Private Wealth Portfolios Are Finally Back at Pre-War Levels—For Now

Private-wealth portfolios have largely recovered losses tied to the Iran war, ending the week above pre-war levels with year-to-date gains of about 4.8%, according to Clearwater Analytics. The firm found a 2.8% gain last week for a sample of clients with more than $30 million, with equities “overwhelmingly” driving the rebound while bond prices lag and haven’t returned to pre-war levels amid oil-price concerns. The piece frames the recovery as potentially fragile: stocks have led the bounce but bond-market reticence and geopolitical or energy-price shocks could threaten the rally. The market takeaway is a cautiously constructive view for equities in private wealth allocations, offset by continued uncertainty in fixed income and commodity-driven risk (oil).