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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Tectonic delivered 25.3% in Q2 2026, driven by Firmus revaluation to USD 8.5 billion ahead of October IPO. Listed portfolio underperformed as resources rotation failed to materialize while capital flowed to US tech."
The Tectonic Opportunities Fund delivered a net return of 25.3% in Q2 2026, driven primarily by a substantial uplift in the valuation of Firmus, which raised additional capital at a pre-money valuation of approximately USD 8.5 billion and is progressing toward an IPO in early October. The Fund's listed equity positions underperformed as the resources rotation executed in Q1 did not deliver the anticipated rally, with capital flowing instead toward US technology and AI-driven themes. The manager deliberately chose not to add further listed AI exposure given the Fund's already substantial concentration in Firmus. Interactive Brokers, Sandfire Resources, and Sea Limited were positive contributors, while BYD declined 32% amid intense domestic EV pricing pressure and escalating US-China trade tensions. Gold positions gave back gains as the gold price corrected 25% from its January peak. The Fund took conservative writedowns on Green Wind Renewables and Sircel. Despite near-term underperformance in resources, the manager retains conviction in businesses with tangible assets and exposure to structurally constrained commodity markets, viewing current weakness as a timing issue rather than a flaw in the underlying thesis.
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