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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, O'Keefe Stevens Advisory, Inc. This analysis is provided for institutional research purposes only and is not investment advice.
"O'Keefe Stevens harvested AI infrastructure gains established pre-boom, trimming NVIDIA, Qualcomm, and Corning as valuations exceeded thesis. Initiated Sotera Health, a sterilization duopoly with 50% margins trading at litigation-depressed valuations with 50% upside."
O'Keefe Stevens Advisory capitalized on Q2 2026's strong equity rally by trimming AI infrastructure positions including NVIDIA, Qualcomm, and Corning that were established nearly a decade before the AI boom, as stock prices moved ahead of underlying thesis despite business improvement. The manager initiated a new position in Sotera Health, a sterilization duopoly with 50% EBITDA margins trading at depressed valuations due to litigation overhang and forced selling from Warburg Pincus, which exited its stake in early 2026. With industry-wide sterilization capacity tight and EPA regulatory dynamics favoring consolidated operators, the manager sees 50% near-term upside and plans multi-year ownership. Cash remains one of the largest holdings for the third consecutive quarter, held not from bearish prediction but because businesses trading at prices justifying deployment remain scarce though increasing. The manager hedged concentrated gains using options on larger appreciated positions and watches the software sector for opportunities, as investors use software shorts to fund perceived AI winners, creating potential for violent rotation if that dynamic reverses. Portfolio positioned for unpredictable geopolitical and market events through durable business ownership, selective cash deployment, and downside hedging.
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