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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Constructive on high-quality corporate earnings and attractive 5% fixed-income yields, while maintaining a cautious posture toward narrow mega-cap leadership, elevated energy costs, and Federal Reserve monetary tightening."
Biondo Investment Advisors reported positive net performance across its core strategies for the third quarter of 2026, with the Focus composite returning 5.79% net of fees, the Growth composite gaining 3.30% net of fees, and the Dividend composite advancing 2.27% net of fees. While these quarterly figures outpaced most domestic equity benchmarks, firm strategies continue to lag the broader S&P 500 year-to-date due to extreme market narrowness. Portfolio positioning deliberately avoids chasing overextended memory and hardware technology leaders, maintaining an active cash allocation and emphasizing disciplined, long-term multi-asset diversification. The macroeconomic environment shifted sharply during the quarter as renewed geopolitical turmoil in the Middle East reignited inflationary pressures. Conflict with Iran and attacks in the Strait of Hormuz propelled crude oil prices up 40% to approximately $103 per barrel, driving headline consumer inflation to 3.4%. In response, newly appointed Federal Reserve Chair Kevin Warsh oversaw a 25 basis point policy rate hike to a target range of 3.75% to 4.00%, alongside projections for additional tightening. Consequently, benchmark 10-year Treasury yields surged to 5.29%, pressuring existing fixed income assets while elevating government bond yields above 5%. Equity market breadth deteriorated significantly, with index gains overwhelmingly concentrated in a handful of mega-cap technology corporations such as Microsoft, which surged 37.5% on robust artificial intelligence and cloud demand. S&P 500 earnings remain resilient, projected to expand 30% for the quarter at a reasonable forward valuation multiple of 19 times earnings. However, the investment team emphasizes that Nvidia and Micron alone drive roughly one-third of aggregate index earnings growth. Biondo remains patient, maintaining rigorous risk management rather than participating in crowded, high-beta hardware momentum names.
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