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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"City Different's Multi-Cap Core strategy outperformed in Q2 2026, up 16.94% versus the S&P 500's 15.20%, driven by Flex and an overweight to Value holdings. The five-year anniversary reinforced the lesson that highest-conviction ideas add the most value."
City Different Investments' Multi-Cap Core strategy returned 16.94% in Q2 2026, outperforming the S&P 500's 15.20% and the Style Benchmark's 8.81%. The five-year anniversary of the strategy prompted reflection on key lessons learned: highest-conviction ideas added the most value, and the primary goal for the next five years is to spend more time on absolute favorite investments while maintaining appropriate portfolio balance. Strong performance was driven by stock selection in large holdings, led by Flex which surged and contributed 12.52% to returns, together with an overweight to Value-oriented businesses. The Value basket returned roughly 23% and represented nearly half the portfolio, with Affiliated Managers Group as a standout contributor. Information Technology holdings returned over 65%, driven by Flex, while Energy names like Valaris and Golar LNG reversed sharply after a strong first quarter. Year-to-date the strategy is up 14.4% versus 10.2% for the S&P 500, with trailing three-year returns of 23.7% ahead of the index's 20.6%. The manager remains committed to a diversified approach grounded in bottom-up stock selection.
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