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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection."
Rewey Asset Management's SMID Value Composite gained 20.06% in Q2 2026, outperforming the Russell 2500 Value index which rose 18.50%, bringing year-to-date returns to 31.15%. The manager believes the rotation from large-cap Mag-7 stocks to smaller caps continued in the quarter, driven by valuation discounts, improving earnings, and domestic revenue exposure. Despite economic cooling to 1.2% GDP growth due to Iran conflict uncertainty and oil price spikes, capital markets surged with $104 billion in IPO issuance, signaling investor confidence. The portfolio added five new positions including Vontier, an industrial technology company trading at 8.7x 2026 PE with strong free cash flow generation and Danaher Business System discipline. Ultra Clean Holdings delivered a 127.81% return on semiconductor capital spending inflection driven by AI memory demand. The manager holds 31 positions with 6.83% cash, maintaining focus on financially strong companies with 2-3 year value creation catalysts. Seven holdings have net cash balance sheets and eight trade at or below 1.5x book value. Regional banks remain attractive with strengthening fundamentals and potential Basel capital relief.
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