Newport Capital Group

Investor Summary

Newport Capital Group LLC is an independently owned and operated financial advisory firm serving institutions, families, business owners, and executives for nearly four decades. The firm manages approximately $19 billion in total assets under advisement, with $1.2 billion in discretionary regulatory assets under management and $17.7 billion in retirement plan consulting assets. Led by Executive Vice President Michelle Bennett, who was named to Pensions & Investments' 2025 Influential Women in Institutional Investing, the firm has achieved significant industry recognition including ranking #34 on Financial Advisor Magazine's 2025 Top RIA list and #44 in Pension & Investments' Largest Investment Consultants. The firm specializes in retirement plan consulting, private wealth management for high-net-worth individuals, and institutional services for foundations and endowments.

Fund Strategy

Newport Capital Group's mission is to give clients peace of mind by working as their partner to achieve financial goals. Originally established nearly four decades ago as a single-family office providing integrated tax, legal and financial advice, they emphasize transparency, diligence, and client-focused services, positioning themselves as fiduciary partners. Their methodology is to manage client assets as an independently owned and operated investment office, managing clients' investments with the same care as if they were their own, fostering a unique investment culture and strong alignment of interests with clients. They offer mission-aligned investment strategies across all asset classes backed by thorough research and a robust due diligence process, using mean-variance optimization and a constant search for uncorrelated investment products to create efficient model portfolios.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
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Executive Summary

Newport Capital Group advocates for disciplined diversification amid heightened market uncertainty in Q1 2026. The Iranian War drove oil prices up 77.6% and created significant volatility, with the S&P 500 declining 4.3%. Market rotation favored value over growth, with Small-Cap Value gaining 5.0% while Large-Cap Growth fell 9.8%. Energy led sector performance at +41.0%. The firm expects continued U.S. economic growth around 2.1% despite oil price headwinds, with the Fed likely remaining on hold through 2026. Key risks include elevated Large-Cap growth valuations, ongoing geopolitical tensions, and midterm election uncertainty. Catalysts include fiscal support, strong corporate earnings, and attractive international valuations. The firm maintains balanced exposures across styles, market caps, and regions, emphasizing that market rotation continues to favor value stocks and international markets. Fixed income focus remains on income generation with the U.S. Aggregate Index yielding 4.3%. The strategy emphasizes staying diversified and committed to long-term investing despite market volatility.

Forward Outlook

Markets face uncertainty from Middle East geopolitical tensions with unknown outcomes. The U.S. economy is expected to grow in 2026 with a soft job market and moderating inflation as tariff pressures and shelter costs ease. Oil prices remain the wildcard for economic growth and inflation. Market rotation continues with value outperforming growth and international outperforming U.S. markets.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 19 2026	2026 Q1	-	diversification, Fed policy, Geopolitical, Iran, Market Commentary, oil, value	-	Newport Capital maintains disciplined diversification as Iranian War drives oil up 77.6% and market volatility. Value outperforms growth with Small-Cap Value +5.0% vs Large-Cap Growth -9.8%. Balanced positioning across styles and regions captures ongoing rotation favoring value and international markets while managing geopolitical uncertainty and elevated growth stock valuations.
Feb 5 2026	2025 Q4	7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX	AI, earnings, equities, fixed income, Global Markets, inflation, rates	-	Global markets posted modest Q4 gains driven by solid earnings and Fed rate cuts, with AI stocks delivering strong results despite valuation concerns. Health care led sector performance while emerging markets advanced despite Chinese weakness. Central banks remain accommodative with Fed likely to cut further in 2026, supporting continued market resilience amid mixed economic signals.
Oct 31 2025	2025 Q3	-	diversification, Fed policy, inflation, international, Market Rotation, rates, value	-	Newport Capital Group maintains a balanced, diversified approach across asset classes and geographies, positioning for market support from Fed rate cuts and solid earnings while managing policy uncertainty risks. The firm emphasizes staying committed to long-term investing principles amid significant market rotation favoring international and small-cap value stocks.
Jul 31 2025	2025 Q2	-	diversification, Dollar, Fed, inflation, international, rates, tariffs, Trade Policy	-	Newport Capital Group navigated Q2 2025 tariff volatility through diversified positioning across asset classes and geographies. Despite policy uncertainty driving market swings, international outperformance and dollar weakness validated their balanced approach. With the Fed maintaining restrictive policy and tariff-driven inflation risks ahead, they emphasize long-term discipline over market timing while positioning for potential stimulus catalysts.
May 1 2025	2025 Q1	-	Economic Growth, Federal Reserve, Market Commentary, tariffs, Trade Policy, volatility	-	Newport Capital Group navigates heightened market volatility from Trump's tariff announcements that could reduce U.S. GDP growth by 0.50-1.50% and push inflation above 3.0%. Despite correction territory markets and trade war fears, the firm maintains diversified positioning across asset classes and geographies, expecting volatility to persist until policy clarity emerges while remaining positioned for long-term recovery.
Jan 30 2025	2024 Q4	-	AI, growth, inflation, international, rates, technology, value	-	Newport Capital Group expects above-trend U.S. growth in 2025 while maintaining balanced positioning between growth and value. They anticipate market performance broadening beyond AI-driven large caps, with attractive opportunities in mid and small caps. Key risks include inflation persistence and Fed policy uncertainty, but the firm advocates long-term diversified investing over market timing.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 19 2026

