IC Outlook - Q3 2026 | From Fog to Formation
Kristal's Investment Committee made its biggest portfolio pivot since April at its July 6, 2026 meeting, re-engaging selectively with risk after the Strait of Hormuz shock exposed which parts of the global system proved resilient.
Sachin Nikhare
Kristal Investment Committee
The Committee's July pivot: selective re-engagement with risk
Kristal's Investment Committee met on July 6, 2026 and made what CIO Asheesh Chanda described as the most significant portfolio pivot since April — nine changes in total, comprising six upgrades, three downgrades and eight positions left unchanged. The Committee's stated stance as of that date is a portfolio that is more invested than April yet more disciplined than January, characterised not as a return to broad optimism but as 'selective formation' around the parts of the system that proved resilient during the first-half shock.
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