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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Hood River Capital - New Opportunities Fund 2026 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Hood River Capital - New Opportunities Fund)

Primary Source Intelligence • Q1 2026 Letter Analysis

Hood River Capital - New Opportunities Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Hood River Capital - New Opportunities Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+2%

YTD+2%

Annualized+39.22%

Positioning StanceNEUTRAL

Market CapSMID Cap

GeographyUS

Digest Analysis

Quick Take

"Hood River outperformed by 576bps in Q1 2026 through disciplined stock selection, particularly benefiting from AI-focused positioning while avoiding traditional software."

Executive Summary

Hood River outperformed by 576bps in Q1 2026 through disciplined stock selection, particularly benefiting from AI-focused positioning while avoiding traditional software. Despite geopolitical volatility and energy price spikes, management maintains bottom-up approach without tactical shifts. Small/mid-cap valuations appear attractive below historical premiums, creating opportunities in current dispersed market environment for research-intensive processes.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

Manager demonstrates high conviction in their research process and approach, explicitly stating they have not changed positioning despite macro volatility and will not chase tactical shifts. However, no individual positions are named or sized, and the letter focuses more on process and themes than specific holdings, which caps the score below 0.75.

Growth Outlook

25%

BearishBullish

Bearish (25%)

Manager acknowledges challenging macro backdrop with geopolitical uncertainty and energy volatility, but maintains constructive view on fundamental opportunities. Describes current environment as creating opportunities for their process, though notes consumer softness and macro headwinds.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

Portfolio positioning reflects measured response with no material changes made in response to recent events. Manager explicitly states they will not chase tactical shifts and remain grounded in research process, suggesting cautious but not defensive stance.

Capital Deployment

De-riskingDeploying

De-risking (5%)

Manager explicitly states they have not made material changes to portfolio construction and describes their response as 'measured'. No evidence of significant cash deployment or reduction. Positioning appears largely unchanged, suggesting neutral deployment activity.

Forward Guidance

35%

CautiousExpansionary

Cautious (35%)

Manager expresses confidence in finding compelling opportunities and states current environment is precisely the backdrop where their process has historically thrived. Positive on secular trends and bottom-up opportunities despite macro uncertainty.

Language Signal

20%

BearishBullish

Bearish (20%)

Language balances opportunity-focused terms like 'compelling opportunities', 'attractive valuations', and 'thrived' with risk-aware language around 'uncertainty', 'volatility', and 'monitoring downside risks'. Slightly more constructive than cautious overall.

Perceived Risk

72%

Low RiskElevated

Elevated Risk (72%)

Manager identifies specific macro risks including Strait of Hormuz escalation, elevated energy prices, and consumer softness. Discusses geopolitical uncertainty and its potential downstream impacts in detail. Risk discussion is meaningful and specific rather than generic.

Opportunity Density

75%

ScarceAbundant

Abundant (75%)

Manager explicitly states they are 'finding a broad set of compelling, bottom-up investment opportunities driven by powerful secular trends' and describes current environment as one where their process has 'historically thrived'. Strong language around opportunity abundance.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Manager emphasizes long-term fundamental outcomes over short-term macro developments and focuses on secular trends. Discusses AI adoption cycle maturation and structural advantages, suggesting multi-year investment horizon. However, no explicit timeframes provided for thesis realization.