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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Accelerating enterprise adoption of generative artificial intelligence and a cyclical recovery in commercial aerospace manufacturing are creating durable earnings power across memory hardware, cloud infrastructure, and industrial supply chains."
During the third quarter of 2026, the retail share class of the fund generated a net return of 1.09%, underperforming the benchmark S&P 500 Index return of 2.30%. Year-to-date, the portfolio delivered a net gain of 18.21% compared to 12.75% for the benchmark. From an asset allocation perspective, domestic equities accounted for 86.58% of fund assets, international equities stood at 11.37%, and cash reserves finished the period at 2.05% of net assets, representing a slight 12 basis point expansion in liquid reserves. Macroeconomic conditions throughout the quarter were shaped by resilient consumer spending, strong corporate earnings momentum, and elevated infrastructure investments in artificial intelligence, which offset headwinds from geopolitical friction with Iran and rising bond yields. Market dynamics reflected tighter monetary policy following a 25 basis point Federal Reserve rate hike in September. Against this backdrop, capital deployment favored secular growth beneficiaries over defensive sectors, prompting strategic reallocations toward technology while trimming cyclical energy holdings after crude oil price spikes. Portfolio activity centered on expanding high-conviction positions in artificial intelligence enablers and aerospace manufacturing. The fund aggressively scaled its positions in Microsoft, Meta Platforms, and Western Digital, capitalizing on memory and cloud infrastructure demand. Conversely, the portfolio maintained substantial underweight positions in Apple and avoided consumer discretionary incumbents Amazon.com and Tesla, while anticipating an operational turnaround in core industrial overweight Boeing as commercial aircraft delivery backlogs normalize.
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