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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance."
Rewey Asset Management's SMID composite gained 9.21% in 1Q26, outperforming the Russell 2500 Value index's 4.77% return. The quarter was dominated by the Iran conflict which drove oil prices up 76% to $101 per barrel and renewed inflation fears. Despite this volatility, the manager sees continued rotation from large-cap tech toward undervalued small and SMID-cap stocks, with the Russell 2500 Value outperforming while the Magnificent 7 declined 12%. Key portfolio highlights included UCTT's 141% return driven by semiconductor capital spending recovery and AI memory demand. The manager initiated a position in DNOW, an energy distributor benefiting from merger synergies and potential upstream recovery. Regional banks remain a core theme despite recent concerns about private credit, with Fed capital relief proposals providing potential catalysts. The portfolio maintains 30 positions with strong balance sheets and limited external funding dependence. Forward outlook depends on conflict resolution, with quick de-escalation enabling continued economic acceleration and small-cap outperformance.
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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: RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Growth Outlook
Market outlook remains low conviction: RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Risk Appetite
Risk appetite posture is moderate conviction: RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Forward Guidance
Forward guidance signal: RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Language Signal
Tone analysis indicates low conviction language: RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. S...
