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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Pernas Portfolio returned 30.1% in Q2 2026, substantially outperforming major indexes, driven by large gains in holdings including VPG, BWEN, XMTR, CEPL, and RELY. The manager argues that the next several years will be the best environment in modern history for fundamental active managers to beat the S&P 500. The core thesis centers on the index's high concentration in richly valued mega-cap technology companies at the exact moment these companies are being forced into an existential AI arms race. Hyperscalers are committing roughly $750 billion in AI-related spending in 2026, diluting shareholders and issuing debt to fund buildouts. This creates a productivity subsidy for the rest of the economy, with opportunities in smaller companies that benefit from this spending without having to fund it. The manager expects large dispersion across companies based on their ability to convert AI infrastructure into better business economics. Revenue is accelerating behind the buildout, with agents emerging as a major demand catalyst. The portfolio is positioned to identify companies with the culture and operational flexibility to redesign workflows around AI and convert the technology into faster growth, lower costs, and higher margins.
The next several years represent an extraordinary opportunity for active managers to outperform the S&P 500 due to the index's high concentration in richly valued mega-cap technology companies forced into an existential AI arms race, creating vulnerability at the index level while generating productivity spillovers and dispersion opportunities across smaller companies.
The manager believes the next several years will be the best environment in modern S&P 500 history for fundamental active managers to beat the index, with this setup likely lasting only a few years before the index organically corrects for the current Mag 7 imbalance. The manager expects large dispersion across companies based on their ability to metabolize AI technology into actual economics, with the next stage of investment opportunity coming from identifying companies that can convert AI infrastructure into better business performance. The manager expects agents to shift the likely range of infrastructure spending towards the high end and expects hyperscalers to continue the buildout over the next one to two years.
As of Jul 17, 2026
Founded by brothers Deiya Pernas, CFA, and Dean Pernas in March 2023, Pernas Research combines over a decade of institutional investment management experience with unique analytical perspectives. Deiya brings extensive experience as former Deputy CIO at The Bahnsen Group where he helped grow assets from $500 million to over $3.5 billion, while Dean contributes a chemical engineering background that provides unique analytical frameworks for financial markets. The team is enhanced by software engineering expert Stiles McCauley who drives AI-based workflow optimizations. The firm operates as an independent research provider serving over 9,000+ professional investors with subscription-based equity research, explicitly avoiding conflicts of interest by not managing outside capital.
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