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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Spyglass Growth Strategy achieved a net return of 24.63% in Q2 2026, driven by easing geopolitical tensions after a US-Iran ceasefire and a strong rebound in software and technology stocks. The fund's core thesis centers on capturing structural compounders trading at attractive valuations where earnings growth outpaces share price recognition. Portfolio earnings growth remains exceptionally strong, projected at 58% for 2026, despite significant near-term multiple compression. To capitalize on major secular megatrends like artificial intelligence, electrification, and reshoring, the manager initiated positions in QXO, MKS Instruments, and Forgent Power Solutions. Conversely, positions in Kinsale Capital, nCino, and Roblox were exited due to widening risk profiles or less compelling risk-reward ratios. The manager remains highly optimistic about the portfolio’s underlying fundamentals, framing short-term volatility as an opportunity to generate substantial alpha over a multi-year horizon.
We consistently anchor our expected present values to company fundamentals, believing the long-term weighing machine of the market eventually resolves temporary short-term valuation distortions.
The manager remains optimistic about the opportunities ahead, focusing on identifying market-leading companies led by talented entrepreneurs that trade at attractive prices and capitalize on multi-year megatrends. Despite experiencing short-term multiple compression, the underlying operational strength and projected earnings growth of portfolio companies give the manager strong conviction that the long-term weighing machine of the market will ultimately correct temporary valuation distortions and drive alpha.
As of Jun 30, 2026
Founded in 2015 by James A. Robillard, Spyglass Capital Management is an independently owned institutional investment boutique based in San Francisco. Robillard brings nearly 11 years of experience from Edgewood Management LLC, where he progressed from Senior Research Analyst to Managing Director and Portfolio Management Team member. He holds an MBA from the University of Chicago Graduate School of Business with concentrations in Finance and Accounting. The firm employs eleven total staff members including three research analysts, operating on a collaborative model where all investment team members are generalists focused on original fundamental research.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager exhibits moderate-to-high conviction (0.70) by maintaining a relatively concentrated portfolio of exactly 25 holdings with a strict 'one in, one out' rule. While they write in detail about their fundamental long-term thesis and outline exact holding weights (e.g. QXO at 3.37%), they do employ some moderate hedging in their market commentary and acknowledge conducting enhanced due diligence on underperforming holdings like CoStar.
Growth Outlook
The manager is constructive on the market environment, scoring 0.75. They highlight easing geopolitical headwinds (such as the US-Iran ceasefire), declining oil prices, and steady interest rates from the Federal Reserve as structural positives that are encouraging a broad return of capital to high-growth equity sectors.
Risk Appetite
The portfolio is fully positioned to capture aggressive growth, maintaining high exposure to high-beta, tech, and industrial sectors (Information Technology is 41.68% of the fund). This risk-on posture is supported by their active deployment of capital into cyclical semiconductor and infrastructure names like MKS and Forgent.
Capital Deployment
Spyglass keeps a fixed target of 25 companies, meaning they operate a 'one in, one out' framework. Capital deployment is net neutral to moderately constructive as they actively recycled capital out of three fully exited positions (Kinsale, nCino, Roblox) directly into three new initiatives (QXO, MKS, Forgent) while managing position sizes with trims on top gainers.
Forward Guidance
The manager provides clear, actionable forward plans, outlining a strong bias towards scaling up structurally growing names in electrification and AI-driven semiconductors. They have established specific operational benchmarks (e.g., expecting Forgent's FCF to inflect to >$300 million by FY 2027 and MKSI leverage to drop below 1x) which they plan to monitor closely.
Language Signal
The letter's language is overwhelmingly constructive and positive, focusing heavily on terms like 'underlying momentum,' 'attractive valuation,' 'earnings power,' and 'generational upcycle.' Risks and structural challenges are treated as temporary 'short-term distortions' or opportunities to exploit discount entry points, with very few sentences spent on macro pessimism.
Perceived Risk
The manager views market-wide risks as moderate (0.50), noting that broad macroeconomic and geopolitical headwinds are easing. While they carefully evaluate micro-level risks—such as the transition of the E&S pricing cycle or software headwinds from AI integration—they view overall systemic tail risks as quite manageable.
Opportunity Density
Opportunity density is rated highly at 0.80. The manager sees a rich and expanded opportunity set across AI hardware, data center cooling/power infrastructure, and domestic reshoring. They successfully deployed capital into three brand-new names and aggressively added to core compounders (such as CoStar) that they view as trading at heavy, unwarranted discounts.
Time Horizon
Spyglass outlines a strong multi-year time horizon of 3 to 5+ years. They evaluate their holdings' compounding power using long-term projections (such as addressable markets through 2030 and EBITDA compounding targets over 3-5 years) and emphasize their commitment to acting as highly patient, fundamental-focused investors.
Top Conviction Themes
Key Catalysts
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