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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Halvio Capital pursues deep value in small-cap stocks with hard asset backing, up 19.80% year-to-date while explicitly avoiding AI bubble. Portfolio includes companies trading below tangible book or at single-digit EBIT multiples."
Halvio Capital returned 5.79% in Q2 2026, lagging major indices as the S&P posted its best quarter since 2020 and Russell 2000 its best half-year since 1991, driven by renewed AI enthusiasm. The fund remains up 19.80% year-to-date, outperforming most benchmarks. Manager Anthony explicitly avoids AI stocks despite sector strength, viewing current enthusiasm as reminiscent of historical bubbles. The portfolio focuses on extremely cheap stocks with hard asset backing or low earnings multiples. Largest detractor was Humm Group, down 30% following governance issues, though manager sees value extraction potential with activist involvement and potential asset sales at half tangible book. Strong performers included Mestek trading under 4x EV/EBIT with 77% market cap in cash, FP Newspapers up 30% at under 2x EV/EBITDA, and Beng Kuang Marine up 100% on turnaround execution and oil price strength before exit. New position Goldmoney offers UK real estate portfolio worth more than enterprise value, getting precious metals storage business generating $49 million EBIT for free. Manager emphasizes downside protection as markets reach 32x trailing earnings with pockets of speculative froth.
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