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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020."
Plural Partners Fund delivered -11.6% net return in Q1 2026, underperforming due to small cap volatility driven by Middle East conflict. Manager Chris Waller maintains value investing approach, seeking businesses trading at substantial discounts to intrinsic value. Portfolio estimated to trade at 7.8x FCF in three years and 40% of intrinsic value, similar to April 2020 levels. Fund roughly doubled position in Judges Scientific, a serial acquirer of niche scientific instrument businesses recovering from US college funding uncertainty. New investment in Douglas Dynamics, dominant snowplow manufacturer benefiting from strong winter after two weak seasons. Jet2 travel position impacted by oil prices but manager believes market overreacts to single summer prospects. Portfolio concentrated in 6-8 best investments across industrials, consumer, travel, telecom, and real estate sectors. Fund maintains 97% net exposure with 3% cash, positioned for recovery as intrinsic values become reflected in prices.
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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: Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Growth Outlook
Market outlook remains low conviction: Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Risk Appetite
Risk appetite posture is above average conviction: Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Forward Guidance
Forward guidance signal: Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Language Signal
Tone analysis indicates moderate conviction language: Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Jud...
