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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Pittenger & Anderson maintains a positive long-term equity outlook despite elevated inflation and concentrated AI-driven market leadership. The first half of 2026 delivered over 10% S&P 500 returns amid the historic SpaceX IPO and U.S.-Iran peace agreement."
Pittenger & Anderson maintains a constructive long-term view on equities following a strong first half of 2026, with the S&P 500 up over 10% through June. The period was marked by significant events including the largest IPO in history with SpaceX raising $75 billion, a U.S.-Iran peace agreement that brought relief to energy markets, and the Federal Reserve holding rates steady under new Chair Kevin Warsh. AI infrastructure continues to dominate market performance, with 19 of the 20 stocks that doubled in 2026 tied to the AI buildout. Market leadership showed signs of rotation in June, with small caps outperforming as the Russell 2000 gained 3.7% while the Nasdaq fell 2.8%. Key risks include elevated inflation at 4.2%, concentrated market leadership around AI, and ongoing geopolitical uncertainties. Despite these concerns, the firm emphasizes that investors who tune out noise and stay the course have historically benefited most. They continue to encourage clients to remain fully invested, broadly diversified, and focused on the long term rather than reacting to short-term market events.
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