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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"AI infrastructure spending drove Q2 2026's 13.8% global equity surge, with semiconductor-exposed markets Taiwan and Korea delivering exceptional gains on sustained hyperscaler demand. US-Iran ceasefire collapsed oil prices, hammering energy stocks."
Global equities surged 13.8% in Q2 2026, driven by resurgent optimism around AI capital expenditure and semiconductor demand. Technology-heavy markets and economies embedded in semiconductor supply chains delivered exceptional performance, with emerging markets posting their strongest quarterly gains since 2009. Korea and Taiwan led, benefiting from sustained hyperscaler spending on AI infrastructure, high-bandwidth memory, and advanced fabrication. The announcement of a US-Iran ceasefire framework eased Middle East tensions, causing oil prices to retreat sharply and the energy sector to underperform significantly. Central banks maintained restrictive policy stances, with the ECB raising rates 25 basis points in June despite cutting growth projections, while the Fed held steady under new Chair Kevin Warsh. Inflation pressures moderated but remained above target in key regions. Performance became increasingly concentrated in a narrow group of AI beneficiaries, with investors differentiating between companies with tangible AI earnings versus thematic exposure. Valuation concerns introduced volatility late in the quarter, though the AI investment cycle's durability remained intact with record semiconductor equipment results reinforcing the thesis.
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