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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"SVN Capital fell 10.3% in H1 2026, driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value."
SVN Capital Fund declined 10.3% net in the first half of 2026, with KKR responsible for roughly half the drawdown after falling 28% on private credit fears and AI-related concerns. Manager argues the private credit structure is fundamentally different from 2008, with locked-up capital and no overnight funding risk, while KKR's direct lending represents only 5% of AUM. The firm's operating earnings continue growing at double digits, with insiders buying $15 million of stock near recent lows. Quality stocks suffered one of their worst relative stretches on record, which historically precedes strong performance. Indian holdings remain fundamentally strong despite market underperformance: Bajaj Finance is leveraging AI to expand capacity sixfold while growing twice as fast as the broader credit system; Shilchar Technologies is doubling transformer capacity to meet renewable energy demand; and Triveni Turbine is positioned to benefit from data center combined-cycle power needs. Portfolio holds 12 stocks with 8.7% cash, concentrated in businesses with durable competitive positions, high returns on capital, and meaningful insider ownership.
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