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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Fairlight outperformed in volatile Q1 2026 driven by oil exposure and new infrastructure play Cematrix Corporation. Middle East conflict spiked oil prices above $160/barrel with manager expecting sustained elevation."
Fairlight Alpha Fund returned 4.6% net in Q1 2026 versus -4.4% for the S&P 500, driven primarily by oil and gas exposure through Valeura Energy and new infrastructure position Cematrix Corporation. The quarter was marked by significant geopolitical volatility as Middle East conflict led to closure of the Strait of Hormuz and oil price spikes above $160/barrel. The manager believes oil prices will remain elevated longer than markets expect due to potential permanent infrastructure damage. New position Cematrix offers exposure to US infrastructure replacement needs with 25% annual revenue growth and attractive 6x EBITDA valuation. Beng Kuang Marine continued its asset-light transformation with strong margin expansion. Junior gold miners lagged despite manager's view they remain cheap on free cash flow basis. The fund maintains its focus on global microcap opportunities where company-specific factors dominate macro themes, enhanced by AI-assisted research processes. Despite ongoing volatility, the manager sees abundant opportunities through intensive global idea generation.
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