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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%."
Global equities surged 15.3% in Q2 2026, delivering the strongest quarterly return in six years, propelled by massive AI infrastructure investment, robust corporate earnings, and improving risk appetite. Technology sector outperformance was exceptional, with semiconductors gaining 49.7% as Taiwan and South Korea experienced record export growth driven by AI-related demand. The US-Iran conflict initially disrupted energy markets and raised inflation concerns, but progress toward a peace settlement and normalization of Strait of Hormuz shipping flows helped oil prices retreat 21.2% from peaks. The Fed adopted a more hawkish stance under new Chair Kevin Warsh, with 9 of 19 officials anticipating rate hikes in 2026, while the ECB delivered its first rate hike since 2023. China underperformed significantly, declining 6.8% on weak domestic demand and property sector stress. Emerging markets led global gains at 24.2%, with Asia outperforming while Latin America declined. Fixed income delivered positive returns as easing geopolitical tensions and supportive technicals offset inflation and policy concerns. Corporate credit outperformed government bonds with spreads tightening across regions.
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