Emerald Wealth Partners, an independent asset and wealth management firm based in Zurich, released its Q2 2026 investor letter for the “Focused Equity Strategy.” A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter’s Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio’s avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy’s top five holdings for its key selections.
In its second-quarter 2026 investor letter, Emerald Wealth Partners Focused Equity Strategy ServiceNow, Inc. (NYSE:NOW), noting its inclusion in the portfolio this quarter. ServiceNow, Inc. (NYSE:NOW) is a cloud-based software company that provides a platform for automating and managing digital workflows. On August 04, 2026, ServiceNow, Inc. (NYSE:NOW) closed at $118.14 per share. The one-month return of ServiceNow, Inc. (NYSE:NOW) was 9.61% and its shares lost 35.25% over the past 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $122.16 billion with a 52-week trading range between $81.24 – $194.73.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its Q2 2026 investor letter:
“Finally, we added to ServiceNow, Inc. (NYSE:NOW). As we explained last quarter, investors are drawing too few distinctions in the software sell-off. We believe businesses that sit at the operating core of large enterprises are far harder to displace than the market assumes, because what has to be replaced is not the code but everything built around it — years of configuration, shared investment and accumulated understanding of each customer’s specificities. ServiceNow is the clearest illustration we own: its Now Platform has become the system of record for how large organizations manage work across IT, HR, finance, legal and customer operations, and the proprietary workflow data it holds is precisely what allows it to deliver AI tools that are immediately relevant — and what makes it a monetization vehicle for enterprise AI adoption rather than a casualty of it.”
