2 minute read
We’re pleased to share the Q2 2025 edition of the Dunham Quarterly Pulse — your look at key market trends, macro shifts, and how Dunham strategies are responding and positioning.
This quarter brought sharp reversals: global growth weakened, inflation remained stubborn, trade tariffs were on and off, rate cut expectations swung wildly, and volatility surged then collapsed.
Because of all this, equity markets tumbled and then snapped back - all within three months.
But through the noise, the Dunham Investment Committee stayed active — adjusting exposures, seizing dislocations, and staying grounded in its core discipline heading into Q3.
Inside, you’ll find...
- Why global growth forecasts have dropped to decade lows - even as inflation remains stubborn and interest rates stay elevated.
- How the VIX spiked then collapsed - and why calm markets may be masking real risk.
- What falling U.S. dollar and high valuations signal for the second half of 2025.
- Where international equities are outperforming - and where hidden fractures are emerging.
- How Dunham’s Investment Committee rebalanced portfolios - leaning into volatility, trimming high-fliers, and reinforcing core mandates.
- DunhamDC strategies actively bought fear and sold greed — capturing both sides of Q2 volatility by trimming into strength, adding on weakness, and staying unemotional throughout.
Click here or the image below to download and view the Q2 2025 Quarterly Pulse now.
Thank you for being part of our Dunham readership.
We appreciate your continued trust and partnership.
Enjoy.
Disclosures:
This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel. Any investment products or services named herein are for illustrative purposes only, and should not be considered an offer to buy or sell, or an investment recommendation for, any specific security, strategy or investment product or service. Always consult a qualified professional or your own independent financial professional for personalized advice or investment recommendations tailored to your specific goals, individual situation, and risk tolerance.
Information contained in the materials included is believed to be from reliable sources, but no representations or guarantees are made as to the accuracy or completeness of information.
Dunham & Associates Investment Counsel, Inc. is a Registered Investment Adviser and Broker/Dealer. Member FINRA/SIPC. Advisory services and securities offered through Dunham & Associates Investment Counsel, Inc.