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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually)."
Voss Value Offshore Fund returned 23.2% net in Q2 2026, bringing year-to-date returns to 9.1%. The manager is capitalizing on improving small-cap fundamentals as earnings revision breadth inflects positive after a three-year downgrade cycle. Three new positions exemplify the strategy: Rackspace Technology, a high-leverage turnaround with unutilized data center capacity positioned for the AI infrastructure wave; Versigent, an Aptiv spin-off trading at 5x EBITDA despite oligopoly positioning in automotive wire harnesses with strong EV tailwinds; and Hill & Smith, a UK-listed industrial generating 84% of profits in the US and trading at a 30% discount to American peers while benefiting from grid modernization and data center growth. The manager also initiated a position in De'Longhi, the global leader in espresso machines, where the high-margin Professional Coffee segment is being valued at near zero despite 30%+ growth. While acknowledging structural risks in the concentrated AI buildout—including hyperscaler cash flow consumption, rapid token pricing decay, and absent productivity gains—the manager sees fertile hunting ground in mispriced SMID caps with strong fundamentals, shareholder-friendly capital allocation, and concrete catalysts for value realization over an 18-24 month horizon.
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