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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Militia Capital posted 19% Q1 returns through superior multi-manager execution, with individual PMs delivering 23-37% performance. This final hedge fund letter announces a strategic pivot toward building a comprehensive financial services platform featuring AI-powered investing, ETFs, and brokerage services, while promoting top performers to partnership roles."
Militia Capital achieved 19% net returns in Q1 2026, driven by exceptional performance from portfolio managers Rodrigo (23%) and Michael (37.5%), while founder David Orr contributed 6%. The fund demonstrates superior risk-adjusted returns with a Sharpe ratio of 3.96 and maximum drawdown of only 4.69%, significantly outperforming benchmarks. This marks the final hedge fund letter as the manager shifts focus toward building a vertically integrated financial services company. The vision encompasses ETFs, tax planning, and brokerage services, powered by proprietary AI investing systems and efficient stock borrowing operations. The business will operate globally from non-autocratic countries, with key personnel identified by business partner Sam. Current portfolio managers will receive equity stakes in the new venture and help recruit talent. The multi-manager structure will continue with Rodrigo and Michael becoming partners with 90% profit share next year, eventually transitioning to full partnership status as the firm evolves beyond traditional hedge fund operations.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
The conviction score of 0.70 reflects the manager's high level of trust in his portfolio managers and the bold structural decision to end investor letters to protect their edge. However, the lack of specific stock holdings or portfolio concentration details prevents a higher rating.
Growth Outlook
The market outlook score is 0.50 because the manager does not express any views on the broader stock market, macro economy, or index directions, focusing entirely on internal performance and structural evolution.
Risk Appetite
The risk appetite score is set to 0.50 as the letter provides no details regarding net exposures, leverage, or defensive positioning, maintaining a neutral reporting stance on historical Q1 outcomes.
Capital Deployment
The capital deployment index is 0.50 because there is no information on cash level changes, inflows/outflows, or active capital redeployment within the investment portfolio.
Forward Guidance
Forward guidance is scored at 0.50. While the firm details long-term plans to build a financial services company, there is no near-term guidance or action bias stated regarding portfolio adjustments, cash levels, or trading activity.
Language Signal
The language signal score of 0.50 reflects the absence of directional market descriptors. The text is written in a factual, operational tone, devoid of standard bullish or bearish phrases regarding equities.
Perceived Risk
Perceived risk is scored at 0.40, reflecting minimal macro risk discussion. The only hazard mentioned is the potential loss of competitive edge through disclosure in investor letters, with no broader economic threats discussed.
Opportunity Density
An opportunity density of 0.50 is assigned because the manager does not comment on the current ease or difficulty of finding attractive investments in the public markets.
Time Horizon
The time horizon is scored at 0.75, indicating a long-term multi-year framework. The manager details corporate structural transitions occurring 'next year' and 'in a few more years' to realize the firm's global platform vision.
