| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Wealthspire frames the current market environment within 250 years of American economic history, arguing that periods of crisis and excess have consistently led to adaptation and progress. The firm notes that Q2 2026 saw U.S. equities reach new highs, with the S&P 500 up 15.2% for the quarter and 10.2% year-to-date, driven by corporate earnings growth approaching 30% year-over-year rather than speculation alone. Mega-cap technology companies tied to artificial intelligence continued to perform well, while broader participation emerged in energy, industrials, materials, and small caps. The firm acknowledges valid concerns including persistent inflation particularly in energy, elevated interest rates, fiscal dynamics, and market concentration in a small group of companies. However, they view substantial AI infrastructure investments through a historical lens, noting that even speculative capital deployment has historically created lasting productivity gains. The firm positions current challenges as part of familiar cycles rather than unique threats, emphasizing that innovation, adaptability, and disciplined investing have consistently enabled investors to navigate uncertainty and participate in long-term growth.
The U.S. economy has consistently demonstrated resilience through 250 years of crises, from financial panics to infrastructure booms to modern challenges, with each period of excess or stress ultimately financing future growth and transformation, and today's environment of AI investment, persistent inflation, and narrow market leadership fits squarely within these historical patterns as the foundation for the next phase is quietly being built.
The current environment appears to fit within historical patterns of innovation cycles that begin with skepticism, pass through exuberance, and ultimately reshape productivity. The firm expects continued volatility ahead but views the period as a continuation of a long-term story rather than an endpoint. They are navigating elevated but moderating inflation, a restrictive but stabilizing policy environment, strong corporate earnings, a transition from narrow to broader market leadership, and the early stages of a new innovation cycle. The tone is cautiously optimistic, grounded in historical perspective.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 16 2026 | 2026 Q2 | - | AI, earnings, inflation, innovation, market breadth, semiconductors, small caps | - | Wealthspire views Q2 2026 market strength as consistent with 250 years of American economic resilience, with the S&P 500 up 10.2% year-to-date driven by 30% earnings growth. AI infrastructure investment, while substantial and speculative, mirrors historical innovation cycles that ultimately drive productivity. Persistent inflation and market concentration warrant caution, but broadening participation across small caps, energy, and industrials signals the foundation for the next growth phase is being built. |
| Apr 14 2026 | 2026 Q1 | - | AI, defense, energy, Geopolitical, inflation, Iran, Markets, oil | - | Iran conflict and Strait of Hormuz closure created massive energy disruption comparable to 1956 Suez Crisis, driving oil prices up 50-100% and broad market retreat. Technology led declines on AI concerns while value outperformed. Despite systemic risks, broadening earnings growth, moderating core inflation, and domestic political pressure for resolution provide reasons for measured optimism. |
| Jan 15 2026 | 2025 Q4 | - | AI, diversification, Fed policy, fixed income, inflation, international, rates, Soft Landing | - | Diversified portfolios returned to favor in 2025 as the Fed's policy pivot supported a soft landing with inflation cooling below 3% and international markets leading with 30%+ gains. Fixed income restored its ballast role with 7%+ returns. Despite AI headlines, no single driver dominated, validating the team's balanced global approach heading into 2026. |
| Oct 15 2025 | 2025 Q3 | AMD, INTC, NVDA | AI, Federal Reserve, growth, Industrial Policy, inflation, Markets, tariffs, technology | - | Markets rise because economies grow, driven by resilient consumers and transformational AI capital investment. Despite elevated valuations and policy uncertainty, core growth drivers remain intact with AI fueling productivity gains across industries. The environment reflects reflation not stagflation, with industrial policy reshaping supply chains toward domestic priorities while requiring investor discipline to avoid speculation. |
| Jul 16 2025 | 2025 Q2 | - | - | - | Performance table showing Q2 2025 asset class returns with international fixed income and emerging markets leading, while US small-mid cap lagged. Document lacks investment commentary or strategic insights, serving purely as performance reporting without substantive analysis. |
| Apr 9 2025 | 2025 Q1 | - | Asset Classes, Dollar, Markets, Performance, tariffs | - | Wealthspire Advisors Q1 2025 review presents asset class performance data showing International Fixed Income leading at 3.65% returns, followed by U.S. Small Cap and Large Cap. The document includes historical charts on tariff rates and dollar strength but lacks investment commentary, strategic insights, or forward-looking analysis. |
| Jan 16 2025 | 2024 Q4 | - | - | - | |
