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US equities chalked up their strongest quarterly performance in six years, a result that masked a turbulent stretch in which investors had to price in the fallout from an Iran war, whipsaw moves in chip stocks, and the blockbuster public debut of SpaceX.
The quarter tested positioning across asset classes and rewarded those who held through successive bouts of uncertainty.
Geopolitical Overhang From the Iran War The Iran conflict cast a long shadow over markets throughout the period, forcing portfolio managers to continuously recalibrate risk exposure as developments unfolded.
Geopolitical shocks of this scale typically compress equity multiples and send capital toward safe-haven assets, making the quarter's ultimate gain all the more notable.
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