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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Rothschild & Co LongRun Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"LongRun Equity underperformed in Q2 2025. The fund capitalized on volatility to buy O'Reilly and Salesforce, while exiting UnitedHealth and LVMH."
LongRun Equity strategy fell 1.2% in Q2 2025, underperforming its benchmark which rose 2.6%. The underperformance was primarily driven by drops in healthcare holdings (Thermo Fisher, UnitedHealth) and US dollar weakness, which overshadowed strong performances (>25%) from GE Aerospace, Idexx, Intuit, and Microsoft. Active portfolio adjustments included initiating positions in O'Reilly Automotive and Salesforce, while fully exiting UnitedHealth and LVMH (favoring Hermès). The fund continues to focus on high-quality compounders and expects annualized forward returns in the low double digits.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
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