7. August 2025 Zelos Ridgeline

Market Highlights & Model Portfolio Update In August 2025, the Zelos model portfolios posted positive but more muted performance, rising between 0.7% and 0.8%* bringing year-to-date performance to 4.3% to 5.8%*. Structured Products was a stand out this month rising 3.9% on the back of a note being sold. Global equities posted solid gains with the S&P 500 Index advancing 1.3% and the MSCI International World Price Index up 1.8%. Inflation in the U.S. remained a focus, with the core Personal Consumption Expenditures index showing a 0.3% monthly uptick, pushing core inflation to ~2.9%. The Jackson Hole symposium in August added to the shift in tone, with Fed Chair Powell’s remarks interpreted by many as opening the door to rate cuts. We view a few areas of potential risk and consideration in the market including the possibility of inflation remaining sticky, and the Fed delaying cuts which could surprise markets. Additionally, much of the rally has been priced in, shown by elevated valuation multiples, markets could be vulnerable to adverse surprises. * Actual performance, net asset values are net of sub-advisory fees and other administrative costs but do not include Zelos management fees or client account custody fees. We are excited to announce the addition of Pamela Coquet, CFP, CEPA!Pam leads our business advisory division and has spent nearly two decades helping business owners navigate the intersection of personal wealth and business value. She works closely with clients to align their business, wealth, and future goal, ensuring everything moves forward in sync, especially when planning for a successful exit. Her passion for entrepreneurship began early, inspired by her father who owned a specialized transportation company. At just 11, she launched her first business painting, and by 20, she had co-founded and eventually sold another venture, gaining firsthand experience and hard-earned lessons along the way. Moving on, she worked as a marketing manager for a large national company, contributing to branding, TV, and radio campaigns for a national company, including navigating the challenges of a complex acquisition. Still seeking more, she returned to her entrepreneurial roots, launching her own firm focused on helping business owners with strategic planning and long-term success. Her passion extends beyond business as she embraces challenge and exploration in all areas of life. This spirit has taken her trekking the Annapurna Circuit in Nepal, kayaking in the waters of Thailand, volunteering to build homes in rural Mexico, and completing a triathlon through the mountains. Please join me in welcoming Pam to the team! #MarketUpdate #WealthManagement #TeamZelos #FinancialPlanning #EntrepreneurialAdvisors