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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Dynasty Trust returned 7.2% quarterly despite 6.5% currency drag, led by Virtu Financial's volatility-driven gains. Manager's valuation discipline avoided AI-related software collapse while missing opportunities in Samsung and Alphabet."
Dynasty Trust returned 7.2% net in Q2 2026, bringing rolling twelve-month returns to 1.59% after 6.5% currency headwind from Australian dollar strength. Manager expresses mild disappointment with FY2026 performance stemming from omission rather than error, missing opportunities in familiar controlled companies including Samsung Electronics (+387%), Alphabet (+100%), and Frontline (+112%). However, valuation discipline was vindicated as AI wave caused precipitous de-rating across software and platforms where managers accepted unsustainable 2% free cash flow yields. Virtu Financial led contributions at 219bp quarterly (+35.4%) and 206bp annually (+33.0%), benefiting from higher volatility. Manager opportunistically acquired Wise Group after 32% post-listing decline despite strong fundamentals showing 31.5% volume growth and 27% ROE. Portfolio maintains patient positioning in travel-related holdings including detailed analysis of EVT Limited, trading at 34% discount to $19.42 NAV with hotel business evolution viewed as key value driver. Travel thematic remains attractive despite geopolitical headwinds given 5.3% historical passenger growth and ~10% of global GDP representation. Portfolio holds 22 positions with 3.4% cash, top ten representing 55% of NAV.
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