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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Alpine Capital navigates Q1 2026 by aggressively rotating away from software incumbents vulnerable to AI disruption and repositioning into hard-infrastructure assets, energy hedges, and CPU-heavy semiconductor plays like AMD."
Alpine Capital's Q1 2026 newsletter details a humbling period for headline index watchers, characterised by the 'SaaSpocalypse'—a major repricing of Software-as-a-Service (SaaS) companies driven by emerging AI agent capabilities—and direct US-Iran hostilities that pushed Brent crude over $110. Despite these shocks, the underlying US economy shows robust health, with simultaneous expansion in manufacturing and services alongside strong corporate earnings. In response, Alpine Capital actively adjusted its Global Active portfolio by exiting software, cybersecurity, and medical device ETFs to initiate and build positions in industrial metals (COPX), energy (Exxon Mobil), and edge-processing hardware (AMD). The fund maintains a cautious but optimistic outlook, prioritizing physical assets and companies with high pricing power.
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