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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues."
Fairlight Alpha Fund returned -12.6% net in Q2 2026 and -8.6% year-to-date, underperforming the S&P 500's 10.2% first-half return, though the fund has delivered 835.1% cumulative returns and 35.6% annualized since inception in March 2019. The quarter saw cheap stocks become cheaper due to market regime shifts and Middle East geopolitical volatility, despite underlying business progress. Key positions include Dong A Eltek, a Korean OLED equipment manufacturer trading at extreme discounts with a monopoly in OLEDoS production for VR/AR headsets, and Valeura Energy, a low-cost Thai oil producer generating strong cash flow from elevated oil prices. CEMATRIX delivered record Q2 results with 76% revenue growth in its niche cellular concrete business. The manager is finding value in Europe and Asia while avoiding AI and technology stocks at unsustainable valuations, exemplified by SpaceX's 158x revenue multiple. The fund continues bottom-up research across global markets, focusing on mispriced businesses with durable competitive advantages in sectors overlooked by the broader market's focus on technology and AI.
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