Third quarter earnings season has come in remarkably strong; with over three-quarters of companies in the S&P 500 having reported, greater than 80% have beaten estimates on earnings with the median surprise +6%. Interestingly, when looking across the various sectors, the surprise earnings performance has been more uniformly distributed, with 7 of the 11 sectors reporting overall surprise levels similar to the aggregate 80%+. We believe this type of fundamental performance provides a solid undergirding for equities. In essence earnings performance has been broader than stock performance.

Moreover, we continue to consider the broader macro-backdrop for equities as being favorable, on net. While uncertainty around trade policy and political issues, more generally, have filtered through to the real economy and partially led to a lackluster jobs market, GDP growth has persisted, and inflationary pressures have gradually moderated over the course of the year. This has allowed for greater monetary policy accommodation at the Federal Reserve. While some questions about the extent of the Fed’s dovish posture were raised following its late October meeting, expectations for another cut to interest rates during December remain in place. The Fed has also committed to winding down the reduction of its balance sheet, which many expect to be followed by some version of QE next year.

Reconciling all of this with narrower participation in the market’s advance isn’t exactly straightforward, though greater concentration of index market cap in relatively few key firms (e.g., top-10 S&P 500 constituents comprise close to 40% of overall index cap) certainly plays a big role. Playing this dynamic through a contrasting scenario, it doesn’t seem far-fetched to think that the broad index could see a decline while many more of its constituents experience rising share prices. The maxim “don’t diversify for diversification’s sake” certainly applies here, as remarkably strong fundamentals among those key firms have supported their relative performance. AI capital expenditures continue to ramp up and bolster the economy. We stand watchful for any signs of changing trends which could be a trigger for valuation adjustments in the AI related names. So far, these trends seem set to continue into 2026.

Welcome Tim Carroll

Please join us in extending a warm welcome to Tim Carroll, who joined VVP as a Financial Advisor.

Tim brings a wealth of experience to the role. Most recently, he served as a Wealth Management Advisor at Northwestern Mutual. Prior to that, he spent 10 years at US Bancorp Investments as a Compliance Officer, and two years at Edward Jones as a Financial Services Specialist.

He holds a Bachelor of Arts in Interpersonal Communications, with a focus on sales and presentation. Tim holds his Series 7, 66 and 24 licenses.

We’re excited to have Tim on board and look forward to the valuable contributions he’ll bring to VVP.

Habitat for Humanity – House Build

A group of volunteers rolled up their sleeves and volunteered with Habitat for Humanity to help put siding on a new home. Their hard work and commitment to this important cause exemplify the spirit of teamwork and community that we value so highly at Venture.

Their dedication not only contributed to building a home for someone in need but also strengthened our community bonds and showcased our company’s commitment to making a positive impact beyond the workplace.

Thank you to Andy, Chris, Grace, Zach, and Tammy!

Over the two-day event, thousands of guests visited the VVP booth at the Toledo Zoo. Two days of beautiful weather helped for a great turnout for the event.

Thank you to Grace, Kerry, Chad, Jamie, Tammy, Andy, Lindsey, Allana for volunteering your time.

This holiday season, we are once again partnering with Adopt America Network for our annual toy drive! We have “adopted” 50+ kids ages 18 months to 17 years old. If you would like to donate to the drive, we have included a wish list from the kids as a shopping guide. The toy drive is being held from November 10- December 5 and toy or monetary donations can be delivered to our Ohio office. We are excited to work with Adopt America again in helping add cheer to the kids’ holiday season!

Adopt America Network is a nonprofit organization that connects kids in foster care with permanent families and provides resources and support through all stages of the transition. You can learn more about their mission and services on their website adoptamericanetwork.org.

Year-End Reminder: Maximize Your 2025 Retirement Contributions

As 2025 comes to a close, now is the perfect time to review your retirement savings and make sure you’re taking full advantage of this year’s contribution limits. Contributing the maximum to your retirement accounts not only strengthens your long-term financial security but can also provide valuable tax advantages before year-end. Taking the time now to adjust your contributions can help you make the most of available benefits and stay on track toward your retirement goals.

For 2025, 401(k), 403(b), and 457(b) contribution limits are $23,500, and if you’re age 50 or older, you can contribute up to $31,000 with the catch-up provision. To count towards 2025, these contributions must be made by Dec 31st. IRA and Roth IRA limits are $7,000, or $8,000 if you’re 50 or older. Though many people choose to have these done before year end, IRA and Roth IRA contributions can still be counted towards 2025 limits until April 15, 2026.

Every dollar invested today has the potential to grow through compounding over time, making this a smart moment to ensure your retirement strategy is working as hard as you are.

Year-end is also an excellent time to consider charitable giving as part of your financial plan. Strategic donations can support causes you care about while offering potential tax deductions or offsetting capital gains. Whether through direct gifts, donor-advised funds, or qualified charitable distributions from IRAs, thoughtful giving can enhance both your community impact and overall financial efficiency.