| Oct 10 2024 | 2024 Q3 | - | - | - | Wealthspire Advisors Q3 2024 performance review showing asset class returns data. US Large Cap led with 22.08% YTD returns, followed by Emerging Markets at 16.26%. The document presents monthly performance rankings across various asset classes but contains no investment commentary, market analysis, or strategic positioning insights. |
| Jul 17 2024 | 2024 Q2 | - | - | - | |
| Apr 10 2024 | 2024 Q1 | AAPL, AMZN, NVDA, TSLA | Behavioral Finance, Fed policy, Market Commentary, Psychology, Risk Appetite | - | Wealthspire Advisors advocates for investment optimism over pervasive market negativity. Despite two years of pessimistic headlines about inflation, rate hikes, and geopolitical tensions, the S&P 500 delivered 9.5% annualized returns. Historical data shows markets consistently reward patient investors over 30-year periods regardless of crises. The firm warns against cheering for Fed rate cuts, which historically signal economic weakness. |
| Jan 22 2024 | 2023 Q4 | - | Alternative Investments, asset allocation, fixed income, Market Commentary, Tax Loss Harvesting, Valuations | - | Wealthspire Advisors sees 2023's risk-on performance as setting up reasonable forward return expectations, with attractive valuations in small caps and international markets despite stretched Magnificent 7 multiples. Fixed income yields provide solid income potential while their tax-loss harvesting and alternative investment access enhance client value proposition for 2024. |
| Oct 12 2023 | 2023 Q3 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, Fed policy, fixed income, inflation, Market Volatility, rates | - | Wealthspire sees rising rates as a normalization creating real opportunities for savers after years of zero-rate policy. With bond yields at 5.5%, the highest in 15+ years, they expect improved fixed income returns. While rates create equity headwinds, strong consumer and corporate balance sheets provide resilience in the transition period. |
| Jul 12 2023 | 2023 Q2 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | fixed income, growth, inflation, rates, Recovery, technology, value | - | Markets are healing from unprecedented 2020-2022 conditions with equity valuations normalizing and fixed income offering compelling yields for the first time in over a decade. While technology stocks drove most gains and inflation risks persist, the overall environment has improved significantly with both asset classes now providing attractive risk-adjusted return potential for long-term investors. |
| Apr 12 2023 | 2023 Q1 | - | asset allocation, Dollar, Performance, Trade Policy | - | Wealthspire Advisors' Q1 2025 review is a performance-focused document showing international fixed income outperforming at 3.65% while domestic small-mid cap equities underperformed at -7.50%. The review includes historical charts on tariffs and dollar strength but lacks strategic commentary, positioning details, or forward outlook. |
| Jan 12 2023 | 2022 Q4 | - | - | - | |
| Oct 12 2022 | 2022 Q3 | - | - | - | |
| Jul 12 2022 | 2022 Q2 | - | - | - | |
| Apr 14 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIArtificial intelligence infrastructure investments are substantial and at times speculative, but history suggests even misallocated capital can have positive longer-term impacts. Mega-cap technology companies tied to AI continued to perform well, with strong spending on AI and related infrastructure supporting earnings growth. Semiconductors now represent 19% of the S&P 500, reflecting the dynamic nature of corporate America. |
Infrastructure Semiconductors Technology Capital Deployment |
InflationInflation has proven more persistent than expected, particularly in energy-related components, though it remains significantly below its peak. This persistence has kept interest rates elevated as the Federal Reserve continues to guard against renewed inflation pressure, creating pressure on interest-sensitive sectors. |
Federal Reserve Interest Rates Energy Monetary Policy | |
EarningsCorporate earnings growth has been strong and resilient across sectors, with first-quarter earnings growth approaching 30% year-over-year. Expectations for continued double-digit growth remain intact, with companies demonstrating strong revenue trends and profitability exceeding expectations. This earnings strength was not driven by speculation alone but by fundamental business performance. |
Revenue Profitability Growth Corporate Performance | |
SemiconductorsSemiconductors now represent 19% of the S&P 500 index weight, reflecting their central role in the current market. Emerging markets, particularly South Korea and Taiwan, benefited meaningfully from AI-related supply chains and semiconductor exposure, which provided a significant tailwind to performance. |
Supply Chain Taiwan South Korea Index Weight | |
Small CapsSmaller companies started to outperform during the quarter, representing a recognition that economic growth is accelerating. The cyclical nature of smaller companies positions them to benefit from this acceleration, contributing to broader market participation beyond mega-cap leadership. |
Cyclical Economic Growth Market Breadth | |
| 2026 Q1 |
