Webinars [[{“value”:”Original broadcast details
Date: Thursday, July 16, 2026
Executive Summary
U.S. portfolios had an outstanding quarter on every measureWe outperformed all our benchmarks by a wide margin for the quarter and YTD. Valuation multiple expansion was the main driver of 2Q performance, while fundamentals remained strong. YTD returns were driven mostly by earnings growth, as 2Q multiple expansion reversed 1Q compression.
Global and International returns were also outstandingPortfolios outperformed all our benchmarks by a wide margin for the quarter and YTD. As in the U.S., valuation multiple expansion was the main driver of 2Q performance, reversing 1Q compression.
AI Exposure has been the biggest driver of stock level performanceOur portfolios are well balanced between AI Winners, AI Neutral, and “perceived” AI Losers. AI winners have driven returns in the quarter and YTD. Neutral and “perceived” Losers have produced good earnings growth and remain very cheap due to multiple compression.
We believe portfolio positioning remains attractive after 2Q gainsU.S. NTM P/E stands at 12.8x, little changed since the start of year. Average historical growth rate of 11.4% is 4.7 percentage points faster than the S&P 500. Global and International portfolios share a similar combination of discount value and quality growth.”}]]
