The Dunham Quarterly Pulse: Q4–2025

The Dunham Quarterly Pulse: Q4–2025

The Q4 2025 Dunham Quarterly Pulse is now available.

The fourth quarter closed with markets higher, volatility lower, and confidence broadly intact.

At the same time, the forces shaping 2026 are already in motion.

• Liquidity is slowly improving as central banks begin to ease.
  
  
• Even so, global markets continue to take their cues from just a few major players - the U.S., Europe, China, and Japan.
  
  
• Stocks have been supported by strong profits and rising productivity, even as pressures build elsewhere - housing remains unaffordable, consumers feel more stretched, AI valuations look increasingly stretched, and government borrowing continues to climb.

Thus, this quarter’s Pulse focuses less on headlines - and more on structure.

Inside, you’ll find:

• Why the global easing cycle matters - and where it matters most 
• How the Federal Reserve’s quiet balance sheet expansion is changing financial conditions 
• Why international and emerging markets outperformed in 2025
  
  
• What stronger productivity and record profit margins signal — and what they don’t 
• How a shrinking U.S. trade deficit is reshaping global flows and trade tensions

You’ll also see how the Dunham Investment Committee responded.

Rather than chasing strength or predicting the next policy turn, portfolios were rebalanced with discipline - trimming areas that ran ahead and reallocating toward opportunities with more attractive risk-reward profiles.

Click below to read the Q4 2025 Dunham Quarterly Pulse and see how we’re navigating a market shaped by both resilience and risk.

Click here to download the Q4 2025 Quarterly Pulse now.

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. 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. This document is provided for information purposes only and should not be considered as investment advice.

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.