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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry."
Tactile Fund rose 1% in Q1 2026, focusing on companies with extraordinary physical assets across global markets. The portfolio is 30% US-domiciled but many holdings have significant US operations, like Gruma which earns 53% of revenue in America despite being Mexican-listed. Current geopolitical tensions from the Iran war are pressuring tourism-dependent holdings like Jungfraubahn and Hotel Majestic Cannes, while energy cost increases affect European companies like Irish Continental Group and Sigmaroc. However, the manager expects these companies to weather pressures and pass costs to customers. The fund highlighted Robertet, a French producer of natural botanicals for luxury perfumes, which has doubled revenue over the past decade as demand shifts from synthetic to natural ingredients. The growing global middle class increasingly demands quality products and ingredient transparency. The manager remains confident that high-quality tangible assets provide necessary counterweight to intangibles-dominated markets, with portfolio holdings positioned to benefit from long-term demand growth despite short-term volatility.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Growth Outlook
Market outlook remains above average conviction: Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Risk Appetite
Risk appetite posture is moderate conviction: Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Forward Guidance
Forward guidance signal: Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Language Signal
Tone analysis indicates above average conviction language: Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating glob...
