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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Elevated U.S. equity valuations and uncertain AI monetization warrant defensive positioning, while durable UK homebuilders and mispriced European micro caps offer significant asymmetric upside."
Olesen Value Fund generated a net return of 9.8% in the third quarter of 2026, bringing year-to-date net performance to 3.5%, compared to the MSCI All-Country World Index return of 13.6% over the same period. The partnership continues to pursue an unconstrained, long-term global value strategy targeting businesses with durable profitability, sound balance sheets, and substantial discounts to intrinsic value. Portfolio activity during the quarter focused on trimming strongly performing holdings such as defense sub-contractor Solitron Devices to manage concentration, reducing small U.S. banking positions into price strength, and opportunistically redeploying capital into illiquid, deeply undervalued European micro-cap opportunities. From a macroeconomic perspective, the fund manager views broader market conditions with disciplined skepticism, particularly within the United States. Elevated valuations across large-cap equities and prevailing exuberance surrounding artificial intelligence represent unfavorable risk/reward dynamics, given unresolved questions regarding which firms will sustainably monetize AI investments. Macro headwinds in the U.S. were exacerbated by central bank rate hikes and rising long-term interest rates. Conversely, non-U.S. equities, specifically in the United Kingdom and continental Europe, present compelling valuation discrepancies where fundamental corporate resilience significantly diverges from subdued regional macroeconomic sentiment. Key portfolio drivers included broad gains across three UK homebuilders, supported by resilient buyer demand and government homebuyer assistance programs, alongside one holding implementing an aggressive share repurchase program at 73% of tangible book value. The letter also featured an extensive post-mortem analysis of Headlam Group plc, the fund's worst-ever investment, which recently entered bankruptcy following a failed network expansion, operational missteps, and management execution issues. The manager underscored critical lessons learned, emphasizing stricter vigilance regarding market share erosion, strategic departures, and capital discipline.
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