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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 28, 2026
LVS Advisory's Growth portfolio returned -4.2% in Q2 2026, underperforming after strong prior years. The manager remains confident in positioning and highlights two core investments. Vistance Networks represents a classic event-driven opportunity: a busted telecom infrastructure roll-up undergoing asset sales. After purchasing shares at $13.52, the company has paid or will pay approximately $18 in special dividends from selling business units to Amphenol and others. The remaining business generates $0.90 per share in free cash flow and trades at just 4.4x, with a likely sale process ahead. Total value is estimated at $24-28 per share. Hikari Tsushin is the manager's first Japanese investment, a Berkshire-style conglomerate with rare capitalistic culture and exceptional capital allocation discipline. The company requires 30% IRR hurdles on investments and has compounded shareholders' equity at 17% annually for 15 years. After backing out ¥1.3 trillion in cash and investments, the operating businesses trade at just 2.0x earnings. Management owns significant equity and the stock recently pulled back 15%, creating a buying opportunity.
The manager pursues deep value opportunities in special situations and high-quality compounders trading at significant discounts to intrinsic value, with a focus on event-driven catalysts and disciplined capital allocators.
The manager believes all three strategies (Event-Driven, Levered Event-Driven, and Growth) are well positioned for strong performance going forward. The Vistance investment is expected to benefit from a likely sale of the remaining business segment. Hikari Tsushin is experiencing a modest 15% drawdown from recent highs due to earnings disappointments in operating units, which the manager views as a good buying opportunity.
Moderate Conviction Bullish
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