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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Stewart Asset Management gained 15.97% net in Q2 2026, driven by exceptional S&P 500 earnings growth projected at 23% for the full year. The portfolio maintains concentrated exposure to AI infrastructure through hyperscalers and chip designers, adding Lumentum to capture optical networking demand."
Stewart Asset Management's Flagship portfolio advanced 15.97% net in Q2 2026, slightly outpacing the S&P 500's 15.20% gain, though trailing year-to-date at 5.37% versus 10.21%. The quarter saw sharp price gains despite Middle East conflict uncertainty, driven primarily by superb earnings growth. Analysts now project S&P 500 earnings will grow over 23% in 2026, approaching $1 trillion total. The manager views AI as a powerful industrial trend comparable to the PC adoption of the late 1980s, with portfolio holdings concentrated in three hyperscalers (Alphabet, Amazon, Microsoft) and two leading chip designers (Nvidia, Broadcom). During the quarter, the manager initiated a small position in Lumentum to capture the optical networking upgrade cycle driven by AI data center expansion. While acknowledging inevitable corrections and extreme valuation concerns from some strategists, the manager emphasizes that investing in exceptional businesses rather than adroit trading has doubled client capital roughly every half decade. The outlook remains constructive on continued earnings growth driving further gains in the second half of 2026.
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