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Reflecting on 2025 and Looking Ahead at Astoria


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Dear Clients,


I wanted to take a moment to wish you and your families a happy and healthy holiday season. It has been a pleasure working with you this past year, and we are grateful for the trust you continue to place in us. 2025 was an important year of progress for Astoria, and I wanted to highlight a few notable firm enhancements.


  • We expanded headcount in several key areas. Bruce Lavine joined us as Chief Operating Officer and now leads our ETF division. Will Pham joined our Portfolio Management team after spending the prior two years with us as an intern. He is the third intern we have successfully transitioned into a full-time role, which speaks to our commitment to developing talent internally. We also added our second Investment Adviser Representative to our platform and expect to continue expanding our IAR presence as our investments in technology, automation, and personnel continue to scale.


  • Against a backdrop of concentrated market leadership and evolving market narratives, our Multi Asset SMA strategies operated largely as intended. In market environments that favored disciplined, diversified approaches, the strategies participated in market gains. During periods of increased volatility and rotation, the strategies sought to help manage risk and reduce exposure to a narrow group of holdings.

  • Our quantitative stock selection strategies also continued to operate in line with their stated approach. By incorporating factor analysis alongside risk controls and portfolio construction rules, these strategies sought to add value relative to broad market exposure. The investment process is designed to be systematic and repeatable, with the objective of identifying potential opportunities across different market environments while reducing reliance on discretionary, emotion-driven decision making.

  • We launched our fourth ETF this year, including our first actively managed fixed income strategy, which represents an expansion of our ETF platform. In our view, equity and fixed income allocations can present different portfolio construction considerations. While equity exposures are often expressed through strategic positioning, fixed income allocations may involve more dynamic management given sensitivity to interest rates, credit conditions, and market volatility. With these considerations in mind, we introduced our first active fixed income strategy as part of our broader ETF offering.


  • Beyond performance, we continued to invest in ideas, access, and education. Our annual Macro Summit was larger than the prior year, with broader participation and deeper conversations around the themes shaping markets. We also launched a Hedged Growth SMA Strategy (target 9% standard deviation and 7% yield) that splices growth exposure with structured outcomes, an approach that aligns directly with a key theme highlighted in our 10 ETFs for 2026 framework.


  • Accessibility was another important focus this year. We added our strategies to several large platforms, onboarded our models to Pershing and Goldman Sachs, and made great strides with the GeoWealth platform, further expanding how and where our strategies can be implemented.


  • Performance is an important consideration, but the investment process used to pursue returns is also a key focus. This year reinforced our emphasis on systematic processes, thoughtful implementation, and consideration of after-tax outcomes, while seeking to maintain portfolio resilience and transparency. After-tax considerations were particularly relevant in 2025, as market volatility in the first quarter created periods in which tax-loss harvesting opportunities were available within certain portfolios.

 

Markets will continue to evolve, and the principles that guided our strategies this year remain in place. We believe these principles provide a consistent framework as we look ahead.


Thank you again for your trust and partnership. We look forward to building on this momentum in the year ahead.


Wishing you and your family a happy, healthy holiday season and a great start to the new year.  All the best!


Best,


John Davi



Warranties & Disclaimers

 

This information contained herein has been prepared by Astoria Portfolio Advisors LLC on the basis of publicly available information, internally developed data, and other third-party sources believed to be reliable. Astoria Portfolio Advisors LLC has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to the accuracy, completeness, or reliability of such information. Astoria Portfolio Advisors LLC is a registered investment adviser located in New York. Astoria Portfolio Advisors LLC may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.


Any third-party websites provided on www.astoriaadvisors.com are strictly for informational purposes and for convenience. These third-party websites are publicly available and do not belong to Astoria Portfolio Advisors LLC. We do not administer the content or control it. We cannot be held liable for the accuracy, time-sensitive nature, or viability of any information shown on these sites. The material in these links is not intended to be relied upon as a forecast or investment advice by Astoria Portfolio Advisors LLC, and does not constitute a recommendation, offer, or solicitation for any security or any investment strategy. The appearance of such third-party material on our website does not imply our endorsement of the third-party website. We are not responsible for your use of the linked site or its content. Once you leave Astoria Portfolio Advisors LLC's website, you will be subject to the terms of use and privacy policies of the third-party website. Refer here for more details.

 
 
 

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