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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 26, 2026
ACR Alpine Capital maintains a cautious stance in Q2 2026 as AI hype drives markets to historic valuation levels. US equities hover near all-time highs relative to cyclically adjusted profits, representing unprecedented territory for the entire 2020s decade. The manager notes over $800 billion in AI-related capital expenditures are inflating corporate profits while creating uncertainty about actual returns on capital and productivity gains. Despite four years since generative AI's release, no signs of extraordinary productivity gains or mass unemployment have emerged at the macro level. The EQR strategy has increased cash to 25% through disciplined trimming as positions approach full value. However, the manager sees potential opportunities emerging in healthcare, food, and perceived AI casualties as market participants indiscriminately sell out-of-favor securities to fund AI allocations. Software is identified as a key area of disruption where AI may be eating the industry, creating both risks and selective opportunities. The investment team is conducting intensive company-by-company analysis but will only deploy capital after achieving high confidence that value is accumulating. The manager expects the AI buildout to unfold over the next decade or two, similar to the Internet era, requiring patience and selectivity in this speculative environment.
Manager maintains defensive value investing posture in historically expensive market, raising cash to 25% while patiently hunting for opportunities among AI casualties and out-of-favor sectors where market participants are indiscriminately selling to fund AI allocations.
Manager expects AI layer to be built over next decade or two, similar to World Wide Web development in 1990s. While excited about potential opportunities emerging from AI-driven market dislocations, particularly in perceived casualties, manager maintains cautious stance given historic market valuations. Will continue diligently evaluating opportunities but requires high confidence in value accumulation before deploying elevated cash position. Tone is patient and selective, emphasizing discipline in high-priced speculative market environment.
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