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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Legacy Ridge's concentrated bet on US energy infrastructure and airlines is paying off as geopolitical chaos validates the reliability premium of American hard assets. The Iran War disrupted 15-20% of global oil supply while Spirit's liquidation proves fuel volatility enforces airline capacity discipline."
Legacy Ridge returned 15.7% net in 1H26, benefiting from its concentrated portfolio of US energy infrastructure and airlines. The Iran War created two distinct narratives: early in the year, AI disruption fears favored hard assets like the fund's energy and airline holdings, which cannot be easily replicated by technology. Then the war shut in 15-20% of global oil supply, yet Brent peaked at only $126 versus $200+ forecasts before returning near $80. Despite the market's indifferent reaction, the manager views US energy assets as materially more valuable given their reliability premium, with exports at record levels and multi-year investment cycles underway. For airlines, higher fuel volatility is improving industry discipline—Spirit Airlines liquidated due to unsustainable unit economics, marking the seventh consolidation since 2008 and validating the failure of the ULCC model. The portfolio now holds just 8 companies plus meaningful cash, with the manager incrementally more excited about positioning and patiently waiting for opportunities.
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