This post was authored by Adem Tumerkan, Dunham's Content Writer. If you have questions concerning today's topic, please call us at (858) 964 - 0500. Hold us to higher standards.

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.