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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Praetorian declined 4.39% as Mid-East war temporarily broke Feudalism dynamics the fund is positioned for. Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling."
Praetorian Capital declined 4.39% net in Q2 2026 as the Mid-East war temporarily disrupted the fund's core Feudalism thesis by making US industries competitive again when Asian Mercantilists couldn't procure affordable energy. The fund is positioned for Economic Feudalism to continue—where foreign oligarchs underpay workers to produce for US consumption with dollar earnings recycled into overvalued US assets. Core holdings include Emerging Markets positioned for Dollar weakness, refiners benefiting from structural supply tightness, technical colleges positioned for AI-driven reskilling, precious metals for inflation protection, and St. Joe for population migration trends. The Event-Driven book underperformed due to Trump-driven market discontinuities and was cut for summer. Manager views AI capex as a massive bubble comparable to historical infrastructure manias, expecting most capital to be impaired. The buildout supports over 10% of US GDP and its unwind could trigger a deeper recession than the dot-com crash, likely prompting government intervention. Manager maintains lower exposures awaiting bargain entry points.
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