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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Fragmented global industries offer compelling mispricings where founder-led market share gainers trade at single-digit earnings multiples while compounding cash flows."
Phoenician Capital generated a net return of +0.5% in the third quarter of 2026, bringing net performance for the first nine months of the year to +7.2%, trailing the S&P 500's +2.3% quarterly and +12.8% nine-month returns. Ongoing holdings contributed +9.4% gross to performance during the period, driven primarily by gains in ASA International alongside RS Technologies, Puuilo, Ashtead Technology, Kri-Kri, and Halozyme, which was partially offset by detractions in Inter & Co, Dino Polska, Mader, China Sunsine, and Globus Spirits. Net detractions of 2.2% from fully exited positions such as goeasy and Goodfood weighed on year-to-date results. The partnership closed the quarter holding 14.4% of assets in cash and Treasury bills, preserving dry powder. The investment team highlights a pronounced divergence between broader market valuation and portfolio fundamentals. While the S&P 500 trades at roughly 26 times trailing earnings with valuation heavily concentrated in a handful of mega-cap leaders priced for perfection, Phoenician's portfolio trades at an aggregate multiple of approximately nine times earnings with 15.0% projected annual earnings growth. The strategy focuses on founder-led, capital-disciplined operators gaining share across structurally fragmented global niches undergoing digital consolidation, requiring minimal multiple expansion to achieve attractive long-term absolute compounding. Portfolio activity was marked by the complete intrinsic value exit of Central European medtech provider Synektik at a 59.0% gain, as well as additions to existing positions in Inter & Co, Auto Partner, and Ashtead Technology. Ashtead subsequently received a recommended cash takeover offer at a 70.0% premium, accounting for 5.0% of assets. The partnership also established a new core position in Modern Dental Group, a Hong Kong-listed global dental laboratory leader benefiting from accelerating dental digitization and attractive unit economics.
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