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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, Hood River Capital - New Opportunities Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Hood River's New Opportunities Fund delivered +28.88% in Q2 2026, outperforming by +486 bps through disciplined stock selection in technology, financials, and energy. The fund maintains selective AI infrastructure exposure grounded in hyperscaler capex and holds defense businesses benefiting from next-generation procurement."
The Hood River New Opportunities Fund returned +28.88% in Q2 2026, outperforming the Russell 2500 Growth Index by +486 bps, bringing year-to-date returns to +31.77% versus the benchmark's +20.66%. Stock selection was the primary driver, contributing +333 bps of alpha in the quarter, led by information technology, financials, and energy. The fund maintains selective exposure to AI infrastructure, emphasizing companies with tangible demand exposure rather than broad thematic positioning, grounded in continued hyperscaler capital expenditure. Within industrials, defense-oriented businesses benefiting from structural changes in government procurement and next-generation capabilities remain a focus, despite recent valuation compression. The macro backdrop evolved as Federal Reserve communication became incrementally more hawkish, though the managers do not view aggressive tightening as the most likely outcome. Valuations have firmed modestly, with the Russell 2500 Growth Index trading at 23.9x 2027E earnings. The managers continue their research-intensive process, seeking company-specific opportunities where estimates differ from consensus, with no sector representing more than 400 bps over or underweight relative to the benchmark.
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