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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Q1 2026 saw dramatic market rotation as Middle East conflict drove oil prices from $57 to $101 while AI disruption fears hammered technology stocks. Value crushed growth with energy leading and software lagging."
Q1 2026 proved challenging for equity investors as markets navigated rotational crosswinds from Middle East conflict and AI disruption concerns. The closure of the Strait of Hormuz disrupted 20% of global oil supply, driving WTI crude from $57 to $101 per barrel and benefiting energy, materials, and utilities sectors. Conversely, AI continued pressuring technology valuations as investors began pricing it as a disruptor rather than productivity tool, with software particularly affected. Value stocks meaningfully outperformed growth, with the Magnificent 7 declining roughly 12% on average. The Federal Reserve held rates steady at 3.50-3.75% while adopting a more cautious tone as inflation expectations rose due to energy price spikes. International markets outperformed US equities, with emerging markets showing resilience. Fixed income faced headwinds from rising yields and wider credit spreads. Gold served as a safe haven, rising to $4,511 per ounce. The quarter highlighted the ongoing tension between technological disruption and traditional value creation in an increasingly uncertain geopolitical environment.
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