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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Aptus maintains conviction in risk assets despite Q1 volatility from Iran conflict and AI disruption."
Aptus advocates for skeptical optimism amid Q1 2026 market volatility driven by Iran conflict and AI disruption. The S&P 500 declined 4.35% as geopolitical tensions closed the Strait of Hormuz, spiking oil prices, while AI fears compressed technology valuations despite strong earnings. The manager emphasizes that markets historically recover from geopolitical events, with 79% positive returns one year later and median gains of 13.8%. Key fundamentals remain strong with the S&P 500 posting its 5th consecutive quarter of double-digit earnings growth and forward P/E falling to 19.7x, below the 5-year average. AI represents revolutionary change requiring new valuation frameworks rather than historical comparisons. Private credit faces redemption pressures but poses limited systemic risk given institutional ownership and healthy coverage ratios. The manager maintains conviction in owning risk assets, emphasizing that pessimism is expensive and long-term wealth creation requires accepting volatility. Focus remains on growth and profitability as core investment drivers.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
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Language Signal
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