Maple Pond

Q2 saw a sharp risk-on rally as easing Middle East tensions and renewed AI-buildout conviction reversed Q1's energy shock, with non-U.S. markets—especially hardware- and semiconductor-heavy economies—leading the rebound. Given the speed of thd reversal and July's renewed volatility for both geopolitics and AI sentiment, we continue to favor staying diversified rather than tied to one theme, country, or style, while still expecting non-U.S. equities to lead over a multi-year horizon due to broad participation, attractive valuations, and structural tailwinds.

Bailard earns its sixth consecutive appearance on the San Francisco Business Times' list of Top Bay Area Corporate Philanthropists.

Middle East tensions escalated as the US-Iran truce collapsed: the U.S. reinstated a naval blockade of Iranian ports and ordered fresh strikes, while Houthis hit Saudi-linked tankers in the Red Sea. Brent surged past $100/barrel before retreating.