August was risk-on with very narrow leadership. Korea returned +15.5% and precious metals surged, lifting every multi-asset and fixed-income SE book above its semi-passive twin. Eight of the fifteen SE sleeves beat their benchmark, against four on the S side.

August delivered a solid advance with an unfamiliar leader. Materials topped the sector table on a powerful gold rally, technology rebounded on Big Tech earnings, and the S&P 500 set three record closes — even as inflation fears and hawkish Fed rhetoric revived talk of rate hikes.

Bond markets put governments on notice, US federal debt crossed $40 trillion, and Kevin Warsh signalled a fight against inflation he has yet to start. Add tariff conflict, an AI capex surge and two unresolved wars — August 2026 in fourteen concise reads.

July 2026 was flat-to-down in reference-currency terms for the multi-asset and bond books but positive for equities, yet 25 of the 30 LCI strategies beat their benchmark. European defence and emerging-market equities led; Korea and USD credit dragged. Active-enhanced sleeves outpaced their semi-passive counterparts in every family.

July was flat at the surface and violent underneath. A selloff across the AI value chain — from chipmakers to the mega-cap hyperscalers — crushed technology and sent momentum winners reeling, with South Korea the epicentre. Oil surged on renewed Strait of Hormuz fears, lifting energy, financials and value, while a hawkish Fed held rates and bonds fell.

A month defined by conflict and its market echoes: renewed US-Iran fighting sent oil higher and reignited inflation, leaving the Fed on hold under Kevin Warsh and the ECB leaning toward September. From China's slowdown to Europe's rearmament and a sliding yen, here is what shaped July 2026.

June looked flat but wasn’t. A selloff in the heavyweight AI-chip and mega-cap names dragged the World index down even as half of all sectors rose. Europe rallied — Spain and Switzerland led — as a US–Iran ceasefire sent oil tumbling, while a hawkish Fed pushed the dollar back above 100.

June was a tale of two sleeves. Firm equities and a stronger dollar carried the metals-free S sleeves ahead of benchmark, while a sharp silver and gold sell-off pulled every SE sleeve down — yet all 18 strategies stayed positive year-to-date.

From rate hikes by the ECB and Bank of Japan and a hawkish pivot at the Fed to SpaceX's trillion-dollar debut and a private-credit liquidity scare, June 2026 tested investors on every front. A fragile US–Iran ceasefire, record central-bank gold buying and UK political change rounded out a pivotal month.

Conflict in the Middle East has become the dominant force shaping the global economy — lifting energy prices, squeezing real incomes, and driving growth forecasts down and inflation up.

May 2026 was a risk-on month and all 18 LCI strategies posted positive absolute returns. The semi-passive sleeves tracked their benchmarks closely, while the active-enhanced sleeves gave up some relative upside — exactly as the gold and hedging overlay is designed to in a sharp equity rally.

May extended April's rally on an even narrower base — South Korea surged again and global IT stood alone at the top, while energy and defensives fell with the oil price. A cooler Middle East met a hotter US inflation print. Here's what shaped the month.

Bond yields spiked sharply mid-May then retreated as Iran tensions eased — a volatile month that ended where it started. Add Nvidia's record results and the largest IPO wave in history, and May 2026 was anything but quiet.

April 2026 saw one of the strongest global equity rallies of the cycle, driven by AI-related investment enthusiasm, robust corporate earnings and expectations of future Fed easing. While US technology and South Korean equities surged, regional and sector dispersion remained extreme, with Energy, Latin America and defensive markets lagging despite rising geopolitical tensions and oil-price volatility.

April 2026 brought a striking divergence between markets and geopolitics. Despite the ongoing Iran conflict and a sobering IMF outlook downgrade, equities rallied on strong Q1 earnings and a renewed AI investment trade. Jerome Powell's farewell Fed meeting kept rates at 3.5–3.75% amid energy-driven inflation risks. Hungary closed the Orbán era in a landslide, while Washington–Tehran talks stalled. Investors compartmentalised geopolitical risk, prioritising fundamentals even as inflation and elevated energy costs continued to weigh on households worldwide.

LCI’s April 2026 strategy review highlights a difficult month for active-enhanced (SE) portfolios, mainly due to gold weakness and a newly added European defence ETF position. Despite short-term underperformance versus benchmarks, all strategies remain ahead year-to-date, supported by strong contributions from Korean equities and resilient portfolio positioning.

Hungary's landmark election swept Viktor Orban from power after 16 years as Peter Magyar's Tisza party secured a historic two-thirds majority. The result reshapes EU dynamics and may unlock frozen aid — with real implications for investors in Central Europe.

Global markets staged a historic relief rally after the US-Iran ceasefire, but inflation expectations have risen sharply and the Fed is on hold all year. The question is not whether to join the rally — it's how to position for the structurally more expensive world that follows.

A dramatic last-minute reversal by President Trump transformed a potential military catastrophe into an uneasy ceasefire. Iran emerges with its leverage largely intact and a possible new revenue stream from the world's most critical oil chokepoint.

Global markets experienced a turbulent month in March 2026, as geopolitical tensions, rising energy prices, and shifting interest rate expectations triggered broad market dislocations. Equities declined across most regions, while bond yields rose and traditional diversification offered limited protection. The escalation of the Iran conflict, combined with persistent inflation pressures, increased stagflation risks, leaving investors navigating an unusually complex and uncertain macroeconomic environment.