The first quarter of 2026 tested investors' resolve. A geopolitical shock in late February sent markets sharply lower before a broad recovery took hold by mid-April — but the path back was uneven, and the environment ahead remains complex. In this quarterly update, CIO Jon Adams examines the three themes shaping our current positioning: why elevated volatility is structural rather than temporary, why global diversification has become a more important return driver, and why the case for income and careful manager selection in private markets is stronger than the headlines suggest.
