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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. The Iran conflict drove oil volatility while retail investors pushed semiconductors to extreme valuations."
Carrington Wealth Management delivered strong absolute performance in Q2 2026 despite a challenging environment dominated by semiconductor speculation and geopolitical volatility. The anticipated short-lived Iran conflict extended much longer than expected, with the Strait of Hormuz becoming a key point of leverage through tolling systems and blockades, driving oil price volatility. Semiconductor stocks experienced parabolic gains with almost every major company doubling in value, driven by retail investors and AI infrastructure demand, creating one of the most concentrated rallies in years. The manager maintained an underweight position in semiconductors due to speculation risks, which initially hurt performance but benefited as capital rotated toward value and other themes late in the quarter. The portfolio remains overweight China, UK, Europe and Asia, with conviction that these markets offer superior long-term risk-reward at lower valuations. Government bond exposure was reduced in favor of cash as recession risks diminished. The manager added to precious metals miners following the sell-off and increased Japanese small cap exposure to capture corporate governance reform opportunities. New Federal Reserve Chair Kevin Warsh faces challenges with inflation at 4.2%, well above target, as markets shift from pricing rate cuts to potential increases. The fragile Iran peace agreement has broken down, but the manager believes Trump is incentivized to reach a compromise before midterm elections. Credit spreads have widened from historically low levels, potentially creating high yield opportunities.
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