The Dunham Quarterly Pulse: Q3–2025

The Dunham Quarterly Pulse: Q4–2025

Last quarter brought calm headlines but deeper contradictions beneath the surface.

• Tariff uncertainty faded - yet trade costs remain high.
  
  
• Credit flows improved - even as global growth slowed.
  
  
• And equity markets climbed - though valuations stretched to historic extremes.

Through it all, the Dunham Investment Committee stayed focused on balance, discipline, and select opportunities.

Inside, you’ll find:

• Why global policy uncertainty declined - but risks still linger beneath the surface.
  
  
• How a wave of credit creation and 168 central bank rate cuts are shaping global markets.
  
  
• What record household wealth - and uneven spending patterns - mean for the economy.
  
  
• Why artificial intelligence - not the consumer - is now driving U.S. growth for the first time in decades
  
  
• Why gold reserves now exceed Treasuries for the first time since 1996 - and what that signals.
  
  
• How Dunham portfolios adapted - trimming strength, adding value, and staying true to our “Buy Fear, Sell Greed” discipline.

Click here to download the Q3 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.