For clients who receive both financial planning and investment advisory services under agreement. No strategy assures success or protects against loss. Investing involves risk, including loss of principle.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Historically, equity markets have recovered from recessions and downturns. Past performance is no guarantee of future returns. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
All data sourced from Bloomberg as of 7/31/26
Investing involves risk including loss of principal. No strategy assures success or protects against loss.
Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.
Content in this material is provided for general informational and educational purposes only and is not intended to provide specific investment, tax, or legal advice or recommendations for any individual. Investors should consult their financial, tax, and legal professionals regarding their individual circumstances.
The views expressed represent our opinions as of the date of publication and are subject to change without notice. Economic, market, and investment forecasts are based on assumptions, estimates, and information available at the time of publication and may not develop as predicted. There can be no guarantee that any forecast, expectation, or investment strategy discussed in this material will be achieved or prove successful.
References to market indexes, economic statistics, industry data, and other third-party information are believed to be reliable but are not guaranteed as to accuracy or completeness. Unless otherwise noted, market and economic data are sourced from Bloomberg as of July 31, 2026.
Past performance is not indicative of future results and does not guarantee future returns. Investment returns and principal value will fluctuate, and investors may lose money.
Diversification and asset allocation are investment techniques designed to help manage risk. Neither diversification nor asset allocation guarantees a profit, enhances returns, or protects against loss or declining markets. A diversified portfolio may underperform a non-diversified portfolio.
Any discussion of portfolio construction, rebalancing, risk management, fixed income investing, cash management, or other investment approaches represents general commentary and should not be construed as a recommendation for any particular investor. Investment suitability depends on an investor’s objectives, time horizon, liquidity needs, tax considerations, and risk tolerance.
Bond investments are subject to market, interest-rate, credit, and liquidity risks. Bond prices generally decline when interest rates rise and may fluctuate before maturity. Yield and yield-to-maturity figures are estimates based on prevailing market conditions and assumptions and are not guarantees of future returns. Actual investor returns may differ materially from quoted yields. Indexes are unmanaged, change composition over time, and cannot be invested in directly.
The Market Returns chart on Page 4 is provided for informational purposes only. Indexes are unmanaged, cannot be invested in directly, and do not reflect fees, expenses, sales charges, or transaction costs. Index performance is not indicative of the performance of any investment, portfolio, or advisory account.
Additional descriptions of significant indexes and market benchmarks referenced throughout this report and in the Market Returns chart on Page 4 appear in the Index & Market Reference Glossary below.
< COMMENTARY
Market Commentary | August 05, 2026
July 2026 Market Recap | Winthrop Wealth
By Andrew Murphy, CFA
Co-Chief Investment Officer
The S&P 500 slipped -0.1% in July as leadership rotated from technology to value. Renewed US-Iran tensions lifted oil and long-term yields.
DISCLOSURES
For clients who receive both financial planning and investment advisory services under agreement. No strategy assures success or protects against loss. Investing involves risk, including loss of principle.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Historically, equity markets have recovered from recessions and downturns. Past performance is no guarantee of future returns. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
All data sourced from Bloomberg as of 7/31/26
Investing involves risk including loss of principal. No strategy assures success or protects against loss.
Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.
Content in this material is provided for general informational and educational purposes only and is not intended to provide specific investment, tax, or legal advice or recommendations for any individual. Investors should consult their financial, tax, and legal professionals regarding their individual circumstances.
The views expressed represent our opinions as of the date of publication and are subject to change without notice. Economic, market, and investment forecasts are based on assumptions, estimates, and information available at the time of publication and may not develop as predicted. There can be no guarantee that any forecast, expectation, or investment strategy discussed in this material will be achieved or prove successful.
References to market indexes, economic statistics, industry data, and other third-party information are believed to be reliable but are not guaranteed as to accuracy or completeness. Unless otherwise noted, market and economic data are sourced from Bloomberg as of July 31, 2026.
Past performance is not indicative of future results and does not guarantee future returns. Investment returns and principal value will fluctuate, and investors may lose money.
Diversification and asset allocation are investment techniques designed to help manage risk. Neither diversification nor asset allocation guarantees a profit, enhances returns, or protects against loss or declining markets. A diversified portfolio may underperform a non-diversified portfolio.
Any discussion of portfolio construction, rebalancing, risk management, fixed income investing, cash management, or other investment approaches represents general commentary and should not be construed as a recommendation for any particular investor. Investment suitability depends on an investor’s objectives, time horizon, liquidity needs, tax considerations, and risk tolerance.
Bond investments are subject to market, interest-rate, credit, and liquidity risks. Bond prices generally decline when interest rates rise and may fluctuate before maturity. Yield and yield-to-maturity figures are estimates based on prevailing market conditions and assumptions and are not guarantees of future returns. Actual investor returns may differ materially from quoted yields. Indexes are unmanaged, change composition over time, and cannot be invested in directly.
The Market Returns chart on Page 4 is provided for informational purposes only. Indexes are unmanaged, cannot be invested in directly, and do not reflect fees, expenses, sales charges, or transaction costs. Index performance is not indicative of the performance of any investment, portfolio, or advisory account.
Additional descriptions of significant indexes and market benchmarks referenced throughout this report and in the Market Returns chart on Page 4 appear in the Index & Market Reference Glossary below.