OilThe closure of the Strait of Hormuz has created the largest disruption to world energy supply in decades, with WTI crude rising 50% and non-U.S. grades up 100% or more. The Dallas Fed estimates this supply disruption is three to five times larger than the oil shocks of 1973 or 1990. |
WTI Crude Supply Disruption Prices |
GeopoliticalThe U.S. and Israeli military strikes on Iran and subsequent closure of the Strait of Hormuz represent a critical geopolitical risk comparable to the 1956 Suez Crisis. Iran's potential $2 million per vessel toll could generate over $100 billion annually and redirect global commodity flows. |
Iran Strait Hormuz Conflict Leverage | |
AIAI capex trade provided market strength early in the quarter before geopolitical events shifted focus. Software stocks pulled back on concerns that AI investment would erode their competitive value, with software-as-a-service losing its 50% premium to the broader market. |
Capex Software Premium Investment Competition | |
Defense SpendingDefense spending is identified as one of the key drivers powering broadening earnings growth, providing support for the economic backdrop despite geopolitical tensions. |
Earnings Growth Military Spending Support | |
InflationEnergy price increases from the Strait closure have raised inflation concerns, with secondary impacts spreading to plastics, aluminum, fertilizers, and industrial chemicals. Markets have largely erased expectations for Fed cuts in 2026. |
Energy Prices Fed Cuts Expectations | |
| 2025 Q4 |
TechnologyThe Fund invests at least 80% of its net assets in securities of companies principally engaged in the research, design, development, manufacturing, or distributing of products or services in the technology industry. The investment universe includes IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media services. |
Software Hardware Semiconductors Internet Communications |
| 2025 Q3 |
AIAI stands at the front of defining themes for 2025, driving one of the most significant capital expenditure cycles in decades. Major investments include Nvidia's $100 billion investment in OpenAI and new partnerships securing massive chip supply deals. The AI boom is spilling over into manufacturing, healthcare, logistics, and finance, representing a secular transformation with measurable productivity gains. |
Artificial Intelligence Capital Expenditure Productivity Technology Innovation |
Industrial PolicyThe U.S. has re-embraced industrial policy in 2025, with tariffs reshaping supply chains in manufacturing, energy, and technology sectors. This environment is shifting domestic production towards a political and economic priority, supported by the One Big Beautiful Bill Act incentives around manufacturing and infrastructure to spur capital investment. |
Manufacturing Tariffs Supply Chain Domestic Production Infrastructure | |
InflationCurrent inflation environment reflects an economy that's simply too warm rather than broken, with core PCE at 2.9%. The path from 9% CPI to sub-3% core PCE has been the easy part, with stickier categories like housing and services remaining stubbornly high. This represents reflation rather than stagflation. |
Core PCE Housing Services Reflation Federal Reserve | |
| 2024 Q1 |
Risk AppetiteThe letter emphasizes how negativity and fear dominate investor psychology despite markets delivering positive returns. It argues that markets do not always coalesce around fear when given time and patience, and that the human predisposition towards negativity leads investors to emphasize loss avoidance above all else. |
Negativity Fear Psychology Patience Optimism |
| 2023 Q4 |
Risk AppetiteThe letter describes 2023 as generally risk on across most asset classes, with riskier fixed income outperforming core bonds and equity markets posting strong gains. The risk-on sentiment was particularly evident in the final two months when favorable Fed and Treasury announcements caused stocks to rise and bond yields to fall. |
Risk On Asset Classes Performance Sentiment Markets |
ValueThe document highlights that outside of US Large Cap growth stocks, equity valuations are reasonable. Small Cap P/E levels are below average and median levels for the last ten years, and international stocks also show attractive valuations compared to historical medians. |
Valuations Small Cap International P/E Ratios Attractive | |
| 2023 Q3 |
RatesRising interest rates are creating opportunities for savers with real returns above inflation for the first time since the 1990s. Bond yields at 5.5% offer improved prospects for nominal and real returns. Higher rates are normalizing after the anomalous zero-rate environment post-Financial Crisis. |
Interest rates Bond yields ZIRP Fed policy Inflation |
InflationInflation remains stubbornly above the Fed's target at 3.7% year-over-year, though improving from higher levels. The back-and-forth on inflation dynamics continues to drive market volatility and Fed policy expectations. |
CPI Fed target Price stability Economic data Policy | |
| 2023 Q2 |
AIThe letter references artificial intelligence in the context of productivity scenarios and mentions it would be avant-garde to have ChatGPT write the quarterly letter. AI is discussed as a potential driver of economic growth through productivity improvements in one of McKinsey's four medium-term scenarios. |
Productivity Technology Growth |
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