Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Armbruster Capital's Q1 2026 review addresses market performance amid U.S. military action in Iran. While large-cap stocks declined 4.3%, mid-cap and small-cap stocks posted positive returns of 2.5% and 3.5% respectively. The Iran conflict disrupted oil transport through the Strait of Hormuz, driving crude prices from $67 to over $100 per barrel, benefiting the energy sector with 37.9% quarterly gains. Technology stocks underperformed significantly, with the Magnificent 7 dropping 12.1%. Gold experienced extreme volatility, gaining 22% in two months before falling 11% in March. The firm emphasizes that despite geopolitical noise, market downside has been limited with the S&P 500 avoiding correction territory. Historical analysis shows stocks typically perform well during military conflicts, generating additional returns with less risk. The firm prefers liquid alternative investments over gold as hedges, with all alternative strategies posting positive returns. They advocate staying invested rather than market timing, noting that volatility is normal and not predictive of future returns.
Despite geopolitical tensions from Iran war causing oil price spikes and market volatility, the firm maintains that markets have proven resilient and staying invested through volatility is superior to market timing.
Despite recent geopolitical noise, market downside has been quite limited with S&P 500 yet to enter correction territory. Volatility may persist but is not uncommon for stocks and not an indication of future returns. Staying invested during highs and lows almost always works better than attempting to time the market.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 7 2026 | 2026 Q1 | - | Bonds, energy, Geopolitical, gold, inflation, Iran, oil, War | - | Iran war drove oil prices up 50% and energy stocks up 37.9%, while tech stocks fell 12.1%. Despite geopolitical tensions, markets remain resilient with S&P 500 avoiding correction. Gold was volatile, gaining 22% then falling 11%. Armbruster prefers liquid alternatives over gold and advocates staying invested through volatility rather than market timing. |
| Jan 8 2026 | 2025 Q4 | - | AI, Alternatives, Bonds, diversification, international, technology, Valuations | - | Armbruster Capital emphasizes diversification despite AI-driven tech dominance delivering 24.7% returns in 2025. International markets outperformed significantly while bonds gained 7.3% from Fed cuts. Elevated valuations and market concentration raise future return concerns, but historical patterns suggest diversified positioning across small-cap, international, and value stocks will outperform when valuations are stretched. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilOil prices skyrocketed 50% from $67 to over $100 per barrel due to Iran war disruption of Strait of Hormuz. Energy sector benefited significantly, up 37.9% for the quarter as elevated prices boosted performance. |
Oil Energy Iran Strait of Hormuz Crude |
GoldGold experienced volatile quarter with 22% gain in first two months followed by 11% decline in March. Long-term returns similar to bonds but with higher volatility and inconsistent inflation hedge properties. |
Gold Precious Metals Volatility Inflation Hedge | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of underperformance attributed to positions where AI impact concerns drove stock declines. They view AI-impacted investments as having vast addressable markets and sustainable competitive advantages, expecting valuations to expand as market perspective aligns with theirs. |
Artificial Intelligence Disruption Valuation Software Analytics |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their quality-focused strategy was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks, but believes this creates compelling valuation opportunities. |
High Quality Competitive Advantages Barriers to Entry Margins Returns | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund focuses on businesses that were small-cap at time of purchase and have grown through stock appreciation, with weighted average holding period of 18.6 years demonstrating long-term approach to small-cap investing. |
Small Cap Growth Russell 2000 Outperformance Long Term |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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