Market Update – June 21, 2025

As of Saturday, June 21st at 8 p.m. PST, this represents the most current information available to us. This is a rapidly developing situation, and we expect to have additional data and clarity as events unfold. 

The United States has confirmed precision airstrikes on Iranian nuclear facilities—a significant military escalation that introduces a new layer of geopolitical risk. While the full scope of Iran’s response remains unknown, this development may carry important short-term implications for both equity and fixed income markets when they reopen on Monday.

Historically, markets tend to respond to similar geopolitical events with:

• A short-term “risk-off” move into Treasuries, gold, and the U.S. dollar
• Rising energy prices due to potential disruptions in the Persian Gulf, which may increase inflation expectations
• Increased market volatility stemming from heightened uncertainty

At SPG, we are monitoring the situation closely. Each of our portfolios remains diversified according to its investment mandate. We do not recommend reactive changes at this time. Instead, we continue to emphasize a disciplined approach, as history shows that markets often stabilize quickly unless conflict materially escalates. However, if this event has affected your willingness or ability to assume risk, we encourage you to contact us to discuss whether any changes to your portfolio allocation are warranted.

We will have more to share as additional details emerge in the coming days. The opening of global futures markets Sunday evening will provide further insight into how investors are initially pricing this development. Our investment team will be closely monitoring these events and will issue a follow-up communication with updated guidance if and when we believe it is necessary.

We remain committed to helping you navigate this period of uncertainty with confidence and clarity.

Your SPG Team

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