We are pleased to present our Quarterly Letter for the first quarter of 2026, offering our perspectives on the recent movements within US equity markets. The beginning of 2026 proved to be a noteworthy period, marked by a significant evolution in investor behavior.
During Q1 2026, US equity markets experienced a notable broadening. This trend signifies a shift from a market previously dominated by a select group of mega-cap technology stocks to one where investors began to allocate capital across a much wider array of companies and sectors. This diversification suggests an expanding base of market participation and opportunity.
Our letter details this transition, exploring the implications of investors moving towards a ‘wider cast of winners.’ We delve into the factors driving this reallocation of capital and discuss how these market dynamics shaped performance across various segments. Understanding these shifts is crucial for navigating the current investment landscape.
We encourage you to read the full Q1 2026 Quarterly Letter for a complete analysis of these trends, our updated market outlook, and how our strategies are positioned in response to these developments. Read more here.
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