August 2025 Market Quick Hit

• Major US and global indices finished higher for the month, supported by resilient earnings and improving breadth.

• Treasury yields fell slightly in August as investors gain confidence in the likelihood of a Fed rate cut in September.

• After lagging for much of the year, small-cap equities staged a strong rally in August lifted by lower interest rate expectations.

• Lower yields and tight credit spreads led to positive returns in fixed income across duration and credit spectrums.

• Gold continued its rise as investors view it as a hedge against a weakening US dollar.

Positioning & Outlook

• The Fed is expected to lower rates in September, which will likely push shorter term yields downward, but may not have the same impact longer dated bonds leading to a steepening of the yield curve.

• Concerns surrounding an over politicized Federal Reserve and potential doubts of future economic data in the wake of the firing of the head of the Bureau of Labor Statistics may lead to increased volatility.

• We continue to believe in the broadening participation in the equity markets with cyclical sectors and small and mid-cap stocks well positioned should economic momentum persist, and interest rates stabilize.

• Private market investments are viewed as an attractive diversifier within portfolios, offering low correlations to the volatility of the stock and bond markets.

Advisory services are provided by Bison Wealth, LLC (“Bison”) an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is believed to be reliable, has not been independently verified and is based on the opinions of Bison and subject to change at any time without notice. Nothing herein should be deemed an offer or solicitation to buy or sell a security or to provide investment advice. All investments contain risks to include the total loss of invested amounts. Past performance is not indicative of future results. Diversification does not protect against losses.

Index Disclosure
An index typically measures the performance of a basket of securities intended to replicate a certain area of the market, asset class or geopolitical region among others. Indices do not represent investments in actual accounts. Investors cannot invest directly in an index. The asset classes noted here reflect the following indices: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.