Welcome to our site

July 2025

Market Update

(all values as of 07.31.2025)

Stock Indices:

Dow Jones	44,130
S&P 500	6,339
Nasdaq	21,122

Bond Sector Yields:

2 Yr Treasury	3.94%
10 Yr Treasury	4.37%
10 Yr Municipal	3.27%
High Yield	6.86%

YTD Market Returns:

Dow Jones	3.73%
S&P 500	7.78%
Nasdaq	9.38%
MSCI-EAFE	15.67%
MSCI-Europe	18.44%
MSCI-Pacific	10.55%
MSCI-Emg Mkt	15.60%

US Agg Bond	3.75%
US Corp Bond	4.24%
US Gov’t Bond	3.72%

Commodity Prices:

Gold	3,346
Silver	36.79
Oil (WTI)	69.38

Currencies:

Dollar / Euro	1.15
Dollar / Pound	1.33
Yen / Dollar	148.58
Canadian /Dollar	0.72

Portfolio Overview

Ocean Park Investors Fund delivered a strong performance in July, advancing 4.27%* for the month, while the S&P 500 gained 2.17% and the NASDAQ Composite gained 3.70%. The fund’s gain reflected notable moves across individual stocks and key industries.

Strength during July was led by the technology sector, which remained a centerpiece of the fund’s strategy. Microsoft stood out, as robust cloud growth and AI-driven optimism propelled the stock to a new all-time high and briefly to the first $4-trillion valuation. Advanced Micro Devices also contributed, rising 24% on strong demand for its data center and AI chips, as did Astera Labs which surged 51%. In the consumer discretionary sector, Carvana gained 16% amid better-than-expected retail demand and strong execution, while Dollar Tree and Tapestry rose 20% and 23% respectively.

In July, the fund exited positions in Visa, Carpenter Technology, Coca-Cola, and Seagate Technology (which was replaced by Western Digital), as well as Camtek, AT&T, Honeywell, and Byrna Technologies. New positions included Celsius Holdings, eBay, Mosaic, and Wayfair, each selected for unique growth attributes—such as Celsius’ rapid share gains in the performance beverage market and eBay’s value-driven e-commerce exposure as consumer behavior shifts.

*These results are pro forma. Actual results for most investors will vary. For daily updates on our activity, call our Results Line at 310-281-8577. Current information is also available at oceanparkcapital.com; enter password opcap. Additional disclosures on page four. Past performance does not guarantee future results.

Equity Overview

Equity Overview

U.S. equities continued their upward momentum through July, with both the S&P 500 and NASDAQ Composite notching fresh record highs. Technology stocks once again were at the forefront, buoyed by strong earnings reports from the sector’s largest companies. Semiconductors maintained their leadership, while the energy and communication services sectors also posted noteworthy gains. Ten out of eleven S&P 500 sectors ended the month in positive territory, with utilities the lone laggard.

Investor sentiment was supported by moderate volatility, as the S&P 500 moved more than 1% on 4 of 23 trading days. This level of activity suggested a stable and orderly environment—markets were active enough to present opportunity, but not so erratic as to provoke concern—helping investors remain confident amid continued gains. Growth stocks outperformed value for the fourth consecutive month, sustaining a trend that has prevailed since the early spring. Market breadth strengthened in July, with industrials, financials, and consumer discretionary sectors all contributing meaningfully to the rally. The persistent outperformance of technology has sparked some concerns over concentration, but broadening leadership may offer encouragement to those worried about the durability of the advance.

Macro Overview

Macro Overview

The macroeconomic backdrop in July was a mix of positives and ongoing uncertainties. Headline inflation readings moderated slightly, giving markets hope that the Federal Reserve remains on track for its anticipated policy easing in the fall. The Fed left interest rates unchanged at its July meeting, reiterating a data-dependent stance and emphasizing recent improvements in price stability.

The employment picture remained favorable, with nonfarm payroll gains beating expectations and unemployment holding near historic lows (4.2% in July, compared to a historic low of 3.4% in 2023). Consumer sentiment improved modestly, supported by strong labor markets and resilient wage growth. However, weaknesses persisted in the manufacturing and housing sectors; industrial output declined for a third consecutive month, while existing home sales continued to soften.

On the policy front, trade tensions and tariff concerns continued to provoke unease. The government’s appeal of several tariff-related court rulings remained unresolved ahead of the July 31 hearing. Global markets responded favorably to preliminary discussions indicating some progress with both China and the European Union, but investors remain cautious as negotiations evolve.

Looking ahead, the market remains attentive to upcoming inflation data, central bank decisions, and the unfolding Q2 earnings season—which could prove pivotal in shaping investor expectations for the remainder of the year.

Additional Disclosures

Additional Disclosures

Performance data for OPI reflect the reinvestment of dividends and other earnings on the fund’s assets. Performance data for the major indices reflect only changes in the value of those indices, and would be higher if dividends were included. However, the index data do not reflect fees that would be paid to index fund managers and transaction costs that would be incurred when their component stocks are bought or sold, while OPI’s data do reflect quarterly fees and expenses incurred by the fund. The information provided is believed to be reliable, but its accuracy or completeness is not warranted. This material is not intended as an offer or solicitation for the purchase or sale of any stock, bond, mutual fund, or any other financial instrument. The views and strategies discussed herein may not be appropriate and/or suitable for all investors. This material is meant solely for informational purposes, and is not intended to suffice as any type of accounting, legal, tax, or estate planning advice. Any and all forecasts mentioned are for illustrative purposes only and should not be interpreted as investment recommendations.