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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Despite detractors like Pandora facing silver price inflation, the concentrated approach targeting sustainable returns on capital across out-of-favor sectors continues outperforming conventional strategies."
Smead International Value Fund delivered 14.39% returns in Q1 2026 through unconventional positioning: 38% in oil stocks capitalizing on supply tightness and 20%+ in European banks seeing enhanced capital returns. Despite detractors like Pandora facing silver price inflation, the concentrated approach targeting sustainable returns on capital across out-of-favor sectors continues outperforming conventional strategies.
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