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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty."
Leonard Rickey Investment Advisors maintains a constructive but cautious stance following Q2 2026's sharp market rebound. The S&P 500 gained 15.2% as the Iran conflict de-escalated and oil prices retreated from $120 to $72 per barrel. Market breadth was notably strong, with emerging markets up 24%, small caps posting double-digit gains, and international markets advancing over 10%. AI-related capital spending continues to accelerate, with hyperscaler expenditures approaching $700 billion in 2026, driving more than half of expected U.S. earnings growth. However, the firm flags multiple concerns: S&P 500 valuations near 20x forward earnings versus a 16x historical average, the top 10 companies representing nearly 40% of the index, and semiconductor exposure approaching one-fifth of the benchmark. Core inflation remains above the Fed's 2% target for five consecutive years, and new Fed Chair Kevin Warsh has removed forward guidance, creating policy uncertainty. The firm emphasizes diversification into more reasonably valued U.S. and international market segments and favors high-quality short- and intermediate-term bonds given elevated yields and caution on duration risk.
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