PSN Top Guns Managers of the Decade 2025: A Decade of Resilience

The decade started off strong, as U.S. equities benefited from stable economic growth and a risk-on investment environment as the S&P 500 index posted returns of 20% or more during three of the first six years. 2016 will be remembered as the year political events defied expectations. The rise of populism lead Britons to vote “yes” to leaving the European Union, while Donald Trump shocked the world by becoming the 45^th President of the United States. Yields on Sovereign debt hit all-time lows and, in some cases, hit negative territory. Through all this political turmoil, equity markets remained resilient in 2016, as U.S. equities (Russell 3000 index) finished the year up +12.74%, emerging markets (MSCI EM index) posted a +11.60% return, while the MSCI EAFE index posted a modest +1.51% return.

While the Fed continued its tightening policies in 2016, the U.S. economy continued to expand due to fiscal stimulus and a historically strong labor market in 2018, as U.S. equities hit all-time highs in September. Large cap growth (Russell 1000 Growth +17.09%) and small cap growth stocks (Russell 2000 Growth +15.76%) led the rally during the first nine months of 2018. However, the risk-on sentiment quickly changed as investors fretted over the Fed’s rate hiking policy, global growth, geopolitical issues, and trade tensions. The early equity gains quickly turned to losses, as all major global equity indexes finished 2018 in the red, led by the S&P 500 index (-4.38%), MSCI EAFE index (-13.36%) and MSCI EM index (-14.24%). Due to the quick change in sentiment, investors flocked to safety in fixed income, as short-term Treasuries, measured by the Bloomberg U.S. Government 1 – 3 Yr. index, finished the year up +1.58%.

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After experiencing their first negative year since 2008, U.S. equities rebounded strongly the following year. 2019 marked the end of the Fed’s three-and-a-half-year rate hiking cycle and the beginning of its rate cutting cycle. The Fed pivot was welcomed by investors and resulted in the best year of the decade as the S&P 500 index posted an eye-opening +31.49% return while developed equity markets (MSCI World index) posted a strong +28.40% return. Fixed income also benefited from the beginning of the rate cutting cycle as the Bloomberg U.S. Aggregate index posted a strong +8.72% and the ICE BofA US High Yield index posted a +14.41% return.

We cannot discuss the past decade without talking about 2020. A global pandemic that resulted in a global economic shutdown as governments around the globe enacted shelter-in-place measures to try and stop the rapid spread of the COVID-19 virus. These measures resulted in millions of unemployed in the U.S. alone. This short period of time was unprecedented for financial markets as oil (WTI) plummeted to -$37 a barrel, 10-year Treasury yields hit 0.52%, and the S&P 500 index fell a -34% in a matter of weeks. However, strong, and swift actions from the Fed and U.S. Government helped stabilize markets as the S&P 500 index defied expectations to finish the year +18.40%. Technology stocks soared (Russell 1000 Growth index +38.49%) as consumers and businesses turned to technology during the lockdowns.

2022 will be remembered for the beginning of the war in Ukraine and an end to the historically accommodative monetary policies that helped rescue the U.S. economy and financial markets from the global pandemic. Not only did the Fed take away the punch bowl at the party, but it also started its very aggressive tightening policies to try and tame 40-year high inflation that was a result of very accommodative monetary and fiscal policies during the pandemic. The tightening of purse strings resulted in reduced liquidity and an end to excessive exuberance. These tighter policies resulted in equity markets reaching bear market territory and bond markets experiencing their worst year ever. The S&P 500 index posted a -18.11% return while the MCSI EAFE index fared a little better (-14.01%). Meanwhile, bonds provided no haven for investors as the Bloomberg U.S. Aggregate index fell a -13.01% and the perceived safety of Treasuries didn’t help either as the ICE BofA US Treasury index fell a -12.85% during the tumultuous year.

The decade closed on a high note as the Fed cut interest rates three times during 2025. Global markets displayed resilience as major regions and asset classes posted strong returns despite a spike in volatility, global trade shocks and geopolitical tensions. The trade shocks reached a boiling point in April when the U.S. announced reciprocal tariffs. The signs of resilience were on full display after the S&P 500 index nearly fell into a correction following “Liberation Day”. After hitting lows, the S&P 500 index rebounded +38% to post a final return of +17.88% for the year. Diversified portfolios benefited as U.S. equities posted double digit returns for the third consecutive year, while investors turned to cheaper foreign equities which also benefited from a weaker U.S. dollar. Emerging market equities outperformed both domestic and foreign developed equities (MSCI EAFE index +31.89%) by posting a very strong +34.36% return. AI themed stocks continued their strong performance while the communication services (S&P 500 Communication Services Sector index +33.55%) and information technology (S&P 500 Information Technology Sector index +24.04%) continued to outperform. Emerging market bonds also benefited from the soft U.S. dollar, by outperforming developed fixed income markets. Despite strong global equity performance, gold (Gold London PM Fixing index +65.09%) was the best performing asset class in 2025 due to the weaker U.S. dollar, ballooning national debt and geopolitical uncertainty.

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Below are the strategies that navigated the past ten years to make the PSN Top Guns of The Decade.

U.S. Large Growth Universe Top Guns of the Decade

• Jacobs Levy Equity Management: Large Growth (R1000 Growth)-Sep. Acct (+19.4% for the decade)
• Smith Asset Management Group: Cantor Fitzgerald Large Cap Diversif (+18.5% for the decade)
• Zacks Investment Management, Inc.: Zacks Focus Growth Strategy (+18.5% for the decade)

Emerging Markets Universe Top Guns of the Decade

• Segall Bryant & Hamill: Emerging Markets (+11.7% for the decade)
• Driehaus Capital Management LLC: Driehaus Emerging Markets Growth (+10.5% for the decade)
• PGIM LLC: PGIM Emerging Markets Quant Equity (+10.2% for the decade)

High Yield Universe Top Guns of the Decade

• Brandywine Global Investment Management: High Yield (+8.5% for the decade)
• Shenkman Capital Management, Inc.: Shenkman Capital Multi-Strategy (+7.5% for the decade)
• T.Rowe Price: Credit Opportunities Strategy (+7.5% for the quarter)