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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Middle East conflict has created 9% market pullback, but historical analysis shows geopolitical shocks typically recover within twelve months. Sandhill is using volatility to upgrade portfolios, initiating Texas Instruments position as semiconductor cycle recovers."
Sandhill Investment Management addresses current market volatility stemming from Middle East conflict involving the US, Israel, and Iran, which has caused a 9% market pullback. The manager emphasizes that while geopolitical uncertainty dominates headlines, historical analysis of 17 major conflicts since 1939 shows the S&P 500 averaged positive 2.92% returns twelve months after conflict start. Middle East conflicts specifically show strong recovery patterns. The firm is using volatility as an opportunity to upgrade portfolios, recently initiating a position in Texas Instruments as the analog semiconductor market emerges from a prolonged downturn. The company benefits from $20 billion in new fabrication capacity and improving market conditions. Beyond geopolitics, artificial intelligence represents a multi-year transformation creating winners and losers, with indiscriminate selling providing long-term opportunities. Fixed income has provided stability during equity volatility. The manager maintains that fundamentals ultimately drive returns while headlines create short-term noise, emphasizing discipline and opportunity capture during uncertain periods.
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