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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"QuantStreet is rotating into value stocks and traditional economy names as valuation models flag elevated multiples across tech, software, and growth sectors. While AI-driven productivity gains show early promise, much optimism is priced in."
QuantStreet Capital's July 2026 update highlights a strategic shift toward value stocks following strong June outperformance, with VTV up 3.4% versus declines in the S&P 500 and Nasdaq. The manager's valuation models signal low expected year-ahead returns across tech, software, communications, and small/mid-caps due to elevated price-to-book and CAPE ratios, suggesting much good news is already priced in. While acknowledging the AI buildout's potential to boost productivity economy-wide—labor productivity has ticked up to 2.8%—the manager views traditional economy companies in VTV as less impacted by AI trade valuations and offering lower tail risk. The firm is increasing VTV exposure across portfolios and recommending alternatives for select clients as further diversification. Gold remains a bullish long-term view despite June weakness, with the next cycle expected when Fed rate cuts materialize in late 2027. The manager emphasizes that bull markets can persist but prudent diversification is warranted given current valuation extremes.
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