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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased exposure to oil tankers and exploration companies while maintaining concentrated positions in core compounders like Alphabet and Berkshire Hathaway."
Peterson Investment Fund I returned -0.8% net in Q1 2026, outperforming the S&P 500's -4.3% return by 3.5 percentage points. The quarter was shaped by geopolitical escalation involving the United States, Israel, and Iran, creating disruption around the Strait of Hormuz that altered commercial behavior across freight markets, insurance costs, and supply chains. The fund identified mispricing opportunities in energy-related positions, selectively increasing exposure to oil tanker shipping and exploration and production businesses where the market had not fully incorporated secondary disruption effects or the persistence of elevated baseline energy prices. The portfolio remains concentrated in core long-duration compounders including Alphabet, Berkshire Hathaway, Alibaba, Daily Journal, and Naspers. No core equity positions were sold during the quarter. Since inception in October 2011, the fund has delivered 13.4% annualized net returns, turning each $1 million invested into $6.15 million. The quarter reinforced that intrinsic value builds more steadily than market price reactions, with recognition often arriving in bursts rather than on a smooth schedule.
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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: Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Growth Outlook
Market outlook remains low conviction: Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Risk Appetite
Risk appetite posture is moderate conviction: Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Forward Guidance
Forward guidance signal: Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Language Signal
Tone analysis indicates low conviction language: Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased expo...
