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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically."
Oak Ridge delivered strong Q2 2026 returns across its growth strategies, driven primarily by AI-fueled earnings growth that propelled the S&P 500 to its best quarterly returns since the COVID recovery. The firm's deliberate exposure to semiconductors, memory, and data center infrastructure paid off handsomely, with Information Technology holdings delivering over 50% returns in some strategies and four stocks gaining over 100% in the quarter. Memory providers benefitted from critical supply shortages while smaller semiconductors and AI supply chain businesses spiked higher. The market shifted away from mega-cap hyperscalers amid concerns over future returns on massive investments. Earnings estimates continue rising dramatically, with Tech expected to grow 44% and 27% in 2026-2027 and semiconductors leading at 95% and 51%. Following extraordinary runs, the manager reduced Tech exposure but remains overweight AI beneficiaries. Healthcare also contributed positively, led by the leading weight loss drugmaker. Key risks include persistent inflation at 3.6%, geopolitical instability, and low-quality momentum leadership. The manager believes the current environment favors their fundamentals-based approach focused on quality companies with rising estimates.
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