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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation."
The Antero Peak Strategy delivered 21.60% net returns in Q2 2026 versus 15.20% for the S&P 500, driven by broad-based fundamental outperformance across semiconductors, aerospace, industrials and financials. The portfolio is positioned around multiple simultaneous capital formation cycles including AI infrastructure (hyperscaler capex growing from $146B in 2021 to an estimated $900B by 2027), domestic manufacturing rebuild (addressing a $3T investment gap), aerospace recovery, record defense spending, and financial sector deregulation. Portfolio companies' aggregate earnings estimates increased 4.6% during the quarter, outpacing the S&P 500's 3.4% increase. The manager emphasizes that the portfolio is constructed entirely bottom-up, independent of index weights, resulting in materially different exposures than the concentrated S&P 500 (R² of 0.68 vs 0.88 for top 20 stocks). Looking forward through 2028, the portfolio is positioned for higher returns on invested capital (17-22% vs 10%) and faster earnings growth (88% vs 68%) than the index. Key risks include extreme index concentration and macro uncertainty, though businesses with improving fundamentals continue to outperform. The manager views current volatility as opportunity, focusing on structural change rather than cyclical positioning.
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