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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market."
GA-Courtenay Special Situations Fund declined 13.8% in July 2026, bringing year-to-date performance to -10.0%, driven by a 50-year high volatility spike in momentum factor risk that indiscriminately impacted higher-growth equities. The manager ascertained no fundamental deterioration in holdings and views the dislocation as liquidity-driven, with hedge funds and banks forced to sell due to VaR limits. Core holdings including SpaceX, Filtronic, and ImmunityBio are highlighted as increasingly attractive at current valuations. SpaceX trades at 23.1x 2028 earnings with 87% revenue growth, 43% cheaper on an EV-to-sales basis than its December 2025 private tender. Filtronic's new factory supports £200m+ revenue with a path to 12.4x P/E at capacity. ImmunityBio's Anktiva addresses a $5.8bn market expanding to $43bn+ with potential US lung cancer approval by 2028. Equity exposure was moderated to 100% of NAV as a precaution, while merger arbitrage exposure increased to 83% and contributed positively. The manager added to SpaceX and Tesla positions, emphasizing steadfastness through volatility with the long-term path to strong progress intact.
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