Published on April 13, 2026

April Monthly Portfolio Pulse - Negotiation Period

As the conflict moves into a prolonged negotiation phase, global equities have rebounded on easing geopolitical fears, but a sustained bull market will likely require lasting oil-price stability—prompting us to maintain a tactical equity overweight, with a continued focus on U.S. markets.

Written by Dan Phillips, CFA®

Negotiation Period

We have entered the negotiation phase of the conflict, which will most likely take time to fully flesh out. Nevertheless, equity markets around the world staged an impressive comeback last week as investors began to see the light at the end of the geopolitical-risk tunnel. In order for this equity-market relief rally to turn into a resumed equity bull market, investors will likely need to see a sustained drop in oil prices and greater certainty that they won’t spike again. Thus far, we have gotten some of the former – but are still waiting for concrete signs of the latter. We have maintained our tactical equity-overweight recommendation and are looking for opportunities to further that overweight, with a focus on U.S. equity markets.

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