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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation."
JDP Capital's Survivor & Thriver Fund declined 15.1% in Q1 2026 versus S&P 500's 4.3% drop, as AI disruption fears and Iran war outbreak drove extreme market sentiment. The manager maintains conviction in businesses meeting four criteria: adaptable business models, durable pricing power, capital allocation supporting competitive moats, and management-shareholder alignment. The fund exited Caesars Entertainment after disappointing buyout talks and initiated a position in Mercado Libre, the dominant Latin American e-commerce and fintech platform, at attractive valuations during the emerging markets selloff. Despite market volatility, the manager emphasizes that prospects for durable, growing businesses remain unchanged. Companies reinvesting aggressively for growth, like Amazon's $200 billion AI infrastructure spend, are being punished despite positioning for long-term value creation. Historical market indicators suggest current conditions mirror previous bull market beginnings, with high volatility, excessive cash holdings, and investor cautiousness typically preceding strong recoveries. The manager remains fully invested alongside client capital, focused on secular winners that can compound when most cannot.
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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: Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Growth Outlook
Market outlook remains low conviction: Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Risk Appetite
Risk appetite posture is moderate conviction: Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Forward Guidance
Forward guidance signal: Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Language Signal
Tone analysis indicates very low conviction language: Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Fund down 15.1% as AI fears and Iran war drove market panic. Exited Caesars on disappointing buyout, added Mercado Libre at attractive valuation. Manager sees extraordinary buying ...
