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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on Korean holding company discounts and critical semiconductor suppliers, taking profits in Jackson Financial while positioning for prolonged AI hardware infrastructure capital expenditures."
The ARAR Fund delivered positive performance through the third quarter of 2026, gaining 11.0% in August and declining -3.1% in September net of fees (compounding to 7.5% over the two months), which brought year-to-date net performance to 15.3% net of fees. Portfolio cash stood at approximately 1% across 28 equity positions, maintaining essentially full market investment without leverage while outperforming broader benchmark indices during the consolidation phase. The manager's macro outlook is framed around resilience against potential flights away from the US Dollar and margin disappointments in commercial artificial intelligence applications. Contrary to prevailing market fears of an imminent collapse in artificial intelligence spending, the fund argues that infrastructure capital expenditures will persist into the 2030s as balance-sheet-rich technology giants and hardware vendors deploy internal cash flows, debt issuance, and vendor-equity arrangements to sustain buildouts. Portfolio activity was marked by a substantial reduction of Jackson Financial from nearly 10% of assets to a token position following third-party research highlighting balance-sheet fragility and actuarial mismatches in Brooke Re. Capital was redeployed into deep-value Korean holding structures, specifically SK Inc preference shares, providing economic participation in SK Hynix at an estimated 83% discount to quoted underlying net asset value.
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