2026 Q2 Quarterly Investment Report

An excerpt from our Q2 2026 Quarterly Investment Report:

Despite a mild setback in June, global equity markets soared in the second quarter, resulting in strong gains through the first half of the year. Global economic resilience, a sharp decline in oil and gas prices, strong corporate earnings, and great expectations for the transformative potential of AI have been the main drivers of global equity market returns so far this year. The share prices of global chip manufacturers, which have benefited from strong AI-driven demand, enjoyed particularly strong gains. After its blockbuster IPO, SpaceX shares closed the quarter 26% higher than their IPO price, making it the sixth largest company in the U.S. with a market capitalization of about $2 trillion. The Fed left rates unchanged in June, as expected. With an ultimately fleeting cease fire in place, Brent crude prices returned to pre-war levels and U.S. gasoline prices plunged. The U.S. dollar index rose. The Japanese yen fell to 40-year lows against the dollar.