Diversification Is No Longer Theory. It Is Performance.

Amundi’s weekly market note makes a broader point: 2026 has become a year of “controlled disorder,” and portfolios concentrated in old winners are feeling it. 

• The Iran crisis triggered a repricing across global equities, but the damage was uneven.
• U.S. markets underperformed more than Europe, Japan, and parts of emerging markets year-to-date.
• Latin America and selected emerging markets held up relatively well.
• Energy-importing nations and markets that had previously run hardest were hit most.

The message is straightforward. Diversification is no longer a defensive cliché. It is becoming the source of returns as leadership fragments.