We’re pleased to share our Q2 2026 Market Outlook, Back to the Future, which highlights how today’s market has, in several respects, come full circle. The Iran conflict temporarily flipped the script on oil, rates, and the dollar, but as the ceasefire took hold, the dynamics we identified heading into 2026 have reasserted themselves. The physical economy is winning, earnings remain strong, and dispersion has created a stock picker’s market unlike anything we’ve seen in years.

Key Areas We Explore:

• The Rotation is Real
• AI Infrastructure Over Software
• Dispersion at Historic Levels
• Defense as a Structural Theme
• Fixed Income — Move Up in Quality
• BDCs are a Structure, Not a Strategy

Please reach out with any questions, concerns or for a further conversation.

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