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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"RM Capital experienced a challenging Q1 2026 with a -16.33% net return due to SaaS multiple compression and geopolitical headwinds. The manager is actively using this dislocation to aggressively pivot capital into deep-value fintech and asset-backed businesses offering significant margins of safety."
RM Capital's core philosophy centers on maintaining strict valuation discipline and avoiding the "perfection multiples" of popular compounders in favor of deeply discounted, cash-generative assets. In the first quarter of 2026, the fund fell 16.33%, underperforming the S&P 500's decline of 7.14%. The primary driver of this underperformance was a severe re-rating of SaaS multiples and sector-specific compression, alongside macroeconomic pressures from the US-Iran conflict that spiked energy costs and delayed anticipated interest rate cuts. Additionally, the manager admitted to near-term speculative mistakes that dragged performance down by over 2%. Despite these headwinds, the core portfolio's operational health remains intact. RM Capital is actively leveraging this market dislocation to pivot away from high-multiple tech giants and towards deep-value fintech and asset-backed businesses trading at significant margins of safety, aiming to exploit the widening disconnect between price and intrinsic value.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Assigned 0.70 because the manager exhibits high belief in their core valuation discipline, providing specific performance metrics such as a 30% loss causing a 1.5% drag. However, the exact portfolio sizing and concentration data remain partially undisclosed.
Growth Outlook
Assigned 0.50. The manager notes significant headwinds such as delayed rate cuts and multiple compressions but remains constructive, viewing these macro disruptions as opportunities to buy assets on the cheap.
Risk Appetite
A score of 0.75 is assigned as the manager is using the market decline to aggressively add risk and build larger weightings in dislocated compounders.
Capital Deployment
A score of 0.80 is assigned as the manager outlines a strategic pivot, actively reallocating capital into cash-generative, asset-backed deep-value positions and scaling up core positions on price weakness.
Forward Guidance
Assigned 0.75 as the manager details concrete action points, specifically pivoting into deep-value fintech and asset-backed businesses that the market has mispriced.
Language Signal
The score is neutral at 0.50. The letter balances bearish descriptions of the macro landscape (conflict, collapse of multiples, drawdowns) with highly confident, opportunistic terminology (high-conviction opportunity, spectacular investment).
Perceived Risk
Assigned 0.65 due to explicit discussions around global logistics disruptions, geopolitical conflict, inflation, and high-valuation multiple compression, though the manager views these risks as cyclical rather than structural.
Opportunity Density
Assigned 0.75 as the manager finds the current market dislocation highly productive for stock selection, particularly in deep-value fintech and oversold SaaS businesses.
Time Horizon
Assigned 0.80. The manager explicitly outlines a multi-year outlook, referencing Benjamin Graham's weighing machine analogy and stressing that single quarters or years are insufficient horizons to measure business performance.
