The major benchmarks we track produced positive total returns for the third quarter of 2024.

• The MS World Equity Index increased6.46%.
• The S&P 500 Composite Index increased 5.89%.
• The S&P 500 Equal Weighted Index increased 9.09%.
•  Balanced Index of 60% MSCI World Equity and 40% BC US Aggregate Bond increased 5.96%.
• The Conservative Index of 40% S&P 500 and 60% BC US Aggregate Bond increased 5.48%.

With the composite US Treasury yield curve at 4.4% 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, below normalized returns and are continuing to prioritize domestic stocks over international stocks.

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