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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Q2 2026 saw stocks rally 15% to record highs despite Middle East conflict and inflation spike. AI spending drove semiconductor stocks up 88% in their strongest quarter in 30 years, while market leadership broadened to small-caps gaining 21.5%."
Stocks staged a strong recovery in Q2 2026, with the S&P 500 gaining 15% and finishing near record highs despite a Middle East conflict and oil shock. Oil prices spiked to $115 in April before falling back to $70 by quarter-end following a ceasefire, driving inflation to a three-year high of 4.2% before the reversal. The Federal Reserve shifted from expected rate cuts to signaling potential rate hikes, though falling oil prices are expected to ease inflation pressure. AI investment fueled an 88% rally in semiconductor stocks, their strongest quarter in nearly 30 years, as five major tech companies are projected to spend $724 billion in 2026 and $900 billion in 2027 on AI infrastructure. Market leadership broadened beyond technology, with small-cap stocks gaining 21.5% as improving profit margins, economic resilience, and attractive valuations drove outperformance. The quarter demonstrated market resilience through significant volatility, with stocks moving past geopolitical and inflation concerns to reach new highs.
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