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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Reducing net exposure amid rising rates while capturing wins across AI beneficiary Vertiv, Microsoft/Activision arbitrage, and COVID over-earner shorts."
Jackson Peak Capital delivered strong Q3 2023 performance with +11.8% returns despite challenging market conditions, demonstrating the effectiveness of their alternative long-short approach. The fund successfully navigated a confluence of headwinds including AI rally exhaustion, rising interest rates, and suboptimal IPO market conditions by reducing net exposure from 51% to 35% and implementing macro hedges. Notable wins across all three portfolio buckets included Vertiv gaining 50% on AI data center thermal management demand, successful Microsoft/Activision merger arbitrage completion, and profitable Leslie's short position on COVID over-earning normalization. The manager remains focused on special situations opportunities, particularly merger arbitrage cases like JetBlue/Spirit Airlines, while monitoring real interest rate impacts after 15 years of accommodation. Portfolio positioning emphasizes asymmetric risk/reward opportunities with downside protection. Looking ahead, the dynamic micro and macro landscape continues to present attractive opportunities for their concentrated strategy, with Q4 starting strong and the manager expressing excitement about the current opportunity set.
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