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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Latitude Global Fund delivered modest gains of a few percent net year-to-date in 2026, as strong fundamental earnings momentum across defensive holdings was overshadowed by AI market narrowness, while maintaining an active stance against fragile, extractive franchises."
Latitude Global Fund maintained a steady posture through the third quarter of 2026, navigating a market environment narrowly propelled by the artificial intelligence infrastructure build-out. While broader global equity benchmarks excluding mega-cap AI leaders advanced only 2% to 3% year-to-date and equal-weighted indices faced consistent multi-week drawdowns into quarter-end, the fund generated modest positive returns of a few percent net of fees. The portfolio management team deliberately kept AI-exposed momentum stocks excluded from holdings, accepting short-term tracking deviations while relying on steady double-digit operating performance across core positions. The investment team outlines a critical macro regime defined by capital misallocation, sticky input costs, and shifting consumer liquidity dynamics. Heavy debt issuance and power demand from price-insensitive AI hyperscalers continue to drive up aggregate costs for energy and capital, exerting cyclical pressure on global consumers whose household budgets face higher financing rates. Concurrently, the manager highlights structural business fragility caused by extractive pricing power across enterprise software and discretionary retail, arguing that excessive price increases without genuine innovation degrade competitive moats and inevitably attract low-cost disruption. Portfolio positioning favors entrenched, defensive compounders trading at modest valuations while avoiding vulnerable glass-castle franchises. The manager highlights Tesco as an archetype of current portfolio positioning, noting its resilient market share and 14x price-to-earnings multiple against consistent 20% annual fundamental growth. Conversely, the manager outlines sharp fundamental deterioration across former market darlings like Adobe and Nike, where aggressive monetization strategies alienated core customers and catalyzed nimble competitive threats. The strategy remains anchored in companies expected to sustainably compound fundamental value near 15% per annum.
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