Rigden Capital Strategies

Investor Summary

Joshua Austin Rigden is the founder and serves as Investment Advisor Representative and Chief Compliance Officer of Rigden Capital Strategies. He holds the Certified Financial Planner designation and is registered to provide services in Colorado and Texas. Rigden has extensive industry credentials, having passed multiple industry exams including Series 7, 9, 10, 63, 66, and the Securities Industry Essentials (SIE) exam. His employment history includes Charles Schwab & Co. from January 2009 to September 2016, and various other financial services firms including Typher Financial Services, Alphamint Financial, and Risemint. He also operates Rigden Tax Strategies as a tax consultant since February 2017. There are no disclosure events such as criminal charges, disciplinary actions, or customer disputes reported for Joshua Rigden. The broader team includes experienced professionals with CFP, MBA, CIMA, and EA designations, providing comprehensive expertise in financial planning, investment management, and tax strategies.

Fund Strategy

Rigden Capital Strategies utilizes index funds to construct the majority of the portfolio to give broad market exposure and keep costs down, which is a major driver of long-term performance. There is a place between passive and active management, which they call dynamic portfolio management. Their approach emphasizes broad market exposure through low-cost index funds for long-term growth, combined with strategic tilts—fundamental and dynamic—in both equity and fixed income allocations to enhance diversification and manage risk. Equity portfolios feature a core component benchmarked to the S&P 500, a fundamental indexing tilt for downside protection, and a dynamic tilt targeting specific sectors depending on market conditions. Fixed income portfolios prioritize investment grade bonds focused on income and preservation with duration tilts adjusted per economic environments, and dynamic tilts enhancing income or preservation based on market phases. Traditional investment approaches often prioritize diversification to a fault, leading to unnecessary complexity and diminished long-term performance. Rigden Capital Strategies takes a different approach by removing excessive asset classes that provide negligible diversification benefits but significantly impact returns.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

Rigden Capital Strategies reports that Q2 2026 brought a strong market rally with the S&P 500 rising approximately 15 percent, one of its strongest quarterly advances in several years. The rally was supported by resilient corporate earnings, continued enthusiasm around artificial intelligence infrastructure, and solid U.S. economic expansion despite ongoing geopolitical uncertainty and elevated interest rates. AI-related capital flows became more selective, focusing on companies with tangible results in semiconductors, data centers, and cloud services rather than marketing narratives. Interest rates remained higher than expected as inflation stayed above the Fed's target while the economy held up, giving the central bank less urgency to cut. Geopolitical tensions in the Middle East contributed to energy price volatility. Looking ahead, stocks are no longer inexpensive after the rally, and companies may need to continue delivering solid earnings growth to justify current valuations. The firm maintains its focus on quality, diversification, and alignment with client goals, emphasizing that portfolios should be built around long-term financial plans rather than short-term headlines.

