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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Regency warns against market hysteria driven by private credit stress and geopolitical tensions. Major credit funds are gating redemptions while energy prices surge due to Iranian conflict."
Regency Wealth Management's Q1 2026 review emphasizes discipline over market hysteria as global markets faced geopolitical tensions and private credit stress. The S&P 500 declined 4.3% while small caps gained 3.5% as investors sought better valuations. The firm warns extensively about private credit markets, where massive capital growth has created unsustainable conditions leading to fund gates and liquidity crises. Major players like Blue Owl and BlackRock have restricted redemptions, with some offering liquidity at 65-70 cents on the dollar. Energy markets surged due to Iranian conflict, with oil reaching $101-118 per barrel and gold climbing 9.8% as a safe haven. The firm maintains conviction in quality large cap companies trading at a 21% discount to the S&P 500, providing downside protection. They advocate for boring is beautiful investing, focusing on companies with robust cash flows while remaining defensively positioned in fixed income and modestly underweight credit given expected tech debt issuance.
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