2025 Investment highlights
2025 was another interesting — and rewarding — year in the investment world.
Despite a noisy beginning to the year last year, several strategies did exactly what they were designed to do. In fact, some of the investments on our menu had a great year because of the volatility we experienced in 2025. Below are a few highlights from investments I use thoughtfully across my clients’ portfolios (and my own personal portfolio). I will include their respective ROR for 2025 and prior years.
Elica (Hedge Fund)
A tactical strategy designed to take advantage of consistent phenomena in the market while going to cash each night, providing unique liquidity. Elica is built to stay nimble — attempting to protect downside and capture gains when markets remain within certain parameters — making it a valuable diversifier when markets are anything but calm. I am also comparing returns to the often-used benchmark, the S&P 500.
Returns since the inception of the fund (2022):
2025: 65.07% (S&P: 16.40%)
2024: 208.89% (S&P: 23.30%)
2023: 76.34% (S&P: 24.28%)
2022 (July-Dec): 51.24% (S&P: 0.31%)
Income Structured Notes (Bond Alternative)
In general, income structured notes are designed to generate income while maintaining some or even all downside protection — an important role during uncertain market environments. Income focused Structured Notes can be a great income generator.
Last Year, our very own structured note strategies received strong independent evaluations from Nitrogen, a widely used risk analytics platform (utilized by over 30,000 financial advisors) as follows:
Risk Score: 35 out of 100 (strong and conservative)
Performance Grade: 4.0 out of 4.2 (excellent performance)
Maximum Drawdown: –2.76% (very low downside risk)
Returns:
2025: Realized Total Return: 10.91%
2024: Realized Total Return: 11.35%
2023: Realized Total Return: 12.06%
2022: Realized Total Return: 7.81%
2021: Realized Total Return: 10.77%
The goal with this income note isn’t to chase returns — it’s to create reliable income with clearly defined risk parameters. When viewed as a bond alternative, this is an attractive strategy. Most junk bonds out in the marketplace don’t provide coupons as high as what our Fixed Income Structured Note strategy has. The downside protection also provides some peace of mind.
StepStone Private Infrastructure Fund - Class I (Private Markets)
A private infrastructure strategy providing diversified exposure across data, power, and transportation — sectors that support long-term economic growth.
Key characteristics:
No “accredited investor” status requirement!
Historically low correlation to stocks, bonds, real estate, and traditional private equity
Assets Under Management: $877.3 million
Returns since the inception of the fund (September 2023):
2025: 16.30%
2024: 8.95%
2023: 16.00%
This strategy highlights how private markets can complement traditional portfolios with return drivers unrelated to public markets.
And lastly, let’s briefly discuss Whole Life Insurance Dividends
Dividends across every mutual company that we work with either remained stable or increased again this year.
Remember, these companies have been operating for 150+ years-through wars, recessions, and market cycles. This consistency reinforces why mutually owned whole life insurance can be an effective place to store a portion of long-term wealth while adding stability and liquidity to a broader financial strategy.
What connects all of this isn’t any one investment. It’s a philosophy built around diversification, private markets, and intentional cash flow — portfolios designed to work across different market environments, not just one.
As you look toward the rest of 2026, here’s the real question: Is your portfolio aligned with where you’re headed next?
If you’d like help building a clear, durable plan for your finances in 2026 and beyond, you can schedule time with me below.
-Mike Bargetto
Disclaimer: Phrases like, “Track record,” “has exercised,” and the like are words that denote historical data exists to support the assertion, but historical data does not guarantee future results. These investments, like any other, are subject to risks, uncertainties, and unexpected variables that could adversely affect performance. An investor’s decision to buy into this strategy should consider unexpected contingencies that could influence ultimate success.
The information contained herein is provided for educational purposes only, and the information should not be construed as a provision of personalized investment advice. Under no circumstances should this information be construed as an offer to sell or a solicitation of an offer to buy a particular product or service. An offer can only be made by a private placement memorandum in connection with any offering of securities.