet with many of our Houston clients. It wasn’t all work, as you might guess. Before departing, we were delighted to gather for an evening of dinner and drinks, making the visit especially memorable. Thank you to everyone who joined us—we truly appreciated the time together. For our Indiana clients, be on the lookout for a client appreciation event in the first half of 2026!

One of our firm’s core values is a commitment to continuous improvement. In support of this commitment, we conducted our first firm-wide client survey. We were both pleased and humbled by the thoughtful responses, and we are using this valuable feedback to further refine our processes and better serve the evolving and complex needs of our clients.

Portfolio and Market Commentary

Q4 performance reports are now in your eMoney vault.

You could say that policy upheaval defined the first half of the year, with adaptation and resilience reshaping the rest of it. We saw the largest tariff policy shift since the 1930s, the sharpest immigration restrictions since the 1950s, the most ambitious deregulation agenda since the 1980s, and stimulus bills in the US and Germany.  Through the political turmoil, most global equity markets rebounded from April lows to be at or near all-time new highs.  

The Federal Reserve cut the federal funds rate in late October by about 25 basis points (1/4 of a percent), helping push the market higher.  Bonds traded in a wider range but eked out a gain thanks to interest income. The broad “AI boom” remained a major market-moving force, helping Nvidia to move up to a $4.6 trillion market capitalization. This was followed by Alphabet Inc. (Google’s parent company), which moved up to $3.89 trillion.  Apple was a close third place at $3.86trillion. There are now 10 companies in the “Trillion Dollar Club”.

In the following, we note the full-year 2025 performance number with *.  The 4rd quarter closed Q4 with the S&P 500 Composite up 2.65% (up 17.88%*) while the equal-weighted S&P 500 was up by 1.39% (11.43%*). The small-cap Russell 2000 rose by 2.19% (12.81 *).  Emerging markets advanced with the MSCI Emerging Markets increasing 4.78% (34.36%*). Real estate had a down quarter, with the Dow Jones Total Market US Real Estate index return -2.32% (3.78%*).  The Bloomberg US Aggregate bond index was up 1.10% (7.30%*). Gold, represented by the SPDR Gold Trust shares increased by 11.27% (62.9%*). The Fed Funds rate ended at 3.64%, down .46% for the quarter.  

Our Invesco models saw the tilt to fixed income reduced(fixed income was reduced and equity increased) due to a positive change in Invesco’s long-term economic model. Overall, there was an increase to the allocation of core S&P 500, core international, and high-yield bonds while scaling back general fixed income.  

As we move forward, markets are likely to remain influenced by policy developments, central bank actions, and the pace of global economic growth. While short-term volatility is always possible, maintaining a disciplined, diversified investment strategy remains key to navigating changing conditions. We will continue to monitor economic data and market trends closely and make adjustments as warranted to keep portfolios aligned with long-term goals. As always, please reach out with any questions or if you would like to discuss your portfolio in more detail.

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 requestor by visiting the SEC’s Investment Adviser Public Disclosure (IAPD) website.

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