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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Concentrated global quality strategy navigating historic market narrowness by initiating resilient compounders HCA Healthcare and MTU Aero Engines while divesting PT Bank Central Asia and Workday on structural governance and disruption risks."
During the third quarter of 2026, the Global Leaders Strategy generated a net return of +1.5% net of fees, performing flat relative to the MSCI ACWI Net Index (+1.6%). Year-to-date, the strategy has faced significant headwinds, returning -3.0% net of fees compared to +13.0% for the benchmark, representing an unprecedented relative shortfall driven by extreme market concentration. Financials led third-quarter performance through strong stock selection, while Industrials was the primary detractor. The portfolio maintains zero exposure to energy, utilities, real estate, and consumer staples, concentrating capital in high-return franchises across Financials (29.21%), Information Technology (24.13%), and Industrials (21.84%), while holding 0.5% in cash. The investment environment throughout 2026 has been defined by historic narrowness, with roughly 40% of S&P 500 constituents delivering negative absolute returns in the first half despite benchmark gains, and Information Technology being the sole sector outperforming the MSCI ACWI in the second quarter. In response to rapid technological shifts driven by artificial intelligence, the team is evaluating second- and third-order effects across enterprise value chains. This framework focuses on identifying shifting control points, capital intensity, and pricing power rather than chasing consensus infrastructure winners. Portfolio activity reflected disciplined re-underwriting and the application of rigorous Drawdown Reviews. The strategy initiated new long positions in HCA Healthcare and MTU Aero Engines, targeting non-deferrable end-market demand and accelerating free cash flow inflection. Conversely, the team completely exited PT Bank Central Asia due to heightened Indonesian political and regulatory risks, and divested Workday following executive turnover and rising substitution threats. Top active holdings include Microsoft (8.4%), Alphabet (6.8%), TSMC (6.5%), Mastercard (5.1%), and Deutsche Boerse (5.0%).
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