Forward Outlook

The global economy continues to expand with the U.S. remaining one of the stronger major economies. Corporate profits have been a key source of support and investor confidence has improved. However, stocks are no longer inexpensive after the strong rally, and higher valuations mean companies may need to continue delivering solid earnings growth. The Fed is expected to remain patient and data-dependent, meaning the stock market may need to rely more on earnings growth and economic resilience than on near-term rate cuts. Any disappointment in profits, inflation data, interest-rate expectations, or geopolitical developments could lead to renewed volatility.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 10 2026	2026 Q2	-	AI, earnings, Geopolitical Risk, inflation, interest rates, technology, Valuations	-	Q2 2026 delivered a 15 percent S&P 500 rally driven by resilient earnings, AI infrastructure investment, and economic expansion. AI enthusiasm became more selective, favoring companies with measurable results. Interest rates stayed elevated as inflation persisted above Fed targets. After the strong rally, stocks are no longer cheap and future returns will likely depend on continued earnings growth rather than monetary easing.
Apr 8 2026	2026 Q1	-	AI, energy, Fed policy, geopolitics, inflation, Market Rotation, technology, value	-	Q1 2026 marked a major rotation from growth to value as AI infrastructure reality checks, sticky inflation, and geopolitical tensions ended the tech rally. Value stocks gained 2.4% while growth fell 12.8%. Oil spiked past $101, gold hit records, and the Fed held rates steady. Diversification across the real economy is essential again.
Jan 2 2026	2025 Q4	AMZN	AI, blue chip, consumer discretionary, dividends, industrials, large cap, Quality, technology	-	Rigden Capital delivered solid Q4 2025 returns as markets rewarded quality over speculation. Key drivers included election uncertainty removal, Fed rate cuts to 3.50-3.75%, and resilient 6.8% e-commerce growth. The firm maintains balanced exposure to Tech/AI growth themes while emphasizing high-quality Blue Chip companies and dividend payers as valuations require strong earnings delivery.
Oct 1 2025	2025 Q3	AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC	AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations	-	Q3 2025 delivered robust gains with the S&P 500 up 7.8%, driven by AI euphoria, Fed rate cuts, and trade tensions thaw. Technology and semiconductors led the charge, with all major indices hitting records. However, elevated valuations at 22x forward earnings and upcoming elections present risks, requiring a balanced barbell approach for Q4.
Jul 2 2025	2025 Q2	-	consumer, earnings, inflation, rates, technology, Trade Policy	-	Markets surged in Q2 2025 with S&P 500 up 10.2% and NASDAQ gaining 16.7%, driven by cooling inflation and strong tech sector performance. Federal Reserve held rates steady while trade policy shifts created selective volatility. Despite consumer confidence declining and earnings growth slowing, disinflation trends and corporate momentum supported the broad rally across global markets.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 10 2026

2026 Q2

AI, earnings, Geopolitical Risk, inflation, interest rates, technology, Valuations

Q2 2026 delivered a 15 percent S&P 500 rally driven by resilient earnings, AI infrastructure investment, and economic expansion. AI enthusiasm became more selective, favoring companies with measurable results. Interest rates stayed elevated as inflation persisted above Fed targets. After the strong rally, stocks are no longer cheap and future returns will likely depend on continued earnings growth rather than monetary easing.

Apr 8 2026

2026 Q1

AI, energy, Fed policy, geopolitics, inflation, Market Rotation, technology, value

Q1 2026 marked a major rotation from growth to value as AI infrastructure reality checks, sticky inflation, and geopolitical tensions ended the tech rally. Value stocks gained 2.4% while growth fell 12.8%. Oil spiked past $101, gold hit records, and the Fed held rates steady. Diversification across the real economy is essential again.

Jan 2 2026

2025 Q4

AMZN

AI, blue chip, consumer discretionary, dividends, industrials, large cap, Quality, technology

Rigden Capital delivered solid Q4 2025 returns as markets rewarded quality over speculation. Key drivers included election uncertainty removal, Fed rate cuts to 3.50-3.75%, and resilient 6.8% e-commerce growth. The firm maintains balanced exposure to Tech/AI growth themes while emphasizing high-quality Blue Chip companies and dividend payers as valuations require strong earnings delivery.

Oct 1 2025

2025 Q3

AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC

AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations

Q3 2025 delivered robust gains with the S&P 500 up 7.8%, driven by AI euphoria, Fed rate cuts, and trade tensions thaw. Technology and semiconductors led the charge, with all major indices hitting records. However, elevated valuations at 22x forward earnings and upcoming elections present risks, requiring a balanced barbell approach for Q4.

Jul 2 2025

2025 Q2

consumer, earnings, inflation, rates, technology, Trade Policy

Markets surged in Q2 2025 with S&P 500 up 10.2% and NASDAQ gaining 16.7%, driven by cooling inflation and strong tech sector performance. Federal Reserve held rates steady while trade policy shifts created selective volatility. Despite consumer confidence declining and earnings growth slowing, disinflation trends and corporate momentum supported the broad rally across global markets.

