The major benchmarks we track produced positive total returns for the full year of 2024.

• The MS World Equity Index increased 19.19%.
• The S&P 500 Composite Index increased 25.02%.
• The S&P 500 Equal Weighted Index increased 10.90%.
•  Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 11.76%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond increased 10.29%.

With the composite US Treasury yield curve increasing to 4.6% and coupon yields at their historical norms, we believe that fixed income securities will produce positive normalized returns for the next 12 months. We will favor intermediate-term investment grade bonds going forward. We are projecting equities will produce positive normalized returns and are continuing to prioritize domestic over international stocks. Based on this outlook, we will favor equities over bonds in blended accounts.

You can review our current outlook and policy by going to the Client Info page.