Quarterly Investment Letter Q1 2026

Review - Geopolitics driving market correction

Equity markets started the year on an optimistic note. We have seen gains on global equites and a continued rally in precious metals. At the end of February, the sudden bombing of Iran by the U.S. and Israeli armed forces led to a pullback in major markets bringing year-to-date returns to negative territory with the S&P 500 (-4%), Nasdaq 100 (-6%), the German DAX (-7%), the Swiss Market Index (-2%) all losing ground. This current pullback comes after three years of strong returns and is not at all unusual.

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