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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Emeth Value Capital underperformed in H1 2026 but has built AI-native workflows that dramatically improve process efficiency. The manager initiated Shift4 Payments, a vertically integrated payments company trading at 7x EBITDA with $1 trillion in cross-sell opportunity."
Emeth Value Capital returned -9.78% net in H1 2026 versus +11.65% for MSCI ACWI, bringing the one-year return to -17.30% versus +23.92% for the index. Since inception in December 2015, the fund has returned +16.07% annualized versus +12.45% for the index. The manager has spent the last three months building AI-enabled workflows across the investment process, improving quality and efficiency more than the prior decade. These tools ingest thousands of daily regulatory filings globally to surface high-signal insider purchases, buybacks, ownership changes, and company-specific data. The manager initiated a position in Shift4 Payments, a vertically integrated payments company with leading positions in restaurants, hotels, stadiums, and luxury retail. Shift4 has compounded EBITDA at nearly 50% annually since IPO while keeping share count growth to only 2% annually. The company trades at less than 7x EBITDA despite having nearly $1 trillion in payment cross-sell opportunity. Base case valuation implies 162% upside. The manager believes Shift4 is well-positioned against AI disruption given its bundled offering and structural switching costs.
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