IN THIS ISSUE

• Macro Strategy — The Reindustrialization of the U.S.—With Some Help from Others: The U.S. appears poised for a major foreign‑investment‑driven industrial renaissance, with reshoring, rising productivity, and Artificial Intelligence‑enabled manufacturing upgrades supporting stronger economic growth, higher earnings, and firmer equity markets.
  
  
• Market View — What's in Your Portfolio? A More Nuanced Look at Index Exposures: Headline index levels can be misleading, and investors should look beneath the surface to understand the underlying nuances that truly drive index behavior and portfolio outcomes.
  
  
• Thought of the Week — More Rotation Than Retreat: As Technology weakens, broad rotation into cyclical and value sectors is sustaining the S&P 500's uptrend, and with Artificial Intelligence‑driven volatility likely to keep leadership shifting, diversification remains essential.​