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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, Warden Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"Warden Capital posted 15.91% YTD returns led by Uniqure's surge after FDA reversal on Huntington's treatment approval and Gitlab as largest position on AI-driven code infrastructure thesis. Manager increasingly concerned AI capex boom is unsustainable, requiring unrealistic revenue growth with risk of violent crash given market concentration."
Warden Capital delivered 15.91% YTD returns through Q2 2026 versus 9.3% for the S&P 500, achieving this with no semiconductor exposure and a sizable short book. The star performer was Uniqure, a biotech developing Huntington's disease treatment that crashed to $9 after FDA refused accelerated approval, then surged to the $40s after new FDA leadership reversed course. The manager doubled down near lows and maintains a large position with significant upside potential. Gitlab is now the largest holding, purchased after AI fears crashed software stocks, with the thesis that increased code velocity makes Git's control infrastructure more valuable. The company serves 50% of Fortune 100 and could be a strategic acquisition target. However, the manager is growing concerned about AI investment sustainability, with $700 billion annual capex requiring $1 trillion in model revenues by 2029. Recent model releases emphasizing cost over performance may signal slowing growth ahead. The portfolio feels strong with cheap valuations that could benefit from rotation out of momentum, though macro risks around Strait of Hormuz and potential AI bust create uncertainty. The significant short book should provide downside protection.
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