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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027."
Prosper Stars & Stripes generated a net return of 30.1% in Q2 2026, outperforming the Russell 2000's 21.5% return and the HFRX Equity Hedge Index's 10.3% return. The fund's long book contributed 43.2% gross return with positive alpha of 20.8%, driven by broad-based performance across the portfolio. Top contributors included Vishay Precision Group, benefiting from robotics opportunities and operational improvements, and Ambiq Micro, which reported 59% revenue growth driven by edge AI applications. The short book contributed 2.3% of alpha despite the strong market rally. The manager's outlook is constructive, supported by ongoing job growth, manageable inflation, and AI-driven infrastructure investments. Key themes include the reinvigoration of U.S. industrial supply chains, with investment in domestic manufacturing capacity tripling between 2021 and 2025, and accelerating defense spending with the U.S. defense budget expected to rise 42% in 2027. The manager is positioned in defense through Park Aerospace, Applied Aerospace & Defense, and Elmet Group, while shorting consumer electronics companies facing cost pressures from AI-driven DRAM inflation. Earnings forecasts call for exceptional growth of 23-25% in 2026 for both large and small caps, though this creates a high hurdle for the market to clear.
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