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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce."
GreenWood Investors delivered flat first-half 2026 performance with accounts down 3.6% versus the MSCI ACWI's 11.7% gain, following more than 100% net returns over the prior three years. The firm deliberately avoided the AI hype-cycle despite being heavy AI users, believing demand growth in compute capacity cannot sustain supply-side expectations in an investment cycle outpacing all previous technology cycles. Instead, GreenWood rotated capital into new governance-driven transformations offering extreme valuation dislocations. Key positions include CTT, where improving European banking valuations create transformational opportunities for bank monetization and capital redeployment into e-commerce logistics; Jack in the Box, where new CEO Mark King is driving an operational turnaround after refinancing near-term maturities; and Swatch Group, where the firm is pursuing Swiss court actions to improve board accountability amid improving watch industry fundamentals. Additional positions in Genus, NexGen Energy, and Rentokil offer high upside leverage to ongoing business quality improvements. The firm aims to double client capital again over the next few years through these new missions and catalysts.
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