2026 Q1

diversification, Fed policy, Geopolitical, Iran, Market Commentary, oil, value

Newport Capital maintains disciplined diversification as Iranian War drives oil up 77.6% and market volatility. Value outperforms growth with Small-Cap Value +5.0% vs Large-Cap Growth -9.8%. Balanced positioning across styles and regions captures ongoing rotation favoring value and international markets while managing geopolitical uncertainty and elevated growth stock valuations.

Feb 5 2026

2025 Q4

7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX

AI, earnings, equities, fixed income, Global Markets, inflation, rates

Global markets posted modest Q4 gains driven by solid earnings and Fed rate cuts, with AI stocks delivering strong results despite valuation concerns. Health care led sector performance while emerging markets advanced despite Chinese weakness. Central banks remain accommodative with Fed likely to cut further in 2026, supporting continued market resilience amid mixed economic signals.

Oct 31 2025

2025 Q3

diversification, Fed policy, inflation, international, Market Rotation, rates, value

Newport Capital Group maintains a balanced, diversified approach across asset classes and geographies, positioning for market support from Fed rate cuts and solid earnings while managing policy uncertainty risks. The firm emphasizes staying committed to long-term investing principles amid significant market rotation favoring international and small-cap value stocks.

Jul 31 2025

2025 Q2

diversification, Dollar, Fed, inflation, international, rates, tariffs, Trade Policy

Newport Capital Group navigated Q2 2025 tariff volatility through diversified positioning across asset classes and geographies. Despite policy uncertainty driving market swings, international outperformance and dollar weakness validated their balanced approach. With the Fed maintaining restrictive policy and tariff-driven inflation risks ahead, they emphasize long-term discipline over market timing while positioning for potential stimulus catalysts.

May 1 2025

2025 Q1

Economic Growth, Federal Reserve, Market Commentary, tariffs, Trade Policy, volatility

Newport Capital Group navigates heightened market volatility from Trump's tariff announcements that could reduce U.S. GDP growth by 0.50-1.50% and push inflation above 3.0%. Despite correction territory markets and trade war fears, the firm maintains diversified positioning across asset classes and geographies, expecting volatility to persist until policy clarity emerges while remaining positioned for long-term recovery.

Jan 30 2025

2024 Q4

AI, growth, inflation, international, rates, technology, value

Newport Capital Group expects above-trend U.S. growth in 2025 while maintaining balanced positioning between growth and value. They anticipate market performance broadening beyond AI-driven large caps, with attractive opportunities in mid and small caps. Key risks include inflation persistence and Fed policy uncertainty, but the firm advocates long-term diversified investing over market timing.

