StashAway’s H1 2026 Returns

17 July 2025

After a volatile start to the year, the second quarter of 2026 brought a rotation back into risk assets. Global equities rallied on strong tech earnings, led by AI-related stocks. Gold, which had climbed to a record high early in the year, gave back those gains as US interest rates repriced higher under new Federal Reserve Chair Kevin Warsh and the dollar strengthened. (Whether the risk rally can hold into the second half is the question we take up in our 2026 Mid-Year Outlook: Half-time for the bulls.)

Against this backdrop, our General Investing portfolios powered by StashAway (GISA) delivered strong returns through H1 and outperformed their benchmarks across all risk levels over the period. GISA gained 5.9% on average – ranging from 1.4% for the lowest-risk portfolio to 11.7% for the highest-risk – an outperformance of 0.8 percentage points on average versus traditional equity-bond benchmarks, illustrated in Chart 2. Its outperformance was most apparent during the sell-off toward the end of Q1, when GISA portfolios led their benchmarks by more than 2 percentage points on average. That advantage came from asset allocation: a diversified mix of global equities, bonds, gold, and cash equivalents, with gold leading early and equities carrying returns as they rallied.

These portfolios remain driven by our Economic Regime-based Asset Allocation (ERAA®) investment framework. By positioning portfolios across global equities, bonds, and gold based on the prevailing macro environment, ERAA® helps manage risks such as inflation shocks and geopolitical uncertainty while ensuring portfolios remain broadly diversified and resilient across market cycles.

Here’s how the portfolios on our platform performed to-date 2026:

General Investing portfolios powered by StashAway

StashAway's General Investing (GISA) portfolios, guided by ERAA®, delivered solid positive returns across all risk levels through a volatile first half, staying ahead of their equity-bond benchmarks. The portfolios returned 5.9% on average in USD terms, compared to average benchmark returns of 5.0% in USD terms.

Over the rolling 12 months to 30 June 2026, the portfolios also delivered strong returns across all risk levels, with gains of 13.8% on average in USD terms, versus 12.4% for their respective same-risk benchmarks in USD terms.

Our asset allocation captured the rebound in risk assets

Our portfolios were positioned to take part in the recovery in Q2. As risk assets rallied, equity exposure across regions and sectors drove returns, while shorter-dated bonds added stability as yields rose. Diversification across asset classes keeps the portfolios resilient through changing market conditions, which matters more over time than the result of any single quarter.

Equities were the largest contributor over H1, with a smaller positive contribution from fixed income. Gold detracted modestly, having given back its early-year gain during the second quarter, though it remains a valuable diversifying asset in portfolios over a longer time horizon.

Global and sector exposures led equity returns

Equities were the biggest driver of returns in the first half, and the gains were broad-based. Information technology was the single largest contributor as the AI investment cycle lifted the sector, which gained around 30% over the half. Global equities ex-US were the largest equity contributor after technology and held up better than US exposures during the Q1 sell-off. US large-caps, including the broad S&P 500, added as the market rebounded in Q2, led by technology. Currency-hedged Japan equities also added, as the hedge removed the currency drag from a weaker yen. (For more, see CIO Insights: Japan – still rising.) Indian equities were the main detractor.

Over the 12 months, the ranking was broadly similar: global equities excluding the US and broad global equities were the largest contributors, with information technology close behind. Indian equities were again the main detractor.

Bonds contributed positively to returns, led by ultra-short duration

Our exposures to fixed income made a small positive contribution to returns. Ultra-short duration US Treasuries – which function as cash equivalents – were the largest contributor within the asset class, with ex-US investment-grade and emerging market bonds adding support. Global government and aggregate bonds detracted modestly as yields rose.

Bond markets repriced for stickier inflation worldwide as an energy-price shock lifted global inflation. The European Central Bank delivered its first rate hike since 2023, and some market participants even began pricing a possible US rate rise by year-end. (As we shared in our H2 outlook, we believe that is premature.) The portfolios' shorter-dated exposures cushioned the impact, as short-duration bonds are less sensitive to rising yields.

