Emerald Wealth Partners included ServiceNow in its Focused Equity Strategy amid a narrow market rally driven by semiconductor stocks.
Emerald Wealth Partners added ServiceNow (NOW) to its Focused Equity Strategy during Q2 2026, as outlined in its investor letter. The strategy posted a 0.8% gross return for the quarter, lagging benchmarks due to its avoidance of momentum-driven semiconductor stocks, which led the market rally.
Equity markets rebounded in Q2 2026 after geopolitical tensions eased and oil prices stabilized, though gains were concentrated in cyclical sectors. The firm cautioned against overvaluing peak-cycle earnings, citing a US cyclically adjusted P/E ratio near 40 and signs of late-cycle behavior.
The portfolio remains focused on enterprise infrastructure and digital platforms with long-term AI monetization potential, rather than short-term momentum plays.