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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigation setback."
Focus Capital returned 0.8% net in Q1 2026 versus the S&P 500's -4.3% decline, though this masks significant volatility from the US-Iran war. The portfolio surged 18.1% in January and 5.5% in February before March's conflict erased all gains. The war's closure of the Strait of Hormuz drove oil prices from $65 to over $100 per barrel, significantly benefiting Valeura's Thai production operations. Asian oil prices reached $150-160 per barrel, with Valeura strategically building inventory before selling at elevated prices. The manager expects lasting supply constraints from infrastructure damage. Burford suffered a major setback when the Second Circuit reversed its $16.1 billion YPF award, cutting the stock in half. However, the manager views this as a gross overreaction, quintupling their position based on the core litigation business being undervalued at current prices. International arbitration pathways remain available for YPF recovery, while other large cases like the protein antitrust litigation offer significant upside potential.
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