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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 31, 2026
Carrington Wealth Management delivered strong absolute performance in Q2 2026 despite a challenging environment dominated by semiconductor speculation and geopolitical volatility. The anticipated short-lived Iran conflict extended much longer than expected, with the Strait of Hormuz becoming a key point of leverage through tolling systems and blockades, driving oil price volatility. Semiconductor stocks experienced parabolic gains with almost every major company doubling in value, driven by retail investors and AI infrastructure demand, creating one of the most concentrated rallies in years. The manager maintained an underweight position in semiconductors due to speculation risks, which initially hurt performance but benefited as capital rotated toward value and other themes late in the quarter. The portfolio remains overweight China, UK, Europe and Asia, with conviction that these markets offer superior long-term risk-reward at lower valuations. Government bond exposure was reduced in favor of cash as recession risks diminished. The manager added to precious metals miners following the sell-off and increased Japanese small cap exposure to capture corporate governance reform opportunities. New Federal Reserve Chair Kevin Warsh faces challenges with inflation at 4.2%, well above target, as markets shift from pricing rate cuts to potential increases. The fragile Iran peace agreement has broken down, but the manager believes Trump is incentivized to reach a compromise before midterm elections. Credit spreads have widened from historically low levels, potentially creating high yield opportunities.
The manager maintains a globally diversified portfolio with structural underweights to US equities and semiconductors, and overweights to UK, Europe, and Asia (particularly China), believing that elevated US valuations and semiconductor speculation driven by retail momentum create risks, while international markets offer more attractive long-term risk-reward opportunities at lower valuations despite near-term geopolitical headwinds.
The manager expects continued volatility around the Iran conflict, with Trump likely incentivized to accept a compromise before midterm elections while presenting it as a victory. The fragile peace agreement has broken down, but a tolling system at lower levels than the proposed 20% charge may ultimately be accepted. The Federal Reserve faces a difficult balancing act with inflation at 4.2% and markets pricing potential rate increases. The manager believes portfolios are well positioned following recent changes, with limited semiconductor exposure and overweight positions in China, UK, Europe and Asia. Capital rotation away from semiconductors toward value and other themes is expected to continue benefiting portfolio performance. Credit spreads may continue widening, creating opportunities in high yield. The tone is cautiously optimistic with a focus on navigating near-term volatility while maintaining conviction in long-term positioning.
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