Monthly Market Recaps

58 Factor Cycles Early Expansion • Strong historical performance: Investment Factor • Weak historical performance: Momentum Factor Mid Expansion • Strong historical performance: Value and Momentum Factors • Weak historical performance: Stocks with low Quality Factor Late Expansion • Strong historical performance: Momentum Factor • Weak historical performance: Value Factor Recession • Strong historical performance: Investment and Value Factors • Weak historical performance: Size Factor Zvingelis, J. (2020). Factor Performance and the Market Cycle. QRG Capital Management. © 2025 Envestnet, Inc. All rights reserved. For one-on-one use with a client's financial advisor only. 20251017-4912642

• QUARTERLY CHART BOOK
• Your New Chart Book
• ECONOMICS
• US Inflation Rates
• Getting Tariff-ied
• Interest Rates
• Yield Curve
• Unemployment and Income
• US GDP Growth
• International GDP Growth
• 10-2 Year Yield Spread
• Consumer Sentiment & Stocks
• US Housing Market
• Federal Reserve Update
• Futures Market Implied Federal Funds Rate
• Conference Board Leading Indicator
• Conference Board Coincident Indicator
• Conference Board Lagging Indicator
• MARKETS
• Q3 Market Recap
• Q3 Market Recap (1)
• Growth vs. Value
• Growth vs. Value (1)
• Asset Class Returns: 20-Year Snapshot | PMC Research Analysis
• Fixed Income Asset Class Returns: 10-Year Snapshot
• Stock Market Cycles
• Bond Market Cycles
• Stock Market Cycles (1)
• Canadian Stock Market Cycles
• Canadian Bond Market Cycles
• Stock Market Valuation
• Valuations Favor Value
• Stock Market Valuation (1)
• S&P 500 Inflection Points
• Shifting Rates
• Municipal Bond Market Yields
• Higher Corporate Yields
• US Vs. International Stock Market Performance
• S&P 500 Annual Returns & Intra-Year Declines
• Russell 2000 Annual Returns & Intra-Year Declines
• MSCI EAFE Annual Returns & Intra-Year Declines
• Number of Days the S&P 500 Rose or Fell More Than 1%
• Number of Days the Russell 2000 Rose or Fell More Than 1%
• Number of Days the MSCI EAFE Rose or Fell More Than 1%
• The S&P 500's Market Cycles Since 1958
• Frequency of S&P 500 Annual Returns (1990–2024)
• Frequency of 60/40 Annual Returns (1997–2024)
• Annual Returns Since 1979
• S&P 500 Return Sequence
• Pullbacks Historically Precede Gains
• Dispersion of S&P 500 Constituent Returns in 2024
• Dispersion of Russell 2000 Constituent Returns in 2024
• Dispersion of MSCI EAFE Constituent Returns in 2024
• US Bond Market
• The Big 5 Factors
• What Is A Factor, Anyway?
• Factors and Efficient Markets
• Factor Cycles
• Multi-Factor Investing
• Big 5 Factors' US Performance
• Big 5 Factors' US Performance (1)
• US Factor Correlations
• US Factor Risk/Reward Metrics
• Big 5 Factors' International Performance
• Big 5 Factors' International Performance (1)
• International Factor Correlations
• International Factor Risk/Reward Metrics
• US Municipal Bond Market Returns
• Dividends as a % of Total S&P 500 Returns
• US Corporate Bond Yields
• PORTFOLIO STRATEGY
• Missing The Best Days
• Historical Drawdowns & Recoveries
• Tax Optimization
• Investors Often Focus on Fees, Not Taxes
• Even in Rising Markets, Many S&P 500 Stocks Fall. These Losses May Be Harvested.
• Even in Rising Markets, Many Russell 2000 Stocks Fall. These Losses May Be Harvested.
• Even in Rising Markets, Many MSCI EAFE Stocks Fall. These Losses May Be Harvested.
• Percentage of S&P 500 Stocks Experiencing An Intra-Year Drawdown Greater Than 20%
• Percentage of Russell 2000 Stocks Experiencing An Intra-Year Drawdown Greater Than 20%
• Percentage of MSCI EAFE Stocks Experiencing An Intra-Year Drawdown Greater Than 20%
• Annualized Range of Returns
• Historical Likelihood of Returns
• Return Sequencing Illustration
• The Index Beats Most Single Stocks
• Winners Took (Almost) All
• Catastrophic Loss by Sector
• Municipal Bonds
• Diversification with Alternative Investments
• Manager Return Dispersion
• Returns, Yields, and Correlations
• Slide Number 92
• Disclosure