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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Summers Value Fund posted its best quarter ever at 41.7% net, capitalizing on deeply discounted small-cap healthcare opportunities. The concentrated portfolio benefited from M&A activity, strong product launches at Liquidia and Electromed, and a 106% gain on Avanos acquisition."
Summers Value Fund delivered its best quarter since inception with a 41.7% net return in Q2 2026, driven by concentrated stock picking in small-cap healthcare and biotechnology. The Fund capitalized on a favorable environment where decades of small-cap underperformance and healthcare sector regulatory overhang created attractive entry points at steep discounts. Key contributors included Liquidia, whose Yutrepia launch continues exceeding expectations with pending favorable litigation resolution, Electromed which beat expectations on revenue and net income, and Avanos Medical which was acquired for a 106% total gain. The portfolio is weighted over 50% toward pharmaceutical and biotechnology companies, with significant exposure to royalty business models favored for their high margins and strong cash flow. The manager exited Embecta after underestimating customer concentration risk and business model fragility. With approximately 13% cash, the Fund continues identifying under-the-radar special situations despite a more balanced opportunity set. The manager's family liquid net worth remains fully invested alongside partners.
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