ismagilov/iStock via Getty Images Dear Partners & Friends: For the 1Q26 quarter ((ended March 31, 2026)), cumulative net returns were flat, roughly in line with indexes that represent small and micro-cap markets: The Russell 2000 (IWM), the iShares US MicroCap ETF (IWC) and the iShares SmallCap EAFE (SCZ) ((ex-N. Am)) ETF. Given the Iran war, inflation and market herding behavior around AI expectations, there was a lot of geopolitical, macro-economic and technological turmoil underlying those flat retu ...