The Q2 2025 Quarterly Market Review reflects a quarter shaped by geopolitical tensions, shifting trade policy, and uneven economic signals. U.S. equities posted positive returns but underperformed both international developed and emerging markets, with large-cap growth stocks leading while value and small caps lagged. Developed markets outside the U.S. were the strongest performers, benefiting from easing interest rates and improving relative valuations. Emerging markets also delivered gains, though with mixed leadership across styles and sizes. Bond markets were modestly positive, as short- and intermediate-term interest rates declined while long-term yields edged higher, creating a more uneven yield curve. Commodities declined overall, with energy and agricultural prices driving much of the weakness despite select pockets of strength. The review concludes with a discussion on gold’s role in portfolios, cautioning that while gold can perform well at times, it has not consistently served as a reliable safe haven compared to equities over the long term.