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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 25, 2026
The 1290 SmartBeta Equity Fund returned 5.76% in Q2 2026 but underperformed its benchmark, which returned 13.76%, as the strategy faced a challenging environment in April and May before stabilizing in June. The quarter was dominated by geopolitical tensions involving US and Israeli strikes on Iran, which drove oil prices to $118 per barrel before a memorandum of understanding led to a sharp decline to $72.90, a 38.4% quarterly drop. The Fund's strategic exposure to high-quality companies helped performance, and its underweight to energy was rewarded. However, the low-volatility focus faced significant headwinds, with the MSCI Minimum Volatility Index experiencing its worst month since 1998 in April. The Fund's underweight to semiconductors and semiconductor equipment detracted materially as that sector rallied sharply on AI optimism in April and May. By June, investor focus shifted to concerns about AI returns, prompting rotation into defensives. The Fund maintains its strategic focus on quality and low volatility, which the manager believes positions it well for future market volatility. Low volatility stocks now trade near the bottom of historic ranges, suggesting mean reversion potential.
The 1290 SmartBeta Equity Fund pursues long-term capital appreciation through a quantitative strategy focused on high-quality and low-volatility stocks within a well-diversified portfolio.
The Fund expects to see an improvement in relative performance if market concentration reduces. The manager believes the Fund's focus on low volatility stocks positions it well to navigate further periods of market volatility. Recent underperformance of low volatility stocks has left them looking attractively valued versus the market, trading near the bottom of their historic trading ranges, suggesting potential for mean reversion. Provided the international situation does not deteriorate over the coming months, the global economy will have weathered a short-lived, moderate-scale energy shock.
Neutral / Balanced
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