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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Portfolio up 15.9% in Q2 but trails market year-to-date at -3.9%. Manager doubled TTWO position as GTA VI pre-orders hit $4 billion, added to MSFT and AMZN on weakness."
The Wolf of Harcourt Street portfolio returned 15.9% in Q2 2026 versus 18.2% for the S&P 500, bringing year-to-date performance to -3.9% versus the index's 9.5% gain. The manager doubled his Take-Two Interactive position as the GTA VI thesis began playing out, with pre-orders reportedly generating $4 billion in revenue before the official marketing campaign launched. He added to Microsoft below $400 and Amazon after recent weakness, viewing AWS GPU price increases of 20% as bullish signals for AI demand and hyperscaler returns. ASML's 200%+ rally made it the largest position, overtaking Mercado Libre. Despite year-to-date underperformance, the manager remains optimistic given strong fundamentals at out-of-favor holdings including MELI, SE, NU, and MSFT. The portfolio is concentrated in technology names, with META, MSFT, and AMZN representing 25% of holdings. The manager expects free cash flow acceleration once AI infrastructure spending moderates, though questions remain about normalization timing given persistent strong demand.
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