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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Oldfield Partners Overstone Global Large Cap. This analysis is provided for institutional research purposes only and is not investment advice.
"Oldfield Partners outperformed significantly in Q1 2026, benefiting from geopolitical tensions that boosted oil stocks while pressuring airlines. The value-focused portfolio trades at 10x earnings with 40%+ upside, adding quality names like Merck and Ally Financial."
Oldfield Partners delivered strong outperformance in Q1 2026, rising 4.7% while global markets fell 3.6%. The fund benefited from geopolitical tensions, with oil company ENI surging 55.7% as oil prices doubled due to the Iran war, while airline easyJet fell 30.1% on fuel cost pressures. Samsung gained 38.5% from AI-driven memory demand, with dynamic memory prices up six-fold. The manager made strategic portfolio changes, adding German pharmaceutical company Merck at attractive 14x earnings and digital bank Ally Financial with 50% upside potential, while selling Southwest Airlines at target price. The portfolio maintains a value-oriented approach, trading at 10x forward earnings with 40%+ weighted average upside. Despite elevated geopolitical tensions reminiscent of the 1970s and extreme S&P 500 valuations at the 99th percentile, the manager sees compelling opportunities in unloved, undervalued companies away from crowded US growth trades. With companies averaging over 100 years in age, the portfolio emphasizes resilient businesses with long operating histories.
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