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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Barometer Capital Management Inc.. This analysis is provided for institutional research purposes only and is not investment advice.
"Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks."
Barometer Capital Management's Q2 2026 letter describes a quarter defined by elevated volatility, geopolitical uncertainty from the Iran conflict, Federal Reserve leadership transition concerns, and rising inflation. The manager's trend-following strategy faced challenges in the choppy, non-trending environment, requiring defensive positioning at various points. Despite headwinds, semiconductors emerged as clear leaders driven by AI infrastructure demand, with substantial new positions added in SiTime and Lam Research alongside continued NVIDIA holdings. Financials broke out and assumed market leadership, prompting the manager to build exposure from the ground up across Canadian, U.S., and European banks. Industrials contributed strongly on data center power demand, aerospace strength, and resource cycle capital spending. Precious metals detracted significantly as gold corrected after an extended run, leading to exits of multiple gold producers. Energy exposure was reduced as crude weakened. International equities, particularly Taiwan and South Korea, showed real strength tied to semiconductor and memory exposure. The manager maintains positioning aligned with semiconductor, financial, and industrial leadership while preserving flexibility to capitalize on emerging trends, viewing current risks as reasons for discipline rather than pessimism.
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