Quarterly Commentary

Each quarter, we share insights into how we think and how we apply our investment philosophy.

Latest Quarterly Commentary

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Equity Market Commentary

Q4 2025

Resilient Economy and Corporate Earnings Deliver Third Straight Year of Strong Returns

For the third consecutive year, the S&P 500 index delivered investors double-digit returns.

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Fixed Income Market Commentary

Q4 2025

Fed Easing Lays the Groundwork for Improved Fixed Income Returns

The fourth quarter of 2025 marked the return of a more normal upward-sloping bond yield curve.

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Year-End Letter

2025

Year-End Letter From Our Chief Investment Officer

At Riverbridge, it is our mission to deliver investment strategies that endure, and to help our clients Invest With Endurance.

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Additional Quarterly Commentary

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Equity Market Commentary

Q3 2025

Third Quarter Defies Historical Trends as Investor Optimism Persists

Historically, investors have braced for the third quarter to be the most challenging stretch of the year. That familiar pattern did not hold in 2025.

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Fixed Income Market Commentary

Q3 2025

Despite Tariff Tensions, Fixed Income Markets Strengthen as Fed Eases Policy

In Q3 2025, fixed income markets demonstrated resilience amid geopolitical tensions and tariff uncertainties.

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Quarterly Article

Q3 2025

Investing with Endurance in the GenAI Era

In 2019, professors Bradford Cornell and Aswath Damodaran published a research paper that coined the phrase “The Big Market Delusion.”

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Equity Market Commentary

Q2 2025

Second Quarter Ends Strong Despite Early Volatility

Investor emotions catalyzed one of the most remarkable quarters in recent memory. On the surface, the second quarter of 2025 was strong, with the S&P 500 gaining nearly 11%.

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Fixed Income Market Commentary

Q2 2025

Despite Early Volatility, Fixed Income Markets Demonstrated Resilience

In the second quarter of 2025, fixed income markets navigated a turbulent landscape dominated by the White House’s shifting tariff policies.

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Quarterly Article

Q2 2025

When it Comes to AI, Enduring Value Lies Beyond the Infrastructure

After a brief pause, equity investors returned to the well of AI in the second quarter.

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Equity Market Commentary

Q1 2025

Despite the Market’s Fixation on Tariffs, Long-Term Outlook for U.S. Markets Remains Positive

Markets can handle good news, and markets can handle bad news, but markets hate uncertainty. This adage, long recognized on Wall Street, accurately describes current investor sentiment.

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Fixed Income Market Commentary

Q1 2025

Fixed Income Market Performs as Expected Amid Tariffs, Providing a Cushion for Investors

As investors wrestle with tariffs and their potential adverse economic and market effects, bonds are outperforming stocks for the first time in five years.

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Quarterly Article

Q1 2025

Tariffs Provide Opportunity For Companies To Demonstrate Adaptability and Resiliency

Tariffs have prompted market volatility as investors attempt to parse the potential implications on inflation, supply chains, corporate profits, interest rates, and economic growth.

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