Executive Summary - Global equity markets began 2026 positively despite geopolitical concerns, with emerging markets leading returns at 8.85% in U.S. dollar terms, while U.S. growth stocks fell by 1.51% [1] - Bond markets had a marginal return of 0.11%, influenced by strong U.S. economic data and rising Japanese bond yields [1] - Commodities performed exceptionally well, advancing over 10%, with precious metals experiencing significant price fluctuations [1] Equity - U.S. equity markets saw small caps (+5.35%) and value stocks (+4.56%) outperforming growth stocks (-1.51%), primarily due to Microsoft’s 11% decline impacting the Russell 1000 Growth index [1] - Emerging markets were the standout performers, gaining 8.85%, driven by Brazilian equities benefiting from natural resources and Asian technology shares boosted by AI demand for memory chips [1] Fixed Income - U.S. investment grade bonds recorded slight gains of 0.11%, with rising rates across the yield curve due to increased U.S. economic growth estimates and persistent inflation [1] - Emerging markets local bonds performed well, gaining over 2% in January, supported by declining rates and a weaker U.S. dollar [1] Real Assets - Broad-basket commodities returned over 10%, with precious metals initially rising before a significant drop on January 30th, yet still ending the month with near double-digit gains [1] - Energy prices saw strong performance, with crude oil rising 14% and natural gas prices soaring nearly 40% due to geopolitical tensions and colder weather [1] Closed End Funds - Closed end funds experienced strong returns, with the S-Network Composite index gaining 3.64%, supported by positive NAV results and narrowing discounts in the municipal bond sector [1] iCM Tactical Strategies - iCM's tactical strategies performed well, benefiting from an out-of-benchmark position in emerging markets bonds and an overweight allocation to non-U.S. developed and emerging markets stocks, along with broad-basket commodities [1]