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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 8, 2026
Ninepoint's mid-year 2026 outlook highlights how markets have navigated significant geopolitical disruption while delivering positive returns driven by exceptional earnings growth. The closure of the Strait of Hormuz removed 13-14 million barrels per day of oil supply, creating record low global inventories and driving inflation back above 4%, yet equity markets remained resilient as AI and energy sectors drove corporate earnings. Energy equities are valued at $65 WTI despite an expected $80 floor price, offering substantial upside as producers generate significant free cash flow. The AI spending boom is transitioning from infrastructure to monetization, with cloud backlog crossing $2 trillion and accounting for 70% of S&P 500 earnings growth. Critical minerals benefit from both commodity strength and strategic priority status, while NATO's infrastructure commitment translates to $800 billion in incremental spending by 2035. Digital assets are maturing into financial infrastructure, with stablecoins exceeding $300 billion and tokenization surpassing $30 billion. Key risks include persistent inflation forcing Fed rate hikes, energy supply disruptions, and elevated corporate credit spreads amid unprecedented issuance. Portfolio positioning emphasizes low duration in fixed income, energy producer exposure, infrastructure beneficiaries, and selective crypto allocation across the full technology stack.
Despite geopolitical uncertainty and the Middle East conflict driving energy prices higher and inflation back into focus, equity markets have remained resilient in the first half of 2026, supported by exceptional earnings growth from the AI investment cycle and energy sector strength. The closure of the Strait of Hormuz has created a fundamental tightening in oil markets with record low inventories, while energy equities remain undervalued relative to the cash flows they will generate at an $80 oil price floor. Simultaneously, AI spending is transitioning from infrastructure buildout to genuine revenue monetization, with cloud backlog crossing $2 trillion and driving 70% of S&P 500 earnings growth. Critical minerals including uranium, gold, and silver benefit from both commodity cycles and emerging strategic priority status, while sovereignty over infrastructure is driving an $800 billion incremental spending wave through 2035. The digital asset ecosystem is maturing from speculative technology into financial infrastructure, with stablecoins and tokenization scaling rapidly even as prices lag adoption.
The second half of 2026 will be shaped by the duration and resolution of the Middle East conflict, which will determine whether central banks must tighten policy or can remain on hold. Energy prices are expected to remain elevated with an $80 floor for oil becoming the norm once the Strait reopens, benefiting producers while creating inflation friction across the economy. The AI investment cycle continues to drive exceptional earnings growth as spending transitions from infrastructure to monetization, with cloud backlog and contracted revenue supporting continued performance. Infrastructure spending is entering a multi-year growth phase driven by electrification demands and sovereign security priorities. Despite near-term volatility, the fundamental drivers across energy, technology, critical minerals, and digital assets remain intact and positioned for long-term opportunity.
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