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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Fund returned 16.74% in 2Q2026, beating its benchmark on strong semiconductor exposure as AI demand drove technology outperformance. Geopolitical volatility created opportunity as Iran conflict resolution sent oil lower and lifted risk assets."
The Optimum International Fund returned 16.74% net in 2Q2026, outperforming the MSCI ACWI ex USA Index which returned 14.49%. The quarter was marked by extreme volatility driven by geopolitical developments and energy price swings. Early weakness stemmed from the Iran conflict pushing Brent crude above $120, but sentiment reversed sharply mid-quarter following a US-Iran ceasefire that reopened the Strait of Hormuz. Technology led sector returns by a wide margin on resilient AI and semiconductor demand, with South Korea's KOSPI surging over 66% powered by SK Hynix and Samsung Electronics. Energy was the weakest sector as oil retreated. The Fund's overweight to semiconductors contributed significantly to outperformance, while energy exposure detracted. Central banks across Europe and Asia tightened policy to combat fuel-driven inflation and defend currencies. Key risks include technology valuations, energy price volatility, and central bank policy uncertainty. The durability of AI demand remains a critical driver for future performance.
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