Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15.21% | 10.79% | 10.79% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15.21% | 10.79% | 10.79% |
Hood River's International Opportunity Fund delivered strong Q1 performance with +10.79% returns versus -0.48% for the benchmark, extending outperformance by +11.50%. The managers view current market conditions as creating meaningful opportunities in non-U.S. smaller companies, which are trading at attractive valuations despite fundamentally sound businesses. The Iran conflict has introduced short-term volatility through higher energy prices and tighter financial conditions, disproportionately affecting international markets and smaller companies. However, this pressure is creating compelling entry points for quality businesses. The fund made tactical adjustments, reducing Japan exposure while increasing positions in Australia and India, capitalizing on early investment opportunities in power infrastructure and data center capacity. Security selection drove outperformance across information technology, industrials, and materials sectors. Management emphasizes their bottom-up process and valuation discipline, viewing the current environment as one where patient capital and fundamental analysis can generate significant alpha as market inefficiencies persist in the international small-cap space.
Non-U.S. smaller companies are trading at compelling valuations despite intact fundamentals, creating opportunities for disciplined investors as geopolitical tensions create temporary dislocations.
Manager expects non-U.S. equities, particularly smaller companies, to be well positioned for reacceleration if geopolitical tensions stabilize. Views current period as one where discomfort and opportunity overlap, favoring long-term investors who lean in rather than pull back.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2026 | 2026 Q1 | ZDC.TO | emerging markets, energy, Geopolitical, international, small caps, Valuations | ZDC.TO | Hood River delivered exceptional Q1 performance (+10.79% vs -0.48% benchmark) by capitalizing on dislocated international small-caps. Iran conflict created temporary volatility but compelling entry points for quality businesses. Fund tactically shifted from Japan to Australia/India, targeting power infrastructure and data center opportunities. Management views current environment as ideal for disciplined, long-term investors. |
| Jan 12 2026 | 2025 Q4 | C79.AX, CCS.DE, META | AI, China, Europe, India, international, Outperformance, small cap |
CA1 GR C79 AU |
Hood River's International Opportunity Fund returned 41.49% in 2025, outperforming by 12.23% as international markets led U.S. equities. New AI robotics and mining technology holdings reflect the broadening opportunity set beyond U.S. mega-caps. Improving policy conditions in China and India, combined with central bank easing globally, create compelling prospects for selective international small-cap investing in 2026. |
| Oct 20 2025 | 2025 Q3 | AII.TO, AVI.MI | AI, Asia, Critical Minerals, defense, Europe, international, semiconductors, small cap | AII CN | Hood River International Opportunity Fund delivered 19.08% Q3 returns by exploiting inefficiencies in international small-caps. The strategy targets AI infrastructure, European defense spending, and critical minerals outside China. With over 4,000 underresearched names and historically superior risk-adjusted returns versus large-cap alternatives, the fund is positioned for continued outperformance amid favorable valuations and monetary policy tailwinds. |
| Jun 30 2025 | 2025 Q2 | IREN, NVDA | AI, defense, emerging markets, international, nuclear, small caps, technology | - | Hood River's international small-cap fund delivered 26.90% returns in Q2 by maintaining fundamental focus during tariff volatility. Strategic shifts included reducing AI exposure while adding European defense plays and emerging market positions. Strong stock selection across sectors drove 967 basis points of alpha, with technology and industrials leading performance despite ongoing geopolitical uncertainties. |
| Mar 31 2025 | 2025 Q1 | - | AI, Europe, geopolitics, international, small cap, Trade Policy, uranium | - | Hood River's international small-cap strategy underperformed in Q1 as policy uncertainty disrupted fundamental-driven stock selection. AI infrastructure exposure faced Deepseek-related volatility despite management confidence in 20% capex growth. Europe outperformed significantly on fiscal expansion optimism. Managers maintain disciplined earnings momentum focus, viewing current turbulence as potentially preceding favorable conditions. |
| Dec 31 2024 | 2024 Q4 | JUST.L, NBIS | AI, Asia, emerging markets, Europe, insurance, international, small cap, value |
JUST.L NBIS |
Hood River's International Opportunity Fund significantly outperformed in Q4 2024, driven by strong stock selection across consumer discretionary, industrials, and financials. The fund maintains concentrated exposure to undervalued international small-caps, including UK insurance specialist Just Group and AI infrastructure play Nebius. Despite macro headwinds, attractive valuations in international markets versus expensive U.S. equities present compelling opportunities for 2025. |
| Sep 30 2024 | 2024 Q3 | DKNG, GENI.L | Bottom-up, China, Europe, international, Japan, small cap, stock selection, technology | GENI | Hood River's international small-cap fund demonstrates strong stock selection with +602 basis points of year-to-date outperformance despite Q3 headwinds. Their bottom-up approach identifies opportunities like Genius Sports in the growing sports betting data market. Geographic focus spans Europe and Asia-Pacific, with tactical adjustments around Japanese carry trade volatility while maintaining conviction in long-term international market inefficiencies. |
