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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, City Different Investments - Global Equity. This analysis is provided for institutional research purposes only and is not investment advice.
"City Different's global equity strategies trailed a hot AI-driven market in Q2 but delivered solid gains. New purchase ICON plc led performance as valuation became compelling post-correction."
City Different's global equity strategies posted solid gains in Q2 2026, with the Global Equity strategy returning 5.36% versus the MSCI ACWI's 14.93%, as AI euphoria drove markets to their best quarter since 2020. The semiconductor index surged 88% on record AI demand, particularly for high-bandwidth memory. The manager's new purchase of ICON plc became the top contributor after the clinical research provider's valuation became compelling following a post-COVID slowdown, AI-related fears, and an accounting error. The manager believes ICON could be a net beneficiary of AI due to proprietary data and regulatory barriers. Tidewater detracted as the US-Iran ceasefire deflated energy and shipping stocks, though the multi-year offshore vessel outlook remains favorable. Talen Energy recovered on electrification trends from EVs, AI data centers, and reshoring. The manager trimmed Tidewater into strength and added to MercadoLibre on weakness. Energy inventory depletions have been remarkable, with the US Strategic Petroleum Reserve at 1983 lows. The portfolios remain optimistic, constructed on long-term fundamental merits with minimal emphasis on macro forecasts.
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