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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Mott Capital Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Mott Capital underperformed in Q2 2026 as AI and semiconductor exuberance drove markets, but underlying portfolio businesses show strong fundamentals with cloud growth exceeding 35-40%. The manager added high-quality SaaS names like Intuit and ServiceNow while reducing cash to 10-15%, deploying into forgotten quality stocks."
Mott Capital Management Thematic Growth Strategy declined 4.7% net in Q2 2026, underperforming the S&P 500's 10.2% total return, marking another quarter of underperformance largely tied to exuberance in semiconductor and AI-related stocks. While the strategy benefited from AI infrastructure focus in 2023-2024, the narrative shifted toward memory chips and semiconductors. Despite underperformance, underlying portfolio businesses continue performing well with strong year-over-year growth. Microsoft Azure and AWS continue growing over 40% and 35% respectively. The manager added Intuit, ServiceNow, and Cboe Global Markets during the quarter, high-quality SaaS businesses with pricing power not easily displaced by AI. Largest holdings Visa and Mastercard began performing well after a weak first half. The manager sold Boston Scientific after two consecutive weak quarters but maintains patience with fundamentally sound businesses. Cash declined to 10-15% as the manager deploys capital into forgotten quality stocks trading at reasonable valuations. While acknowledging S&P 500 overvaluation and high AI concentration risk, the manager believes many good stocks exist outside the AI frenzy and continues building positions for long-term growth.
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