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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 25, 2026
Buckley Capital delivered 36.0% net returns in Q2 2026, bringing YTD performance to 29.7% versus 22.8% for the Russell 2000 Value. The quarter was marked by strong broad-based performance and disciplined capital recycling. The manager fully exited Dave after a 100%+ gain as valuations reached the high end of historical ranges, and exited most of Root at a loss after underestimating the depth of auto insurance industry headwinds. Liquidia remains the largest YTD contributor, up over 100%, with 50%+ upside remaining to potential acquisition value pending an imminent legal ruling. New positions in Celsius and Light & Wonder offer compelling risk-reward, with Celsius facing temporary SKU rationalization headwinds masking multiple 2027 tailwinds, and Light & Wonder trading at a 7-turn valuation discount to Aristocrat despite faster growth and credible management targets implying 150%+ upside. Basic-Fit continues executing on its staffless 24/7 conversion and European expansion through the Clever Fit acquisition. The portfolio is concentrated in businesses with improving fundamentals, identifiable catalysts, and attractive valuations, positioned to compound capital over the long term.
Buckley Capital identifies mispriced small and mid-cap equities where the market overly focuses on near-term uncertainty while underappreciating long-term earnings power and value creation, maintaining strict sell discipline to recycle capital from fairly valued positions into more compelling opportunities.
The manager believes the current portfolio is among the strongest owned in recent years and is well positioned heading into the second half of 2026. Dislocations across small and mid-cap equities continue to create compelling investment opportunities, particularly in situations involving misunderstood business models, temporary operational headwinds, or improving competitive positioning. The manager remains committed to disciplined capital allocation, trimming or exiting positions where risk-reward has become less attractive and redeploying into businesses where the market underestimates normalized earnings power and intrinsic value.
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