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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment)."
Voss Value Fund returned +22.4% net in Q2 2026, bringing YTD returns to +8.5%, though lagging small-cap benchmarks. The fund maintains concentrated exposure with 178.7% gross and 100.6% net long positioning across four new positions. The manager initiated Rackspace Technology, a high-leverage turnaround with unutilized data center capacity positioned to benefit from AI infrastructure demand through a strategic AMD compute partnership potentially generating $500-600 million in incremental revenue. Versigent, an Aptiv spin-off, offers exposure to automotive electrification with 33% market share in EV wire harnesses trading at 5x EBITDA. Hill & Smith provides US grid infrastructure exposure at an 8.7x EBITDA discount to peers despite 84% US profit generation. De'Longhi represents an underappreciated coffee equipment compounder with its high-growth Professional Coffee segment valued near zero. The manager flags structural AI risks including hyperscaler cash flow consumption, rapid token pricing decay, and lack of productivity gains despite $1.5 trillion in cumulative outlays. Small-cap fundamentals are inflecting positive with SMID earnings revision breadth reaching +10% after troughing at -28%, while valuations remain inverted at deep discounts to large caps, creating fertile ground for active stock selection.
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