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Managed Portfolio Service
Quarterly Investment Review Q2 2026
Global stock markets continued to make progress in June, with the MSCI All Country World Index delivering a total return of 14.8% over the second quarter (returns total and in sterling, unless otherwise stated). Growing hopes that the energy shock from the Middle East conflict has passed, rising corporate earnings and continued enthusiasm for chip stocks linked to the growth of artificial intelligence (“AI”) adoption all drove the move higher. Bonds also made modest gains, with UK government bonds (“gilts”) one of the standout performers amongst sovereign peers, returning 2.1% in the second quarter as easing inflation concerns appeared to outweigh further political uncertainty. UK real estate delivered high single digit returns, while the hedge fund index also reflected a positive period, rising just over 5%.
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