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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Alpha Wealth Funds - The Insiders Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Insiders Fund underperformed in Q2 2026 after Alphabet's $80 billion dilutive capital raise torpedoed a 30% position. The manager believes AI compute demand is overstated and sold semiconductor holdings to redeploy into insider-buying opportunities across healthcare, energy, and industrials."
The Insiders Fund returned 8.43% in Q2 2026 but underperformed the S&P 500's 15.2% quarterly gain, primarily due to a 30% concentration in Alphabet that backfired when the company announced an $80 billion dilutive capital raise to fund data center expansion. The manager believes hyperscaler claims of limitless AI compute demand are false, evidenced by Meta selling excess capacity and SpaceX leasing surplus infrastructure. The fund sold major semiconductor positions (AMD, Intel, Micron, Applied Materials, Lam Research) too early, missing significant appreciation. Capital has been reallocated toward companies with active insider buying across healthcare, energy, and industrial automation. Energy Transfer remains the largest position, benefiting from natural gas demand for AI data centers and favorable LNG export dynamics. The portfolio is positioned for anticipated interest rate cuts and a rotation away from concentrated AI infrastructure plays. The manager acknowledges mistakes but emphasizes risk management to prevent permanent capital impairment, with 38% now allocated to smaller growth opportunities backed by insider conviction.
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