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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Esk delivered positive returns but lagged AI-driven indices due to deliberate diversification. The fund added energy, industrial, and gold exposure while trimming software names facing AI disruption."
The Esk Global Equity Fund delivered positive returns in Q2 2026 but lagged headline indices due to its diversified approach in an AI-dominated market. While maintaining selective semiconductor exposure through Nvidia, Broadcom, and Taiwan Semiconductor, the manager prioritized risk management over chasing concentrated AI gains. The fund actively diversified during the quarter, adding ExxonMobil at attractive oil price levels, Amphenol for industrial technology exposure, and Franco-Nevada for gold exposure without direct mining risk. Oracle was sold due to balance sheet concerns around data center competition, Intuit exited after AI disruption fears materialized, and Kraft-Heinz sold following abandoned demerger plans. Bank holdings including Sumitomo Mitsu Financial, Standard Chartered, and Morgan Stanley were top performers, benefiting from higher rates and trading activity. The manager expects rates to remain structurally elevated, supporting bank profitability. Insurance holdings face near-term pressure from declining premiums and overcapacity but are viewed as best-in-breed positions for the eventual cycle turn. The approach emphasizes long-term quality and diversification over short-term momentum capture.
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