Q2 2026 Market Commentary

As we reflect on the first quarter of 2026, we wanted to share our perspective on recent market developments and how we are positioning portfolios for the months ahead.

Attached is our Access Insights: Q1 2026 Review & Q2 Outlook, which provides additional detail and context.

The key theme of Q1 was volatility, due in large part to geopolitical challenges—met with resilience.
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Geopolitical tensions and energy market disruptions drove a broad market pullback, yet disciplined positioning and strategic hedging helped mitigate downside risk. In particular, allocations to energy infrastructure and gold served as effective stabilizers during a period of heightened uncertainty.

Looking ahead to Q2, we expect a more complex environment defined by “elevated uncertainty.”
While corporate earnings remain relatively stable, geopolitical risk—particularly in global energy markets—has raised the bar for sustained equity performance. Valuations remain stretched, and the potential for energy-driven inflation introduces additional pressure on both markets and policy direction.

As we move into the second quarter, our focus remains on:

• Maintaining defensive positioning in key hedging assets
• Staying flexible with dynamic asset allocation as conditions evolve
• Prioritizing companies with strong pricing power and resilient fundamentals

We encourage you to review the attached report and welcome the opportunity to discuss how these themes align with your long-term investment strategy.

‍‍For the detailed report, click here.
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For detailed comments in Chinese / 详细的中文评论, click here.