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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Grey Owl All-Season Strategy posted +4.2% in Q2 and +6.0% year-to-date, outperforming cash by 500 basis points. AI infrastructure surged then corrected while small caps rallied 22.6%."
Grey Owl All-Season Strategy delivered +4.2% in Q2 2026 and +6.0% for the first half, achieving its objectives of minimizing drawdowns and outperforming short-term bonds by roughly 500 basis points. The quarter saw a reversal from Q1's risk-off period, with US equities leading at +15.1% as AI infrastructure surged 61.4% before correcting 18% in early Q3. Small caps demonstrated broad risk appetite with Russell 2000 up 22.6% year-to-date, while the Magnificent 7 rebounded but remain down 2.5% for the year. Economic growth is projected to remain flat through late 2026, while inflation is forecast to accelerate in coming quarters, creating a challenging backdrop. Market internals show Buying Power above Selling Pressure but with rising pressure and limited cushion. The portfolio maintains balanced all-season positioning with increased US equity weight, a barbell of interest rate sensitivity and secular growers, and no energy or commodity exposure. The manager views the environment of stubbornly high inflation, political uncertainty, multiple wars, and technological change as ideal for diversified all-season positioning.
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