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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Bailard's International Equity Strategy returned 13.52% net in Q2 2026, outperforming EAFE by 270 bps through country allocation favoring Korea and Taiwan. AI-driven semiconductor demand propelled Information Technology 55.1% as hyperscalers raised capex guidance to $700 billion."
The Bailard International Equity Strategy returned 13.52% net in Q2 2026, outperforming the MSCI EAFE Index's 10.82% gain, driven primarily by country allocation. Markets rebounded sharply as Middle East tensions de-escalated following a US-Iran memorandum, though the truce proved fragile and broke down by July. The AI investment theme reemerged as the dominant driver, with US hyperscalers raising 2026 capex guidance to roughly $700 billion and EAFE's Information Technology sector surging 55.1%. Country allocation contributed 240 bps versus EAFE, led by overweights to Korea (+233 bps, country index +87.6%) and Taiwan (+47 bps, +48.9%), where semiconductor manufacturers benefited from AI-related demand. Japanese semiconductor-supply-chain holdings including Murata Manufacturing, Screen Holdings, and Tokyo Electron led stock selection. Energy lagged at -17.0% as oil prices retreated. The managers maintain their disciplined, all-weather approach remains well-suited to navigate shifting market narratives, viewing current volatility as one chapter in a broader story of non-US equity resilience.
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