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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Brighton Jones maintains diversified exposure across equities and fixed income, refusing to position portfolios around unpredictable macro forecasts. Despite significant volatility from tariffs and Middle East conflict that sent oil to $120 and inflation to 4.2%, all major asset classes delivered positive trailing twelve-month returns."
Brighton Jones maintains a moderate risk posture with diversified exposure across U.S. and international equities and a meaningful allocation to fixed income, avoiding concentrated bets on unpredictable macro variables. Over the trailing twelve months through Q2 2026, every major asset class delivered positive returns despite significant volatility, including the Liberation Day tariff selloff of April 2025 and the late-February 2026 Middle East conflict that sent oil from $61 to nearly $120 per barrel and reignited inflation to 4.2%. The Federal Reserve cut rates by 175 basis points from September 2024 through December 2025 but has held steady in 2026 as inflation accelerated. Markets now price at least one rate hike by fall 2026. Gold defied conventional wisdom by declining nearly 30% during the geopolitical crisis, while the dollar reclaimed strength. The manager emphasizes that inflection points are inherently unpredictable and that portfolio success depends on diversification rather than forecasting. Beneath expensive headline equity valuations driven by mega-cap growth stocks, value-oriented and smaller-capitalization companies offer more attractive return prospects.
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