The dynamics were similar over the 12 months: ultra-short duration US Treasuries led the contribution, followed by emerging market bonds, high-yield credit, and inflation-linked bonds. Global government bonds were the only fixed-income detractor over the period.

Gold gave back early gains but stays a long-term diversifier

Gold detracted modestly over the first half, but only after a sharp round trip. It set a series of record highs early in 2026, briefly trading above $5,500 USD an ounce in late January. It then fell back towards $4,000 USD an ounce by late June, closing the half down 7.4%. The reversal came as the US dollar strengthened and US yields rose. Momentum-driven profit-taking, after gold's exceptional 2025, amplified the pullback.

Over the past 12 months, gold was one of the largest contributors to portfolio returns. Steady central-bank buying continued to underpin demand, while elevated global government spending kept longer-term inflation risks in focus. (For more, see our 2026 Macro Outlook: Just the FACTs.) Together, these reinforce gold's role as a long-term diversifier, even after the pullback in Q2.

General Investing portfolios powered by BlackRock

General Investing portfolios powered by BlackRock (GIBR) delivered positive returns across all risk levels through H1, finishing modestly ahead of their benchmarks. The portfolios returned 8.0% on average in 8.0% on average in USD terms, compared to average benchmark returns of 7.9%.

Over the trailing 12 months to 30 June 2026, the portfolios delivered stronger returns of 18.8% on average in USD terms, compared to 17.2% for their benchmarks.

Here’s a detailed commentary on the latest reoptimisation by BlackRock.

Responsible Investing portfolios

The Responsible Investing (RI) portfolios optimise for both long-term returns and ESG impact. They delivered solid absolute returns in H1 which were broadly in line with their benchmarks. For the year to end-June, they posted 6.3% on average in USD terms. That compares with 6.4% on average for their same-risk benchmarks in USD terms. US large-cap ESG equities, global ESG-screened equities, and currency-hedged Japan equities led performance over the half, while gold and India equities weighed slightly on returns.

Zooming out to the past 12 months, they returned 16.5% on average in USD terms. That compares with 15.3% on average for their same-risk benchmarks in USD terms. The same two ESG equity holdings – US large-cap and global ESG-screened equities – drove returns over the period, with gold the third-largest contributor. India equities were the largest detractor over the 12 months, and global government bonds dragged slightly.

Thematic Portfolios

Thematic Portfolios offer direct exposure to long-term structural trends, from artificial intelligence and digitalisation to healthcare and the energy transition. This targeted exposure can make them more sensitive to market cycles. This half, that showed up in a wide spread of returns across the four portfolios, though all four finished the first half in positive territory. Of the four themes, Technology Enablers led, driven by the growth in semiconductors and artificial intelligence in the first half of the year, while Environment and Cleantech was the strongest performer across the 12 month period.

Technology Enablers

The Technology Enablers portfolios returned 14.0% on average in USD terms for the year to end-June.

Over the past 12 months, they were up 22.1% on average in USD terms.

Semiconductors, artificial intelligence and cybersecurity led gains in the first half of 2026, with blockchain adding further support, while software was the main detractor. Looking across the past 12 months, semiconductors and artificial intelligence remain the largest contributors, with software the only detractor. Record data-centre buildout from hyperscalers kept demand for chips high, which fed through to semiconductors and the AI names most exposed to that spending. Software lagged as the market weighed how far AI could erode traditional software business models. (For our take on the sector, see CIO Insights: Ctrl+Alt+Delete on software?)

Future of Consumer Tech

The Future of Consumer Tech portfolios returned 1.2% on average in USD terms for the year to end-June.

Over the past 12 months, they were up 3.8% on average in USD terms.

