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© 2025 Envestnet, Inc. All rights reserved. For one-on-one use with a client's financial advisor only. September Market Recap Capital Markets All 12 of the asset classes tracked in this recap recorded gains last month. Last month did not follow the historical tendency for September to be a rough month for equities. Instead, gains flowed across every stock market index tracked in this recap. Emerging markets led the way last month and rose 7.15%, pushing them up over 27.5% YTD. Developed markets are up more than 25.1% YTD, as well, following a 1.91% September gain. Turning to fixed income markets, we witnessed solid performance in September. With a Fed rate cut serving as a tailwind, every bond market tracked in this briefing rose last month. Long-dated Treasury bonds jumped in September, and the US Aggregate climbed almost 1.1%. Municipal bonds delivered additional positive results, too. Falling rates boosted real estate, as well. Keep reading for more market details and analysis. Source: YCharts. US Large Caps = S&P 500 TR USD; US Small Caps = Russell 2000 TR USD; REITS = DJ US Select REIT TR USD; Global Equities = MSCI ACWI GR USD; Developed Markets = MSCI EAFE GR USD; 60/40 = PMC ACP Moderate Benchmark; Emerging Markets = MSCI EM GR USD; US Bonds = Bloomberg US Agg Bond TR USD; Municipal Bonds = Bloomberg Municipal TR USD; Global Bonds = Bloomberg Global Aggregate TR USD; US Treasury Bonds = Bloomberg US Treasury 10+ Yr TR USD; Commodities = Bloomberg Commodity TR USD. 7.15 3.65 3.62 3.11 2.32 2.32 2.15 1.91 1.15 1.09 0.85 0.65 27.53 14.83 18.44 10.39 13.08 2.64 9.38 25.14 4.50 6.13 5.36 7.91 Emerging Markets US Large Caps Global Equities US Small Caps 60/40 Allocation Municipal Bonds Commodities Developed Markets REITs US Bonds US Treasury Bonds Global Bonds September YTD 20251003-4872948