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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, Olesen Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Olesen pursues global value investing, exploiting AI-driven market distortions by buying overlooked physical economy businesses at deep discounts. UK homebuilders are core holdings trading at 66% of book value and half of intrinsic value with strong balance sheets and stable demand."
Olesen Value Fund returned 5.7% in Q2 2026, driven primarily by US holdings, though the manager reduced US positions that became less undervalued and increased non-US investments where better opportunities exist. The fund's core thesis centers on exploiting AI-driven market distortions where boring physical economy businesses are being sold indiscriminately to fund technology investments, creating exceptional value opportunities in homebuilding, distribution, and specialty finance. UK homebuilders remain the largest conviction area, trading at 66% of tangible book value and roughly half of intrinsic value despite strong balance sheets, stable long-term demand, and inherent land value. The manager added to a European niche finance company showing growth resurgence and a building product distributor investing for future expansion during an industry slowdown. Portfolio trimming included Hingham Savings for valuation reasons and Solitron Devices for position sizing after significant appreciation. The manager expects substantial portfolio value increases over coming years despite anticipating mediocre broader market returns driven by expensive US valuations. The fund maintains a patient, concentrated approach focused on businesses with strong fundamentals trading at significant discounts outside the US.
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