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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown since 1990, the manager sees exceptional buying opportunities with holdings now trading at decade-low valuations."
Mayar Capital's Q1 2026 letter addresses the challenging environment created by the Iran War and its impact on global supply chains and energy markets. The fund declined 8.8% versus the MSCI World's 3.6% decline, continuing a difficult period for quality-focused investing. Manager Abdulaziz Alnaim acknowledges this represents the worst drawdown for quality stocks since 1990 but views current conditions as creating exceptional buying opportunities. The fund executed its most active quarter in history, turning over 24% of the portfolio to capitalize on AI anxiety affecting software companies and broader market pessimism. New investments include Microsoft, SAP, Middleby, Xero, Toast, Dassault Systèmes, and Inter Cars, while exits included Samsung, Vistry, Vestas, and Somero Enterprises. The manager emphasizes that quality businesses with economic moats are now trading at their cheapest levels in at least a decade. Despite maintaining global diversification that has been a headwind due to US outperformance, the team expects mid-to-high teens annualized returns from current holdings and is averaging into positions gradually while markets remain volatile.
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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: Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Growth Outlook
Market outlook remains low conviction: Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Risk Appetite
Risk appetite posture is above average conviction: Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Forward Guidance
Forward guidance signal: Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Language Signal
Tone analysis indicates low conviction language: Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown sin...
