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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices."
The Steppe Eagle returned +4.64% in H1 2026 versus +7.09% for MSCI World, bringing since-inception returns to +37.99%. The fund's performance was shaped by opposing forces: SaaS companies including Salesforce, Adobe, Shopify, and Accenture were detractors as markets questioned their ability to handle the LLM challenge, losing combined $10,200. Clean energy companies including Nextpower, SMA Solar, Enphase, and SolarEdge lifted the portfolio with gains above $15,000 as solar and wind benefited from anticipated data center energy demand. A significant cash influx in June from new unitholders muted overall impact but provided opportunity to add positions tactically at lower prices. The manager added stakes in Accenture, Salesforce, Lululemon, Uber, ServiceNow, Adobe, Zoom, DocuSign, and Lyft, most yielding considerable returns by publication. The fund actively avoids the 33%+ concentration of Magnificent Seven in the S&P 500, expecting unpleasantries from mega-cap tech concentration. The manager maintains conviction in value and growth-at-reasonable-price companies, targeting competitive double-digit returns over multi-year horizons while waiting patiently for discounts in clean energy sectors.
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