QUARTER	THEMES	TAGS
2026 Q2	AI AI enthusiasm continued to support technology and infrastructure-related companies during Q2 2026. Investors became more selective, focusing on companies with tangible results and measurable AI-driven growth rather than marketing narratives. Capital flowed toward physical and digital infrastructure including semiconductors, data centers, power, and cloud services, though expectations remain high and companies must translate investment into sustainable earnings.	Semiconductors Data Centers Cloud Infrastructure
	Rates Interest rates remained elevated during Q2 as inflation stayed above the Fed's target while the economy and labor market held up. The Fed showed less urgency to cut rates than investors expected at year-start. Higher rates create pressure for stocks and bonds, though equity markets were supported by earnings growth. Rate policy remains a key variable dependent on inflation trajectory.	Inflation Liquidity
	Energy Geopolitical tensions in the Middle East contributed to energy price volatility during the quarter. Oil price spikes briefly raised concerns about reaccelerating inflation, especially if supply disruptions became severe. Ceasefire headlines and diplomatic efforts provided temporary relief, but the situation remains fluid and could complicate Fed interest-rate decisions.	Oil Middle East
	Earnings Corporate earnings remained resilient and were a key source of market support during Q2 2026. Strong earnings helped justify the market rally despite elevated valuations. Looking forward, companies may need to continue delivering solid earnings growth to justify current prices, as stocks are no longer inexpensive after the strong rally.	Growth Quality
2026 Q1	AI The AI boom faced severe physical infrastructure limits in Q1 2026. Building AI-optimized data centers now costs up to $55 billion, and securing enough electricity to power these facilities has become the tech industry's biggest hurdle. This reality check created opportunities for traditional industrial, electrical, and construction companies hired to build the new power grid.	Data Centers Infrastructure Power Construction Industrial
	Energy Geopolitical tensions spiked energy prices with crude oil shooting past $101 per barrel. High oil prices act like a tax on the economy, making manufacturing, transportation, and everyday driving more expensive. The energy sector benefited from this price spike amid Middle Eastern conflicts.	Oil Geopolitics Commodities Energy Trading
	Value Value stocks gained 2.4% in Q1 2026 as investors rotated from growth to mature businesses like banks, manufacturers, and consumer goods companies. These companies offered immediate stability and cash dividends, drawing investors back during the tech sell-off.	Dividends Banks Consumer Stability
	Inflation Sticky inflation at 3.2% in February forced the Federal Reserve to keep interest rates flat at 3.50% to 3.75%. The Fed's message is clear they will not make borrowing cheaper until the cost of living reliably drops, keeping mortgage and auto loan rates elevated.	Rates Fed Monetary Policy Consumer Finance
2025 Q4	AI AI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. Manager believes incumbent software firms with domain expertise and proprietary data are positioned to thrive by integrating AI into mission-critical systems, while AI-native startups face significant barriers in regulated industries.	Artificial Intelligence Software Automation Technology
	Software Software sector treated as monolith awaiting AI disruption, but manager sees meaningful differentiation. Dominant vertical platforms with engineering talent and proprietary data can successfully reinvent themselves for agentic world and fend off AI-native competitors through integrated solutions and vendor consolidation.	Enterprise Software SaaS Technology Vertical Software
	Small Caps Long-anticipated broadening out of returns and leadership shift to small cap value industries has occurred, but fund unable to capitalize due to software overweight. Small cap value has outperformed while software lagged despite being cheaper than traditional value industrials.	Small Cap Value Market Leadership
	Hotels Choice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments like Extended Stay and international markets, with potential for significant cash unlock and share buybacks at historically low valuations.	Hospitality Franchising Real Estate
2025 Q3	AI AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains.	Semiconductors Hyperscalers Capex Hardware Software
	Rates The Federal Reserve's pivot provided crucial tailwinds with a 25-basis-point reduction on September 17-18, lowering the fed funds rate to 4.75-5.00%. Chair Jerome Powell cited a softening labor market as the rationale, with the easing cycle helping equities rebound 8% in Q3 alone.	Fed Monetary Policy Easing Labor Market Tailwinds
	Trade Policy U.S.-China negotiations yielded interim deals on semiconductors and EVs, averting a full-blown escalation and sparking a honeymoon phase that lifted global PMIs. This thaw benefited cyclicals, with metals and mining up 12% in the S&P Materials sector.	China Semiconductors EVs Cyclicals Materials
	Semiconductors Semiconductors surged 25% during the quarter, with Nvidia, AMD, and Broadcom leading the charge as AI chip demand showed no signs of abating. Nvidia alone added over $200 billion to its market cap in September, highlighting the sector's explosive growth.	AI Chips Nvidia AMD Broadcom Market Cap
2025 Q2	Inflation Both Consumer Price Index and Producer Price Index showed meaningful cooling, with CPI declining 0.1% in June 2025 marking the first monthly drop since May 2020. Core CPI rose just 0.1% in June, the smallest increase since August 2021, supporting valuations across sectors.	CPI PPI Disinflation Core Prices
	Trade Policy Newly imposed tariffs on select imports, particularly in tech and renewable energy sectors, reshaped investor expectations. Markets interpreted these trade policy shifts as manageable and potentially stimulative to domestic production in the medium term, though they introduced pockets of volatility.	Tariffs Imports Trade Domestic Policy
	Rates Federal Reserve maintained benchmark interest rate unchanged at 5.25% to 5.50%, reflecting cautious stance amid persistent inflationary pressures. Chair Powell emphasized requiring greater confidence that inflation is moving sustainably toward 2 percent before considering rate cuts.	Fed Interest Powell Monetary Policy

