Disclaimer: Past performance does not guarantee or indicate future results. As of December 31, 2025, the Intermediate Investment Grade Bond Strategy (IIGBS) composite consists of one fully discretionary, fee-paying account for a total of $7,311,332. The composite performance inception date is 07/31/2024; the composite creation date is 09/30/2024. Accounts are added to the composite following one full month of complete performance. All information in this report is as of the d

Disclaimer: Past performance does not guarantee or indicate future results. As of December 31, 2025, the Short-Term High-Quality Bond Strategy (STHQB) composite consists of one fully discretionary, fee-paying account for a total of $56,826,516. The composite performance inception date is 04/30/2023; the composite creation date is 06/30/2023. Accounts are added to the composite following one full month of complete performance. All information in this report is as of the date o

Disclaimer: Past performance does not guarantee or indicate future results. As of December 31, 2025, the Ultra Short-Term High-Quality Bond Strategy (USTHQB) composite consists of one fully discretionary, fee-paying account for a total of $9,293,403. The composite performance inception date is 03/31/2022; the composite creation date is 04/30/2022. Accounts are added to the composite following one full month of complete performance. All information in this report is as of the

Disclaimer: Past performance does not guarantee or indicate future results. As of December 31, 2025, the Enhanced Cash composite consists of five fully discretionary, fee-paying accounts for a total of $48,802,591. The composite performance inception date is 09/30/2016; the composite creation date is 03/31/2022. Accounts are added to the composite following one full month of complete performance. All information in this report is as of the date of the report and is subject to

We opened December 2024’s commentary with the two-word sentence, “Divergent December.” While that description is quite germane in defining December 2025, we deemed that a more fitting characterization would be “Dubious December”, particularly as it pertained to monetary policy forward guidance. Before we discuss the Fed, and the policymakers’ discordant outlooks regarding the direction of monetary policy, it is significant to note that although U.S. equity performance was gen

The U.S. economy closed 2025 on a note of cautious optimism. Uncertainty regarding inflation, labor markets, and fiscal policy tempered expectations. The quarter was marked by a prolonged, 43-day government shutdown that spanned the entire month of October and the first 12 days of November, which delayed key data releases and injected volatility into markets. Despite these disruptions, the economy demonstrated resilience, supported by earlier fiscal stimulus and an eventual p