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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Aptus Capital Advisors. This analysis is provided for institutional research purposes only and is not investment advice.
"Q2 2026 delivered exceptional market performance with S&P 500 up 15.2% following Iran ceasefire resolution. Corporate earnings grew 27% in Q1 marking six consecutive quarters of double-digit expansion with notable breadth beyond technology."
Aptus Capital Advisors' Q2 2026 newsletter emphasizes that beneath market noise and change, foundational drivers remain strong: growing earnings and increasing corporate profitability. The S&P 500 gained 15.2% in Q2, recovering from geopolitical shocks after the Iran ceasefire, pushing YTD returns to 10.2%. Q1 2026 delivered one of the strongest earnings seasons ever with 27% S&P 500 earnings growth, marking the sixth consecutive quarter of double-digit expansion. The breadth was notable with smaller companies flourishing alongside large-cap peers. Kevin Warsh's Fed transition brings significant changes including reduced communication and balance sheet reduction, representing a shift toward letting markets play a bigger role. AI-driven earnings continued exceeding expectations though markets are scrutinizing hyperscaler capex deployment. Market participation is broadening beyond mega-cap technology with equal-weighted S&P 500 up 12.1% YTD. The manager maintains conviction that as long as earnings grow at exceptional pace, the bull market remains intact, with fiscal stimulus, supportive monetary policy, and accelerating AI capital spending as key supports.
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