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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded."
The GreensKeeper Value Fund returned +10.9% in Q2 2026, bringing year-to-date performance to +1.9%. After addressing market frothiness at the Annual Meeting, the portfolio benefited from a rotation away from momentum back to valuations. ICON plc was the top performer (+57%) after the manager aggressively added to the position during peak pessimism when accounting issues caused the stock to plummet. The delayed results validated the thesis that cash generation would remain intact, and shares appreciated over 90% in less than five months. Richemont (+30.8%) continued executing well with disciplined pricing protecting brand equity, while Alphabet (+23.2%) demonstrated AI is enhancing rather than cannibalizing search, with Cloud margins expanding to 33%. Elevance Health (+32.1%) is turning the corner on medical cost inflation. Detractors included Intercontinental Exchange (-21.7%) on overblown concerns about perpetual futures competition, and Lockheed Martin (-15.7%) on temporary execution challenges. The concentrated portfolio of 15-20 high-quality businesses remains positioned to compound intrinsic value over the long term.
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