So far in 2026, the environment has shifted. Today, three major forces are shaping markets and influencing how portfolios need to be positioned: Iran, private credit, and one major force that gives us the most reason for long-term concern.

In our Q1 Investment Letter, our team walks through these three major forces, what they mean for investors, and how they may influence the way you think about your portfolio.

Read the full letetr by downloading the form.