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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming."
Risk assets staged a powerful rebound in Q2 2026, with the S&P 500 rallying 15.2% during the quarter despite accelerating inflation, a more hawkish Federal Reserve, and continued geopolitical uncertainty. The rally was driven primarily by a sharp decline in oil prices from roughly $100 to $70 per barrel as Middle East tensions eased, relieving pressure on inflation expectations. Market participation broadened significantly, with small caps and value stocks outperforming, the Russell 2000 gaining 22.6% year-to-date, and previously unloved sectors contributing meaningfully. Emerging markets led global equity performance, up roughly 24% for the quarter, driven by demand for high-bandwidth memory chips for AI systems. The Federal Reserve held rates unchanged at 3.50% to 3.75% but adopted a more cautious tone. The manager rebalanced portfolios back to long-term targets during the quarter and maintains a moderate gold allocation as a diversifier. While expressing cautious optimism based on resilient growth and supportive earnings, the manager emphasizes the importance of maintaining diversified portfolios given elevated valuations in parts of the market and ongoing geopolitical risks.
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