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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Silver Beech outperformed in Q1 by avoiding AI-disrupted software and benefiting from energy supply shocks. The fund's large new Apollo position exemplifies its strategy of buying misunderstood, structurally advantaged companies."
Silver Beech returned -2.0% in Q1 2026 versus the S&P 500's -4.3%, benefiting from energy holdings during the Strait of Hormuz disruption and avoiding AI-impacted software companies. The fund initiated a large position in Apollo Global Management, viewing it as a misunderstood leader in the convergence of private capital and life insurance. Apollo's integrated model with Athene creates structural advantages through permanent capital, proprietary origination platforms, and spread capture that asset-light competitors cannot replicate. The market has penalized Apollo for complexity while underappreciating its durability, with the stock trading at 25x after-tax FRE despite mid-teens growth prospects. Silver Beech sees 40%+ upside to $160 per share in the base case. Key risks include regulatory capital reform, credit cycle downturns, and peer convergence. The current opportunity set is among the most attractive the manager has seen, driven by market dislocations from AI disruption themes and energy supply shocks that have untethered many equity prices from fundamentals.
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