2025 4th Quarter Letter

Holding Steady during Periodic Volatility

Q4 2025 Returns:

S&P 500 Index (VOO): 2.70%

International Stock Index (VXUS): 4.57%

Bond Agg Index (BND): 0.90%

Dear Clients,

As we have now departed 2025, I’d like to share a brief overview of the fourth-quarter market environment and key economic developments.

Economic Update
U.S. economic growth moderated but remained positive through the end of the year. Real GDP growth for 2025 has been estimated at approximately 1.8%, with expectations currently near 2% in 2026 based on available forecasts. While consumer and business activity somewhat slowed, overall conditions reflected a resilient economy transitioning toward more sustainable growth.

Stock Market Highlights[1]
Equity markets finished 2025 with solid gains despite periodic volatility. For the year, the S&P 500 rose 17.82%, and the Dow Jones Industrial Average increased 12.97%. Fourth-quarter returns were more modest as investors weighed valuations, economic data, and policy expectations. International and emerging markets outperformed U.S. stocks in 2025, benefiting from improving global conditions and attractive valuations.

Bond Market and Interest Rates
Vanguard’s Total Bond Market index returned 7.08%, helped by the Federal Reserve cutting interest rates. During Q4, the Federal Funds rate was cut twice by a total of .50%. The Federal Reserve committee continues to weigh inflation and unemployment risk to determine the appropriate monetary policy.

Looking Ahead
Entering 2026, markets are focused on the pace of future rate cuts, inflation trends, and economic growth. While equity valuations remain elevated, a diversified approach across asset classes continues to be important in navigating market uncertainty.

Our team at Miller Wealth Management remains committed to helping you stay aligned with your long-term goals through disciplined portfolio management.

Thank you for your continued trust.

Sincerely,

Stephen W. Miller, CIMA, CRPC®      James E. Miller, CFP®, CKA®  

Senior Wealth Advisor                        Senior Wealth Advisor   

J. Parker Morris, CFP®         Tucker Bryan, AAMS®

Wealth Advisor Associate Financial Planner

 [1]   The indices referenced below are unmanaged benchmarks and do not reflect the deduction of fees, expenses, or the performance of any specific client portfolio.

Stated return sources from Morningstar:

·         Large Cap Stocks: Vanguard S&P 500 – symbol VOO

·         International Stocks: Vanguard Global Ex-U.S. - symbol VXUS

·         Aggregate bond market: Vanguard Total Bond Market – symbol BND

Federal Funds Rate information provided by Federal Reserve Bank of New York

Miller Wealth Management is a team of EverSource Wealth Advisors, LLC, an SEC registered investment advisor. 

This letter is for informational purposes only, is general in nature and does not take your personal circumstances into consideration.  It does not constitute an invitation, solicitation or offer that you purchase, sell, or hold any security or other investment or pursue any investment style or strategy.  It is not intended to be a substitute for specific, individualized financial advice and investors should obtain tax and/or legal advice from a qualified tax professional and/or attorney.  Past performance does not guarantee future results. The information, including any analysis or investment strategies, is expressed as of the date hereof and is subject to change. EverSource Wealth Advisors LLC assumes no obligation to update or otherwise revise these materials. Please see the EverSource customer relationship summary disclosure (Form CRS) for additional information.