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Advisors continued to lean into stocks in the first half of 2026, but the sources of outperformance shifted.

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The Invesco Solutions team conducts comprehensive reviews of advisor portfolios every quarter to get an in-depth look at portfolio investment trends.

Advisors continued to lean into stocks in the first half of 2026, but the sources of outperformance shifted. Large-cap stock exposure remained high, international exposure continued to help, and fixed income results favored shorter duration and more credit-sensitive positioning.

Our data revealed that the top-quartile performing portfolios had the highest allocation to stocks (64%), with a strong emphasis on US large-caps (84%) year to date in 2026. They also maintained a high allocation (22%) to international stocks. This increase was also modestly reflected in the average portfolio, where international exposure increased from 20% to 22.5% of total stock holdings, well below the 35%–65% international allocation benchmark range of the MSCI All Country World (ACWI) Index.

Large-cap allocations remained elevated across portfolios, but market cap was no longer the primary differentiator between top- and bottom-performing portfolios like it was in 2025. Small- and mid-cap stocks delivered stronger relative performance during the first half of 2026, narrowing the gap with large-cap stocks and rewarding portfolios with broader market exposure.1

International stocks remained one of the most consistent contributors to performance in the first half of 2026. Advisors benefited from their existing allocations but also modestly increased international exposure compared to 2025. Notably, international stocks continued to add value despite US dollar strength year-to-date, suggesting that performance was supported by improving fundamentals and earnings opportunities rather than currency effects alone.2

Performance was increasingly shaped by inflation and interest-rate uncertainty during the first half of 2026. Portfolios with shorter duration generally experienced better outcomes than those with greater interest-rate sensitivity. Credit exposure also played a role. Top-quartile moderate portfolios tended to hold larger allocations to below-investment-grade bonds, which benefited from supportive economic conditions and tighter credit spreads.

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  • 1

    Source: Morningstar performance as of June 30, 2026. The S&P SmallCap 600 returned 6.0% in 2025 vs 23.9% year-to-date in 2026. The S&P 400 returned 7.5% in 2025 and 17.3% year-to-date in 2026. The S&P 500 returned 17.9% in 2025 and 10.2% year-to-date in 2026.
  • 2

    Source: Morningstar performance as of June 30, 2026. The MSCI All Country World Index (ACWI) Ex-US returned 32.6% in 2025 and 14.6% in 2026 year-to-date, and the Russell 1000 Index returned 17.2% in 2025 and 10.1% in 2026 year-to-date.

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