July 22, 2026 · Economic commentary
Quarterly Review + Market Outlook
Market review
The presentation describes a reversal from the first quarter: its market review reports a 15.2% second-quarter return for U.S. large-cap stocks and 21.5% for U.S. small-cap stocks. Emerging markets returned 24.1% and developed international stocks 10.8% in the same chart. These figures are presented as index returns, with the source and measurement date provided in the PDF.
The slides examine conflict in Iran and the retreat in energy prices, as well as the subsequent effect of energy costs on inflation readings. They also compare U.S. and emerging-market equity indexes' growing technology exposure with developed international markets.
Policy, technology and earnings
The commentary covers Federal Reserve communications and a shift in market expectations from interest-rate cuts toward hikes. It uses yield-curve charts and bond-market data to put those expectations in context.
A series of slides focuses on large technology companies' capital expenditures, semiconductor businesses, sector concentration and corporate earnings. The presentation notes that strong AI infrastructure spending has benefited semiconductor companies, while concentration can leave indexes more dependent on a narrow group of stocks.
Portfolio outlook
The closing slides discuss bond yields and credit spreads, managed futures in selected periods of market stress, an iMGP investment outlook, and the target allocations of a balanced portfolio with 60% stocks and 40% bonds. The allocation table shows strategic and current weights, including fixed income, domestic and international stocks, and managed futures.
Read the complete slide deck for the charts, their source dates, the portfolio table and all original disclosures. Historical returns and projections are not guarantees of future results.
Read the original document
The complete 20-page PDF includes the original charts, sources, and disclosures.
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Disclosures
Note: The graphs, charts and other visual aids are provided for informational purposes only. None of these graphs, charts or visual aids can of themselves be used to make investment decisions. For discretionary use by investment professionals. This document is provided by iM Global Partner Fund Management, LLC (“iMGPFM”) for informational purposes only and no statement is to be construed as a solicitation or offer to buy or sell a security, or the rendering of personalized investment advice. There is no agreement or understanding that iMGPFM will provide individual advice to any investor or advisory client in receipt of this document. Certain information constitutes “forward-looking statements” and due to various risks and uncertainties actual events or results may differ from those projected. Some information contained in this report may be derived from sources that we believe to be reliable; however, we do not guarantee the accuracy or timeliness of such information. Past performance may not be indicative of future results and there can be no assurance the views and opinions expressed herein will come to pass. Investing involves risk, including the potential loss of principal. Any reference to a market index is included for illustrative purposes only, as an index is not a security in which an investment can be made. Indexes are unmanaged vehicles that do not account for the deduction of fees and expenses generally associated with investable products. A list of all recommendations made by iMGPFM within the immediately preceding one year is available upon request at no charge. For additional information about iMGPFM, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website (adviserinfo.sec.gov) and may otherwise be made available upon written request.
This presentation is for informational purposes only and does not constitute a recommendation, offer, or solicitation to buy or sell any securities or investment strategies. The information contained herein reflects the views of Meridian Financial Partners as of the date of this presentation and is subject to change without notice. While we believe the information provided is reliable, we do not guarantee its accuracy or completeness. Meridian Financial Partners is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. More information about our firm, including our services, fees, and any conflicts of interest, is available in our Form ADV, which is available upon request or at https://meridianfinancialpartners.com/wp-content/uploads/2025/03/20250313-Meridian-CRS-ADV-Client-Disclosures.pdf Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Clients should consider their individual circumstances before making any investment decisions. Any forward-looking statements or projections are based on current expectations and assumptions and are not guarantees of future results. Actual results may differ materially from those expressed or implied. Please consult with your financial advisor, tax professional, or legal counsel before making any investment or financial planning decisions.
Disclosures: This material is for informational purposes only and does not constitute investment advice or a recommendation. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.