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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows."
The Fairtree Global Equity Fund returned 8.8% in Q2 2026, underperforming its benchmark by 6.1% as global markets staged a powerful but highly concentrated recovery. The quarter was defined by two themes: unwinding of the US-Iran geopolitical risk premium following an April ceasefire, which drove Brent crude down 38.4%, and an exceptional AI and semiconductor rally that pushed the sector from 5% to 20% of the S&P 500. South Korea and Taiwan surged 64.1% and 48.9% respectively on semiconductor strength. The momentum factor posted record outperformance, fueled by leveraged ETFs exceeding $200bn and same-day options trading surpassing 50%, creating a narrow market where only 30% of stocks outperformed benchmarks. The fund's structural tilt toward value, growth, and quality rather than momentum drove relative underperformance. Portfolio activity focused on adding technology and AI exposure through TSMC, Meta, and semiconductor equipment maker Shibaura Mechatronics, while broadening into US financials. The manager maintains conviction that narrow leadership periods historically precede broader market participation as fundamentals reassert themselves, with current valuations presenting compelling opportunities.
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