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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities."
Broyhill Vitruvian Value declined 8.9% in Q1 2026, underperforming the MSCI All Country World Index's 3.1% decline due to three structural portfolio tilts moving against them simultaneously: no energy exposure, significant international positioning, and large non-cyclical exposure that failed to provide expected downside protection. Despite defensive positioning with nearly half the portfolio in noncyclical sectors, the manager emphasizes that underlying businesses are performing well with rising consensus estimates even as stock prices declined, suggesting a positioning-driven rather than fundamental sell-off. The manager used market volatility to initiate multiple new positions including Microsoft, Smurfit WestRock, and housing-related names Masco and Floor & Décor, while adding to high-conviction European positions like LVMH and Watches of Switzerland. Significantly increased healthcare exposure, particularly in Medical Device and Life Sciences Tools sectors, viewing AI as a catalyst for increased R&D spending rather than a threat to clinical research organizations. Portfolio is meaningfully cheaper today with unchanged business quality assessments, positioning for asymmetric upside when fundamentals reassert over momentum.
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