In this video from Clay McDaniel, CFA®, Partner, Chief Investment Officer at Waverly Advisors, LLC, he discusses key takeaways from Q2 2026 and the market environment heading into the next quarter.
Clay reviews a strong second quarter for markets, driven by a swift recovery from Iran conflict fears as escalation risks faded and investor focus shifted back to equities and artificial intelligence. He takes a closer look at how AI is rapidly reshaping portfolio composition—including a notable shift in passive emerging market indexes driven by companies like Taiwan Semiconductor and SK Hynix—and why investors can’t afford to be complacent about the risk they’re actually carrying. Clay breaks down the differences between various types of AI exposure (mega caps, semiconductors, high bandwidth memory) and why each carries a distinct risk and reward profile. He also touches on growing regulatory headwinds, including government restrictions on new AI model releases, and domestic political pushback around data center development. Finally, Clay shares why he believes this is one of the best times in his career to build a diversified portfolio—and why true fundamental diversification, not traditional heuristics, is what matters most right now.
Video recorded on July 15th, 2026
To read the full Quarterly Review & Market Outlook Q4 2025, CLICK HERE.
If you would like more information about the topics and information discussed in this video, or if you’re ready to explore how they apply to your specific situation, contact a Waverly Advisor near you. Find a Waverly Advisor
Music Credit:
Song: Bright Horizons – BoDleasons
Music provided by Artlist
IMPORTANT DISCLOSURES
The information presented in this document is for general informational and educational purposes and is not specific to any individual’s personal circumstances. Nothing in this document constitutes, or shall be relied upon as, investment, legal, or tax advice to any person. The information in this document is provided effective as of the date of its publication, does not necessarily reflect the most current status or development, and is subject to revision at any time. Investing involves risk, and past performance does not necessarily predict future results. None of Waverly, or any of its officers, members, or affiliates, in any way warrant or guarantee the success of any action that anyone may take in reliance on any statements or recommendations in this document.
Waverly Advisors, LLC (“Waverly”) is an SEC-registered investment adviser. A copy of Waverly’s current written disclosure brochure and Form CRS (Customer Relationship Summary), discussing our advisory services and fees, remains available at https://waverly-advisors.com/. You should not assume that any information provided serves as the receipt of, or as a substitute for, personalized investment advice from Waverly Advisors, LLC (“Waverly”). This information should be used as a reference only. Talk to your Waverly advisor, or a professional advisor of your choosing, for guidance specific to your situation. Please note: The scope of the services to be provided depends upon the needs of the client and the terms of the engagement.
Clay joined the firm in 2022 when BT Wealth Management was acquired by Waverly Advisors. Clay is a Partner and serves as Chief Investment Officer. He runs the Investment Committee, the Private Markets Committee, and oversees the firm’s investment process. Prior to Waverly, Clay was a Director with Zurich Alternative Asset Management, a subsidiary of Zurich Insurance Company that managed more than $15 billion in investments spanning Real Estate, Private Equity, and Hedge Funds. Before Zurich, Clay served as a senior analyst focusing on private markets for Erste Bank, and prior to that for a single-family office. Clay has an MS in Economics and BBA in Finance from the University of Kentucky.
Waverly Quarterly Review & Market Outlook Q2 2026
In this video from Clay McDaniel, CFA®, Partner, Chief Investment Officer at Waverly Advisors, LLC, he discusses key takeaways from Q2 2026 and the market environment heading into the next quarter.
Clay reviews a strong second quarter for markets, driven by a swift recovery from Iran conflict fears as escalation risks faded and investor focus shifted back to equities and artificial intelligence. He takes a closer look at how AI is rapidly reshaping portfolio composition—including a notable shift in passive emerging market indexes driven by companies like Taiwan Semiconductor and SK Hynix—and why investors can’t afford to be complacent about the risk they’re actually carrying. Clay breaks down the differences between various types of AI exposure (mega caps, semiconductors, high bandwidth memory) and why each carries a distinct risk and reward profile. He also touches on growing regulatory headwinds, including government restrictions on new AI model releases, and domestic political pushback around data center development. Finally, Clay shares why he believes this is one of the best times in his career to build a diversified portfolio—and why true fundamental diversification, not traditional heuristics, is what matters most right now.
Video recorded on July 15th, 2026
To read the full Quarterly Review & Market Outlook Q4 2025, CLICK HERE.
If you would like more information about the topics and information discussed in this video, or if you’re ready to explore how they apply to your specific situation, contact a Waverly Advisor near you. Find a Waverly Advisor
Music Credit:
Song: Bright Horizons – BoDleasons
Music provided by Artlist
IMPORTANT DISCLOSURES
The information presented in this document is for general informational and educational purposes and is not specific to any individual’s personal circumstances. Nothing in this document constitutes, or shall be relied upon as, investment, legal, or tax advice to any person. The information in this document is provided effective as of the date of its publication, does not necessarily reflect the most current status or development, and is subject to revision at any time. Investing involves risk, and past performance does not necessarily predict future results. None of Waverly, or any of its officers, members, or affiliates, in any way warrant or guarantee the success of any action that anyone may take in reliance on any statements or recommendations in this document.
Waverly Advisors, LLC (“Waverly”) is an SEC-registered investment adviser. A copy of Waverly’s current written disclosure brochure and Form CRS (Customer Relationship Summary), discussing our advisory services and fees, remains available at https://waverly-advisors.com/. You should not assume that any information provided serves as the receipt of, or as a substitute for, personalized investment advice from Waverly Advisors, LLC (“Waverly”). This information should be used as a reference only. Talk to your Waverly advisor, or a professional advisor of your choosing, for guidance specific to your situation. Please note: The scope of the services to be provided depends upon the needs of the client and the terms of the engagement.
Investment advisory services are offered by Waverly Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission. © 2024 Waverly Advisors, LLC. All rights reserved.
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Clay joined the firm in 2022 when BT Wealth Management was acquired by Waverly Advisors. Clay is a Partner and serves as Chief Investment Officer. He runs the Investment Committee, the Private Markets Committee, and oversees the firm’s investment process. Prior to Waverly, Clay was a Director with Zurich Alternative Asset Management, a subsidiary of Zurich Insurance Company that managed more than $15 billion in investments spanning Real Estate, Private Equity, and Hedge Funds. Before Zurich, Clay served as a senior analyst focusing on private markets for Erste Bank, and prior to that for a single-family office. Clay has an MS in Economics and BBA in Finance from the University of Kentucky.
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