QUARTER

THEMES

AI

AI enthusiasm continued to support technology and infrastructure-related companies during Q2 2026. Investors became more selective, focusing on companies with tangible results and measurable AI-driven growth rather than marketing narratives. Capital flowed toward physical and digital infrastructure including semiconductors, data centers, power, and cloud services, though expectations remain high and companies must translate investment into sustainable earnings.

Semiconductors Data Centers Cloud Infrastructure

Rates

Interest rates remained elevated during Q2 as inflation stayed above the Fed's target while the economy and labor market held up. The Fed showed less urgency to cut rates than investors expected at year-start. Higher rates create pressure for stocks and bonds, though equity markets were supported by earnings growth. Rate policy remains a key variable dependent on inflation trajectory.

Inflation Liquidity

Energy

Geopolitical tensions in the Middle East contributed to energy price volatility during the quarter. Oil price spikes briefly raised concerns about reaccelerating inflation, especially if supply disruptions became severe. Ceasefire headlines and diplomatic efforts provided temporary relief, but the situation remains fluid and could complicate Fed interest-rate decisions.

Oil Middle East

Earnings

Corporate earnings remained resilient and were a key source of market support during Q2 2026. Strong earnings helped justify the market rally despite elevated valuations. Looking forward, companies may need to continue delivering solid earnings growth to justify current prices, as stocks are no longer inexpensive after the strong rally.

Growth Quality

2026 Q1

AI

The AI boom faced severe physical infrastructure limits in Q1 2026. Building AI-optimized data centers now costs up to $55 billion, and securing enough electricity to power these facilities has become the tech industry's biggest hurdle. This reality check created opportunities for traditional industrial, electrical, and construction companies hired to build the new power grid.

Data Centers Infrastructure Power Construction Industrial

Energy

Geopolitical tensions spiked energy prices with crude oil shooting past $101 per barrel. High oil prices act like a tax on the economy, making manufacturing, transportation, and everyday driving more expensive. The energy sector benefited from this price spike amid Middle Eastern conflicts.

