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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins."
Crossroads Capital returned 11.5% net in Q2 2026 as market broadening accelerated with Russell 2000 posting best first half since 1991. The fund's concentrated portfolio of smaller, underfollowed businesses with hard catalysts benefited from positions built and defended through earlier volatility. Nebius contributed 55% of net gains as it evolved from below-liquidation-value carveout to AI hyperscaler with $46B in committed contracts from Microsoft and Meta, 50% EBITDA margins, and priority Nvidia silicon. AST SpaceMobile transitioned from R&D startup to operational scaleup with 12 satellites in orbit, FCC authorization for 248-satellite constellation, and manufacturing at 6 satellites per month. Nintendo detracted 53% of losses as market marked it to two-year lows on memory headwinds despite operating profit up 150% and implicit FY2027 guidance raise of 30%. FTAI Aviation's MRO business doubled Aerospace Products revenue while securing $1.465B order for data center power generation. Manager used July momentum unwind to close covered calls at profit and add to positions, viewing volatility as flows problem with short half-lives rather than fundamental deterioration. Portfolio remains positioned for company-specific catalysts independent of macro direction.
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