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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, T. Bailey Global Thematic Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"T. Bailey Global Thematic returned 13.7% in Q2 as markets began questioning AI infrastructure valuations following Broadcom's guidance miss."
The T. Bailey Global Thematic Equity Fund returned 13.7% in Q2 2026, outperforming the IA Global Sector average of 13.0%. June proved pivotal as markets reassessed key assumptions around AI infrastructure spending following Broadcom's post-results sell-off despite record revenues. The Fund's 7.4% allocation to AI through Polar Capital is shifting focus toward beneficiaries of AI technologies rather than pure infrastructure plays as investors demand proof that spending converts to durable end-demand. Performance was supported by areas with more grounded valuations: healthcare returned 7.0%, insurance 10.9%, and water/waste 3.7%. Copper, the Fund's only material non-equity exposure, fell 1.4% but the underlying case tied to electrification and grid investment remains intact. The portfolio maintains 6.3% cash and is positioned around themes with genuine cash-flow potential. The managers emphasize that markets will increasingly distinguish between stories already earning their valuations and those still asking to be believed, favoring the former while maintaining exposure to long-term structural trends through specialist managers across healthcare, insurance, regional equities, and commodities.
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