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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"T. Bailey Multi-Asset Growth Fund returned 6.44% in Q2 2026 despite June volatility."
The T. Bailey Multi-Asset Growth Fund delivered a 6.44% return in Q2 2026, with June broadly flat as strong equity returns were offset by weakness in gold and mixed risk asset performance. The main positive contributors came from equity areas with supportive earnings and valuations, including specialist insurance up 10.9%, healthcare up 7.0%, and AI exposure up 3.6%. These meaningful positions sit alongside Japanese equities, emerging markets, water infrastructure, and generalist value managers. June reinforced an important market distinction, with investors rewarding visible earnings delivery but less willing to grant unlimited benefit to themes dependent on optimistic extrapolation. Broadcom's record revenues proved insufficient when guidance missed expectations. On the defensive side, gold fell 10.6% as Kevin Warsh's Federal Reserve arrival challenged inflation tolerance assumptions. The Fund also holds shorter-duration fixed income including gilts, US Treasuries, and high yield, which produced modestly positive returns. Overall positioning combines equity exposure to structural themes with fixed income, gold, and diversifiers, aiming to participate in growth while avoiding excessive dependence on any single narrative.
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