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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 15, 2026
Mayar Responsible Global Equity Fund (Class A) advanced 2.5% net of fees and expenses during the third quarter of 2026, outperforming the benchmark MSCI World Index return of 1.9%. Year-to-date through September 30, 2026, the fund's Class A shares posted a net return of -4.04% compared to an 11.75% gain for the MSCI World Index. The fund closed the period holding a 5.1% cash position, with regional equity listing allocations standing at 45% North America, 41% Europe, and 9% Asia, while sector exposures were led by Consumer Non-Cyclicals at 21.8%, Financials at 17.0%, and Technology at 16.0%. From a macroeconomic perspective, the manager underscores severe equity market concentration and speculative excess, noting that broad benchmark indices are propelled by an unsustainable narrow cohort of mega-cap technology firms banking on unproven artificial intelligence returns. While early third-quarter skepticism surrounding corporate AI return on capital fueled historic relative outperformance for the fund in July and August, market sentiment reverted sharply in September. The manager highlights that market breadth remains profoundly fragile, with fewer than half of S&P 500 members trading above their 200-day moving averages, while capital expenditure among AI-focused enterprises increasingly relies on high-interest leverage. Portfolio turnover was unusually active, driven by disciplined accounting and valuation frameworks. The fund established a new long position in UK homebuilder Barratt Redrow while augmenting exposure to Taylor Wimpey, Bunzl, Lonza, SAP, Nestlé, and Booking Holdings. Concurrently, six positions were exited: PayPal following an unfulfilled multi-year turnaround; Kering due to stagnant brand recovery; Microsoft amid mounting governance concerns over aggressive accounting for data center capital expenditures; Sunbelt Rentals on valuation discipline after a 350% return; Brenntag following persistent chemical industry headwinds; and spin-off Midera Food Processing, with proceeds redeployed into parent Middleby.
Mayar Capital invests globally as long-term business owners in high-quality enterprises characterized by durable economic moats, conservative capital structures, shareholder-oriented management teams, and attractive returns on invested capital purchased at reasonable valuations with a disciplined margin of safety.
The manager expects that market pricing will inevitably shift from short-term sentiment back to fundamental business weighing, where the portfolio's conservative, cash-generative businesses are positioned to significantly outperform.
Moderate Conviction Bullish
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