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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Voss underperformed in Q1 as AI momentum dominated markets, but initiated major Sempra Energy position targeting 17% IRR through utility restructuring catalyst. Activist campaigns at PAR, EEFT, and XPOF driving operational improvements."
Voss Value Fund returned -11.5% in Q1 2026 versus +0.9% for Russell 2000, underperforming in a market dominated by AI-driven momentum where semiconductors reached 16.9% of US market cap. The fund initiated a significant position in Sempra Energy, viewing it as a sum-of-parts opportunity where Oncor's 17% rate base growth and $47.5 billion capital plan is masked by California utility exposure. Manager sees potential 17% IRR through 2028 spin-off catalyst. Activist engagements at PAR, EEFT, and XPOF yielded operational improvements including board representation, analyst days, and strategic reviews. The manager criticizes current market regime where viral memes and momentum replace fundamental research, with AI capex surge creating uncertain ROI despite collapsed free cash flows. Software sector remains ostracized despite improving fundamentals. Portfolio maintains 183% gross exposure with concentrated top 10 longs at 75% weight, positioned for value unlock through corporate actions rather than momentum participation.
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