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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 25, 2026
Halvio Capital reported a decline of approximately 5.6% net of fees for the third quarter of 2026, bringing net performance year-to-date to 14.22%, tracking slightly ahead of major benchmark indices including the S&P 500 (10.30%) and Russell 2000 (13.70%). The manager experienced quarterly drawdown across several holdings driven by broader equity market volatility rather than fundamental impairments. Capital was actively redeployed during the period, harvesting capital from fully rerated or stagnant names and allocating into deep value opportunities trading at steep discounts to intrinsic asset value and normalized cash flows. From a macroeconomic perspective, the manager notes growing fragility beneath headline index performance, where five mega-cap companies generated roughly 90% of quarterly market gains while nearly half of S&P constituents trade 20% below recent peaks. With the 10-year Treasury yield elevated to levels unseen since 2007 and the artificial intelligence theme beginning to wobble, broader market returns face near-term valuation headwinds. Rather than speculating on interest rate trajectories or geopolitical events, the fund remains focused on idiosyncratic micro-cap and small-cap mispricings where normalized spreads and commodity capital cycles provide durable operational tailwinds. Portfolio turnover featured the full liquidation of QEPC following a 50% year-to-date rerating and the complete exit of Italian conglomerate FILA due to prolonged range-bound performance despite corporate asset sales. Proceeds were redeployed into Master Drilling Group, an unhedged global raise bore drilling leader trading below four times earnings with a record $1 billion backlog. The fund also maintained core positions in Citizens Bancshares, Mestek, and Goldmoney, viewing each as deeply undervalued relative to private-market book values, core operating operating earnings, and net cash balances.
Halvio Capital focuses on acquiring neglected, deeply undervalued operating businesses with resilient balance sheets and substantial cash generation trading at single-digit earnings multiples.
The manager expects potential near-term headwinds for broad market indices given narrow market breadth and rising Treasury yields, but believes the fund's specific holdings remain deeply undervalued and primed to rerate over time as fundamentals are recognized.
Moderate Conviction Bullish
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