09 Dec 2025
A window into risk
November proved to be a very interesting month. While the full-month impact was little more than a historical blip, the all-important tech leadership hit a meaningful speed bump. The bellwether Nasdaq Index lost almost 9% from peak to trough before recovering to finish the month down almost 2%, offering a glimpse of how markets might behave if tech stock leadership were to run out of steam.
Within this small volatility window, the top major equity asset class was small-cap stocks, gaining almost 3% for the month according to the S&P 600 Index. Value stocks outperformed growth, and defensive alpha funds like First Eagle Global, T. Rowe Price Capital Appreciation, and GQG Global Equity returned between 0.5% and 4%.
For the month, dynamic positioning towards undervalued asset classes, combined with targeted manager exposures, provided a defensive position for Frontier investors.
In this month’s briefing, we will cover capital markets, portfolio positioning, headlines, and expand on how active fund managers can provide a fourth dimension of portfolio value.
Read more in the December Monthly Briefing.
Past performance is no guarantee of future returns. An investment in this strategy involves the risk of loss, including principal, as well as the potential for gain. There can be no assurance that any Frontier strategy will achieve its objectives or avoid substantial losses. Before investing consider the investment objectives, fees and expenses. Please see additional disclosures in the “Important Disclosure Information”. Performance shown represents total returns that include income, realized and unrealized gains and losses. The Frontier performance shown above are composites of accounts actually managed by Frontier and are shown gross of an advisory fee, which includes the Frontier and financial advisor investment advisory fees, and net of a max 3% advisory fee. Performance in the Balanced, Moderate Growth and Long-Term Growth strategies includes predecessor performance. Benchmarks shown are Frontier’s custom benchmarks. Benchmark composition can be viewed here:https://frontierasset.com/frontier-benchmark-composition-asset-class-detail/
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