Future mobility was the standout contributor over both periods, while fintech and video gaming & esports were the main detractors in each period. Fintech fell as higher yields compressed valuations for higher-growth names. Video gaming and esports declined on weaker consumer-discretionary sentiment.

Healthcare Innovation

The Healthcare Innovation portfolios returned 3.3% on average in USD terms for the year to end-June.

Over the past 12 months, they were up 19.5% on average in USD terms.

Biotechnology and pharmaceuticals drove returns over both the first half and the past 12 months, with medical devices the largest detractor in each period. Biotechnology led a broad recovery across healthcare, supported by a strong revival in biopharma dealmaking and growing use of AI in drug discovery.

Environment and Cleantech

The Environment and Cleantech portfolios returned 12.4% on average in USD terms for the year to end-June.

Over the past 12 months, they were up 25.0% on average in USD terms.

Future mobility, clean energy and smart grid infrastructure led gains over both the first half and the past 12 months, with uranium miners adding support in each period. The theme has been reshaped by the same trend driving tech: surging electricity demand from AI data centres. That demand has revived interest in nuclear power as a clean and reliable way to meet rising power needs, while also supporting the clean energy and grid infrastructure sectors.

Shariah Global Portfolios

The Shariah Global Portfolios, launched in August 2025, invest in Shariah-compliant assets – Shariah-screened global equities and global sukuk (Islamic bonds). Since launching in August 2025, they have returned 22.5% on average in USD terms.

Over the first half of 2026, the portfolios returned 12.1% on average in USD terms.

Since launch, gains have been led by US Shariah-compliant equities and Shariah-screened global equities, with emerging-market Shariah-compliant equities adding further support. Both gold and global sukuk have also contributed positively. The picture over the first half was similar, though gold turned into a detractor over that period.

Disclaimers:

Model portfolio returns are expressed in gross terms before fees, withholding taxes, and reclaims on dividends. They are provided only as a gauge of pure performance before other items.

Actual account returns may deviate from the model portfolios due to differences in the timing of trade execution (e.g. during the day vs close), timing differences and intraday volatility of reoptimisation and rebalancing, fees, dividend taxes and reclaims, etc.

Past performance is not a guarantee for future returns. Before investing, investors should carefully consider investment objectives, risks, charges and expenses, and if need be, seek independent professional advice.

This communication is not and does not constitute or form part of any offer, recommendation, invitation or solicitation to purchase any financial product or subscribe or enter any transaction.

This communication does not take into account your personal circumstances, e.g. investment objectives, financial situation or particular needs, and shall not constitute financial advice. You should consult your own independent financial, accounting, tax, legal or other competent professional advisors.

This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the iShares Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial advisor know enough about their circumstances to make an investment decision. Past Performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

For StashAway General Investing portfolios that are powered by BlackRock, BlackRock provides StashAway with non-binding asset allocation guidance. StashAway manages and provides these portfolios to you, meaning BlackRock does not provide any service or product to you, nor has BlackRock considered the suitability of its asset allocations against your individual needs, objectives, and risk tolerance. As such, the asset allocations that BlackRock provides do not constitute investment advice, or an offer to sell or buy any securities.

BlackRock® is a registered trademark of BlackRock, Inc. and its affiliates (“BlackRock”) and is used under license. BlackRock is not affiliated with StashAway and therefore makes no representations or warranties regarding the advisability of investing in any product or service offered by StashAway. BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of such product or service nor does BlackRock have any obligation or liability to any client or customer of StashAway.

For StashAway Income Investing portfolios that are powered by J.P. Morgan Asset Management, J.P. Morgan Asset Management provides StashAway with non-binding asset allocation guidance. You would be investing into an investment product which is established, offered and sold by StashAway and would not be investing in any J.P. Morgan fund. There is no contractual relationship between you and J.P. Morgan Asset Management or any of the J.P. Morgan Chase Parties nor has J.P. Morgan Asset Management considered the suitability of the investment product's asset allocations against your individual needs, objectives, and risk tolerance.