Summer holidays on the stock market
The past few stock market weeks had no significant highs or lows. Only Bitcoin peaked with a new record.
Stock exchanges on summer break
In July, most Peaks portfolios rose in value, with returns ranging from +0.3% for Balanced to +1.5% for Adventurous. They then fell slightly in the first half of August. On balance, the result for this summer is relatively flat.
Only the Cautious portfolio lagged behind. This is because it invests largely in European government bonds, which have fallen in value due to rising interest rates in Europe. Existing bonds (which offer a lower interest rate) are therefore less attractive than new bonds (with a higher interest rate).
As long as you hold on to your bonds, you don't have to be affected by this. You will simply keep receiving the (lower) interest on these bonds. And when the bonds mature, the proceeds will automatically be reinvested in new bonds with a higher interest rate.
Table 1: Net returns of Peaks portfolios
| Peaks portfolio | July | 2025 | Average annual since Peaks launch | Total since Peaks launch |
| Cautious | -0.3% | -1.3% | 2.2% | 21.7% |
| Balanced | 0.3% | -1.8% | 4.2% | 42.4% |
| Ambitious | 0.9% | -2.3% | 6.2% | 66.1% |
| Adventurous | 1.5% | -2.8% | 8.2% | 92.2% |
Important to know: These net returns reflect Peaks' portfolios in July 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) | July | 2025 |
Avarage annual since Peaks launch |
| Cautious | 2.8% | 2.8% | 5.5% |
| Balanced | 3.8% | 3.8% | 7.4% |
| Ambitious | 5.3% | 5.3% | 9.7% |
| Adventurous | 7.1% | 7.1% | 12.2% |
Important to know: This table shows the risk levels of the four 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.
Calm economy
It wasn't just the stock markets that were on summer holiday; the economy also remained calm in recent weeks. Inflation is as expected in both Europe and the United States. There haven't been any surprises (positive or negative).
The effect of the US import tariffs is not really visible yet in the prices paid by consumers. However, it is reflected in producer prices, which rose by +0.9% – much more strongly than stock market analysts had predicted (+0.2%). It seems that companies are absorbing the higher prices themselves for now.
Nevertheless, the US Federal Reserve is still expected to lower interest rates from 4.5% to 4.25% in September, as the US market appears to be cooling down.
Table 3: Net returns of index funds in standard Peaks portfolios
| Stocks | ISIN | July | 2025 | Total since launch Peaks |
| North America | LU0629460089 |
1.5% | -8.1% | 153.0% |
| Europe | IE00B52VJ196 | -3.1% | -1.2% | 64.4% |
| Asia Pacific | LU0629460832 | -0.9% | -1.1% | 35.0% |
| Emerging markets | IE00BYVJRP78 | 1.9% | 4.3% | 29.8% |
| Bonds | ||||
| European gov. bonds | IE00B4WXJJ64 | -1.6% | -0.9% | -5.3% |
| European corp. bonds | LU0484968812 | 0.2% | 1.6% | 3.6% |
Important to know: These net returns reflect the performance of index funds in July 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.
Bitcoin breaks records
What did peak significantly this summer was the price of Bitcoin. On 14 August, it reached a new record high of over €105,000 ($124,000). More and more institutional investors, such as pension funds, are investing in Bitcoin or considering doing so. Previously, this was difficult because you cannot invest in Bitcoin through regulated exchanges. But thanks to the emergence of Bitcoin ETPs, this is now possible. You can also invest in such ETPs with Peaks.
Rosanne
Copywriter, Peaks
Explore more
Everything you need to know about Bitcoin
In this article, you can read what Bitcoin is, what advantages it offers and why investors are interested in it.
June 2025: a calm month
June was a quiet month for the stock market, but because of all the tensions in the world, the global economy is growing more slowly.
What is an ETP? Simply explained
Exchange-traded products (ETPs) are financial instruments listed on stock exchanges that offer easy access to a wide variety of asset classes — including stock indices, commodities, and even cryptocurrencies like Bitcoin and Ethereum.
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.