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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Strong corporate earnings growth exceeding 24% is supporting elevated market valuations despite concentration in technology stocks. AI infrastructure investment continues driving semiconductor and equipment maker gains, while the next wave of winners emerges among AI adopters."
Advisors Capital Management's Q2 2026 quarterly report presents a constructive outlook for equities supported by strong corporate earnings growth. Profit expansion grew over 25% year-over-year in Q1, with Q2 expectations at 24% growth, driving net profit margins to an estimated 14.2% above the five-year average. This tangible profitability differentiates the current market from speculative bubbles. AI infrastructure continues to drive substantial investment, with hyperscalers expected to spend $600-700 billion this year on specialized data centers. Semiconductor companies have delivered extraordinary returns, and despite recent underperformance, valuations remain attractive for continued earnings growth. The next wave of AI winners is likely among adopters as lower deployment costs accelerate adoption across industries. Market leadership is broadening beyond technology into industrials and financials. Key risks include technology concentration at 37.5% of the market, the Fed's hawkish stance, and elevated valuations. The global economy is becoming more multipolar as U.S. trade policy emphasizing tariffs accelerates shifts in global trade patterns, while other regions expand trade relationships and invest in infrastructure. In fixed income, intermediate duration bonds offer better risk-reward than long-dated bonds given limited additional yield.
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