Broyhill Asset Management, a Charlotte-based firm, issued its third-quarter 2026 investor letter. The letter can be downloaded here. The Broyhill Equity Composite decreased by 0.3% in Q3, underperforming the MSCI All Country World Index, which gained 1.7%. For the first nine months of the year, the Composite returned 1.9%, compared to 13.4% for the Index. The quarter was characterized by a strong July, when the Composite rose by 3.3%, despite a significant fall in the semiconductor index. However, technology stocks led in August and September, while other sectors, including consumer staples and industrials, declined, leading to the decline. Broyhill cites rising oil prices, higher interest rates, and competition for capital as reasons to be cautious.
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