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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Militia Capital returned 5.02% net in Q2 2026, trailing all benchmarks as SPY and IWM surged over 15% and 21% respectively. The leveraged long-short strategy maintained near-zero correlation with major indices while experiencing an 8.59% maximum drawdown."
Militia Capital Partners delivered a 5.02% net return in Q2 2026, underperforming all three benchmark indices (SPY +15.12%, IWM +21.44%, EWJ +11.06%). Year-to-date performance stands at +25.5%, bringing since-inception annualized returns to 48.8% since January 2021. The fund's leveraged long-short strategy exhibited higher volatility than SPY but lower than IWM and EWJ, with a maximum drawdown of -8.59% during the quarter. Risk-adjusted metrics showed a quarterly Sharpe ratio of 0.92 and Sortino ratio of 1.47, both significantly below benchmark levels. The fund maintained near-zero correlation with SPY (0.05) and IWM (-0.04), and modest correlation with EWJ (0.22). Since inception, the fund has generated positive returns in 70.77% of months with a maximum drawdown of -15.00%, demonstrating resilience relative to benchmarks. The strategy continues to target absolute returns through active long-short positioning with leverage, though quarterly performance lagged broader market strength.
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