Luminate Newsletter Issue # 8, 2026 Q1
LUMINATE NEWSLETTER ISSUE 8 2026
IN THIS ISSUE
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Welcome Golden Lantern Market Outlook Food for Thought Behind the Scenes Highlights
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WELCOME The Luminate team is thrilled to share this newsletter with you in hopes of keeping you closely connected and informed about the latest happenings and insights. In this issue, we celebrate our Golden Lantern award winners, an award honoring those who have made a profound impact on the Luminate vision, culture, and clients. We also provide a detailed Market Outlook , offering key economic insights and forecasts that are essential in today's ever-evolving business landscape. Additionally, our Food for Thought section is designed to enrich your knowledge with practical advice to help set you up for success. Lastly, don’t miss our Behind the Scenes Highlights where we share important milestones and celebrate our collective successes. We believe that by staying informed and connected, we can all advance together. Enjoy the read!
THE GOLDEN LANTERN
The Golden Lantern award at Luminate is a prestigious quarterly recognition, voted on by all team members, celebrating individuals who profoundly influence the company's vision, culture, and client relationships. This honor acknowledges those who exemplify outstanding dedication and impact within the organization. This past quarter Luminate had TWO Golden Lantern recipients! Private Wealth Advisor Christine Min and Service Associate Albert Wilfong !
To read their bios, visit www.luminatewealth.com/team
MARKET OUTLOOK
2026 Q1 MARKET OUTLOOK
Market Momentum The market has displayed resilience in the first quarter amidst evolving economic conditions. While there were significant volatility throughout 2026 so far, we view this as a reshuffling of winners rather than the end of the AI trade. Market Backdrop U.S. stocks remained stable overall, despite substantial volatility. We have seen the S&P 500 notch as much as 1.7% in intra-day decline at the end of January due to concerns over AI investment. On the other hand, U.S. 10-year Treasury yields hit a four-month high near 4.30%, reflecting ongoing uncertainty around Fed rate cuts. Gold soared 8% to record highs amidst geopolitical tensions, though precious metals have seen their biggest losses since the 1980s. • • Immutable Laws Limiting Policy Extreme International developed market government bond yields surged at the end of January, primarily driven by new U.S. tariff threats. Japan's bond selloff made headlines as yields hit record highs, yet developed markets yields generally fell back as the U.S. retracted its tariff threats on Europe. This underscored how immutable economic laws, such as the need for foreign financing of U.S. debt, Lorem ipsum semper Lorem ipsum semper Lorem ipsum semper • • Lorem ipsum semper OUR SPOTLIGHT RECIPIENT limit the extent of policy swings. We see this dynamic similar to past occurrences. Luminate’s recent trade evolved our positioning into more systematic bond strategy that has the flexibility to adapt to the ever-changing credit and rate cycle conditions. As we see these shifts take place in real time, know that our bond strategy is shifting as well to mitigate risk.
MARKET OUTLOOK
Earnings and Infrastructure Exposure The latest earnings reports from mega-cap tech companies show continued massive spending on AI, even amid market volatility. This presents a clear opportunity in infrastructure investment. Luminate continues to lean into the Emerging Market cohort where we see the most significant earnings prowess benefitting from tech centric economies and business models. Beyond the AI buildout, long-term demand for infrastructure is driven by energy security, urbanization in emerging markets, and the low-carbon transition. Valuations are appealing, with listed infrastructure equities trading nearly 20% below their long-term average on enterprise-value-to-EBITDA multiples. Infrastructure’s Role in Portfolios Infrastructure, traditionally viewed as a defensive sector, is now central to several interlocking mega forces. It spans essential sectors such as transport, energy, telecom, digital networks, and water and waste management. Current valuations do not fully reflect its growth potential. Infrastructure's cash flows, often protected by regulations or long-term contracts that adjust with inflation, provide predictable income. This makes it a vital component in environments marked by high and sticky inflation.
MARKET OUTLOOK
Bottom Line Immutable economic laws have once again limited policy extremes following recent volatility in bond yields. Luminate maintains a strategic bond strategy that adapts to conditions such as the transition from long-term international developed markets government bonds to sectors like mortgage-backed securities, emerging market bonds, and selective credits. Infrastructure presents a robust investment opportunity, supported by long-term demand drivers and attractive valuations. Our recent Q4 trade increased our preference for emerging market companies where we saw the most significant earnings prowess benefitting from tech centric economies and business models. We believe investors can benefit from increasing exposure to this diverse asset class, particularly in the context of a strategic and thoughtful portfolio allocation.
Source: BlackRock Investment Institute, https://www.blackrock.com/us/financial-professionals/literature/market-commentary/weekly- investment-commentary-en-us-20260202-tapping-infrastructures-potential.pdf The opinions expressed are those of Luminate Wealth Management & Insurance Services as of the date stated on this material and are subject to change. There is no guarantee that any forecasts made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment or security. Please remember that all investments carry some level of risk, including the potential loss of principal invested. Indexes and/or benchmarks are unmanaged and cannot be invested in directly. Returns represent past performance, are not a guarantee of future performance and are not indicative of any specific investment. Diversification and strategic asset allocation do not assure profit or protect against loss.
FOOD FOR THOUGHT
FINANCIAL SPRING CLEANING
Financial clutter can build up quietly through unused subscriptions, old accounts, and goals that haven’t been revisited. A few regular check-ins and simple cleanup steps can bring clarity, reduce stress, and help you make more confident financial decisions.
