November: Autumn on the stock market
The US economy didn't have a great month, and Europe saw mixed results.
Autumn blues in November
October was still a sunny month on the stock market, with very high returns for all Peaks portfolios. But in November, autumn arrived: the American S&P 500 fell in value by 4.4%, although the market did recover towards the end of the month. Europe also saw mixed results. All in all, November wasn't a good month for the Peaks portfolios, with returns of -0.8% for Cautious and -1.1% for Adventurous.
Table 1: Net returns of Peaks portfolios
| Peaks portfolio | November | 2025 | Average annual since Peaks launch | Total since Peaks launch |
| Cautious | -0.8% | -0.1% | 2.2% | 21.7% |
| Balanced | -0.9% | 0.1% | 4.3% | 42.4% |
| Ambitious | -1.0% | 0.2% | 6.3% | 66.1% |
| Adventurous | -1.1% | 0.4% | 8.3% | 92.2% |
Important to know: These net returns reflect Peaks' portfolios in November 2025, all of 2025 and since the launch of Peaks, after deducting Peaks, fund, and transaction fees. The value of investments can fluctuate, and past performance is no guarantee of future results.
The above figures assume a portfolio value of €10,000 without any deposits or withdrawals. If you made deposits or withdrawals this month, your personal return may differ. Your return will also vary if you have invested less or more than €10,000 due to the monthly fees Peaks charges.
Table 2: Risk of Peaks portfolios
| Risk (volatility) | November | 2025 | Gem. op jaarbasis sinds start |
| Cautious | 3.6% | 4.5% | 5.5% |
| Balanced | 5.5% | 6.6% | 7.3% |
| Ambitious | 7.6% | 9.3% | 9.6% |
| Adventurous | 9.7% | 12.1% | 12.1% |
Important to know: This table shows the risk levels of the 4 Peaks portfolios over different time periods (last month, this year, and the average since Peaks launched). Risk, also known as volatility, reflects the variation in annualised returns and is measured using the standard deviation of daily net returns converted to an annual basis.
Uncertainty in the US, growth in Europe
In November, the US government finally reopened after 43 days, following an agreement between Republicans and Democrats on the federal budget. Due to the temporary government shutdown, various statistical agencies were also closed and economic figures were not published. This made investors feel uncertain.
Fortunately, the latest economic figures are now available, but they aren't looking too good. The American job engine seems to be faltering: small and medium-sized companies have cut jobs and unemployment is slowly rising. Consumers also seem to be becoming more cautious with their spending – spending is still growing, but less than before. And producer confidence fell further in November. It seems that Trump's trade tariffs are now really starting to hurt the American economy.
Although this is no good news, it could have a positive effect on the stock market. Weaker economic figures increase the likelihood that the US Federal Reserve will further lower interest rates. That is positive news for the future, as it makes investing more attractive. This is precisely what happened this week: the Fed lowered interest rates by 0.25% to 3.75%.
Looking at Europe, we see a very different picture. After a period of low growth, figures now indicate that the European economy is picking up again. And that's positive. However, inflation is a point of concern. It stood at 2.2% in November, just above the European Central Bank's annual target of 2%. But this is no cause for concern. For the time being, it looks as if interest rates in Europe will remain unchanged.
Table 3: Net returns of index funds in standard Peaks portfolios
| Stocks | ISIN | November | 2025 | Totaal sinds start Peaks |
| North America | LU0629460089 |
-1.4% | -2.4% | 168.8% |
| Europe | IE00B52VJ196 | -0.5% | 2.1% | 69.9% |
| Asia Pacific | LU0629460832 | 0.1% | 3.2% | 40.8% |
| Emerging markets | IE00BYVJRP78 | -1.7% | 13.4% | 41.0% |
| Obligaties | ||||
| Europese overheidsobligaties | IE00B4WXJJ64 | -0.3% | 0.0% | -4.5% |
| Europese bedrijfsobligaties | LU0484968812 | -1.0% | 1.1% | 3.0% |
Important to know: These net returns reflect the performance of index funds in November 2025, all of 2025, and since Peaks launched, after deducting Peaks, fund, and transaction fees. The value of investments can fluctuate, and past performance is no guarantee of future results.
Lesson of November?
November showed clear differences between world regions. The US and emerging markets performed poorly. Asia-Pacific, on the other hand, did well.
If you zoom in on the regions, you will also see differences. The AI hype cooled off a bit, with chip companies in particular coming under pressure. Investors invested more in “boring” but safe sectors, such as healthcare.
In short, diversifying your investments remains the best strategy for achieving good long-term returns. The different regions and sectors in your Peaks portfolio compensate each other and ensure stable long-term returns. Even though it can sometimes be tempting to actively invest and respond to the latest news, for your long-term plan it is better to simply stick to your strategy of diversification.
Tom
CEO & Founder
Explore more
Indian Summer at the stock exchange
Despite the US government shutdown in October, the Fed's intervention led to an increase in stock values.
The Peaks portfolios are being updated: here’s why
Reduced costs, more sustainable and a portfolio that's better aligned with global markets.
What is passive investing? Simply explained
Passive investing is a long-term investment approach that focuses on building wealth gradually. Instead of trying to pick winning stocks or time the market, passive investors typically buy broadly diversified, low-cost funds—such as index funds or ETFs—that track the performance of a market index.
Peaks named ‘Best-Rated Investment Platform’ for second year running
Time to celebrate: Peaks has won another Golden Bull award! For the second year in a row, we’ve been named the ‘Best-Rated Investment Platform’ in the Netherlands.