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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding."
Buckley Capital delivered 36.0% net returns in Q2 2026, bringing YTD performance to 29.7% versus 22.8% for the Russell 2000 Value. The quarter was marked by strong broad-based performance and disciplined capital recycling. The manager fully exited Dave after a 100%+ gain as valuations reached the high end of historical ranges, and exited most of Root at a loss after underestimating the depth of auto insurance industry headwinds. Liquidia remains the largest YTD contributor, up over 100%, with 50%+ upside remaining to potential acquisition value pending an imminent legal ruling. New positions in Celsius and Light & Wonder offer compelling risk-reward, with Celsius facing temporary SKU rationalization headwinds masking multiple 2027 tailwinds, and Light & Wonder trading at a 7-turn valuation discount to Aristocrat despite faster growth and credible management targets implying 150%+ upside. Basic-Fit continues executing on its staffless 24/7 conversion and European expansion through the Clever Fit acquisition. The portfolio is concentrated in businesses with improving fundamentals, identifiable catalysts, and attractive valuations, positioned to compound capital over the long term.
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