{"id":967,"date":"2025-07-03T16:00:57","date_gmt":"2025-07-03T20:00:57","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/?p=967"},"modified":"2025-07-03T14:57:40","modified_gmt":"2025-07-03T18:57:40","slug":"july-2025-update","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/2025\/07\/03\/july-2025-update\/","title":{"rendered":"July 2025 Update"},"content":{"rendered":"

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Markets continued their upward march in June, with major indices reaching new all-time highs. Our portfolios remain well-positioned: The Growth Portfolio is up 24.5% over the past year, the American Growth Portfolio is up 26.8% over the past year, and the Income Portfolio is up 7.6% over the past year.<\/p>\n

Momentum remains strong. We\u2019re seeing many of the same signals that preceded powerful rallies in 2009, 2018, and 2020. July has historically been one of the strongest months for equities, and so far, that pattern is holding.<\/p>\n

We\u2019ve been tracking the quiet return of credit growth in the U.S., and it\u2019s now unmistakable. Real estate lending, commercial loans, and consumer credit are all accelerating.<\/p>\n

This is a key development. For years, fiscal spending has been the primary driver of economic momentum. Now, private credit creation is stepping in to support growth. That dual-engine setup of public plus private growth is a powerful tailwind.<\/p>\n

The recently passed U.S. budget bill (nicknamed the \u201cBig Beautiful Bill\u201d) is set to inject even more money into the system. With much of the new debt issued in short-term bills, we expect upward pressure on short-term rates and inflation. Our portfolios are positioned accordingly.<\/p>\n

We\u2019re also watching a deeper structural shift in how markets function \u2014 what we call the 4Fs:<\/p>\n