10 Nov 2025
What’s not to like?
October, by most measures, was a strong month for investors. The S&P 500® Index gained an above average 2% return for the month, extending its streak to seven consecutive months of gains. As stock prices have risen the economy has also improved. Gross Domestic Products (GDP) estimates of economic growth continue to be revised higher, and for this earnings season it looks like the majority of stocks are beating earnings estimates. At the same time, inflation is turning out to be not as bad as some predicted, and the Fed is cutting interest rates.
Going forward though, given the outsized returns of large cap stocks and international stocks this year, Frontier’s expected returns are now lower for most equity asset classes. Small cap stocks, obvious laggards this year, appear to be the only asset class left that we believe to offer above average expected returns. As an allocator, looking forward looks a lot trickier than the virtuous path that we have been on for the last couple of years.
In this month’s briefing, we’ll review capital markets, Frontier strategies, key headlines, and take a closer look at the PIMCO Income Fund.
Read more in the November 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/
A description of the advisory fees charged by the advisor and Frontier and other important disclosures can be found in their respective ADV disclosure brochure. Frontier’s ADV Brochure, which includes a description of Frontier’s fees, is available upon request at no charge or may be obtained directly from Frontier’s website at frontierasset.com.