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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"AWO generated 8.1% in Q2 by exploiting wide discounts in London-listed closed-end funds through corporate catalysts. Gresham House Energy Storage led gains with a potential sale process ahead."
AWO delivered a strong 8.1% NAV return in Q2 2026, significantly outpacing its SONIA + 2% benchmark. The fund exploits inefficiencies in London-listed closed-end funds, with the portfolio carefully constructed to benefit from M&A, wind-downs, and elevated buybacks. Gresham House Energy Storage was the largest contributor, adding 158bps, with a shareholder now calling for a formal sales process. Seraphim Space contributed 128bps after a funding round for its largest holding ICEYE at a €10bn valuation, with active trading capturing significant alpha. Bluefield Solar Income Fund was taken private at a 17% premium, generating a 54% IRR. Listed private equity positions performed well, with Harbourvest announcing no new commitments in 2026 and large capital returns planned. Detractors included Aquila European Renewables, where a slow wind-down process coincided with deteriorating market conditions, and Partners Group Private Equity, impacted by concerns about 2021 vintage investments. The fund exited Georgia Capital after generating a 24% IRR. The manager remains highly excited by the strategy's outlook.
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