At TenBridge, our north star for evaluating performance of our portfolios is not the markets, but your personalized financial plan. When we go through the financial planning process, the software uses forward-looking assumptions to evaluate the success of your plan. These assumptions are based upon projections from multiple economists and investment firms, creating a roadmap of what long-term anticipated returns will look like across various asset classes and portfolio mixes. Our team then analyzes which investment mix meets your long-term goals while also reducing unnecessary risk.

While the financial plan serves as our north star, we still watch the markets and keep up with the latest developments. In the first quarter, we started to see a slowdown in the AI stocks and the Mag 7. Each of the individual stocks in the Mag 7 fell between -6.4% and -21.7% during the quarter. Geopolitical concerns over the war in Iran along with concerns over the high AI capital expenditures caused this very visible part of the market to slow down.

We discussed the possibility of this in our December 2025 Investment Review, and we made moves to reduce our exposure to the Mag 7. We removed our position in the Jensen Quality Growth fund, which had been one of our longest holdings. We replaced it with the DFA US High Relative Profitability fund in our standard models and the DFA US Sustainability Core fund in our ESG models. In the first quarter, the Jensen fund was down 10.38%, the US High Relative Profitability fund was down 2.70%, and the US Sustainability fund was down 5.32%.

The continuing war in Iran has caused a drop in the markets along with more volatility. Talks of a ceasefire and opening the Strait of Hormuz are followed the very next day by attacks on ships and ceasefire reversals. It’s impossible to determine what the markets are going to do on a day-to-day basis. This is a prime example of why our team focuses on long-term outcomes rather than getting bogged down in daily fluctuations.

One bright spot in our portfolio during this uncertain period has been the Smead Value Fund. They had a positive 8.47% return through the first quarter when the S&P 500 was down -4.33%. Smead has been a long-time proponent of two things: people will continue to buy homes and possessions as they start and raise families, and there is an ever-growing need for energy.

As we navigate this period of uncertainty, our team will continue to prioritize high quality investments, seeking steady growth and downside protection through thoughtful diversification, aimed at achieving our clients’ financial planning target rate of return.

Let us know how we can be of service to help you live your unique story with financial clarity and confidence.

About TenBridge Partners

TenBridge Partners is an independent financial planning and investment management firm based in Portland, Oregon with a simple focus of honoring the fiduciary responsibility of putting clients first. Guiding with curiosity and trusted expertise, we empower people to live their unique story with financial clarity and confidence.

Planning is central to everything we do. Our focus is on a complete understanding of your needs through the financial planning process, putting your success at the heart of our work.

We strive to create a community where financial planning feels fun, dynamic, and human.

Scott Thurman
Operations Manager and Chief Compliance Officer