Hi there. This is Bob Graham from Riggs Asset Management Company.

As we reach the end of the quarter, I wanted to provide an update on what we’ve seen so far this year, where we believe markets are heading, and what our expectations are moving forward.

First, as you’ve likely noticed from your portfolio statements, it has been a very good year. Quite frankly, our expectation is that this strength will continue.

We are now in October, and while it would not surprise us to see a small pullback sometime in mid-October, overall the market has had a strong year.

Historically, when markets are up through September, they tend to finish the year very strongly, and we believe that pattern may continue.

So when we look ahead, we ask ourselves:
What could change? What risks are out there, and where are the opportunities?

In many ways, we see a continuation of the same major themes that have been driving markets.

One of the most important themes is the massive buildout happening in the United States, particularly through reshoring and near-shoring of manufacturing.

Another major driver is the rapid expansion of artificial intelligence infrastructure and data centers.

To put this into perspective, I read an article recently discussing how much money the largest technology companies are investing in this space.

If you take just the five largest enterprise technology companies building data centers, they generate roughly $570 billion in annual free cash flow.

That means these companies have hundreds of billions of dollars each year available to invest in building AI infrastructure — and that’s before even considering their balance sheets.

When you include the additional capital they can deploy, we’re potentially talking about trillions of dollars of investment over time.

This tells us that the AI buildout is still in its early stages, and it may continue for many years to come.

So what does that mean for the economy and the markets?

It means demand for a wide range of industries will increase.

For example, building AI infrastructure requires:

• Materials used in data centers and semiconductor chips

• Rare earth metals and critical minerals

• Massive amounts of energy and electricity

• Expanded power transmission systems

For every gigawatt of computing power, you need roughly 1.25 gigawatts of electricity to support it.

That means we need to build more power plants, more energy infrastructure, and more transmission systems.

All of those developments support the broader investment themes we’ve been discussing.

We’re also seeing shifts in the global economy.

As demand for technology infrastructure grows, commodity-rich and emerging markets that produce resources such as copper, lithium, and cobalt may also benefit.

These materials are essential for the infrastructure required to support technological growth.

So when we look ahead to the fourth quarter of 2025 and into 2026, we see these same themes continuing to shape the global economy and investment markets.

We are positioning portfolios to take advantage of those opportunities.

Now let’s briefly talk about the bond market.

Employment growth has been moderating, and if that trend continues, it’s likely the Federal Reserve may continue cutting interest rates.

If that occurs, we could see an environment where interest rates move lower and bond prices move higher, which would create opportunities in fixed-income portfolios.

So when we look forward overall, we see:

• Continued opportunities in the equity markets

• Potential price appreciation in bonds

• Opportunities in international and emerging markets, particularly those tied to critical resources

That doesn’t mean there won’t be short-term volatility or occasional market pullbacks. Those are normal.

But overall, we remain optimistic about the long-term outlook.

To recap:

• Your portfolios have performed very well this year

• The fall season may bring some short-term volatility

• Any pullbacks could present investment opportunities

• The broader bull market trend appears intact

Finally, I want to mention a few things happening behind the scenes at Riggs.

Our team has been very busy working on several improvements designed to better serve you. I sometimes compare it to a duck gliding across the water — everything looks smooth on the surface, but there’s a lot happening underneath.

One of the most exciting updates is that we’ve launched a new website.

Along with that, we’ve introduced a new client portal integration system that allows you to view your Riggs accounts daily and track your financial position more easily.

Over the coming weeks and months, we’ll also be rolling out additional financial tools designed to help simplify your financial life and give you a clearer view of your overall financial picture.

Our goal is to make it easier for you to understand where you stand financially and provide greater peace of mind.

If you have any questions about these new features or anything else — whether it’s your portfolio, the markets, or personal financial planning — please reach out to your Riggs team member.

We’re always here to help in any way we can.

I hope you found this update useful, and I look forward to speaking with you again soon.

Thank you.