Markets are rewarding cash flows over narratives as earnings beat expectations and manufacturing improves. Leadership is broadening toward industrials, financials, and energy, while software and speculative growth remain under pressure. Rotation, not recession, continues to define the February tape
International equity leadership is broadening decisively. Emerging markets are benefiting from dollar relief, improving fundamentals, and renewed capital inflows, while European financials are shedding their value-trap label as higher rates, stronger balance sheets, and reforms drive durable earnings power globally.
Worldwide Wednesday: EM Equities Lead, DM Banks Continue an Impressive Run. Read More »
Equity leadership remains concentrated where earnings visibility, AI-driven productivity, and capital discipline intersect. As inflation proves sticky and policy risk rises, sector performance is diverging sharply—rewarding cash-flow durability and punishing balance-sheet stress, rate sensitivity, and regulatory uncertainty.
COMMENTARY: US equities posted a modest gain last week, with the S&P 500 up about 0.3%, helped by solid earnings and a stable macro backdrop. The Federal Reserve left rates unchanged and avoided a hawkish surprise, reinforcing expectations that policy is on hold near term while keeping the door open to cuts later in 2026
Performance Summary: Week Ending January 30th, 2026 Read More »
A note from our Managing Director Mike Cronan
Kevin Warsh: A Steady Hand for the Fed Read More »
Rising infrastructure spending, electrification, geopolitical fragmentation, and supply constraints are restoring metals’ strategic relevance. With limited new capacity and sustained real-asset demand, base and precious metals—and the miners behind them—are reasserting themselves as durable, late-cycle portfolio anchors.
Thematic Thursday: Why Metals Matter Again, The Macro and Fundamental Case Read More »
COMMENTARY: The S&P 500’s slight decline of 35 basis points reflects a market grappling with conflicting signals: geopolitical uncertainty and a major tech earnings disappointment on one side, and resilient pockets of growth and late‑week stabilization on the other. While risk sentiment softened, the underlying market tone remains constructive, with investors selectively leaning into opportunities
Performance Summary: Week Ending January 23rd, 2026 Read More »
Optimism is abundant, tolerance for disappointment is not. With rates sticky and policy risk elevated, markets are rewarding execution over aspiration. Value sectors are quietly compounding while Growth waits for lower yields, broader earnings delivery, and fewer geopolitical footnotes
US Weekly Sector Outlook: Optimism Is High, Selectivity Is Higher Read More »
January 22, 2026 We’ve built out a database of 382 of the most liquid, US domiciled ETFs across a broad range of thematic categories. This week, we’re using that resource to analyze thematic fund flow trends over the past 1, 3 and 6-month periods. The past six months have underscored how thematic ETF leadership is
January 19, 2026 Rising tariffs alongside higher interest rates create a defensive problem that cannot be solved by simply rotating into Utilities, Real Estate, or broad Consumer Staples. In this regime, investors are not being compensated for yield or earnings stability alone. What the market has historically rewarded instead are pricing power, short cash-flow duration,
Rethinking What Playing Defense Looks Like When Inflation is a Risk: A Sector Playbook Read More »
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