When the conflict with Iran first escalated, markets reacted with fear and uncertainty. A month later, the nature of the shock has changed. What began as a volatility event is evolving into an inflation event, and the data is starting to reflect this.

In this follow-up flash episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner is again joined by Senior Investment Manager Sam Sudame to take stock of where things stand one month in and what it means for portfolio positioning.

They discuss:

• Why oil rising from $65 to $98 a barrel has pushed the Fed to revise its inflation forecast higher
• How yields moved 50 basis points in three weeks — and why bonds have not been the haven investors expected
• Why markets have shifted from pricing two rate cuts to a 50% probability of a hike
• Why energy stocks and natural resources have been the standout diversifiers
• What three possible outcomes for equities look like from here — and why the stalemate scenario may be the most underappreciated risk
• Why staying at target equity exposure remains the right call for long-term investors

Our team is continuously monitoring these developments and will share further insights as they become available. We encourage you to contact us directly to review how these market shifts may influence your specific portfolio strategy.

Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Private credit has faced a wave of negative headlines recently, touching on fraud concerns, software sector risk and questions about how these vehicles handle redemptions. For investors with existing allocations, it has been easy to wonder whether something more fundamental is shifting.

In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Deputy CIO Matt Farrell examine what is actually behind the recent volatility, how the structure of private credit vehicles works in practice and whether the core thesis remains intact. Their view is that despite the noise, fundamental credit quality is holding up and the opportunity still rewards a disciplined, diversified approach.

They discuss:

• Why the recent fraud headlines are not the whole story on credit quality
• How the structure of public and private BDCs can create a misleading picture of underlying risk
• What a high-profile redemption story actually revealed about how these vehicles are designed to work
• What the current data is showing about the health of private credit portfolios
• Why where you sit in the capital structure matters more than headlines suggest
• How diversification remains the most important tool for managing risk in private credit today

For anyone with existing private credit allocations or those considering new commitments, this conversation offers an in-depth look at what the recent headlines do and do not mean for the long-term role of private credit in a portfolio.

If you'd like to talk through how private credit fits into your current allocation, please contact us.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Geopolitical events can move markets quickly, and the conflict with Iran is no exception. Within a single week, oil prices rose roughly 50%, the U.S. dollar posted its strongest move in over a year and investors began asking whether the macro backdrop that has shaped portfolio positioning coming into 2026 had fundamentally changed.

In this flash edpisode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner is joined by Global Head of Macro Sam Sudame to take stock of what has happened in the first week of the conflict, what the data is actually showing and whether the firm's three core portfolio themes remain intact.

They discuss:

• Why the Straits of Hormuz make this conflict a substantial risk to global energy supply and inflation
• What the difference is between an inflationary growth environment and a stagflationary shock, and which one markets are currently pricing in
• What the oil futures term structure is signaling about how long the market expects the disruption to last
• Why the case for staying short to intermediate on duration in fixed income remains intact
• How diversified equity portfolios, including exposure beyond mega-cap technology, held up better than expected last week
• Why real assets, including natural resources, infrastructure and real estate, remain a core part of the portfolio thesis in this environment

For investors who have been following the firm's macro framework heading into 2026, this episode is a timely check-in on where things stand and what to keep watching as the situation develops.

As the situation continues to develop, we remain focused on monitoring the data closely and will provide updates as warranted. If you'd like to discuss any possible implications for your portfolio, please be in touch.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.