Wall Street’s First-Half Whiplash Rewards All-Weather Portfolios

Somehow, for all its drama — tariffs, fiscal brinkmanship, inflation fears, and geopolitical flare-ups — the first half of 2025 may be remembered by diversified investors for something else entirely: the strongest stretch of synchronized market gains in years.

Rather than spelling a slow-motion disaster for bulls, months of whiplash across equities, fixed income and commodities have rewarded strategic indifference and punished overconfidence. Strategies that spread risk across assets are outperforming by near-historic margins, a shift from the concentrated bets that favored the likes of Big Tech stocks in recent years.

A Societe Generale multi-asset portfolio, tracking equities, ...