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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading at half intrinsic value."
Olesen Value Fund declined 10.9% in Q1 2026, primarily due to substantial UK homebuilder positions that fell dramatically following the Iran war outbreak. Despite this decline, manager Christian Olesen believes the portfolio is now the most undervalued since the 2009 financial crisis, estimating intrinsic values at more than double current market prices. The three UK homebuilder holdings trade at attractive multiples with strong balance sheets, zero net debt, and exposure to constrained land supply. Solitron Devices, a defense component manufacturer, provided a bright spot with 32% gains following earnings increases and acquisition interest. Multi-year U.S. government defense contracts signal significant future growth potential. Olesen maintains 100% of his personal assets in the fund and expects extraordinarily good future returns, projecting the portfolio could double over the next few years. The fund's long-term value approach targets businesses with strong fundamentals trading below intrinsic value, particularly outside expensive U.S. markets.
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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: Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Growth Outlook
Market outlook remains low conviction: Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Risk Appetite
Risk appetite posture is moderate conviction: Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Forward Guidance
Forward guidance signal: Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Language Signal
Tone analysis indicates moderate conviction language: Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading ...
