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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 28, 2026
Spyglass Growth Strategy returned 24.63% in Q2 2026, outperforming the Bloomberg Midcap Growth Index's 14.05% as software stocks rebounded from the first quarter selloff and geopolitical tensions eased with the US-Iran ceasefire. The portfolio's earnings growth remains above 40%, which the manager believes is at one of its strongest points in the firm's history, yet share prices have not reflected this growth, suggesting attractive valuations. Top contributors included Credo Technology, Affirm, Snowflake, AAON, and Cadence, driven by strong quarterly results and improving sentiment around AI differentiation. The manager added three new positions: QXO in building products distribution following its TopBuild acquisition, MKS in semiconductor equipment components positioned for AI-driven WFE growth, and Forgent Power Solutions in electrical equipment benefiting from datacenter buildout. Despite strong operating results with 85% of companies meeting or exceeding estimates over 16 quarters, the portfolio experienced multiple compression from AI uncertainty, passive flows, and trading volatility. The manager maintains high conviction that temporary price dislocations will resolve as fundamentals drive long-term returns, remaining patient investors anchored to company operating results rather than short-term market inefficiencies.
Spyglass invests in market-leading growth companies where strong earnings growth is not yet reflected in stock prices, creating attractive valuations. The portfolio's earnings growth is at one of its strongest points in the firm's history at above 40%, yet the portfolio is experiencing significant multiple compression despite 85% of companies meeting or exceeding consensus estimates over the past 16 quarters. The manager believes short-term factors like AI uncertainty, passive flows, and trading volatility are creating temporary price dislocations that will be resolved as the market's long-term weighing machine confirms business success.
The manager remains optimistic about opportunities ahead, focused on identifying market-leading companies led by talented entrepreneurs, trading at attractive prices, and capitalizing on megatrends that will drive future innovation and growth. Despite the eventful first half of 2026 and current multiple compression, the manager believes the operating results within portfolio companies are outpacing their respective stock prices, creating value that is not currently recognized. The manager anchors expected present values to company fundamentals and believes the long-term weighing machine of the market will eventually resolve temporary distortions, remaining patient investors in the meantime.
Moderate Conviction Bullish
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