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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet."
Global equities rebounded strongly in Q2 2026 after a difficult first quarter, with the MSCI World returning 13.8% as Iran conflict tensions eased and oil prices retreated from April peaks above $100 per barrel. Factor performance was dominated by Momentum, which posted one of its strongest quarters since the dot-com era, outperforming by over 30% in the US and more than 40% in Emerging Markets. Value also outperformed across regions, though this was largely driven by heavy semiconductor allocations in MSCI Enhanced Value indices rather than broad-based Value leadership. The AI capital expenditure story reasserted itself as hyperscalers lifted 2026 guidance, drawing investors back into technology. Quality continued its three-year underperformance as investors favored lower-quality, less profitable companies, though historical analysis suggests 82% probability of recovery over the next three years. Looking ahead, WisdomTree remains constructive on equities despite stretched valuations, a hawkish Fed under new Chair Kevin Warsh, and elevated momentum dispersion. Broader factor diversification and valuation discipline appear increasingly important, with opportunities emerging in Quality and dividend-paying stocks.
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