Investment consultant: Q2 rally driven by AI and tech; implications for active managers
Pat Wing told the committee Q2 returns were concentrated in information-technology and AI-infrastructure names — semiconductors saw an outsized rally — creating headwinds for managers underweight those sectors and explaining relative underperformance for several active funds.
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Pat Wing, the committee's investment consultant, framed the market backdrop for the Q2 2026 performance: US equities led the quarter, with notable strength in information-technology and AI-infrastructure names. He said US equities were up strongly in the quarter — "call it, 15 and 0.5 percent" — and highlighted an outsized return in semiconductor stocks shown on a long-run chart that displayed an 88% three-month gain for the subsector.
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