Please find attached the Callan Periodic Table of Investment Returns, covering the six calendar years ending 2025, along with year-to-date returns through June 2026. The table provides a visual ranking of the major public asset classes available to investors, many of which are represented in Callan Family Office client portfolios. Each year’s returns are displayed from the best-performing asset class (top) to the worst-performing (bottom).
The strong market momentum from 2025 continued into the first half of 2026, with positive returns across all major equity asset classes.
A few observations are worth highlighting:
- Equities maintained broad-based strength. Through the first six months of 2026, equity returns ranged from 9.2% to 23.8%, while fixed income generated modestly positive returns.
- Emerging market equities led performance. Emerging market equities were the strongest-performing asset class, advancing 23.8%, driven in part by meaningful semiconductor exposure in Taiwan and South Korea. Developed international equities also posted solid gains of 9.2%, supported by healthy earnings growth and valuations that remain attractive relative to U.S. large-cap stocks.
- U.S. equities continued their leadership. Both large- and small-cap U.S. equities remained near the top of the rankings, extending a fourth consecutive year of strong performance. If current trends persist, 2026 would mark the first year in more than a decade that small-cap stocks outperform their large-cap counterparts. The ongoing AI infrastructure buildout continues to support technology-oriented companies, while S&P 500 earnings have now grown at a double-digit pace for six consecutive quarters. Earnings expectations have also accelerated, providing an additional tailwind for equity markets.
- Fixed income remained resilient. Bond returns were modestly positive during the first half of the year as yields remained largely range-bound amid persistent inflation concerns and expectations for a more hawkish Federal Reserve. Market expectations currently imply approximately two 25-basis-point increases in the federal funds rate over the next year.
The broader lesson remains unchanged: no single asset class consistently outperforms across every market environment. The periodic table illustrates the importance of maintaining a diversified portfolio—a cornerstone of Callan Family Office’s investment philosophy.
If you would like to discuss these market trends or your portfolio in greater detail, please reach out to your Callan Family Office team.
To download a PDF of the Callan LLC Periodic Table, please click here.
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