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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Jackson Peak returned -21.0% net in Q1 2026, underperforming due to elevating tech exposure just prior to the Iran conflict triggering a broad pullback and event-driven positions moving against them. The fund maintains conviction in AI infrastructure acceleration, noting the most important inflection in LLM capability since ChatGPT launched. Frontier models from Anthropic and OpenAI have improved dramatically, driving parabolic token usage growth and structural compute shortages. Core Scientific emerged as the largest position, benefiting from valuable data center co-location capacity amid supply shortages. The portfolio ended Q1 with 36% net exposure, up from 25%, positioned for continued AI infrastructure strength. Key contributors included Comfort Systems on the labor side of AI capex and Zoom capturing Anthropic stake re-rating. EchoStar remains a significant event-driven position ahead of the SpaceX IPO. Q2 has started stronger as AI acceleration gains market recognition and geopolitical tensions ease, creating a constructive setup for the strategy.
Jackson Peak maintains a concentrated long/short equity strategy focused on AI infrastructure acceleration and event-driven opportunities, with the view that AI progress will drive continued capex spending and re-rating of infrastructure companies despite geopolitical headwinds.
Q2 is off to a stronger start as bullish view on AI acceleration is materializing alongside geopolitical tensions easing and event-driven positions beginning to move in favor. The combination of less lopsided market positioning and an accelerating AI cycle sets up constructively if the Iran conflict can be resolved.
As of Mar 31, 2026
Pat O'Brien, Founder and Managing Member of Jackson Peak Capital LLC, brings over thirteen years of experience in public and private markets investing. Prior to founding Jackson Peak Capital, he was an investor at Serent Capital, a technology-focused private equity firm with $5 billion in assets under management. Before Serent Capital, he spent seven years at J.P. Morgan advising consumer internet and software companies on the Technology Investment Banking team in San Francisco and began his career on J.P. Morgan's Rates Sales & Trading desk in New York. O'Brien holds a BBA in Finance from the University of Notre Dame, graduating cum laude.
Jackson Peak Capital operates a concentrated, long/short equity strategy designed to deliver attractive absolute returns across market environments with low correlation to overall equity markets. The firm focuses on asymmetric return profiles and downside protection through a portfolio divided into core longs, special situations, and alpha shorts. On the long side, the firm targets undervalued companies with strong fundamentals, while on the short side it focuses on overvalued or competitively challenged businesses. The strategy emphasizes dynamic net exposure management and nimble portfolio positioning to capitalize on market inefficiencies.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
High-conviction positioning: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Growth Outlook
Market outlook remains low conviction: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Risk Appetite
Risk appetite posture is moderate conviction: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Forward Guidance
Forward guidance signal: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Language Signal
Tone analysis indicates low conviction language: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Top Conviction Themes
Key Catalysts
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