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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Iran war drives energy spikes and market volatility, but disciplined positioning remains key as underlying fundamentals stay intact. Global economy enters new era of higher inflation volatility requiring portfolio adaptation."
The war in Iran has dominated markets since March, driving energy price spikes and volatility, but the underlying investment outlook remains broadly intact. Markets entered 2026 strongly positioned with solid growth, easing inflation, and broadening equity performance beyond technology. While geopolitical shocks trigger sharp sell-offs, history suggests markets often overshoot and recover, making disciplined positioning essential. The global economy has entered a new era of structurally higher and more volatile inflation driven by fiscal expansion, geopolitical tensions, and structural changes including the net zero transition. This requires adapting portfolios through shorter-duration bonds, inflation-linked assets, and alternative diversifiers like gold and macro strategies. Energy markets face supply vulnerabilities as AI-driven demand growth clashes with geopolitical disruption, extending the energy transition timeline. Despite increased volatility, equities remain central to long-term returns, supported by resilient earnings and potential productivity improvements from AI advances and infrastructure investment.
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