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Q3 2025
Novi Wealth Partners / Quarterly Market Review / 2025 Q3
October 16th, 2025
The Q3 2025 Quarterly Market Review covers a quarter of continued market gains amid shifting monetary policy, geopolitical negotiations, and rapid technological change. U.S. equities posted positive returns and outperformed developed international markets, though emerging markets led overall performance. Growth stocks once again outpaced value, while small-cap stocks outperformed large caps in the U.S. Developed markets outside the U.S. delivered solid gains but lagged both U.S. and emerging markets, while emerging markets benefited from improving sentiment and stronger relative performance. Fixed income returns were positive as interest rates declined across most of the U.S. Treasury curve, supporting both government and corporate bonds. Commodities also advanced, driven by strength in metals and select agricultural sectors despite weakness in energy. The review concludes with a discussion on artificial intelligence, emphasizing that AI exposure already exists broadly across diversified portfolios and reinforcing the importance of broad diversification rather than trying to predict individual AI winners.
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