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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"1578 Partners posted 7.89% net returns in Q2 2026 driven by concentrated positions in Interactive Brokers, Northeast Bank, Amazon, and Alphabet. The manager added aggressively to Amazon after a February selloff, capitalizing on misplaced AI infrastructure concerns as AWS delivered 37% revenue growth and 58% operating income growth."
1578 Partners delivered 7.89% net returns in Q2 2026, outperforming the S&P 500's 15.20% quarterly return but bringing year-to-date net returns to 11.57% versus 10.21% for the index. The portfolio benefited from strong performance in Interactive Brokers, Northeast Bank, Amazon, and Alphabet, while Netflix was the only meaningful detractor. The AI investment boom continued to drive markets, with companies positioned at supply bottlenecks experiencing explosive earnings growth—Micron Technology's revenue grew 346% year-over-year and the semiconductor sector gained 87.8% in the quarter. The manager significantly increased the Amazon position in February after a selloff on AI infrastructure concerns, which proved misplaced as AWS revenue growth accelerated to 37% with operating margins expanding to 38.1%. AWS's AI business will remain capacity constrained through 2027 with exceptional demand visible for 2028. The portfolio ended the quarter 90.9% invested with eight long positions and began establishing a new position. The manager remains optimistic about the portfolio's composition and prospects.
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