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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Latitude Global Fund deliberately avoids semiconductor euphoria despite 2026 outperformance, drawing parallels to 2003-2008 mining supercycle that produced zero returns for late entrants. Manager aggressively deployed into healthcare at dot-com-era valuations, doubling UnitedHealth after operational improvements and adding substantially to Cencora and Royalty Pharma."
Latitude Global Fund returned 3.5% year-to-date through Q2 2026, underperforming markets dominated by semiconductor and AI infrastructure gains the fund deliberately avoids. Manager draws explicit parallels between current semiconductor cycle and 2003-2008 mining supercycle, where BHP earnings and shares both rose 10x yet buying after 2005 produced zero or negative 10-year returns. Micron has similarly seen 10x earnings and price appreciation from 2022-2026, but manager sees deep capital loss risk ahead as South Korea's $500bn memory capacity investment and other supply-side expansions accelerate cycle end. Portfolio has significantly increased healthcare allocation, with manager doubling UnitedHealth position after Medicare reimbursement improvements and operational turnaround evidence. Added substantially to Cencora after 20% decline to 12.5x PE despite raised guidance, and Royalty Pharma up 47% year-to-date while trading at 11x cash flow. Manager emphasizes healthcare, utilities, and consumer stocks trade at valuations not seen since dot-com bubble, historically strong entry points. Maintains value discipline and willingness to leave party before music stops, focusing on durable, knowable growth franchises.
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