CCLA says broader equity rally extends as defensive shares offset AI pullback
SPY•Broader equity rally continues
CCLA Investment Management’s September 2026 outlook flagged a continued equity rally, with August delivering another strong month for share prices.
Market leadership broadened beyond AI-linked stocks, with defensive shares sustaining gains during periods of rotation away from AI.
Key risks and portfolio positioning
The firm highlighted inflation pressure and rising bond yields as key risks for both equities and bonds.
Portfolio positioning added non-bond diversifiers to manage rate and inflation risks.
