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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 26, 2026
Atai Capital returned 22.2% net in Q2 2026, outperforming the S&P 500 but trailing the Russell Microcap. Year-to-date returns reached 30.2%, bringing since-inception annualized returns to 26.6%. The portfolio remains highly concentrated with the top five positions representing approximately 55% of assets. AstroNova was the top contributor for the quarter before being acquired at a steep premium in mid-June. BKTI and Trifast also contributed positively, while Haivision was the only notable detractor. The manager made initial purchases of two undisclosed positions and added to Trifast during the quarter. The letter provides extensive analysis of Trifast, a UK-based industrial fastener distributor trading at less than 9x unlevered free cash flow. Under new management since late 2023, Trifast has executed a successful turnaround, exiting 1,000+ low-margin customer accounts and expanding EBIT margins from 5% to 9.5% despite cyclical automotive headwinds. The manager sees approximately 100% upside potential as margins approach peer levels and the business returns to low-to-mid single digit revenue growth.
Atai Capital is a concentrated microcap value fund focused on buying decent businesses at rock-bottom valuations with identifiable catalysts for earnings inflection, particularly turnaround situations with new management teams executing operational improvements and margin expansion.
The manager does not provide explicit forward market outlook in this letter. The focus is primarily on the Trifast turnaround thesis and portfolio positioning. The manager notes they are running out of philosophical commentary and future letters will focus more on new ideas and portfolio updates rather than macro views.
High Conviction Bullish
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Top Conviction Themes
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