November Performance

November 2025 – U.S. Equity Benchmark Monthly Returns

• S&P 500: +0.51%

• Dow Jones: +0.56%

• Nasdaq: -0.84%

Overall, the S&P 500 and the Dow posted modest gains. As these indices track broadly diversified stocks, they appeared less affected by the volatility centered in technology shares.
On the other hand, the Nasdaq declined for the month. Given its heavy weighting in tech and growth stocks, concerns about elevated valuations in the technology sector, along with uncertainty surrounding interest rates and policy direction, likely weighed on performance.
However, expectations of potential rate cuts toward the end of the month and buying activity in anticipation of year-end also contributed to higher volatility than the figures alone might suggest.

💱 November 2025: USD/JPY Movement

• At the beginning of the month (around November 1), USD/JPY was approximately 154.

• Toward the end of the month (around November 28), USD/JPY had risen to approximately 156.1.

• This represents a depreciation of the yen of about 2 yen, or roughly 1.3–1.5% weaker versus the U.S. dollar over the course of the month.

In other words, the yen weakened and the U.S. dollar strengthened throughout November. For holdings in U.S. stocks measured in yen, this currency movement provided a slight tailwind, increasing the yen-denominated value of those investments.

---

Our Investment Style and Performance

Our equity investment strategy is tilted toward growth, and while it includes several Nasdaq-listed stocks, it is not limited to the technology sector alone. We maintain diversification across industries such as manufacturing, financial services, retail, entertainment, and real estate.

Year-to-date benchmark index performances are as follows:

• Dow: +12.9%

• Nasdaq: +21.25%

• S&P 500: +17.19%

Our portfolio performance stands at +51.82% year to date, and +2.25% for November alone.