The second quarter of 2025 unfolded in a world of heightened volatility and unpredictability. Geopolitical tensions, abrupt policy shifts, and weakness in leading economic indicators tested the resilience of investors and the market. From escalating trade disputes to growing unease over democratic norms, the global environment became more difficult to navigate with ripple effects felt across economies and our daily lives.
The second quarter opened with President Trump’s announcement of “Liberation Day”. These reciprocal tariffs targeted key U.S. trade partners and immediately unsettled global markets. The fear of a broader trade war quickly spread, consumers were fearful of rising prices, and consumer confidence quickly tanked. As the quarter went on, we faced harsh deportation policies, DOGE actions, political violence, and geopolitical risks in the Middle East, capping a period defined by volatility and a threat to American values. In this environment of uncertain times, the resilience of investors and markets was tested like never before.
Q2 2025 Impact Update
Zevin Asset Management continues to be an active voice in corporate engagement and in joining public statements of solidarity with human rights groups and other stakeholders. At this moment in history, it is critical that we persist in raising issues directly with corporate executives and boards of directors.
We stepped up to voice the concerns of human rights advocates, employees, and investors at Alphabet’s annual shareholder meeting, focusing on the risks of AI use in conflict zones. We are also shedding light on contracted data workers as we engage in dialogue with Microsoft and Accenture. Additionally, we wrote to Apple to raise investor concerns about recent attacks on shareholder rights by the Business Roundtable (BRT), where Apple is a prominent member, and urged the company to clarify its position and speak out against the BRT’s recommendations. We also joined several statements in solidarity with those standing up for working women and marginalized groups.
Q1 2025 Market Outlook
We may be entering one of the most volatile times our economy has seen in the last twenty years. And that’s saying a lot, considering we’ve already endured two not-so-insignificant crises in the Great Financial Crisis of 08/09 and the COVID-19 pandemic. We already know that the challenges will not be limited to the economy or the stock market this time. Tariffs loom large in this cycle, certainly in the mind share of the current administration in Washington, and there are the added uncertainties of haphazard and potentially illegal staff cuts, deportations without due process, the dismantling of federal agencies, emerging autocratic tendencies in the White House—spurred on by a pliant Congress—and the upending of longstanding, loyal, global alliances. Alarmingly, with the majority of Americans receiving their news from social media, often in 15-second soundbites curated for their political leanings, the response from large swaths of voters has been tepid, if not mildly supportive. The headline “eliminating waste, fraud and abuse” does not appear controversial. Yet, too few people are asking how randomly eliminating every fifth employee achieves this goal. Details are boring; headlines rule.
Q1 2025 Impact Update
In an era where shareholder rights are increasingly under threat, Zevin Asset Management remains steadfast in advocating for corporate environmental, social, and governance practices that safeguard long-term shareholder value. We resist the criminalization of advocacy and coalition-building to suppress dissent, silence opposition, and entrench power. Diversity is not illegal. Protecting civil rights is not illegal. Coalition-building is not illegal.
The misleading narratives we encounter today echo the “Newspeak” of George Orwell’s 1984—language crafted to “narrow the scope of thought.” These narratives seek to distort perceptions of equity and inclusion and obscure their purpose. Even the Equal Employment Opportunity Commission, for example, an agency long tasked with ensuring fair hiring practices and workplace protections, now frames their dismantling of diversity, equity, and inclusion and accessibility (DEIA) initiatives as a protective measure for workers, using convoluted reasoning to justify the erosion of diversity policies and falsely equating inclusion efforts with segregation or reverse discrimination.
Zevin Asset Management’s Global Appreciation with Income Strategy recognized on the PSN Top Guns List with a Manager of the Decade award in the Global Balanced Universe.
Zevin Asset Management is excited to share that its Global Appreciation with Income separately managed account strategy has been recognized on the PSN Top Guns List with a Manager of the Decade award in the Global Balanced Universe. This recognition, published by Zephyr, highlights the top performers in the managed account industry.