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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Polaris outperformed by 125 bps in Q2 2026, driven by AI semiconductor plays SK hynix and Samsung, airlines benefiting from Iran de-escalation, and selective financials. China holdings dragged on U.S. sanctions and capital flow restrictions."
Polaris International Equity Composite returned 12.33% net in Q2 2026, outperforming the MSCI EAFE Index by 125 basis points, driven by concentrated exposure to AI-related semiconductor plays and airlines. SK hynix and Samsung Electronics led gains on surging demand for high-bandwidth memory chips, with SK hynix selling out 2026 HBM capacity and raising $28-29 billion for expansion. Airlines benefited from strong travel demand and lower oil prices following U.S.-Iran de-escalation, with Ryanair becoming debt-free and LATAM posting record net income. Financials contributed through company-specific catalysts, including Orix selling its bank division and UniCredit launching a takeover bid for Commerzbank. China holdings detracted significantly, with Alibaba facing U.S. blacklist designation and AIA hampered by Beijing capital flow restrictions. The manager maintains a constructive but selective outlook, viewing current dislocations as early innings of a multi-year opportunity to own cash-generative businesses at attractive valuations, despite elevated macro risks from fragile Middle East peace, persistent inflation, and concentrated market leadership.
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