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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Defense, and software positions declined simultaneously despite strong fundamentals. The manager added to memory stocks now trading at 3.5x earnings with supply locked through 2026, initiated cybersecurity positions, and exited weak holdings."
The Minotaur Global Opportunities Fund fell 7.8% in March, underperforming the MSCI ACWI by 4.4% as multiple core positions declined simultaneously. Memory semiconductors were the largest detractor, with SK hynix and Micron falling despite excellent fundamentals as markets overreacted to AI efficiency concerns. European defense stocks corrected 15-25% despite continued NATO spending growth. Software positions suffered from broad AI disruption fears, though the manager argues companies like GitLab actually benefit from increased AI adoption. Cybersecurity was the strongest contributor amid geopolitical tensions. The manager responded by adding to positions where fundamentals improved while prices fell, including memory stocks now trading at attractive valuations with supply locked through 2026. Weak positions were exited while new opportunities in cybersecurity and Latin American energy were initiated. Despite the difficult month, the manager maintains conviction in core themes, viewing the selloff as creating better entry points rather than fundamental thesis breaks.
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