Published on March 16, 2026

March Monthly Portfolio Pulse - Steady as She Goes

03-16-2026. Equities have entered a renewed period of volatility following the Iran strike, with losses relatively contained in U.S. large caps but more pronounced in emerging markets after a strong start to the year, and despite near-term geopolitical risks, we are maintaining our modest equity overweight given a still-constructive fundamental backdrop.

Written by Dan Phillips, CFA®

Steady as She Goes

Equities entered a new period of volatility in the aftermath of the Iran Strike. Generally, the taller they are (the greater the market appreciation) the harder they fall – and this time was no exception. Since February 25 – the recent market high – equity-market losses have been more manageable in recently water-treading U.S. Large Cap but more eye-catching in the case of Emerging Markets, which had reached double-digit gains to start the year before giving back over half of those gains post-Iran strike (though still the best-performing of our equity regions year-to-date). Amidst this volatility, we are staying the course with our modest equity overweight – geopolitical risks usually pass but we expect the constructive fundamental backdrop to continue.

Click to read: March Monthly Portfolio Pulse - Steady as She Goes