FOOD FOR THOUGHT FINANCIAL CLUTTER: KNOW THE SIGNS
OUR SPOTLIGHT RECIPIENT Consolidating accounts, canceling unused subscriptions, and automating savings intentionally are strong first steps. Building a clear, centralized view of your financial life helps reduce stress and supports better decision-making. Simplicity isn’t just about convenience — it’s a practical strategy that supports better long-term financial progress. KEEP GOALS CURRENT Revisit your goals at least once a year and anytime life changes. Career moves, family milestones, or evolving priorities often signal it’s time to revisit and update your goals. Your financial plan should grow and adapt as your life does — and we’re here to support you along the way. OUR APPROACH TO SIMPLICITY If you’re noticing subscription charges you don’t recognize, haven’t reviewed retirement accounts from past employers in years, or find yourself avoiding certain accounts altogether, those are all common signs of financial clutter. When your finances feel disorganized or hard to understand, it’s time to simplify. Complexity brings uncertainty — clarity brings confidence. HOW OFTEN TO REVIEW YOUR FINANCES At a minimum, review your cash flow monthly and take a broader look at your accounts and overall progress each quarter. An annual deep review is important to reassess strategy, beneficiaries, and overall goal alignment. Regular check-ins help keep small inefficiencies from turning into long-term distractions, which is why we stay in touch throughout the year so we can work through this together. SIMPLE WAYS TO REDUCE FINANCIAL CLUTTER At Luminate, we help clients organize, consolidate, and align their financial lives around what matters most. With a coordinated strategy in place, complexity is reduced and clients gain a deeper sense of control. Over time, that clarity builds lasting confidence — not because markets are predictable, but because there’s a plan.
BEHIND THE SCENES HIGHLIGHTS
Welcome to the Team, Alex!
We are thrilled to introduce Alex , who recently joined the Luminate Wealth Management team. A graduate of the University of Southern California, Alex is originally from Chino, CA, and now lives in San Bernardino County with his wife, Jessica. Outside of work, he enjoys traveling, sports, and spending quality time with family.
Wealth Management Teams Award
This past quarter our Luminate Team once again made the list for Best-in-State Wealth Management Teams ! The Forbes 2026 Best-In-State Wealth Management Teams list recognizes top-performing financial teams across the U.S., selected through a rigorous evaluation by SHOOK Research that emphasizes client service excellence, ethical standards, and consistent performance over time.
Forbes Best-In-State Wealth Management Teams (January 2026), based upon data as of 3/31/2025. Research & ranking provided by SHOOK Research, LLC. Northwestern Mutual and its advisors do not pay for placement on 3rd party rating lists, but do pay marketing fees to these organizations to promote the rating(s). Rankings and recognitions are no guarantee of future investment success.
BEHIND THE SCENES HIGHLIGHTS
Milestone Anniversaries: Anthony Abadilla, Joseph Olson, & Roy Tirakayos
OUR SPOTLIGHT RECIPIENT
This quarter, we’re proud to celebrate three team members reaching significant milestones with Luminate Wealth Management. Anthony , Private Wealth Advisor, is marking 15 years. Outside of work, he enjoys cheering on his kids at sporting events and frequenting Disneyland with his family. Joseph , Chief Operations Officer, is celebrating 10 years. A full member of the CFA Institute and CFA Societies of Los Angeles and Orange County, Joe resides in Irvine and enjoys spending time with his wife and daughter. Roy , Private Wealth Advisor, has been with us for 5 years. When he's not working, you’ll find him enjoying time with his family or on the golf course. We are grateful for their continued dedication and the exceptional impact they have on our team and clients.
BEHIND THE SCENES HIGHLIGHTS
Luminate Team Days
To kick off 2026, our team gathered for our first Luminate Team Day of the year at the Hijinx Hotel in Irvine, California. It was a fun, high-energy way to step away from our desks, strengthen relationships, and invest in something that truly matters — our team dynamic. We believe strong collaboration starts with strong connections, and taking intentional time to bond helps us communicate better, support one another, and ultimately serve our clients at the highest level.
18575 Jamboree Rd, Suite 400 Irvine, CA 92612 (949) 622-7237 luminatewealth@nm.com www.luminatewealth.com
This publication is not intended as legal or tax advice. Financial Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation. The opinions expressed are those of Luminate Wealth Management & Insurance Services as of the date stated on this newsletter and are subject to change. There is no guarantee that any forecasts made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment or security. Please remember that all investments carry some level of risk, including the potential loss of principal invested. Indexes and/or benchmarks are unmanaged and cannot be invested in directly. Returns represent past performance, are not a guarantee of future performance and are not indicative of any specific investment. Diversification and strategic asset allocation do not assure profit or protect against loss. Northwestern Mutual services as a marketing name for doing business as representatives of Northwestern Mutual. Is not a registered investment adviser, broker-dealer, insurance agency, or federal savings bank. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries in Milwaukee, WI including Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services) a registered investment advisor, broker-dealer, and member of FINRA and SIPC, and Northwestern Mutual Wealth Management Company (NMWMC) (investment advisory services), a federal savings bank. Northwestern Mutual Private Client Group is a select group of Northwestern Mutual advisors and representatives. Northwestern Mutual Private Client Group is not a registered investment adviser, broker-dealer, insurance agency, federal savings bank or other legal entity.
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