Up, up, and away. The fourth quarter of 2025 extended a remarkable mid-decade run for global equities. While history has taught long-term investors to be pleased with average annual stock market returns of roughly 8–10%, the MSCI ACWI has delivered total returns in excess of 20% per year over the past three years—more than double what most would reasonably expect. This bull market has been fueled by a combination of factors: a resilient global economy, moderating inflation which allowed interest rates to move lower; a policy environment marked by tax relief and lighter regulation; a powerful surge in investment tied to artificial intelligence; and easing concerns around global trade and tariffs as the year progressed.
Q4 2025 Impact Update
As 2025 comes to a close, a throughline has emerged across our engagement work, policy analysis, and client conversations: power—who holds it, how it’s exercised, and how investors can insist on accountability when governance falls short. From the expanding surveillance economy to mounting pressure on shareholder rights, these dynamics are no longer theoretical. Below, we highlight our recent work and why it matters for long-term investors managing systemic risk.
Bloomberg: The Two Wall Street Liberals Behind ESG's $35 Trillion Explosion
Robert Zevin is prominently featured in a new original series on socially responsible investing, created by Bloomberg Quicktake. Initially received with skepticism and hostility, Zevin’s approach has since earned increasing respect — and over $35 trillion in investment. Now, sustainable investment is being co-opted, and investors must decipher between real sustainable investments and greenwashing.
You can learn more by watching the first episode in the series here.
Giving Tuesday 2025
Each Giving Tuesday, we celebrate the collective power of community and our shared commitment to justice. This year, that commitment matters more than ever.
From attacks on fundamental rights to the escalating climate emergency, organizations working at the intersections of justice, democracy, and sustainability are stretched thin while carrying the weight of protecting our communities and defending our future. Their work is urgent, and they cannot do it alone.
Q3 2025 Market Outlook
The striking disconnect between Main Street and Wall Street continues, mimicking the extreme polarization in our politics and society. As tariffs started to bite in Q2 and Q3 this year and the U.S. economy started to show signs of PTSD (President Trump Stress Disorder), equity markets around the world put in new highs. The S&P 500 has reached 28 new all-time highs so far in 2025, while conversely the U.S. labor market is weakening, inflation remains stubbornly elevated, economic uncertainty is flashing worry signals, and the leading economic index has contracted steadily dating back to mid-2022. Add to all this: rising U.S. national debt and government shutdown, the Federal Reserve’s sacred independence is under attack, and the global world order of mutually beneficial trade agreements and cooperation has been shattered by the current U.S. administration, creating global economic havoc. Yet, equities are hitting new highs. What in the world is going on?
Q3 2025 Impact Update
At Zevin Asset Management, we view our fiduciary duty to our clients as inseparable from our responsibilities as global citizens. Through this quarter’s update we hope to give our readers a window into how we continue to contribute to shaping a more sustainable and just economy while stewarding clients’ capital responsibly.
From Parking Lots to Police Databases: Home Depot’s Data Privacy Dilemma
Home Depot stores are an informal hub for day laborers and this summer became the sites of multiple ICE raids, putting workers and customers in danger. Home Depot’s partnership with Flock Safety, a private surveillance company whose automated license plate reader (ALPR) cameras track vehicles and feed data into massive police databases have fueled these raids.
Immigration: An Asset, Not a Liability
As long-term investors, we view immigration as a powerful driver of economic innovation and long-term value creation. Despite escalating anti-immigrant sentiment and increased enforcement activities, immigrants—documented and undocumented alike—make substantial contributions to the U.S. tax base, labor force, consumer demand, and entrepreneurship. Immigrants paid $652 billion in federal, state, and local taxes in 2023¹, equivalent to 2.3% of U.S. GDP and more than the entire economies of countries like Belgium or Argentina. This capital is vital for public infrastructure, schools, healthcare, and retirement systems. Notably, undocumented immigrants pay a higher average effective tax rate than the top 1% of households.²