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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Phoenician Capital is actively rotating capital from overvalued positions into undervalued global small- and mid-cap businesses. The manager initiated a position in Halozyme Therapeutics, a biotech generating royalty revenues from drug delivery technology with toll-road economics and high switching costs."
Phoenician Capital returned 15.9% in Q2 2026, bringing YTD performance to 6.9% versus 10.2% for the S&P 500. The manager continued executing a disciplined capital rotation strategy, trimming positions that ran ahead of intrinsic value and redeploying into undervalued names. The primary opportunity set remains in global small- and mid-cap businesses receiving limited coverage versus U.S. mega-caps. The fund exited its Goodfood Market position after years of unsuccessful turnaround efforts, applying the lesson that turnarounds seldom turn. A new position was initiated in Halozyme Therapeutics, a biotech licensing ENHANZE drug delivery technology that generates toll-road-like royalties on partner pharmaceutical sales. The business model benefits from high switching costs, though faces patent expiration risk between 2027-2034. The manager values HALO's near-term cash generation, with only half the valuation dependent on distant future outcomes. Tighter position sizing and faster capital redeployment have cut portfolio volatility roughly in half over the past two years without sacrificing returns. A second undisclosed position is currently being built.
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