Rotation The Has Been Underway. The Case for Thoughtful Diversification Grows Stronger

Broad Market Leadership Opens 2026

Despite early volatility driven by global bond market stress, tariff-related tensions, renewed inflation concerns, and uncertainty surrounding Federal Reserve leadership, equities finished January higher, with the S&P 500 reaching new all-time highs. On the back of strong economic data and earnings, market leadership broadened beyond mega-caps as the S&P 500 Equal Weight Index (+3.4%) outperformed its market cap-weighted counterpart (+1.5%). International developed equities (+5.8%) led gains, followed by US small-caps (+5.5%) and emerging market equities (+5.1%). Bonds mostly fared well as municipal bonds rose 0.7%, high yield credits gained 0.6%, and Treasury Inflation Protected Notes increased 0.5%. Commodities produced strong positive returns as silver was up 17.1%, crude oil gained 15.0%, gold rose 12.3%, and broad-based commodities increased 11.2%.

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The Rotation Has Been Underway. The Case for Thoughtful Diversification Grows Stronger

This was originally published on Astoria Advisors on February 2.

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Warranties & Disclaimers

As of the time of this publication, Astoria Portfolio Advisors held positions in SPYG, SPY, SPYV, SPDW, SPMD, SPSM, SPEM, SPBO, SPAB, MUB, IEF, SPIP, GLD, SLV, USO, BCI, DXY, PPLT, PALL, and BTC-USD on behalf of its clients. There are no warranties implied. Past performance is not indicative of future results. Information presented herein is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. The returns in this report are based on data from frequently used indices and ETFs. This information contained herein has been prepared by Astoria Portfolio Advisors LLC on the basis of publicly available information, internally developed data, and other third-party sources believed to be reliable. Astoria Portfolio Advisors LLC has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to the accuracy, completeness, or reliability of such information. Astoria Portfolio Advisors LLC is a registered investment adviser located in New York. Astoria Portfolio Advisors LLC may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.

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