Hamlin’s equity composite advanced 0.52% over the last three months of 2025, compared to a 2.66% gain for the S&P 500. Market sentiment became increasingly constructive as the Federal Reserve’s easing cycle helped outweigh concerns surrounding the longest U.S. government shutdown on record and a brief bout of anxiety around a potential AI bubble, fostering a broader risk-on environment. The Hamlin bond composite increased 1.90% during the quarter, outperforming the Bloomberg High Yield Muni Index’s 1.15% gain.*
*Hamlin equity performance reflects the performance of the Hamlin Equity Only Composite. Hamlin bond performance reflects the performance of the Hamlin Bond Only Composite. Individual accounts vary. Q4 2025 performance is a preliminary estimate as it has not yet been examined by ACA Performance Services and may be subject to change.
Hamlin equity accounts increased 3.74% during the third quarter while the S&P 500 Index gained 8.12%. Strong corporate earnings and a widely anticipated Federal Reserve interest rate cut trumped employment and equity valuation concerns. Hamlin bond accounts and the broader municipal bond market increased in value, anticipating the central bank’s September Federal Funds rate reduction.
Hamlin equity accounts increased 2.91% during the second quarter, lagging the S&P 500 Index’s 10.94% gain. Stocks rebounded from the early April lows, driven by remarkably resilient first quarter earnings reports and a de-escalation of America’s trade war. Hamlin bond accounts returned -0.26% during the quarter. The Bloomberg-Barclays High Yield Municipal Bond Index returned -1.14%.
Hamlin’s equity composite increased 0.61% over the first three months of 2025, outperforming the S&P 500 Index’s 4.27% decline. Tariff implementation, frenetic Federal job cut announcements, and weaker economic data rattled investor and executive confidence. Hamlin bond accounts increased 0.48% as Treasury yields declined, and the Bloomberg-Barclays High Yield Municipal Bond Index increased 0.82% over the quarter.