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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish."
Global equity markets delivered impressive double-digit returns in Q2 2026, with the MSCI AC World Index up 14.9% despite geopolitical tensions and inflation concerns. The artificial intelligence boom sparked an extraordinary rally in semiconductor stocks, with the PHLX Semiconductor Index gaining 88% as demand surged across CPUs, GPUs, and memory chips. Companies like Micron, SK Hynix, Intel, and Japanese suppliers Advantest, Tokyo Electron, and Kioxia posted exceptional gains, with some stocks up 700-850% over 12 months. However, markets experienced a significant shift in interest rate expectations as the energy supply shock complicated the inflation outlook. The ECB became the first major central bank to raise rates since 2023, while the Fed's dot plot swung abruptly toward tightening. The US-Iran interim peace agreement in June eased immediate concerns but inflation pressures persist. Chinese equities declined 15% year-to-date on weak consumption and disappointing e-commerce results, while gold and platinum group metals rallied out of steam. South African banks performed well on improving fundamentals, though resources were down sharply. SpaceX's record $75 billion IPO highlighted robust capital markets activity.
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