War is the Way?
First Quarter 2026 Review
The first quarter of 2026 began amid continued uncertainty across the global economy. Market swings and shifting narratives once again underscored a familiar tension: short‑term market reactions often move faster than the deeper economic, social, and environmental forces shaping our world.
At NorthStar, we remain focused on the long view. Our investment approach is guided by the belief that strong returns and positive impact are not mutually exclusive. We seek out companies that build resilient businesses, treat workers fairly, govern responsibly, and contribute to the communities and systems they rely on — especially during periods of heightened uncertainty.
In this First Quarter letter, our CEO shares reflections on the broader environment, our CIO provides market perspective, and our Shareholder Activism and Outside Investments teams offer updates on their ongoing work. We invite you to explore the ideas and insights that continue to inform our approach.