Newsletters
July 1, 2026
July 2026 Newsletter
June was mixed. Our portfolios fared well, extending year-to-date gains. Major stock indexes mostly
dipped. The tech-heavy Nasdaq fell sharply to start the month but finished strong (nearly erasing early
losses) after the successful SpaceX IPO emboldened speculators. Despite mixed monthly results, Q2 2026
marked the best quarterly performance from stocks since the 2020 rebound off COVID lows.
Within our tactical strategy, we did modest buying into the pullback, focused mainly on REITs. Our tactical
portfolio remains underweight stocks relative to its benchmark but has enjoyed strong absolute and
relative results.
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