| Jun 30 2024 | 2024 Q2 | - | Asia, emerging markets, Europe, international, IPOs, semiconductors, small caps, value | AII CN | Hood River's international small-cap fund significantly outperformed in Q2 through superior stock selection, capitalizing on unwarranted discounts versus US peers. European economic recovery, Japanese governance reforms, and Asian semiconductor cycle revival provide multiple regional catalysts. Strong IPO participation and deep small-cap expertise position the fund well to exploit ongoing international market inefficiencies. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Small CapsManager emphasizes opportunities in non-U.S. smaller companies, noting they are trading at compelling entry points despite intact fundamentals. These companies tend to be more dynamic in growth and historically responsive when conditions improve. |
Small Cap Valuations International Opportunities |
Data CentersFund is seeing early signs of investment tied to growing global need for power infrastructure and data center capacity in Australia and India, resembling opportunities observed in earlier U.S. buildout phases. |
Data Centers Infrastructure Power Australia India | |
AIZedcor rents AI-enabled security towers with strong demand for cost-effective remote monitoring solutions. The company is experiencing impressive growth driven by fleet expansion and high utilization. |
AI Security Monitoring Growth | |
| 2025 Q4 |
AIAI continues to be a potentially powerful long-term growth driver, presenting opportunities across multiple non-U.S. markets beyond well-known semiconductor leaders. The fund added Circus SE, a German AI-driven robotics company automating food preparation and logistics. |
Robotics Automation Technology |
Mining ServicesThe fund added Chrysos, an Australian mining technology company with proprietary PhotonAssay technology that allows miners to test ore samples faster, safer, and more consistently than traditional methods. The company is expanding its installed base with large mining operators. |
Technology Gold Copper | |
ChinaGovernment efforts to reduce excessive price competition and industrial overcapacity are still early but may gradually improve earnings quality and capital discipline in certain sectors. The managers are identifying select opportunities and have been deliberate in adding exposure. |
Policy Reform Overcapacity | |
IndiaThe fund is selectively building exposure as consumption-focused policy measures start to show results. As they move into 2026, the benefits of these reforms are expected to become more evident in corporate earnings, strengthening the longer-term outlook. |
Consumption Reform Policy | |
| 2025 Q3 |
AIOptimism around artificial intelligence, along with the heavy investment required to build out its infrastructure, added to relative returns this quarter. The team continues to see significant opportunity in the companies that provide the backbone for technological progress. |
Infrastructure Technology Investment |
Small CapsWell-valued small- and mid-cap companies were among the biggest beneficiaries in the quarter. The structural advantage within the small cap space pertains to active management with more than 4,000 names in the index and sparse sell-side coverage creating abundant inefficiencies. |
Active Management Inefficiencies Outperformance | |
SemiconductorsChina and other Asian tech-heavy markets, including Taiwan and Korea, were key drivers supported by policy measures and strong demand for semiconductors and AI infrastructure. |
Asia Taiwan Korea Demand | |
DefenseAvio S.p.A. has gained momentum from renewed government defense spending across Europe and recently secured a contract with the European Space Agency to design a mini-Starship vehicle. |
Europe Government Spending Space | |
Critical MineralsAlmonty Industries is building a robust portfolio of tungsten and molybdenum assets and is positioning itself as a key tungsten producer outside China and a strategically important player in North America. |
Tungsten Molybdenum Strategic Supply Chain | |
| 2025 Q2 |
AIThe portfolio had developed a pronounced tilt toward AI and infrastructure needed to support its rapid expansion. Due to market instability and growing concerns about the pace of future AI-related investment, exposure was prudently reduced. However, technology holdings overall were increased, with particular excitement about semiconductor materials innovations being integrated into supply chains of major players like NVIDIA and data centers. |
Semiconductors Data Centers Infrastructure Technology NVIDIA |
Defense SpendingNew positions were introduced tied to rising European defense budgets. Many countries in the portfolio are well-positioned to support European defense initiatives through the supply of essential materials and resources. |
Europe Defense Materials Resources Budget | |
NuclearExposure to nuclear energy was modestly reduced despite continued belief in long-term adoption as a key component of global decarbonization strategies. Capital flows into uranium-related equities have tapered off following a strong run-up, with much of the enthusiasm already priced in. A core position is maintained to benefit from longer-term tailwinds. |
Uranium Energy Decarbonization Nuclear Power | |
CryptoA standout investment has been IRIS Energy, an Australian-based company and one of the world's top bitcoin miners. With a development pipeline exceeding 3 gigawatts of power, IRIS is scaling rapidly within the AI and high-performance computing segments, already beginning to attract attention from hyperscalers with insatiable energy demand. |
Bitcoin Mining Power Computing Energy | |
| 2025 Q1 |
AIAI and supporting infrastructure represents a significant portion of technology and industrial exposure. Despite quarterly turbulence from Deepseek concerns and spending uncertainty, management conversations confirm positive trajectory with infrastructure expansion accelerating. Actual capital expenditures expected closer to 20% versus market expectations of 8%. |
