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Blue Line Market Commentary (2025-Q4)

Overview
Not one major asset class ended 2025 in the red. U.S. large-cap stocks ended the fourth
quarter up 3% and ended the year up 18%. U.S. small-cap stocks gained 13% over the
year after a fourth-quarter gain of 2%. U.S. intermediate-term bonds fared well in 2025,
marking their strongest gains in five years. After rising 1% in the fourth quarter, the
Bloomberg U.S. Aggregate Bond Index ended 2025 up 7%.

Blue Line Market Commentary (2025-Q4)Download

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