Key Events: Golden! (drama, uncertainty, faith & luck)
The U.S. men’s hockey team won Olympic Gold in dramatic fashion for the first time since 1980. Not the underdogs they were 46 years ago, the U.S. skaters became a team of destiny once again as they overcame statistical odds in an overtime thriller against Canada.
On February 20th of 1980, the S&P 500 closed at 116.1 Today, the S&P 500 stands above 6900. The change represents a gain of over 59 times the 1980 level at a compound annual growth rate of 9.28% (price only).
Market Review: Headlines of “defeat”, victory prevailed
Last Friday’s headlines centered on the Supreme Court’s 6-3 ruling as a ‘defeat’ against tariffs and President Trump’s trade war agenda, but for many it can be viewed as a victory for democratic process. Ongoing tariff concerns may create more waves of uncertainty, but the market’s discounting machine persists and adjusts quickly to evolving policy.
Global equities continued to compound steadily higher for the week and the bond market showed mixed results.
Outlook: “Faster, higher, stronger”
The original Olympic motto “Citius, Altius, Fortius” translates to “faster, higher, stronger”.2 The new motto added a dash with the word “Communiter” translating as “together” for global solidarity.3
The original motto aptly describes the progression of the S&P 500 over the last 15 years as the increased pace of innovation (faster) has supported rising profitability (higher margins) to drive better outcomes (stronger returns and valuations). As is now well understood, this phenomena served a few companies within certain sectors disproportionately. It also heavily impacted the global distribution of returns.
The broadening of returns has emerged as the strongest theme to start 2026, but the benefits of global diversification started to show through well before market cap and style diversification within the domestic market became apparent.
The chart below demonstrates how effective global diversification has been for equity investors over the last year. With the recent acceleration of global equities, MSCI Emerging Markets and MSCI All-Country World excluding the U.S. both delivered more than twice the price return of US large cap stocks (S&P 500). After a long period of underperformance, international equities are proving to be a beneficial enhancement for multi-asset investors.
For investors to maintain a “faster, higher, stronger” outcome for their portfolios, the time for diversification has come full circle after three years of narrow returns for the U.S. equity market. Broadening is now on full display in global equity markets, and we would counsel investors to continue leaning into the theme.
Geographical Diversification Enhancing Asset Allocation
OneAscent Navigator Outlook: February 2026
This material is intended to be educational in nature , and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client. These materials are not intended as any form of substitute for individualized investment advice. The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own. Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. OneAscent can assist in determining a suitable investment approach for a given individual, which may or may not closely resemble the strategies outlined herein.
1 Source: Bloomberg data.
2 Source: Milano Cortina 2026: https://www.olympics.com “The Olympic Motto”.
3 Source: Milano Cortina 2026: https://www.olympics.com “The Olympic Motto”.
4 Market Returns reference the following indices: Large Cap – S&P 500, Mid Cap Growth – Russell Midcap growth, Mid Cap Value – Russell Midcap Value, Small Cap – Russell 2000, Developed – MSCI EAFE, Emerging – MSCI Emerging Markets, Aggregate – Bloomberg US Aggregate, High Yield – Bloomberg High Yield
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