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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
WestEnd's Core Strategy returned -4.8% net of fees in the third quarter of 2026, trailing the headline S&P 500 Index gain of 2.3% while maintaining positive net outperformance year-to-date. The portfolio absorbed pressure as market breadth narrowed to levels unseen since the dot-com era, with the median index constituent sitting roughly 17% below its prior high and seven out of eleven S&P sectors finishing in negative territory. Management responded to this factor dispersion by re-evaluating position sizing, valuations, and duration risks across client accounts. The macroeconomic environment shifted abruptly following a 25 basis point benchmark interest rate hike by the Federal Reserve and an 83 basis point surge in the 10-year Treasury yield to 5.3%. In response to a higher cost of capital and increasing scrutiny over data-center infrastructure constraints, the strategy selectively redeployed capital into sectors displaying durable forward earnings visibility. Portfolio management emphasized two primary thematic pillars: broadening exposure into non-cyclical healthcare opportunities and refining technology allocations toward platform architectures with clear monetization mechanisms. Portfolio activity was marked by a complete liquidation of Boeing following persistent production bottlenecks and regulatory disruptions that impaired operating leverage. Concurrently, the manager initiated new positions in Meta Platforms, Palantir Technologies, and Snowflake, targeting enterprise data governance and existing ecosystem monetization. Within healthcare, the strategy broadened into turnaround opportunities via GE HealthCare and Merck, alongside establishing a new holding in Moderna centered on its personalized cancer vaccine clinical pipeline.
WestEnd Capital focuses on owning high-quality businesses with strong backlogs, durable demand, and healthy free cash flow, selectively rotating capital into undervalued compounders capable of generating operating leverage across shifting macroeconomic regimes.
Management anticipates that capital will continue to rotate as markets adjust to a higher-rate regime, viewing expanding market dispersion as an especially fertile environment for disciplined active equity selection.
Moderate Conviction Bullish
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