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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Plural Partners returned 17.9% net in Q2 as small caps recovered. The concentrated portfolio of seven to eight positions trades at 7.7x free cash flow in three years while growing double digits, just 43% of intrinsic value."
Plural Partners delivered a 17.9% net return in Q2 2026, driven by a recovery in small cap valuations and strong performance from existing holdings. The fund maintains a concentrated portfolio of seven to eight positions in small, under-researched businesses trading at deep discounts to intrinsic value. The portfolio trades at an estimated 7.7x free cash flow in three years while growing at low double-digit rates, with businesses earning 25% post-tax returns on capital and just 43% of estimated intrinsic value. New investment Strattec Security is undergoing a turnaround under its first independent CEO, with EBIT margins expanding from 1.5% to 5.0% and guidance to 7-10%, while generating $30mm in annual free cash flow on a $345mm market cap. Top contributor Watches of Switzerland demonstrated resilience by beating guidance despite macro headwinds, with lengthy Rolex waiting lists providing pricing power and a long runway to deploy capital at 20% returns through acquisitions and organic growth. The manager views the small cap recovery as only the beginning of intrinsic values being reflected in prices.
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