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The second quarter of 2025 was a reminder that markets can move quickly—and that thoughtful, disciplined investing matters more than ever. Despite a rocky start to the year driven by tariff uncertainty and shifting policy headlines, both U.S. and international markets posted strong gains, helped by resilient economic data and the ongoing momentum behind artificial intelligence (AI) innovation.
In this quarter’s report, our investment team breaks down the key forces shaping portfolios today. We explore how new tariffs and federal budget changes are influencing everything from inflation to interest rates—and what that means for your investments. Our Chief Investment Officer, Dr. Charles Lieberman, offers insight into the economy’s underlying strength and how the Federal Reserve may respond to rising inflation risks. Meanwhile, Portfolio Manager Dr. JoAnne Feeney explains why certain parts of the stock market still offer opportunity, even as overall valuations remain high.
For globally diversified investors, the rebound in international markets was a welcome development. Foreign equities surged after initial fears around U.S. trade policy faded, with particularly strong performance in Europe, Mexico, and parts of Asia. Our team outlines the countries and sectors showing promise for long-term investors seeking growth beyond U.S. borders.
We also cover the sweeping “One Big Beautiful Bill Act,” a major piece of legislation affecting taxes, government spending, and several industries—from defense and industrials to healthcare and renewables. Our analysts weigh in on the winners, the risks, and how we’re positioning portfolios to adapt.
As always, we remain focused on building and managing portfolios that reflect your long-term goals, adapting to change while staying grounded in research and discipline.
Advisors Capital Management, LLC is an investment advisor registered with the United States Securities and Exchange Commission. Registration does not imply any degree of skill or training. All investing carries risk, including the potential for the loss of principal and past performance is no guarantee of future results. This content is for informational purposes only, can change at any time without notice, and is not investment advice or a recommendation to trade any security. Indices are not available for direct investment. We only provide services in jurisdictions where we are registered. Our disclosure brochure (ADV Part 2A) and customer relationship summary (ADV Part 3) are available at https://adviserinfo.sec.gov and upon request.
