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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended June 30, 2025 <br />Multi-Asset Class Management <br />CommentsOur Q3 2025 Investment OutlookAsset Class <br />•Tariffs and their possible impact on business and consumer confidence, <br />corporate profit margins, inflation and economic growth has led to <br />increased uncertainty in 2025. <br />•We maintain defensive stance due to expensive valuations amidst <br />uncertainty around economic and policy outcomes. Reciprocal tariffs are <br />being quickly renegotiated but any negative news can lead to swift <br />pullback in equities. <br />•Small cap have lagged large caps on YTD basis while recent performance <br />has been positive. Small caps are more attractively valued but vulnerable <br />to higher level of rates and growth slowdown leading us to stay neutral. <br />U.S. Equities <br />Large-Caps <br />Small-Caps <br />•International equities have outperformed U.S. equities on YTD basis, <br />helped by a weaker USD. <br />•Improved sentiment is driven by increased fiscal spending efforts in <br />Europe and continued stimulus in China but we remain defensive due to <br />worry about global slowdown from tariff and trade tensions. <br />•Across Europe and China, we believe that there are structural/geopolitical <br />issues that need to be addressed for long-term sustained outperformance. <br />Non-U.S. Equities <br />Developed Markets <br />Emerging Markets <br />•Latest Fed projections call for higher inflation, higher unemployment and <br />lower growth by year-end while rate cut path still remains uncertain. <br />•We maintain an overweight to fixed income due to attractive yields and <br />ability to preserve capital during risk-off periods. We maintain duration <br />close to the benchmark duration across the portfolios. <br />•We remain positive on investment grade credit due to underlying <br />corporate fundamentals but are neutral to high yield given the tighter <br />spreads pointing to higher downside than upside in case of stress. <br />Fixed Income <br />Core Bonds <br />Investment Grade Credit <br />High Yield Credit <br />•During the S&P 500 sell-off of close to 20%, listed REITs and listed <br />infrastructure held up well pointing to their characteristics of lower <br />correlation. <br />•While the long-term fundamentals within listed real estate and listed <br />infrastructure are healthy, we remain neutral due to ongoing interest rate <br />uncertainty. <br />Diversifying Assets <br />Listed Real Estate <br />Listed Global Infrastructure <br />Investment Strategy Overview <br />The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution <br />(June 30, 2025) and are subject to change.  <br />Current outlook Outlook one quarter ago PositiveSlightly <br />Positive <br />NeutralSlightly <br />Negative <br />Negative <br />2.9 <br />Resolution No. 2025-133 Exhibit A Page 12 of 26