Q4 2026 Market Commentary

As we reflect on the third 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: 

Q3 2026 Review & Q4 Outlook, which provides additional detail and context.

The third quarter was challenging for diversified portfolios. A sharp rise in long-term interest rates, elevated energy prices, and changing expectations for Federal Reserve policy weighed on several traditionally defensive assets. While we had a strong month in August, we experienced a difficult September;

Looking ahead to Q4, we expect volatility to remain elevated through the midterm election. Election periods can heighten uncertainty around fiscal, trade, regulatory, and geopolitical policy, and markets may react sharply to individual data releases. However, history suggests that the market’s long-term direction depends more on earnings, investment, inflation, and economic growth than on election outcomes alone.

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

• In response to the recent move in yields, we intend to further reduce exposure to the most interest-rate-sensitive areas of the portfolio.
• We continue to emphasize diversification across asset classes, regions, capitalization levels, and investment styles;
• We remain mindful of valuation and concentration risks in large-cap technology, but we also recognize that earnings strength, household balance sheets, and capital investment continue to provide meaningful support to the economy and corporate America.

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. 

Thank you for your continued trust.

‍‍For the detailed report, click here.
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