QUARTER	THEMES	TAGS
2026 Q1	Oil Oil prices jumped 77.6% in Q1 due to the Iranian War choking global supplies. Higher energy prices are expected to slow economic growth, with every $10 oil increase creating a 0.1% GDP drag. Sustained elevated energy costs will drag global economic growth.	Oil Energy Iran Geopolitical Inflation
	Geopolitical The Iranian War created significant market uncertainty and volatility. Geopolitical tensions in the Middle East remain a key market risk with unknown outcomes. The conflict has inflationary pressures that will dictate Fed policy moves.	Iran War Geopolitical Middle East Uncertainty
	Value Value stocks outperformed growth stocks across market caps in Q1, with Small-Cap Value up 5.0% while Large-Cap Growth fell 9.8%. Value and mid- and small-cap stocks remain relatively attractive versus growth and larger capitalization stocks.	Value Growth Small Cap Outperformance Rotation
	AI A research piece on AI implications increased market volatility in February. Business investment in artificial intelligence contributed to economic growth in 2025. AI remains a driver of business investment but created market uncertainty.	AI Artificial Intelligence Investment Volatility Technology
2025 Q4	Industrial Gases SOL Group operates one of Europe's leading industrial gas franchises serving 50k customers across 32 countries, with a network of 39 air-separation units and 50+ filling plants that took almost a century to assemble. The business benefits from high switching costs, local oligopolies due to transport economics, and regulatory barriers that make replication extremely difficult.	Industrial Gases Infrastructure Oligopoly Barriers
	Healthcare Vivisol provides home respiratory therapy to 750k patients across Europe, growing at 13% CAGR over 14 years driven by aging demographics and healthcare systems moving chronic care from hospitals to homes. The business has 80% recurring revenues with 95%+ contract renewal rates and high switching costs for patients.	Healthcare Demographics Home Care Recurring
	AI Manager views AI as creating significant disruption risk for software businesses and has tilted toward businesses unlikely to see their unit economics negatively affected by AI over the next decades. Infrastructure and business services players are preferred over software for their easier-to-forecast survival.	AI Disruption Software Infrastructure
2025 Q3	Rates The Federal Reserve reduced its target federal funds rate to 4.0%-4.25% in September, the first cut since December 2024. The Fed forecasts two additional 25bp cuts this year and one next year, with terminal rate expected at 3.0%-3.25% by mid-next year. Interest rate volatility continued as markets digested policy uncertainty and inflation concerns.	Federal Reserve Rate Cuts Terminal Rate Yield Curve Monetary Policy
	Inflation Inflation continued to move higher in Q3 and remained above the Fed's 2.0% target. Tariffs represent a one-time step up in prices that would boost inflation in the short term, pushing it back above 3.0%. The tariff rate on U.S. imports may approach 20.0% compared to 2.4% last year.	Tariffs Price Pressures Fed Target Import Costs Consumer Prices
	Trade Policy Tariffs significantly impacted economic data and inflation outlook. The early April tariff announcement led to decreased imports and affected GDP growth. Pre-tariff inventories continued to be depleted, with consumers yet to feel the full effect. Markets initially digested potential tariff rates at or above 30.0%.	Tariffs Import Duties Trade War Economic Impact Policy Uncertainty
2025 Q2	Trade Policy Tariffs represent a significant market driver with President Trump's April tariff announcement causing market selloff before recovery when implementation was delayed. Tariffs are expected to boost inflation above 3% in the short term, with import tariff rates potentially reaching 15% versus 2.4% last year.	Tariffs Import Inflation Policy Implementation
	Dollar The U.S. dollar weakened 7% in Q2, marking the weakest first half since 1973. This weakness served as a tailwind for international equity returns and benefited emerging markets performance.	DXY Weakness International Emerging Currency
	Rates The Federal Reserve maintained rates at 4.25-4.50% range with forecast for two 25bp cuts this year. Interest rate volatility continued with yield curve steepening on fiscal concerns including Moody's credit downgrade.	Federal Reserve Cuts Volatility Yield Curve Treasury
2025 Q1	Trade Policy President Trump announced significant tariff increases including a baseline 10% on all imports plus reciprocal tariffs based on trade deficits, potentially reaching 25% from 2.4% previously. China responded with retaliatory tariffs, sparking global trade war fears. A 90-day pause was announced after market volatility, but uncertainty regarding global economic growth has intensified.	Tariffs Trade War China Reciprocal Economic Growth
	Volatility Global capital markets experienced intensified volatility following tariff announcements, with equity markets selling off significantly before recovering on the largest one-day gain since the Great Financial Crisis. Markets remain in correction territory from February highs. Fixed income markets also experienced volatility leading to policy reversals.	Market Volatility Correction Equity Markets Fixed Income Uncertainty
	Rates U.S. interest rates initially declined following tariff announcements as markets priced in economic uncertainty and potential Fed rate cuts, then reversed higher amid fixed income volatility. The Fed maintained rates at 4.25-4.50% while markets now expect three to four rate cuts later this year following the tariff announcement.	Federal Reserve Interest Rates Rate Cuts Treasury Yields Monetary Policy
2024 Q4	Rates Fed lowered rates by 25 bps in November and December to 4.25-4.50% range, following September's 50 bps cut. Fed guidance updated to reflect two 25 bps cuts in 2025, down from four cuts in September forecast. Interest rate volatility continued as markets digested Fed policy outlook.	Federal Reserve Interest Rates Monetary Policy Rate Cuts Volatility
	Inflation Inflation trends accelerated in Q4 with December CPI up 2.9% year-over-year versus 2.4% in September. Inflation remains sticky driven by higher housing rental and car insurance costs. Manager focused on potential inflationary pressures from Trump's tariff policies.	Consumer Price Index Housing Tariffs Policy Impact Wage Growth
	AI Magnificent Seven stocks linked to artificial intelligence drove Large Cap Growth performance in 2024. AI-related stocks were key drivers of the Technology sector's leadership and overall market performance for the year.	Magnificent Seven Technology Large Cap Growth Performance Market Leadership

