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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most significant LLM capability inflection since ChatGPT, driving structural compute shortages."
Jackson Peak returned -21.0% net in Q1 2026, underperforming due to elevating tech exposure just prior to the Iran conflict triggering a broad pullback and event-driven positions moving against them. The fund maintains conviction in AI infrastructure acceleration, noting the most important inflection in LLM capability since ChatGPT launched. Frontier models from Anthropic and OpenAI have improved dramatically, driving parabolic token usage growth and structural compute shortages. Core Scientific emerged as the largest position, benefiting from valuable data center co-location capacity amid supply shortages. The portfolio ended Q1 with 36% net exposure, up from 25%, positioned for continued AI infrastructure strength. Key contributors included Comfort Systems on the labor side of AI capex and Zoom capturing Anthropic stake re-rating. EchoStar remains a significant event-driven position ahead of the SpaceX IPO. Q2 has started stronger as AI acceleration gains market recognition and geopolitical tensions ease, creating a constructive setup for the strategy.
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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: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Growth Outlook
Market outlook remains low conviction: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Risk Appetite
Risk appetite posture is moderate conviction: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Forward Guidance
Forward guidance signal: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Language Signal
Tone analysis indicates low conviction language: Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Jackson Peak suffered Q1 losses from poorly timed tech exposure before Iran conflict but maintains strong conviction in AI infrastructure acceleration. The fund sees the most signi...
