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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Positioned defensively against rising interest rates and capital-intensive tech capex by concentrating capital into high-conviction cash compounders, initiating Alphabet and Honeywell Aerospace while exiting broken theses."
The Broyhill Equity Composite declined 0.3% net of all fees and expenses in the third quarter of 2026, trailing the MSCI All Country World Index's 1.7% net return. For the first nine months of the year, the composite delivered a net return of 1.9% compared to 13.4% for the benchmark. Fund positioning faced cross-currents as an early third-quarter surge in relative performance during the July semiconductor rout was reversed in August and September when technology shares rebounded 10%. Over half of the portfolio remains invested across consumer staples, consumer discretionary, and industrials, with technology exposure strictly limited to less than a tenth of capital, while healthcare represents the strategy's largest sector exposure. The macroeconomic environment was shaped by rising bond yields, escalating geopolitical conflict, and persistent fiscal headwinds. Inflation fears resurfaced following disruptions in the Middle East and shipping constraints through the Strait of Hormuz, pushing crude oil up 29% to approximately $91 per barrel. Simultaneously, the Federal Reserve raised its policy target range by 25 basis points to 3.75%-4.00%, while the 10-year Treasury yield surged to 5.29%, marking its highest level in two decades. Management highlights that aggressive corporate issuance from tech hyperscalers is competing directly with a $2 trillion federal deficit for debt capital. Portfolio activity concentrated capital into high-conviction ideas while exiting broken investment theses. Top quarterly contributors included IQVIA, Thermo Fisher, and Microsoft, while Rentokil Initial, Valvoline, and Masco detracted. The manager initiated a starter holding in Alphabet and scaled up Honeywell Aerospace (HONA) following its corporate separation. Conversely, the manager eliminated legacy positions in Intuit, CACI International, Midera Food Processing, and Honeywell's remaining automation business, alongside post-quarter-end plans to fully exit Rentokil.
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