QUARTER

THEMES

Oil

Oil prices jumped 77.6% in Q1 due to the Iranian War choking global supplies. Higher energy prices are expected to slow economic growth, with every $10 oil increase creating a 0.1% GDP drag. Sustained elevated energy costs will drag global economic growth.

Oil Energy Iran Geopolitical Inflation

Geopolitical

The Iranian War created significant market uncertainty and volatility. Geopolitical tensions in the Middle East remain a key market risk with unknown outcomes. The conflict has inflationary pressures that will dictate Fed policy moves.

Iran War Geopolitical Middle East Uncertainty

Value

Value stocks outperformed growth stocks across market caps in Q1, with Small-Cap Value up 5.0% while Large-Cap Growth fell 9.8%. Value and mid- and small-cap stocks remain relatively attractive versus growth and larger capitalization stocks.

Value Growth Small Cap Outperformance Rotation

AI

A research piece on AI implications increased market volatility in February. Business investment in artificial intelligence contributed to economic growth in 2025. AI remains a driver of business investment but created market uncertainty.

AI Artificial Intelligence Investment Volatility Technology

2025 Q4

Industrial Gases

SOL Group operates one of Europe's leading industrial gas franchises serving 50k customers across 32 countries, with a network of 39 air-separation units and 50+ filling plants that took almost a century to assemble. The business benefits from high switching costs, local oligopolies due to transport economics, and regulatory barriers that make replication extremely difficult.

Industrial Gases Infrastructure Oligopoly Barriers

Healthcare

Vivisol provides home respiratory therapy to 750k patients across Europe, growing at 13% CAGR over 14 years driven by aging demographics and healthcare systems moving chronic care from hospitals to homes. The business has 80% recurring revenues with 95%+ contract renewal rates and high switching costs for patients.

Healthcare Demographics Home Care Recurring

AI

Manager views AI as creating significant disruption risk for software businesses and has tilted toward businesses unlikely to see their unit economics negatively affected by AI over the next decades. Infrastructure and business services players are preferred over software for their easier-to-forecast survival.

AI Disruption Software Infrastructure

2025 Q3

Rates

The Federal Reserve reduced its target federal funds rate to 4.0%-4.25% in September, the first cut since December 2024. The Fed forecasts two additional 25bp cuts this year and one next year, with terminal rate expected at 3.0%-3.25% by mid-next year. Interest rate volatility continued as markets digested policy uncertainty and inflation concerns.

