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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates."
Spyglass Growth Strategy returned 24.63% in Q2 2026, outperforming the Bloomberg Midcap Growth Index's 14.05% as software stocks rebounded from the first quarter selloff and geopolitical tensions eased with the US-Iran ceasefire. The portfolio's earnings growth remains above 40%, which the manager believes is at one of its strongest points in the firm's history, yet share prices have not reflected this growth, suggesting attractive valuations. Top contributors included Credo Technology, Affirm, Snowflake, AAON, and Cadence, driven by strong quarterly results and improving sentiment around AI differentiation. The manager added three new positions: QXO in building products distribution following its TopBuild acquisition, MKS in semiconductor equipment components positioned for AI-driven WFE growth, and Forgent Power Solutions in electrical equipment benefiting from datacenter buildout. Despite strong operating results with 85% of companies meeting or exceeding estimates over 16 quarters, the portfolio experienced multiple compression from AI uncertainty, passive flows, and trading volatility. The manager maintains high conviction that temporary price dislocations will resolve as fundamentals drive long-term returns, remaining patient investors anchored to company operating results rather than short-term market inefficiencies.
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