Reports

The US stock market began the year 2025 precariously – with high volatility and ultimately negative returns for the first three months. While new government agendas and fiscal policies are being unrolled and the economy at large adjusts, there was not much change in corporate earnings reports as yet.

As we write this first letter of 2025, we wanted to acknowledge a milestone for Aurora Investment Counsel. Our investment strategy and track record passed our 30th year of service. This milestone has been achieved through the support of our wonderful clients, many of whom have been along on our journey for much of that time.

Over the past 3 months, stocks continued their advance and added to gains banked in the first half of 2024. As we had written and observed in our prior report, the level of gains has been very unevenly distributed between various market segments.

A small group of technology stocks produced heady gains during the quarter. This elite exuberance is a concentration risk that should make investors wary. Our disciplined, low-risk approach favors a prudent investment approach over the long term.

The beginning of 2024 offered a continuation of positive returns for equity investors. Despite worrying data points and some echos of market risks from years past, the net results were rewarding.