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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk."
Auxier Focus Fund returned 8.82% in Q2 2026 as the S&P 500 rebounded 15.2% driven by AI infrastructure spending and dramatic semiconductor earnings gains. The fund positions in AI infrastructure providers like Nvidia, Corning, and Dell rather than hyperscalers, as these companies earn strong profits supplying vital computing hardware, network connectivity, and server infrastructure without relying on any single AI winner. The manager warns that margin debt surging 50% to $1.53 trillion and highly-levered single-stock ETFs create extreme downside volatility risk, as evidenced by Korea's 40% drawdown and recent hedge fund collapses including Situational Awareness liquidating $16 billion at 4x leverage. Technology companies have become the largest corporate borrowers with AI-related debt issuance at $236 billion, four times prior year levels, adding risk as data centers financed with 20-30 year debt could become obsolete in years. The fund favors enduring businesses with large moats like Monster Beverage, Mastercard, Visa, Bank of New York Mellon, Philip Morris, and Alphabet that resist market disruptions through sticky demand, high switching costs, and minimal capital requirements. Healthcare rebounded on successful repricing and AI-driven efficiency gains. Energy holdings trade at steep discounts despite tight refining capacity. Consumer spending weakened from elevated inflation and high rates.
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