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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Hosking Partners delivered 15.3% year-to-date through capital cycle discipline, taking profits in memory semiconductors after historic AI-driven gains while maintaining energy positions despite geopolitical volatility. The strategy is positioned away from momentum-driven AI sectors experiencing record equity issuance and toward disciplined capital allocators in Japan, energy, and New York office real estate, capitalizing on the return to traditional supply-demand dynamics after a decade of capital-light business dominance."
Hosking Partners delivered 11.7% net returns in Q2 2026 and 15.3% year-to-date, outperforming the MSCI ACWI by 4.0% in a volatile first half dominated by AI momentum. The strategy's capital cycle framework drove strong absolute returns through profit-taking in memory semiconductors after historic gains, with positions like Micron up 242% and SK Hynix up 225% in the quarter. The manager maintains cautious exposure to semiconductors while recognizing that record profits will eventually incentivize supply responses. Energy positions detracted as Brent fell from $100 to $70 on geopolitical developments, but the manager maintains conviction given supply constraints and depleted inventories. The strategy increased Japan exposure to 13% to capture corporate reform opportunities and added to New York office REITs on scarcity dynamics. The portfolio is positioned away from AI-driven sectors experiencing record equity issuance and consumed free cash flow, and toward disciplined capital allocators with rising free cash flow and falling share counts, reflecting a return to traditional capital cycle investing after a decade of capital-light dominance.
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