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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces."
Ithaka's US Growth Strategy returned 21.9% net in Q2 2026, outperforming the Russell 1000 Growth Index by 500 basis points as AI infrastructure remained the dominant market driver. The portfolio's concentrated positions in semiconductor and cybersecurity companies delivered exceptional returns, with AMD surging 182% as the market recognized the massive opportunity in agentic AI workloads requiring high-core-count CPUs. CrowdStrike and Palo Alto Networks benefited from a narrative shift recognizing that AI adoption creates vastly larger attack surfaces requiring specialized protection. The quarter saw 60% of S&P 500 earnings growth concentrated in the AI complex, with NVIDIA and Micron alone contributing 40%. Physical infrastructure constraints are emerging as a critical bottleneck, with data center power connections now taking five to seven years. The managers initiated five new positions while eliminating five others, maintaining their disciplined approach to owning high-quality businesses with durable competitive advantages. Looking forward, they expect AI diffusion, infrastructure limits, and capital markets access for model providers to remain key themes, while the pending midterm elections should create a more stable legislative environment.
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