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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals at core holdings like Taiwan Semiconductor and Alphabet. The firm maintains conviction in AI infrastructure investments while navigating temporary Middle East disruptions and preparing for major tech IPOs that could provide valuation clarity."
Wedgewood Partners posted a -6.3% return in Q1 2026, underperforming the S&P 500's -4.3% decline amid geopolitical volatility from the Iran-Strait of Hormuz conflict. The portfolio benefited from strong AI-driven performance at Taiwan Semiconductor Manufacturing (+25% revenue growth), Alphabet (+17% search revenue growth), and continued industrial recovery at Old Dominion Freight Line. However, technology stocks faced pressure as markets discounted AI-enabled companies ahead of major IPOs from OpenAI, Anthropic, and SpaceX expected in 2026. Microsoft, Meta, and other AI infrastructure investors were penalized despite strong fundamentals and productivity gains from elevated capex spending. The Middle East war drove oil prices from $67 to $100 per barrel, creating inflationary pressures and market volatility. Portfolio activity included selling PayPal, adding Toll Brothers and Progressive, and increasing Amazon while trimming Taiwan Semiconductor due to position size limits. The firm maintains conviction in AI infrastructure investments and expects the geopolitical disruption to be temporary, lasting quarters rather than years.
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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: Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Growth Outlook
Market outlook remains high conviction: Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Risk Appetite
Risk appetite posture is very low conviction: Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Forward Guidance
Forward guidance signal: Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Language Signal
Tone analysis indicates high conviction language: Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals...
