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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"WestEnd Capital returned 16.3% net in Q2 2026, driven by owning accelerating earnings growers in a market posting 29% year-over-year profit growth and record margins. The manager added infrastructure, senior housing, fintech, and consumer positions while passing on SpaceX's IPO on valuation grounds."
WestEnd Capital Management's Core Strategy returned 16.3% net of fees in Q2 2026, outperforming the S&P 500 as stocks rallied following the Iran war ceasefire. The strong performance was driven by owning top earnings generators including ASML, Caterpillar, Freeport McMoran, Rockwell Automation, Howmet Aerospace, Kodiak Gas, Quanta Services, and Viking. S&P 500 earnings grew more than 29% year-over-year in Q1 2026, with full-year consensus projecting 27% growth, continuing one of the strongest corporate profit cycles of the past decade. Net profit margins reached 14.8% in Q1, the highest level in at least a decade. The manager added exposure to infrastructure (WaterBridge), senior housing (Janus Living), fintech (Robinhood), and consumer (Restoration Hardware and Target), while choosing not to participate in the SpaceX IPO despite admiring the business, citing valuation concerns. The portfolio emphasizes businesses where earnings growth, free cash flow generation, and valuation combine to create compelling risk-adjusted returns across technology, infrastructure, demographics, and selective consumer opportunities.
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