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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"RLH SPAC Fund returned 6.1% in Q2 2026 by combining trust-supported yields with transaction-driven optionality. The strategy delivered as SPAC discounts converged and select transactions like CCXI and BRUN captured investor interest."
RLH SPAC Fund returned 6.1% in Q2 2026, driven by attractive contractual yields and transaction-related developments that validated the Fund's strategy of combining trust-supported downside protection with meaningful upside optionality. The opportunity set highlighted in the prior quarter materialized as discounts between SPAC trading prices and trust cash converged, while several positions benefited from improving investor sentiment. SPAC issuance remained elevated with 55 IPOs raising $8.9bn, while transaction announcements accelerated to 28 deals, the strongest quarter in three years. The continued imbalance between issuance and transaction activity keeps yields wide across the pre-announcement market. The Fund focuses on opportunities offering base-case annualized yields approaching or exceeding 5%, downside supported by trust cash, accelerated returns if transactions close early, and additional upside if transactions trade above trust value. Recent examples like CCXI and BRUN demonstrated that investor demand returns quickly for compelling transactions. The Fund also sees renewed activity in non-redemption agreements after several dormant quarters. The portfolio consists of approximately 74 SPACs with structural downside protection and multiple potential catalysts.
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