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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aerospace aftermarket, and exchange operators."
Stenham Equity UCITS Fund delivered an 8.4% return in Q2 2025, bringing YTD performance to 9.2%. The fund underperformed the MSCI World Index, which returned 11.0% in Q2 and 9.5% YTD. This relative underperformance (-2.6% in Q2, -0.3% YTD) was heavily influenced by FX hedges of non-US holdings, which detracted 3.1% YTD. Excluding this factor, stock-picking performance was robust at 12.3% YTD. Strongest positive contributors were Microsoft, TSMC, and Safran, while Thermo Fisher, American Financial Group, and Union Pacific detracted. Portfolio discussion focused on the exceptional demand for Cloud/AI infrastructure (Microsoft & Amazon), the long-term pricing power and aftermarket tailwinds in Aerospace, and stablecoin noise within the payment networks (Visa & Mastercard). The fund highlighted CME Group as a key holding with a dominant network effect well-suited to hedge geopolitical and macroeconomic volatility.
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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: The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Growth Outlook
Market outlook remains above average conviction: The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Risk Appetite
Risk appetite posture is above average conviction: The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Forward Guidance
Forward guidance signal: The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Language Signal
Tone analysis indicates above average conviction language: The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aero...
