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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Market leadership has rotated dramatically with mega-cap tech stocks now reasonably valued for the first time in years while small caps remain cheap despite their best first half since 1991. The manager is buying out-of-favor quality like Microsoft and small-cap value opportunities while avoiding semiconductor stocks trading at potentially unsustainable peak earnings."
Boyar Value Group's Q2 2026 letter examines a market experiencing its most significant rotation in years, with the S&P 500 and Nasdaq rebounding 14.9% and 21.4% respectively after a weak first quarter, while small caps delivered their best first half since 1991. The manager identifies a critical distinction between two types of opportunities: mega-cap technology stocks that have become attractively valued for the first time in years, trading near their three-decade average multiples, and small-cap stocks that remain cheap despite strong performance. However, the letter warns against chasing momentum in semiconductor stocks, particularly memory chips, where extraordinary gains may reflect peak earnings rather than sustainable profits. The manager notes that AI represents a different kind of bubble where earnings rather than valuations are inflated, with software companies facing disruption concerns. Portfolio positioning emphasizes out-of-favor quality businesses like Microsoft and small-cap value opportunities like Madison Square Garden Sports, while avoiding speculative areas. The rotation into broader market leadership is viewed as incomplete, with selectivity becoming increasingly important as individual stocks diverge and volatility rises.
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