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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Q1 2026 confirmed Westfield's broadening thesis before Iran's Strait of Hormuz closure created a one-variable energy market. Underlying economic improvement remains genuine with ISM above 50 and small caps outperforming."
Q1 2026 played out in two distinct phases that validated Westfield's core thesis while introducing new complexities. January and February delivered the anticipated cyclical broadening with the ISM breaking above 50, small caps outperforming mega-cap tech by over 10%, and equal-weight trouncing cap-weight by the widest margin in years. This confirmed genuine underlying economic improvement. However, Iran's closure of the Strait of Hormuz on February 28 triggered the largest energy supply shock in recorded history, creating a one-variable market where equities moved in lockstep with energy prices. Despite this disruption, the broadening thesis remains intact. AI narratives are maturing from disruption panic to selectivity, favoring rigorous fundamental analysis. Private credit is showing cracks with widening CDS spreads and mounting redemption requests. Technical sentiment reached washout levels consistent with durable recovery setups. Westfield enters Q2 constructive and patient, positioned for a quality-first approach that can perform across scenarios.
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