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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"With insider sentiment now dimming at higher prices, the manager has normalized reserves while warning about elevated 28x valuations and preparing to harvest gains from recent volatile positioning."
CDT Capital Management delivered a 4.36% net return in April 2026 as the S&P 500 surged 10.4%, driven by exceptional Q1 earnings growth of over 27% and a semiconductor rally that saw SOXX gain 40.4%. The manager had positioned aggressively going into April with the lowest portfolio reserves since COVID-19, following corporate insider sentiment signals despite negative headlines about economic calamity from oil price spikes. This quantitative, unemotional approach proved successful as AI-driven demand for semiconductors and easing Middle East tensions created a market rebound few anticipated. However, with insider sentiment now dimming as prices have surged, CDT has returned reserves to normal levels reflecting increased risk. The manager warns about elevated valuations at 28x through-cycle earnings and cites Amazon as a cautionary tale of overpaying for quality. Looking forward, CDT expects to benefit from positions established during recent volatile periods while maintaining appropriate risk management as the opportunity set has shifted.
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