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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"37% for the S&P 500. Infrastructure and AI-beneficiary holdings led performance while travel and healthcare names lagged on sentiment shifts."
Torre Financial's Model Portfolio declined 8.45% in Q1 2026 versus the S&P 500's 4.37% decline, primarily due to geopolitical shocks from Iranian military conflict that disrupted oil supply and reset inflation expectations higher. The portfolio, which holds no energy names as a hedge, felt the full impact of the broad market repricing. Despite the drawdown, the underlying investment thesis remains intact, focused on high-quality businesses with superior returns on capital, durable competitive advantages, and strong cash flow generation. Top performers included infrastructure and industrial names benefiting from AI-driven data center buildout and energy transition spending, led by Comfort Systems and GE Vernova. Detractors were high-quality franchises where fundamental theses remain sound but near-term sentiment shifted, including Booking Holdings and Abbott Labs. The manager emphasizes that drawdowns are the price of admission for quality investing and plans to reduce portfolio activity going forward, allowing businesses to compound. The portfolio remains fully invested with a constructive outlook supported by solid employment and accelerating AI capital spending.
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