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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Constructive on data center power and semiconductor infrastructure following multiple compression, pairing selective deep value healthcare longs with shorts in leveraged, slow-growing real economy businesses."
PXC Advisors Dynamic Return Fund recorded a net return of -7.8% net of fees for the September 2026 quarter, lagging the MSCI All Country World IT Net Index return of 3.9% by 11.7 percentage points. Across multi-year horizons, the strategy has generated an annualized net return of 10.6% compound p.a. since inception. On September 14, 2026, portfolio management officially transitioned to Dr. Andrew Lin and PXC Advisors under an absolute-return global long-short mandate. At quarter-end, the portfolio comprised 40 total positions, including 27 longs and 13 shorts, carrying a -22% short exposure and diversified across Japan, Europe, Asia ex-Japan, and North America. The manager observes a bifurcated, K-shaped economic environment where capital expenditure on artificial intelligence and data center infrastructure remains vigorous while broader economic activity is subdued. A sharp unwinding of momentum equities and forced deleveraging in July severely impacted technology holdings, yet underlying fundamentals and earnings across core holdings demonstrated resilience into August and September, aided by positive contributions from single-stock short positions. Portfolio positioning remains positively biased toward data center power and technology suppliers that trade at undemanding valuations following the third-quarter pullback. Concurrently, the team is deploying capital into deep value opportunities in neglected healthcare names while maintaining dedicated short positions in slow-growing, high-multiple real economy businesses and enterprises burdened by elevated leverage relative to free cash flow.
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