Q3 2026 Market Commentary

As we reflect on the second 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: Q2 2026 Review & Q3 Outlook, which provides additional detail and context.

The key theme of Q2 was resilience, fueled by improving fundamentals despite continued uncertainty. Corporate earnings, AI-driven investment, and easing energy prices helped drive a strong market recovery following the geopolitical volatility that defined the start of the year. While our defensive positioning modestly trailed the broader rally, it continued to support our long-term focus on managing risk through changing market conditions.
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Looking ahead to Q3, we expect resilience to remain the defining theme—but with increasing caution.

Strong corporate earnings, healthy consumer spending, and continued investment in AI infrastructure provide meaningful support for markets. However, renewed geopolitical tensions, persistent inflation, elevated valuations, and the potential for additional Federal Reserve tightening are likely to create a more volatile investment environment.

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

• Maintaining diversified portfolios with appropriate downside protection
• Remaining disciplined and opportunistic as market conditions evolve
• Investing in high-quality companies positioned to benefit from long-term structural growth while managing near-term risk

We encourage you to review the attached report and welcome the opportunity to discuss how these market developments and our investment approach align with your long-term financial objectives.

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