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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Q2 2026 delivered the S&P 500's strongest quarter since 2020, up 15.2%, driven by semiconductors' record 88% surge and renewed AI enthusiasm. Small-caps led with Russell 2000 up 21.6%."
The second quarter of 2026 marked a dramatic reversal from Q1 declines, with the S&P 500 returning 15.2%, its strongest quarter since the pandemic rebound. AI and technology led the rally, with semiconductors posting a record 88.0% quarterly return and the Nasdaq gaining 21.6%. Small-caps outperformed with the Russell 2000 up 21.6%, while all major indices reached new all-time highs. Easing Iran War tensions helped oil prices fall back to pre-war levels. However, the macro backdrop remains challenging. Headline CPI reached 4.2%, the highest since 2023, while core PCE rose to 3.4%. Consumer sentiment hit record lows despite resilient spending and a stable labor market. Under new Chair Kevin Warsh, the Fed held rates at 3.50-3.75% but signaled potential additional tightening through year-end. Gold fell 14.3%, breaking key technical levels, while Bitcoin extended losses for a third consecutive quarter.
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