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 Feb-

ruary, 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 ter-

ritory 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 af-

ter three years of strong returns and is not at all unusual.