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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Old West Investment Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking."
Old West All Cap Opportunity returned -0.94% net in Q2 2026 but is up 14.92% year-to-date. The manager believes the US is entering an industrialization period comparable to the 1870s, with AI infrastructure driving a repricing of entire supply chains. Power delivery has emerged as the defining constraint on AI, with hyperscalers spending $700 billion this year alone. The fund is positioned in power semiconductors, natural gas producers, coal, uranium, and optical networking infrastructure. Top contributors included Navitas Semiconductor, whose GaN chips were featured by Nvidia, Bruker Biosciences on new instrument platforms, and Nokia as the market revalued it as critical AI infrastructure. Detractors included Tidewater, Core Natural Resources, and Antero Resources, which declined as oil and gas prices fell after the U.S.-Iran agreement removed war premiums. The manager sees tremendous value in metals, mining, and physical infrastructure, believing natural gas reserves represent crude electricity with immense spread potential. They view coal's death as greatly exaggerated given rising electricity demand from data centers. The portfolio includes companies where investors are overly focused on past end markets rather than future AI-driven demand.
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