United seeks to be a trusted partner to our clients, inspiring confidence and peace of mind so they can focus on what matters most. We believe in always acting in the best interest of our clients through our investment management expertise, financial planning services, transparent communication, and a collaborative team approach.
Planning for a Lifetime® Starts Here
United Asset Strategies Quarterly Letter: 3Q2025
Market momentum continued into the third quarter, culminating in fresh alltime
highs for the S&P 500. As shown in Exhibit 1, returns were positive
across both equities and fixed income, with the S&P 500 up 8% and
Bloomberg Aggregate and Municipal bond indices gaining 2–3%. We
estimate that the equity market’s third-quarter performance was mostly
driven by two key factors. First, gains were again concentrated in Big Tech,
with the Magnificent 7 up 18% on continued enthusiasm around Artificial
Intelligence (AI) and the rest of the market up a more modest 5%. Second,
accommodative policy acted as a rising tide lifting all boats. The onset of a
new Fed rate-cutting cycle, combined with pro-growth tax and regulatory
measures introduced in the One Big Beautiful Bill Act (OBBBA), created an
environment supportive of risk assets—most evident in the performance
gap between the +13% for high beta stocks and +1% for low beta stocks.