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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Rowan Street fell 21% in the first half of 2026 despite strong underlying business performance across all holdings. The manager views the disconnect as temporary, driven by market enthusiasm for AI infrastructure suppliers rather than AI deployers."
Rowan Street declined 1% in Q2 2026, bringing first-half returns to -21%, though the manager emphasizes that underlying business performance across all holdings remained strong. Meta delivered exceptional revenue growth of 26% to $228 billion trailing twelve months, with AI investments producing measurable results across engagement and advertising. Tesla achieved record deliveries with Full Self-Driving becoming a primary demand driver and Robotaxi operations expanding to seven markets. Shopify posted its strongest quarterly growth in four years at 34%, with GMV reaching $101 billion. Topicus and Constellation Software continued executing well operationally, though shares declined amid broader concerns about AI's impact on vertical software businesses. The manager believes the market has concentrated enthusiasm in companies supplying AI infrastructure while undervaluing companies deploying AI into products used by customers daily. The portfolio diverges from where market enthusiasm has concentrated in 2026, but the manager maintains conviction that business performance and stock performance will converge over time, continuing to own businesses becoming more valuable despite near-term price pressure.
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