Investments and advancements in artificial intelligence were a steady driver of returns in fiscal year 2026, not unlike the two prior years. However, last year's concerns about international trade and tariffs have given way to a conflict in the Middle East that resulted in a sharp increase in energy prices and stress on select consumer segments. Despite this dynamic, growth allocations within portfolios have performed strongly with the S&P 500 returning 22.3 percent and the MSCI ACWI returning 23.7 percent through June 30.