Quarterly Remarks - Q2 2026
Q2 marked a sharp reversal from the volatility of Q1, with global stocks up roughly 11% year to date and emerging markets leading the way at over 22%. Large growth staged the biggest turnaround, rebounding nearly 17% in the second quarter after a difficult start to the year, while small caps also posted strong gains. In this quarter's update, we break down what drove the recovery, address whether it still makes sense to invest at all-time highs, and share a look at the new Fed chair's approach to rates, plus a note on why manager selection matters even more in private markets than public ones.
Chapters:
0:07 - Introduction
0:57 - Portfolio Returns Break-Down
1:36 - US Equity Return Break-Down: Large vs. Small, Growth vs. Value
2:47 - Investing at All-Time Highs
3:30 - The Fed and Interest Rates
3:58 - Public and Private Manager Dispersion
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