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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility."
Rivemont's portfolio is positioned for a great sector rotation in 2026, diverging significantly from major market indices. The manager draws parallels to the 2000-2001 period when the Nasdaq collapsed but Canadian resource and financial sectors rallied. The fund has aggressively overweighted healthcare, focusing on healthcare real estate, pharmaceuticals, and biotechnology, viewing the sector as more resilient and less volatile than broader markets. Holdings include Omega Healthcare, CareTrust, Jazz Pharmaceuticals, and Exelixis. Canadian financials represent the second major overweight, benefiting from near-monopoly positions that enable exceptional profit margins at reasonable valuations. Bank of Montreal and Manulife Financial are key holdings, with BMO gaining approximately 40% since January. The manager feels deeply connected to the market and expects continued outperformance while maintaining lower volatility. Cash remains somewhat elevated as the manager seeks deployment opportunities while prioritizing capital preservation. The fund has consistently delivered expected returns with lower volatility than the broader market.
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