April was a strong month for stocks and a more modest month for bonds. Because portfolios include a mix of both, results were positive across the board, but varied depending on how each portfolio is allocated.
What Happened in April
Stock markets delivered solid returns. The S&P 500 was up about 8%, the Dow gained roughly 5%, and emerging markets saw a significant move higher, up around 15% for the month.
Bonds were much quieter. Taxable bonds were essentially flat, while tax-free bonds performed slightly better, which created a small difference between taxable and tax-free account returns.
How This Showed Up in Portfolios
Because of that mix, everyone moved forward—but not by the same amount. More conservative portfolios, with a higher allocation to bonds, saw returns in the range of about 2–3% for the month.
Portfolios with more exposure to stocks captured more of the upside. That difference is expected and reflects how each portfolio is designed based on long-term goals and risk tolerance.
A Few Things Worth Noting
The equity portion of portfolios returned about 8% for the month, and that strength was a key driver of overall results.
Areas such as international and emerging markets performed strongly during the month and were reflected in portfolio results where applicable.
Looking Ahead
There are still a number of crosscurrents in the market. Oil prices remain a concern, while ongoing investment in areas like AI remains a theme in the current market environment. At the same time, there is a high level of interest in upcoming large IPOs, which may influence market dynamics in the coming months.
We will continue monitoring conditions and managing portfolios in line with long-term strategy.
One Quick Reminder
Now that tax season is behind us, this is a good time to make sure we have your latest return. Please upload it directly to your secure vault rather than emailing it, and we’ll review it together at your next meeting to look for planning opportunities.
Watch the Full Update
For more detail on what we’re seeing and how we’re thinking about positioning, you can watch the full update here: https://youtu.be/K0qjelgV9Hs
If you have any questions about your portfolio or want to walk through how this applies to your situation, we’re here for you.
