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QUARTERLY MARKET SUMMARY For the Quarter Ended March 31, 2025 Multi-Asset Class Management DOMESTIC EQUITY ►The S&P 500 Index (S&P) posted a -4.3% return for the first quarter of 2025. During the quarter, S&P performance was negative for two out of three months, posting a quarter high of 2.9% in January, and a low of -5.6% in March. ►Within the S&P, performance was mixed across the 11 GICS sectors. In a reversal from the previous quarter the worst performing sector was Consumer Discretionary (-13.8%), followed by IT (-12.7%), and Communication Services (-6.2%). The best performing sectors were Energy (10.2%), Healthcare (6.5%), and Consumer Staples (5.2%). ►Negative returns were seen across all capitalizations with large-caps, as represented by the Russell 1000 Index, returning -4.5% during the quarter while the Russell Midcap and Russell 2000 indices returned -3.4% and -9.5%, respectively. ►According to FactSet Earnings Insight as of March 28, 2025, the expected YoY earnings growth rate for S&P 500 for Q1 2025 was 7.3%, after downward revisions from the beginning of the year. At the sector level, Materials (7.1% to -9.8%) and Consumer Discretionary (11.5% to 1.6%) saw the biggest downward revisions in YoY earnings growth estimates from December 31 to March 28th. There were no sectors that saw upward revisions during this period though Utilities remained near flat with a downward revision of just -0.4%. ►As of the end of the quarter, forward 12-month P/E ratio for the S&P 500 is 22.4, which is below the 5-year average of 23.2. By comparison, the Russell 2000, which represents small-cap stocks, had a forward P/E ratio of 17.1, just slightly below its 5-year average of 17.8. For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. Source: Bloomberg. S&P 500 Index Performance by Sector Periods Ended March 31, 2025 Source: Bloomberg. *P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency. P/E Ratios of Major Stock Indices* Consumer Disc. Consumer Staples Energy Financials H'lthcare Industrials Info. Tech Materials Real Estate Telecom Utilities QTD -13.80%5.23%10.21%3.48% 6.54%-0.19% -12.65%2.81% 3.58%-6.21%4.94% YTD -13.80%5.23%10.21%3.48% 6.54%-0.19% -12.65%2.81% 3.58%-6.21%4.94% 1 Year 6.86%12.43%2.49%20.10%0.40% 5.50% 5.89%-5.67%9.60%13.56% 23.87% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 5 10 15 20 25 30 10 15 20 25 30 35 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Russell 2000S&P 500S&P 500 S&P 500 5-Year Average Russell 2000 Russell 2000 5-Year Average 2.4