Second Quarter 2025 Market Update

This quarter’s market update from Chief Investment Officer Charles Rinehart, CFA, CAIA, the JIC Beyond the Numbers blog “The Comfort of Conservative Investing: Balancing Peace of Mind with Long-Term Growth” by Managing Director of Northeastern Ohio Market and Senior Portfolio Manager, Anthony Kure, CFP®, and, as always, catch up on all of your JIC employee news.

Jason Jackman, CFA, Chief Executive Officer of Johnson Investment Counsel, presented the Patrick Chong Memorial Scholarship to two outstanding students, Melina Busken and Gretchen Phelps.

Current and former P&G employees can learn more about their Profit Sharing Trust (PST) distribution options during this informative webinar. Former P&G Finance/Brand Management employee, Mike Stanis, CFA, CFP®, MBA, is a Portfolio Manager and the Procter and Gamble (P&G) Retirement Plans Director at JIC. He spent 17+ years with P&G and will share what he learned about transitioning from P&G so that you can make the best decisions for your family.

Johnson Investment Counsel is pleased to announce six new shareholders to the firm. The shareholders include: Joshua Basinger, CTFA®, Alex Bey, CFA, David Christian, CFA, CFP®, Christopher Godby, CFA, Joseph Henderson, CLU®, CFP®, and James Wineland, CFP®, CIMA®, AIF®.

CIO, Charles Rinehart, CFA, CAIA, discusses the market volatility in light of recent tariff changes. The S&P 500 fell 4.3% in Q1, while bonds rose nearly 3%. April brought sharp market swings as trade tensions with China escalated. The Fed held rates steady amid cooling inflation. We remain focused on disciplined, diversified investing through uncertainty.

This quarter’s market update from CIO Charles Rinehart, CFA, CAIA, the JIC Beyond the Numbers blog “Should We Pay off the Mortgage Before or In Retirement?” by Managing Director of Northeastern Ohio Market and Senior Portfolio Manager, Anthony Kure, CFP®, and, as always, catch up on all of your JIC employee news.

Following last week's significant tariff announcements and subsequent market turbulence, we've experienced yet another week of heightened volatility. Policy uncertainty continues to drive sharp swings in markets, and we want to provide clarity on recent developments and our approach moving forward. 

This week, the U.S. announced a broad set of new tariffs on imported goods—one of the most significant trade policy moves in decades. While markets were generally expecting an increase in tariffs, the announced policy exceeded even the most aggressive forecasts. This has triggered significant market volatility, and we want to provide clarity on what this means and how we’re managing through it.

Letter from Chief Executive Officer Jason Jackman, CFA, this quarter’s Market Update from Chief Investment Officer Charles Rinehart, CFA, CAIA, and, as always, catch up on all of your JIC employee news.

Chief Investment Officer, Charles Rinehart, CFA, CAIA, eviews 2024’s strong market performance, highlighted by a 25% S&P 500 return and tech-driven growth, and outlines key themes for 2025. With a new administration’s policy shifts, evolving Federal Reserve actions, and market volatility ahead, opportunities and risks abound. Despite high valuations, disciplined investments in reasonably priced stocks can yield results. The firm remains prepared to navigate 2025’s uncertainties and opportunities.