Oil Geopolitics Commodities Energy Trading

Value

Value stocks gained 2.4% in Q1 2026 as investors rotated from growth to mature businesses like banks, manufacturers, and consumer goods companies. These companies offered immediate stability and cash dividends, drawing investors back during the tech sell-off.

Dividends Banks Consumer Stability

Inflation

Sticky inflation at 3.2% in February forced the Federal Reserve to keep interest rates flat at 3.50% to 3.75%. The Fed's message is clear they will not make borrowing cheaper until the cost of living reliably drops, keeping mortgage and auto loan rates elevated.

Rates Fed Monetary Policy Consumer Finance

2025 Q4

AI

AI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. Manager believes incumbent software firms with domain expertise and proprietary data are positioned to thrive by integrating AI into mission-critical systems, while AI-native startups face significant barriers in regulated industries.

Artificial Intelligence Software Automation Technology

Software

Software sector treated as monolith awaiting AI disruption, but manager sees meaningful differentiation. Dominant vertical platforms with engineering talent and proprietary data can successfully reinvent themselves for agentic world and fend off AI-native competitors through integrated solutions and vendor consolidation.

Enterprise Software SaaS Technology Vertical Software

Small Caps

Long-anticipated broadening out of returns and leadership shift to small cap value industries has occurred, but fund unable to capitalize due to software overweight. Small cap value has outperformed while software lagged despite being cheaper than traditional value industrials.

Small Cap Value Market Leadership

Hotels

Choice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments like Extended Stay and international markets, with potential for significant cash unlock and share buybacks at historically low valuations.

Hospitality Franchising Real Estate

2025 Q3

AI

AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains.

Semiconductors Hyperscalers Capex Hardware Software

Rates

The Federal Reserve's pivot provided crucial tailwinds with a 25-basis-point reduction on September 17-18, lowering the fed funds rate to 4.75-5.00%. Chair Jerome Powell cited a softening labor market as the rationale, with the easing cycle helping equities rebound 8% in Q3 alone.

Fed Monetary Policy Easing Labor Market Tailwinds

Trade Policy

U.S.-China negotiations yielded interim deals on semiconductors and EVs, averting a full-blown escalation and sparking a honeymoon phase that lifted global PMIs. This thaw benefited cyclicals, with metals and mining up 12% in the S&P Materials sector.

China Semiconductors EVs Cyclicals Materials

Semiconductors

Semiconductors surged 25% during the quarter, with Nvidia, AMD, and Broadcom leading the charge as AI chip demand showed no signs of abating. Nvidia alone added over $200 billion to its market cap in September, highlighting the sector's explosive growth.

AI Chips Nvidia AMD Broadcom Market Cap

2025 Q2

Inflation

Both Consumer Price Index and Producer Price Index showed meaningful cooling, with CPI declining 0.1% in June 2025 marking the first monthly drop since May 2020. Core CPI rose just 0.1% in June, the smallest increase since August 2021, supporting valuations across sectors.

CPI PPI Disinflation Core Prices

Trade Policy

Newly imposed tariffs on select imports, particularly in tech and renewable energy sectors, reshaped investor expectations. Markets interpreted these trade policy shifts as manageable and potentially stimulative to domestic production in the medium term, though they introduced pockets of volatility.

Tariffs Imports Trade Domestic Policy

Rates

Federal Reserve maintained benchmark interest rate unchanged at 5.25% to 5.50%, reflecting cautious stance amid persistent inflationary pressures. Chair Powell emphasized requiring greater confidence that inflation is moving sustainably toward 2 percent before considering rate cuts.

Fed Interest Powell Monetary Policy

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

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No industry data available

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Rates

Energy

Earnings

AI

Energy

Value

Inflation

AI

Software

Small Caps

Hotels

AI

Rates

Trade Policy

Semiconductors

Inflation

Trade Policy

Rates

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Joshua Austin Rigden Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Rigden Capital Strategies