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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Portfolio benefited from AI infrastructure exposure via Corning's $6 billion Meta deal and Sphere's expansion plans. Added to distressed Perrigo and new position Baxter."
O'Keefe Stevens maintained a defensive posture in Q1 2026 with cash as the largest portfolio position, proving prescient as the S&P 500 fell 4.3% in its first negative quarter since Q1 2025. The manager avoided the software sector selloff where the S&P Software Index declined 22.5% amid valuation resets and AI disruption concerns. Key winners included Corning, which secured a $6 billion AI data center deal with Meta and raised guidance, Sphere Entertainment with strong operating results and expansion plans, and Callaway following its Topgolf divestiture. The portfolio added to distressed situations like Perrigo and initiated a position in Baxter International following its kidney care spinoff. Manager views 2026 as the AI implementation year after 2025 focused on understanding capabilities. Risks include oil price pressures from Iran conflict eliminating rate cut prospects and elevated market valuations. The defensive positioning reflects unwillingness to own assets at prices requiring everything to go right, while maintaining optionality to deploy capital when securities offer acceptable returns from ordinary outcomes.
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