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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Driving inflation and forcing central banks toward tighter policy. US tariff implementation added protectionist headwinds while AI fears hammered tech stocks and private equity."
Global equities fell 2.5% in Q1 2026 as US-Israel military actions against Iran triggered a severe energy shock, with oil prices surging 83% and disrupting flows through the Strait of Hormuz. This energy crisis coincided with increased protectionism as the US implemented 10% global tariffs after Supreme Court rejection of earlier measures. The combination drove renewed inflation pressures, forcing central banks to maintain tighter policy stances and reducing scope for monetary easing. The ECB raised its inflation forecast to 2.6% from 1.9% while warning of potential rate hikes. Technology stocks underperformed significantly as AI disruption fears spread to software sectors and private equity firms faced redemption pressures. Commodities rallied 40% led by energy, while precious metals reached record highs on safe-haven demand. Fixed income markets faced volatility as yields rose and risk premiums widened. The global economy now confronts a more challenging environment with tighter financial conditions, fragmented monetary policies across regions, and heightened downside risks from geopolitical tensions and trade disruptions.
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