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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Minotaur returned 16.3% in Q2 driven by memory stocks, then executed major de-risking in June before July's sharp selloff. Memory names fell 33-50% on record earnings due to deleveraging, not fundamentals."
Minotaur returned 16.3% in Q2 2026, driven primarily by SK hynix and Micron contributing 15-18 percentage points combined. The fund executed significant de-risking in June, halving AI infrastructure exposure from 31% to 15% and reducing volatility from 15% to 13.4%, not due to thesis change but concentration management. July brought sharp memory stock declines of 33-50% despite record quarterly results, driven by hedge fund deleveraging and Korean retail margin unwinding rather than fundamental deterioration. The manager's memory thesis remains intact: AI demand outpaces supply, no meaningful capacity arrives before 2027, and multi-year supply agreements provide structural support. SK hynix trades at 3x 2027 earnings after the selloff. The fund began adding back to Micron and Nvidia in late July, treating the deleveraging as opportunity. Key risks include hyperscaler capex discipline and market demands for visible AI returns. The diversified book built in June enables selective deployment into weakness while maintaining risk discipline.
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