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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Torre Financial's concentrated quality-growth portfolio trails Q2's momentum-driven rally but maintains superior economics: 25.6% ROIC and 28.3% cash-on-capital returns versus 23.6% and 20.5% for the S&P 500, trading cheaper at 2.9% FCF yield. AI infrastructure holdings led gains while three quality franchises de-rated on intact fundamentals, prompting disciplined additions."
Torre Financial's concentrated quality-growth portfolio trails Q2's momentum-driven rally but maintains superior economics: 25.6% ROIC and 28.3% cash-on-capital returns versus 23.6% and 20.5% for the S&P 500, trading cheaper at 2.9% FCF yield. AI infrastructure holdings led gains while three quality franchises de-rated on intact fundamentals, prompting disciplined additions. The manager prioritizes durable business models over chasing momentum past intrinsic value.
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