Insights
Providing data-driven investment research that cuts through the noise to deliver impactful guidance
Recent Market Insights
May 2026 - Through Thick and Thin
At the start of last month, we highlighted that we had become more positive on the near-term outlook for equities. Little did we know, the S&P 500 would stage one of its fastest rebounds in history. It posted a 10.5% gain in April, its best month since 2020. We also reiterated our overweight to Emerging Market Equities, which were again the best-performing region with roughly a 15% return.
April 2026 - Q1 in Review: Fog of War
Just over a month into the conflict with Iran, the timing and path of a resolution remains as uncertain as it was when we wrote our last Market Insights. Fortunately, we had positioned client portfolios defensively to start the year, anticipating a selloff. Stocks ended the quarter lower, with the S&P 500 down -4.3%. Bonds did not provide much of a buffer, and even gold was down double digits in March, but commodities rallied 40% in Q1 as measured by the S&P GSCI Index.
March 2026 - from AI to Iran - Navigating Market Disruptions
A confluence of negative events caused the S&P 500 to sell off in February, while “safe havens” like Treasuries and gold rallied. Markets are grappling with a tension: near-term tail risks have risen, and investor positioning has become stretched. At the same time, leading indicators suggest global growth is reaccelerating. That combination suggests vulnerability to a pullback, but also the foundation for the next rally.
February 2026 - All That Glitters Is Not Gold
January continued much as 2025 left off, with every asset class we track finishing the month higher. However, what began as a broad-based rally ended with a sharp reminder of how quickly speculative fervor can unwind. While the headline numbers remain impressive, market action in recent days has reinforced our theme of dispersion – across regions, asset classes, and even within the U.S. economy.