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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 26, 2026
Leonard Rickey Investment Advisors maintains a constructive but cautious stance following Q2 2026's sharp market rebound. The S&P 500 gained 15.2% as the Iran conflict de-escalated and oil prices retreated from $120 to $72 per barrel. Market breadth was notably strong, with emerging markets up 24%, small caps posting double-digit gains, and international markets advancing over 10%. AI-related capital spending continues to accelerate, with hyperscaler expenditures approaching $700 billion in 2026, driving more than half of expected U.S. earnings growth. However, the firm flags multiple concerns: S&P 500 valuations near 20x forward earnings versus a 16x historical average, the top 10 companies representing nearly 40% of the index, and semiconductor exposure approaching one-fifth of the benchmark. Core inflation remains above the Fed's 2% target for five consecutive years, and new Fed Chair Kevin Warsh has removed forward guidance, creating policy uncertainty. The firm emphasizes diversification into more reasonably valued U.S. and international market segments and favors high-quality short- and intermediate-term bonds given elevated yields and caution on duration risk.
Diversification across styles, market caps, and regions is essential given elevated U.S. large-cap valuations, record market concentration in AI-related names, and the uncertain path of inflation and Fed policy.
The manager remains constructive on stocks with a primary upward trend supported by improving credit spreads, stronger earnings revisions, healthy rotation into cyclical sectors, and lower oil prices. However, the rally has moved quickly, AI trade shows stretched technical conditions, and inflation remains sticky enough to keep the Fed cautious. The manager emphasizes continued diversification across reasonably valued market segments both U.S. and non-U.S., and favors high-quality short- and intermediate-term bonds given elevated yields and caution on longer-duration exposure.
Neutral / Balanced
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