June rewarded patience over prediction.

The Iran ceasefire pulled the Middle East risk premium out of oil and gold almost as fast as it went in, and risk sentiment came back with it. Stocks rallied on the relief, with European equities rallying the most since the region is more exposed to oil prices. Then the Fed’s new chair turned hawkish instead of dovish, catching most people off guard, and sent the dollar higher just as consensus bet on the opposite.

After three years of the Magnificent 7 dominating the market, the rest of the field finally caught up. Semiconductors, industrials, financials, and even healthcare all had their moment. None of it went the way most forecasts predicted in January. It rarely does.

This month’s update walks through each of these stories: what happened, why, and what we think it means for your portfolio.

We wish you a pleasant and insightful read.