Markets
The third quarter of 2025 was excellent across the board as markets continued to build on strong positive momentum from the previous quarter. The S&P 500 increased by 8.12%1 in Q3, bringing the year-to-date return to 14.83%.1 Smaller domestic companies also performed well, with the S&P 400 MidCap and the S&P 600 SmallCap climbing 5.55% and 9.11%,1 respectively.
International markets continue to perform exceptionally well this year, with the S&P Developed Ex-U.S. and the S&P Emerging rising 5.52% and 9.19%1 for the quarter, respectively. Global Ex-U.S. stocks are now up over 20% year-to-date, in no small degree due to the weaker dollar.
Fixed Income markets also had a solid quarter, with US Agg returning 2.02%.1 Gold remains unstoppable and is now up over 50% year-to-date!
We are generally constructive on smaller-sized domestic companies, international stocks, and short-term credit.
Your performance net of fees is posted to your Sage Rhino client portal.
Tax Strategy & Planning
At the heart of our advisory services lies a deep commitment to tax awareness and proactive planning – without providing direct tax advice. We leverage clients’ tax returns to model potential pitfalls and opportunities, ensuring every recommendation is informed by a holistic view of your financial landscape.
For years, we’ve emphasized that the true measure of investment success isn’t just “What’s my return?” but rather the after-fees, after-tax return that truly builds lasting wealth. Too often, investments are evaluated in isolation, overlooking the profound impact of taxes.
This year, we’ve elevated our approach by integrating cutting-edge tax analysis technology into our core planning process. This tool delivers rapid, in-depth, and highly accurate insights into your unique tax situation, enabling seamless collaboration with your CPA. It empowers us to simulate the real-time effects of key strategies, including Roth conversions, charitable contributions, stock option exercises, and capital gains management.
In action, this means equipping you with smarter questions for your tax professionals and validating the outcomes of proposed moves on your marginal rates, credits, deductions, and overall after-tax wealth. Gone are the days of relying solely on spreadsheets and estimates – now, we can deliver dynamic scenario analyses and visual comparisons for informed decisionmaking. The payoff? Optimized timing, greater certainty, and minimized tax-season surprises.
By fusing this technology with our investment expertise, we’re bridging the gap between portfolio management and tax considerations – areas that have historically been siloed. Whether it’s timing gain or loss harvesting, portfolio rebalancing, or funding a Donor-Advised Fund (DAF), we now embed tax implications directly into your strategy from the outset.
This enhanced capability shines brightest for clients navigating complexities like concentrated stock positions, incentive stock options, or multi-state filings. We can help quantify the advantages of tactics such as deferral, gifting, diversification, or charitable vehicles, providing clarity amid uncertainty.
Moving forward, we’re focused on fostering ongoing, year-round dialogues with you and your CPA. Rather than reacting post-year-end, we’ll anticipate opportunities and risks well in advance of December 31, turning potential challenges into strategic advantages.
Our unwavering mission: to maximize your after-tax, after-inflation wealth across generations. Through advanced analytics and personalized guidance, we look to transform the interplay of investments, taxes, and goals into straightforward, empowered and actionable choices.
Unlocking Liquidity: Private Shares & Secondary Market
The IPO market is stirring again after a quiet spell, with high-profile private companies preparing to go public. For those holding private-company shares – founders, early employees, or angel investors – this shift sparks both excitement and uncertainty. While an IPO might feel like the golden ticket to cashing in, why wait for the Wall Street fanfare? The real thrill lies in unlocking your wealth now through the dynamic world of private secondary markets.
The private secondary market has transformed over the past decade into a robust ecosystem. Sophisticated buyers, efficient platforms, and innovative deal structures now enable shareholders to unlock value well before an IPO. These markets offer flexibility, allowing you to capitalize on your equity without the constraints of lockup periods or market swings.
Our firm has extensive expertise in this space, having guided clients through dozens of successful secondary transactions. We’ve mastered the art of connecting clients with elite buyers, top-tier funds, and trusted brokers. Whether you’re navigating early employee liquidity programs or complex fund-level deals, we’ve got the playbook to help maximize your outcome while syncing seamlessly with your tax, estate, and diversification goals.
Holding significant private equity, whether as a founder, early employee, or angel investor? Now’s the time to plan. Waiting for an IPO could mean getting tangled in lockups, unpredictable pricing, or missed market windows. Proactive steps in the secondary market can help reduce concentration risk, enhance flexibility, and seize favorable market conditions before they tighten.
With the IPO window reopening, the real edge goes to those who move first, before the rush. If you know anyone who holds private-company stock and wondering what’s next, connect them with us. We specialize in discreet, strategic solutions to turn potential into liquidity – on your terms.
Business Update
Things have been busy here at Sage Rhino!
We recently welcomed Nicole back from maternity leave, and Alex and Allie tied the knot this summer. Muted population growth is a serious problem in the Western world, and Sage Rhino Capital is doing its part to solve it. We could also use a few more 529 accounts here. IPO markets are opening, and we are excited to see that many of our clients have a clear path to unlocking additional liquidity. We are also grateful to all of you for the introductions and referrals to new clients, as 2025 is shaping up to be a year of substantial growth for our
company.
Finally, we are pleased to announce that Vincent Zupo has recently joined Sage Rhino as Head of Relationship Development. Vince has been a long-standing friend of the firm and has collaborated with us in various capacities for over a decade. In this new role, Vince will oversee Sage Rhino’s business development efforts. His focus is on strengthening relationships with our partners, including CPAs, employment and estate attorneys, and secondary players. Ultimately, Vince is responsible for strategically expanding our client base by building new relationships with the right families that we can serve effectively in their multigenerational financial journeys. Vince is a Penn State University graduate and lives in San Diego with his wife, Corrie,
and their two lively kids.
Thank you for your continued support.
1 “Index Dashboard: U.S.,” S&P Dow Jones Indices, September 30, 2025
Sage Rhino Capital, LLC is a Registered Investment Adviser. This report is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Sage Rhino Capital, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Sage Rhino Capital, LLC unless a client service agreement is in place. Account statement from the custodian is the official record of holdings, balances and security values. Sage Rhino Capital does not provide tax advice.