Infrastructure Capex Deepseek Hyperscale Training |
Trade PolicyU.S. administration implemented sweeping executive orders addressing global trade, immigration, and geopolitics, creating heightened uncertainty and volatility. Canada repositioned to neutral weight due to negative tariff-related headlines and trade relationship questions with the U.S. |
Tariffs Executive Orders Immigration Geopolitics Uncertainty | |
UraniumPrimary exposure in Canada remains focused on uranium, a resource abundant in the region and positioned as a key long-term solution to global power demand amid the broader energy transition. |
Canada Power Demand Energy Resources Long-term | |
| 2024 Q4 |
AIArtificial intelligence remains a key focus in the portfolio, with success driven by investments in critical infrastructure supporting AI growth and adoption, such as data centers, natural gas, gas turbines, and grid infrastructure. The fund invested in Nebius, a direct AI datacenter play based in the Netherlands that provides global AI producers with essential resources including an AI-centric cloud platform, large-scale GPU clusters, cloud services, and developer tools. |
Data Centers Cloud GPUs Infrastructure |
| 2024 Q3 |
AIAI-related investments had a mixed quarter after huge gains earlier in the year. Stocks tied to AI, especially in hardware and semiconductors, saw cooling compared to broader international markets in Q3 despite growing demand for AI infrastructure driven by advances in generative AI models requiring massive computing power. |
Semiconductors Hardware Infrastructure Computing Generative |
Sports BettingGenius Sports represents a key opportunity as a global player in sports data and technology working with leagues and betting operators. They specialize in real-time sports data crucial for sportsbooks and have exclusive partnerships with top leagues like NFL, NBA, and English Premier League, positioning them at the epicenter of rapid structural growth. |
Data Technology Real-time Partnerships Growth | |
| 2024 Q2 |
Small CapsThe fund focuses on international small-cap markets which are trading at notable discounts to US counterparts. The normalization of interest rates has created a favorable environment for international small-cap equities. The small cap IPO market outside the US has remained robust with the fund participating in five IPOs year-to-date. |
Small Caps Value IPOs Rates |
Semiconductor CycleOther emerging markets in Asia such as Korea and Taiwan continue to benefit from a revival in the electronics cycle and an AI-driven boost in semiconductors. This represents a key growth driver for the region. |
Semiconductor Cycle AI Asia Electronics |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2026 | Fund Letters | Hood River Capital - International Opportunity Fund | ZDC.TO | Zedcor Inc. | Other | Commercial Services & Supplies | Bull | New York Stock Exchange | AI technology, Canada, construction, Equipment Rental, fleet-expansion, infrastructure, Mobile Security, operating leverage, retail, US Expansion | Login |
| Jan 12, 2026 | Fund Letters | Brian Smoluch | C79 AU | Chrysos Corporation Limited | Information Technology | Electronic Equipment & Instruments | Bull | New York Stock Exchange | Adoption, Instrumentation, Margins, Miningtechnology, Recurringrevenue | Login |
| Jan 12, 2026 | Fund Letters | Brian Smoluch | CA1 GR | Circus SE | Industrials | Industrial Machinery | Bull | Xetra | AI, Automation, Defense, robotics, Scalability | Login |
| Oct 20, 2025 | Fund Letters | Brian Smoluch | AII CN | Almonty Industries Inc. | Financials | Metals & Mining | Bull | TSX | cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration | Login |
| Oct 20, 2025 | Fund Letters | Brian Smoluch | AII CN | Almonty Industries Inc. | Financials | Metals & Mining | Bull | TSX | cash flow, Critical Minerals, Mining, Molybdenum, Non-china supply, Tungsten, vertical integration | Login |
| Dec 31, 2024 | Fund Letters | Hood River Capital - International Opportunity Fund | JUST.L | Just Group PLC | Financials | Life & Health Insurance | Bull | London Stock Exchange | Asset Base Expansion, financials, life insurance, Mid-tier Market, retirement income, Revenue Growth, UK | Login |
| Dec 31, 2024 | Fund Letters | Hood River Capital - International Opportunity Fund | NBIS | Nebius | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, autonomous driving, cloud platform, data centers, GPU Clusters, Netherlands, NVIDIA investment | Login |
| Sep 30, 2024 | Fund Letters | Hood River Capital - International Opportunity Fund | GENI | Genius Sports Limited | Communication Services | Interactive Media & Services | Bull | NYSE | Exclusive Partnerships, Global, growth, Media Platforms, Real-time Analytics, SaaS, Sports betting, Sports Data, Structural Growth, technology | Login |
| TICKER | COMMENTARY |
|---|---|
| ZDC.TO | Zedcor, headquartered in Canada, is a name where expectations appear too low relative to what's actually happening on the ground. The company rents out mobile, AI-enabled security towers, and demand has been strong as customers look for more cost-effective, remote monitoring solutions, particularly across construction, retail and infrastructure. Growth has been impressive over the past year, driven by steady fleet expansion and high utilization, but consensus still seems to be modeling a more gradual ramp. That misses the operating leverage in the model and the contribution from newer deployments, particularly as the company continues to accelerate its U.S. presence. As those units come online and contribute for a full period, we think there's a good setup for upside in the back half of the year. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||