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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Positioned for higher-for-longer energy prices and expanding rig counts, initiating longs in $FANG, $PR, and $PTEN while trimming refiners and exiting leveraged service providers."
The strategy trailed its benchmark during the third quarter of 2026 but maintained benchmark and broad-market outperformance on a year-to-date net basis. Performance was propelled by strong contributions from refining holdings benefiting from elevated crack spreads, while natural gas-focused exploration and production companies and midstream positions served as modest performance detractors across the 28-holding portfolio. The macroeconomic environment was defined by crude oil prices rebounding from war-related lows as the quarter progressed. More importantly, North American drilling activity exhibited a structural inflection, with total active rig counts rising by 80 units year-over-year after years of persistent contraction. This broad-based recovery in US and Canadian oil and gas rigs reflects upstream producer conviction that commodity prices will remain higher-for-longer under an expanding structural call on North American energy supplies. Portfolio activity was characterized by targeted capital redeployment into high-quality resource plays and stable cash flows. The manager initiated new positions in Permian Resources and Diamondback to secure premier Permian Basin acreage, added Patterson-UTI to capture rising drilling demand, and bought SunocoCorp LLC for defensive midstream stability. Funding was sourced by completely exiting Liberty Energy over balance sheet leverage and trimming positions in Valero, Suncor Energy, and Canadian Natural Resources following strong runs.
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