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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"RCG gained 12% in Q1 despite banking sector turmoil. The collapse of Silicon Valley Bank will permanently damage the innovation economy by reducing venture capital funding."
Richie Capital's Q1 2023 letter focuses on the collapse of Silicon Valley Bank and its implications for the innovation economy. The fund's Select Alpha strategy gained 12% while the Long/Short strategy declined 4%. Top performers included Perion Network, which benefits from Microsoft's ChatGPT-powered Bing search engine, Comfort Systems riding onshoring trends, and MSCI with strong ESG growth prospects. The manager views SVB's collapse as creating a permanent void in venture capital funding that will stifle innovation and reduce the pipeline of future public companies. This banking crisis, combined with rising rates, creates headwinds for growth and REITs. However, the fund sees opportunities in structural themes like American reshoring and AI-driven advertising. Detractors included A10 Networks facing hardware-to-software transition challenges and American Tower hurt by rate sensitivity and India exposure. The manager is aligning portfolios to a new reality of reduced innovation funding while maintaining conviction in specific growth stories at attractive valuations.
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