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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the physical infrastructure required to power the AI economy."
For Q1 2026, the Old West All Cap Opportunity fund returned +16.01% (net), vastly outperforming its Russell 3000 Value benchmark (+2.23%). This performance was driven by the fund's timely reallocation into energy stocks, which capitalized on a sudden surge in Brent crude oil prices from $61 to $118 following geopolitical conflicts in the Middle East. Top contributors included Canadian Natural Resources (CNQ), Tidewater (TDW), and Suncor Energy (SU). Detractors included Bruker (BRKR), SS&C Technologies (SSNC), and Trilogy Metals (TMQ), which declined primarily due to funding cuts and valuation multiple compression rather than weak core business performance. Old West remains highly committed to its core thesis of investing in physical assets—such as copper, natural gas, and infrastructure—that power the AI revolution, positioning the portfolio to benefit from structural, physical supply shortages.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Growth Outlook
Market outlook remains above average conviction: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Risk Appetite
Risk appetite posture is high conviction: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Forward Guidance
Forward guidance signal: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Language Signal
Tone analysis indicates high conviction language: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Time Horizon
Investment time horizon reflects a high conviction orientation. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...