Please find attached the Callan Periodic Table of Investment Returns for the 20 years ending December 2025. This table visually ranks the annual returns of the major public asset classes available to investors, many of which are represented in Callan Family Office client portfolios. Each year’s returns are displayed from best-performing (top) to worst-performing (bottom).
The strong momentum from 2024 continued in 2025, with positive results across all asset classes.
A few observations are worth noting:
- In 2025, all listed asset classes generated positive returns, with equities gaining more than 12% and fixed income returning between 7% and 9%.
- International and Emerging Market equities were the top performers, benefiting from a weakening U.S. dollar, tariff tensions, and increased military spending commitments in Europe. Global earnings growth remains strong, and valuations are attractive relative to U.S. large cap stocks.
- U.S. equities, both large and small cap, remained near the top of the chart in 2025, extending a third consecutive year of strong double-digit performance. The ongoing AI infrastructure buildout continues to be a meaningful tailwind, particularly for technology stocks. Corporate earnings growth has remained robust, with four consecutive quarters of double-digit growth for the S&P 500. GDP growth accelerated in the fourth quarter, providing a solid foundation heading into 2026.
- Fixed income returns were positive across the globe. A significant number of developed-market central banks cut interest rates in 2025, driving one of the largest easing cycles in recent memory. This was largely made possible by inflation stabilizing, giving central banks room to reduce policy rates.
A key overarching takeaway is that no single asset class outperforms in every environment. The table underscores the importance of diversification, a cornerstone of our investment strategy.
If you would like to discuss these asset class returns in more detail, please reach out to your Callan Family Office team.
To download a PDF of the Callan LLC Periodic Table, please click here.
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