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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Rodrigo Benedetti. This analysis is provided for institutional research purposes only and is not investment advice.
"Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks."
The fund generated 17.8% net returns in Q2 2026 by successfully navigating sector rotation in a flat market environment. The SOXX rallied nearly 30% before correcting sharply in July, with memory becoming the central segment of the AI trade as bottlenecks drove margin expansion. Retail investors piled into leveraged memory products with such intensity that implied volatility exploded, creating opportunities to short long-term upside volatility through LEAPs and leveraged ETF calls. The manager believes the June semiconductor peak was climactic and will prove lasting, despite the AI revolution continuing. Portfolio positioning shifted toward power electronics, semicap, and select software names like IT services integrators Globant and EPAM, which became too cheap as the market treated cyclical issues as structural. Quality names like Visa and Mastercard recovered to near all-time highs. The Iran crisis created artificial oil price elevation, prompting defensive energy positioning as insurance. A long yen position was established based on extreme positioning in a fundamentally undervalued currency. The manager expects continued high volatility heading into elections despite low VIX readings.
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