As we turn the page on the third quarter, markets once again reminded us that steady progress often comes wrapped in uncertainty. After a volatile summer, both stocks and bonds regained their footing as the Federal Reserve executed its first rate cut of 2025 — an encouraging sign that policy and fundamentals are beginning to align.¹

The three major US equity indices all saw positive performance over Q3, with the NASDAQ and S&P leading the pack at 12.2% and 7.9%. Bonds also benefited from positive tailwinds, with both the Bloomberg US Aggregate Bond and Bloomberg Municipal Bond indices up around 2% for the quarter. Inflation remained hovering below 3%, increasing slightly from 2.7% in July to 2.9% in August. As numbers update and expectations continue to change, Vance Wealth remains disciplined in its long-term approach.

At Vance Wealth, our focus remains constant: to help you reduce financial stress, prepare for uncertainty, and make confident decisions that move you closer to your goals. While headlines shift weekly, your plan — thoughtfully designed and built to lower taxes over your lifetime, not just any given year — continues to guide the way forward.

As we often say, disciplined structure — not prediction — drives long-term results. We focus on fundamentals such as earnings strength, valuations, and systematic portfolio construction, ensuring that every decision supports your long-term objectives.

Behind the scenes, our advisors have been rebalancing portfolios, identifying tax-saving opportunities, and refining strategies for clients navigating transitions — from business growth and liquidity events to retirement readiness. Acting as your financial quarterback, we coordinate the moving parts of your financial life so that progress continues, even when markets pause.

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A Note From Our Investment Team

“Markets spent much of the year recalibrating to political uncertainty and shifting rate expectations. Through it all, we’ve stayed focused on the fundamentals — systematic trading, valuation discipline, and effective tax management. Long-term success isn’t about reacting to headlines; it’s about maintaining structure, patience, and a plan that adapts when needed.”

— Anthony, Investment Operations Manager at Vance Wealth

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While volatility can test patience, it also reminds us why our disciplined approach matters. Each quarter, our goal is the same — to help you remain calm, confident, and connected to the purpose behind your plan.

Thank you for the continued trust you place in our team. It’s a privilege to help you and your family Achieve More — in wealth, in balance, and in life.

— The Vance Wealth Investment Team

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Disclosures

This material is for informational purposes only and should not be considered personalized investment advice. Vance Wealth, LLC (“Vance Wealth”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt from licensure.

Vance Wealth does not provide legal or tax advice. Please consult your tax advisor and/or attorney regarding your individual situation.

Past performance is not indicative of future results. Index performance is provided for illustrative purposes only. Indices are unmanaged, do not incur fees, and cannot be invested in directly.

Any opinions or forecasts contained herein reflect the judgment and assumptions of the author as of the date of publication and are subject to change without notice. There is no guarantee that any forecasts will materialize.

The views expressed by the quoted individual reflect their personal opinions and may not reflect the views of Vance Wealth, LLC. Testimonials are not indicative of future outcomes and do not guarantee performance.

¹Source: Bloomberg; U.S. Bureau of Labor Statistics, data as of September 30, 2025.