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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"PCM sees current geopolitical tensions and AI disruption as temporary headwinds against a backdrop of healthy market broadening and strong earnings growth. The bull market remains intact with 14% projected S&P earnings growth in 2026."
Private Capital Management maintains an optimistic long-term outlook despite current geopolitical tensions and market uncertainties. The firm notes that markets are holding their own year-to-date with the S&P 500 flat and equal-weight S&P up 3%, reflecting healthy market broadening toward cyclicals and value stocks. They are closely monitoring the AI infrastructure buildout, describing it as a gold rush with hyperscalers like Amazon, Microsoft, and Alphabet spending massively on data centers. While this spending generates economic growth, the firm notes increasing debt financing may impact free cash flow and buyback sustainability. The Middle East conflict creates significant uncertainty, but PCM draws on historical precedent showing markets trend upward over time despite wars and tumultuous events. They emphasize that the bull market remains intact with earnings growth, not valuation expansion, driving returns. S&P 500 earnings are projected to grow over 14% in 2026. The firm leverages over 25 years of experience building diversified, resilient portfolios for long-term capital compounding.
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