Federal Reserve Rate Cuts Terminal Rate Yield Curve Monetary Policy

Inflation

Inflation continued to move higher in Q3 and remained above the Fed's 2.0% target. Tariffs represent a one-time step up in prices that would boost inflation in the short term, pushing it back above 3.0%. The tariff rate on U.S. imports may approach 20.0% compared to 2.4% last year.

Tariffs Price Pressures Fed Target Import Costs Consumer Prices

Trade Policy

Tariffs significantly impacted economic data and inflation outlook. The early April tariff announcement led to decreased imports and affected GDP growth. Pre-tariff inventories continued to be depleted, with consumers yet to feel the full effect. Markets initially digested potential tariff rates at or above 30.0%.

Tariffs Import Duties Trade War Economic Impact Policy Uncertainty

2025 Q2

Trade Policy

Tariffs represent a significant market driver with President Trump's April tariff announcement causing market selloff before recovery when implementation was delayed. Tariffs are expected to boost inflation above 3% in the short term, with import tariff rates potentially reaching 15% versus 2.4% last year.

Tariffs Import Inflation Policy Implementation

Dollar

The U.S. dollar weakened 7% in Q2, marking the weakest first half since 1973. This weakness served as a tailwind for international equity returns and benefited emerging markets performance.

DXY Weakness International Emerging Currency

Rates

The Federal Reserve maintained rates at 4.25-4.50% range with forecast for two 25bp cuts this year. Interest rate volatility continued with yield curve steepening on fiscal concerns including Moody's credit downgrade.

Federal Reserve Cuts Volatility Yield Curve Treasury

2025 Q1

Trade Policy

President Trump announced significant tariff increases including a baseline 10% on all imports plus reciprocal tariffs based on trade deficits, potentially reaching 25% from 2.4% previously. China responded with retaliatory tariffs, sparking global trade war fears. A 90-day pause was announced after market volatility, but uncertainty regarding global economic growth has intensified.

Tariffs Trade War China Reciprocal Economic Growth

Volatility

Global capital markets experienced intensified volatility following tariff announcements, with equity markets selling off significantly before recovering on the largest one-day gain since the Great Financial Crisis. Markets remain in correction territory from February highs. Fixed income markets also experienced volatility leading to policy reversals.

Market Volatility Correction Equity Markets Fixed Income Uncertainty

Rates

U.S. interest rates initially declined following tariff announcements as markets priced in economic uncertainty and potential Fed rate cuts, then reversed higher amid fixed income volatility. The Fed maintained rates at 4.25-4.50% while markets now expect three to four rate cuts later this year following the tariff announcement.

Federal Reserve Interest Rates Rate Cuts Treasury Yields Monetary Policy

2024 Q4

Rates

Fed lowered rates by 25 bps in November and December to 4.25-4.50% range, following September's 50 bps cut. Fed guidance updated to reflect two 25 bps cuts in 2025, down from four cuts in September forecast. Interest rate volatility continued as markets digested Fed policy outlook.

Federal Reserve Interest Rates Monetary Policy Rate Cuts Volatility

Inflation

Inflation trends accelerated in Q4 with December CPI up 2.9% year-over-year versus 2.4% in September. Inflation remains sticky driven by higher housing rental and car insurance costs. Manager focused on potential inflationary pressures from Trump's tariff policies.

Consumer Price Index Housing Tariffs Policy Impact Wage Growth

AI

Magnificent Seven stocks linked to artificial intelligence drove Large Cap Growth performance in 2024. AI-related stocks were key drivers of the Technology sector's leadership and overall market performance for the year.

Magnificent Seven Technology Large Cap Growth Performance Market Leadership

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Oil

Geopolitical

Value

AI

Industrial Gases

Healthcare

AI

Rates

Inflation

Trade Policy

Trade Policy

Dollar

Rates

Trade Policy

Volatility

Rates

Rates

Inflation

AI

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Michelle Bennett, Robert James Milmore Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Newport Capital Group