Your May statement contains some pleasant surprises
If you began a South Seas cruise in early February and forgot your cell phone, and then ignored the news while away, your May brokerage statement might make you think that 2025 has been an OK, but slightly dull year.
But for those of us who have lived through this year in real time, the picture is a little different. After a good start into February, the market and our portfolios lost money at an alarming rate as the TTT (Trump’s Tariff Turmoil) took shape. Then, to everyone’s surprise, April 9 was one of the ten best days in the history of the stock market, followed by the best May since 1990. This rally has resulted in significant gains for Dock Street clients (the blue line in the chart below) and a full recovery for the major stock indexes year to date.
Our approach to investing doesn’t come without cost. When panic takes over the market, Dock Street’s portfolios suffer more than the market averages. But when the panic passes, the traders who sold tend to buy our type of stocks back first, as Evan alluded to in his May 1st email. So what we have been able to offer our clients is above-average returns over time, but a bumpier ride in the meantime. We think it’s a reasonable trade-off, but it’s not for everyone.
If you forgot to book that South Seas Cruise, you might consider the next best thing—tuning out the daily/hourly news flow for a while.
Best regards,
Daniel A. Ogden
*The S&P 500 results are from each inauguration date, January 20, 2017 and 2021, and include dividends.
Dock Street Performance – December 31, 2007 to May 31, 2025
Past performance is not a guarantee of future performance. Actual performance achieved was higher or lower for each client. Performance figures for a typical portfolio are in the table above labeled “Balanced Portfolio.”
Dock Street Equity – Equity positions which are the primary equity holdings of Dock Street clients and are oriented towards long term growth. Performance is shown inclusive of dividends.
Dock Street Fixed Income – Holdings in Bonds may include Treasuries, ETFs, and Mutual Funds.
Cash & Equivalents – Holdings in custodial cash, money market funds, floating rate ETFs and other cash sweep vehicles.
Balanced Portfolio – The performance of a typical Dock Street portfolio comprised of a mix of Equity, Fixed Income and Cash investments. Presented inclusive of interest and dividends and net of fees.
S&P 500 – The performance of the S&P 500 index inclusive of dividends. Fees are not included so this performance is not available to the typical investor.
Dock Street Asset Management, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. You should not assume that any discussion or information contained in this letter serves as the receipt of, or as a substitute for, personalized investment advice from Dock Street Asset Management, Inc.
It is published solely for informational purposes and is not to be construed as a solicitation nor does it constitute advice, investment or otherwise.
To the extent that a reader has questions regarding the applicability of any specific issue discussed above to their individual situation, they are encouraged to consult with the professional advisor of their choosing.
A copy of our Form ADV Part II regarding our advisory services and fees is available upon request.
Our comments are an expression of opinion. While we believe our statements to be true, they always depend on the reliability of our own credible sources. Past performance is no guarantee of future returns.
