Your reports for the first quarter of 2025 appear below. It has been a rough year for stock investors. The S&P 500 fell more than 4% during the quarter while the Dock Street equity portfolios fell over 8%. But those numbers mask much larger moves in the market. Until the middle of February the market and our portfolio were up handsomely, but since then the opposite has been true. The losses since February 15 have been enough to make 2025 the worst year since the 2022 bear market. So far.

Even though these reports and this letter focus on the first quarter, the first half of April will be remembered for a long time. The week following President Trump’s first announcement on tariffs took stocks down another 10% before Wednesday the 9th, when the S&P went up nearly 10% in a single day.

Price changes of this magnitude test the nerves of even the most committed long-term investors. As we have covered in emails to clients in the last few weeks, our confidence in the businesses we own has not been shaken. Their financial strength and competitive positioning will allow them to adjust to whatever policy regime is finally arrived at.

Please let us know if you have any questions about your accounts at Dock Street.