Quarter endings and beginnings are typically a good time to provide a touch point with your clients and prospects, so in recognition of the change of calendar, we wanted to give you a sample newsletter to aid you with this communication.
Quarter endings and beginnings are typically a good time to provide a touch point with your clients and prospects, so in recognition of the change of calendar, we wanted to give you a sample newsletter to aid you with this communication. You want to let your clients know that you are holding the reins of their portfolios and that you are holding on tight. This letter has not been FINRA approved; however, you are welcome to use the text as you like. Feel free to "slice and dice" the text to best incorporate it within your business.
Sample Client Newsletter: Q4 2025
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The fourth quarter and 2025 are officially in the record books and it was another strong year for US stocks. The year got off to a solid start as momentum from 2024 and expectations for pro-business, America-first policies from the incoming administration helped the S&P 500 gain more than 2.5% in January. The market quickly reversed course, however, as concerns about protectionist policies and potential trade war led to three consecutive months of losses for the S&P. The decline culminated in a four-day stretch that saw the S&P fall more than 12% after the announcement of reciprocal tariffs in early April. A week later, on April 9th, President Trump announced a 90-day pause on the tariffs driving a 9.5% rally for the S&P, the index’s largest single-day gain since 2008 and among the 10 largest in its history. From there, it went on to notch seven consecutive months of gains. The S&P finished 2025 with a total return of almost 18% and has now gained more than 15% in six of the last seven years.
While US stocks had another strong year, they were outperformed by international equities, upending a prevailing prognostication for 2025. Many analysts predicted that the America-first stance of the incoming Trump administration would lead to continued underperformance by international stocks. However, buoyed by a weakening US dollar, the MSCI EAFE Index (EFA) and the MSCI Emerging Markets Index (EEM) gained more than 25% and 30%, respectively; the first year both international indexes outperformed the S&P 500 since 2017.
2025 also brought surprises in commodities. Despite a significant decline in the US dollar, which is usually a boon for commodities, crude oil was down almost 20% for the year and fell to its lowest level since the 2020 pandemic. Still, it wasn’t all bad news for commodity investors as precious metals produced eyepopping gains. Gold followed through on a strong 2024, rising more than 60% and crossing $3,000/oz and $4,000/oz marks for the first time. Even though it posted its largest gain in at least 15 years, gold was still handily outperformed by silver, which gained more than 140%, and platinum, which was up more than 125%.
The Federal Reserve continued to ease monetary policy in 2025, lowering the target for the federal funds rate by 0.75%. Long-term rates were also down modestly helping the Bloomberg US Aggregate Bond Index to its best year since 2020. Meanwhile, international bonds were among the strongest performers as the falling US dollar was also a major factor in fixed income.
As we begin 2026, domestic equities remain at the top of the asset class rankings in our Dynamic Asset Level Investing (DALI) tool. DALI provides us with a heat map of where relative strength (and weakness) resides across and within class classes. From a sector perspective, technology once again leads the pack as artificial intelligence remains a major driver of the bull market that has been in place for the last few years. As always, we continue to monitor for any shifts in the market landscape and stand ready to action if .
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Please be aware that the content of this newsletter is based on the opinion of Dorsey, Wright research and may differ from the research provided by your financial advisor. This market theme letter was written by Dorsey, Wright & Associates and is provided courtesy of your advisor.
The performance numbers in this article do not reflect dividends or transaction costs. Indexes are not available for direct investment. Past performance is not indicative of future results and there is no assurance that any forecasts mentioned in this report will be attained.
Stocks offer growth potential but are subject to market fluctuations. Dividends are not guaranteed; companies can reduce or eliminate their dividend at any time. There are special risks associated with an investment in real estate, including credit risk, interest rate fluctuations and the impact of varied economic conditions.
The information contained herein has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. Accordingly, investors should not act on any recommendation (express or implied) or information in this material without obtaining specific advice from their financial advisors and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources believed to be reliable (“information providers”). However, such information has not been verified by Dorsey, Wright & Associates, LLC (DWA) or the information provider and DWA and the information providers make no representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein. DWA and the information provider accept no liability to the recipient whatsoever whether in contract, in tort, for negligence, or otherwise for any direct, indirect, consequential, or special loss of any kind arising out of the use of this document or its contents or of the recipient relying on any such recommendation or information (except insofar as any statutory liability cannot be excluded). Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice. Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation or an offer to buy any securities, commodities or exchange traded products. This document does not purport to be complete description of the securities or commodities, markets or developments to which reference is made.
Potential for profits is accompanied by possibility of loss.
The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.
