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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
The strategy navigated severe rotational volatility during the third quarter of 2026, benchmarked against broad market proxies including SPY, QQQ, and ARKK. While tactical shorts in high-multiple software and selected AI names generated positive attribution, long positions in rate-sensitive equities and cyclical industries suffered from sharp bond market and commodity headwinds. The portfolio experienced an adverse drawdown through the quarter-end that broadened into October as equity market dispersion accelerated. The macroeconomic environment was characterized by intense internal turbulence masked by subdued headline index volatility. Geopolitical blockades in the Strait of Hormuz drove crude oil toward $100 per barrel, sparking inflationary pressures and an unexpected Federal Reserve rate hike that precipitated a steep bond market rout. Meanwhile, the semiconductor complex reached a cyclical and technical peak following mid-year turmoil, while speculative excess rotated into extreme valuations across cybersecurity software and speculative biotechnology. Portfolio activity centered on selective capital preservation and trimming unconvincing dip purchases across residential construction and European homebuilders at a loss. The manager maintained a net short posture across richly valued software incumbents vulnerable to generative AI substitution, while monitoring regional banking opportunities in the United States and Europe. Within hardware, capital remains on the sidelines waiting for valuation resets in top-tier memory producers like SK Hynix.
Long-term capital appreciation requires rigorous fundamental valuation discipline, exploiting rotational volatility by shorting disruption-vulnerable software while demanding strict tangible book value margins of safety before buying cyclical artificial intelligence infrastructure leaders.
Markets are expected to remain volatile as energy supply bottlenecks and elevated interest rates test equity valuations, keeping the manager focused on patient dip-buying only when deep margins of safety emerge.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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