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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, White Falcon Capital Management. This analysis is provided for institutional research purposes only and is not investment advice.
"White Falcon Capital maintains concentrated value positions in quality businesses trading at depressed valuations. Nu Holdings offers exceptional growth at 16x earnings while software holdings like Topicus trade at 8x EBITDA despite AI tailwinds."
White Falcon Capital delivered 8.5% net returns in Q2 2026 but lagged benchmarks, bringing YTD returns to 1.8%. The manager maintains a concentrated value approach, buying quality businesses at depressed valuations when market sentiment is negative. AMD was a significant winner after being purchased in October 2022 at $80 per share during sector weakness; the stock rose above $500 as CPUs became essential for AI, prompting the manager to sell three-quarters of the position at elevated valuations. Nu Holdings remains a top-5 position, trading at 16x 2026 earnings despite 50% annual EPS growth and 30%+ ROE, with the market overly focused on near-term Brazilian credit and political concerns. Software holdings like Topicus offer compelling value at 8x EV/EBITDA, with AI likely to strengthen rather than disrupt their competitive positions. EPAM Systems was the biggest detractor, de-rating to 4x EV/EBITDA as enterprises delay digital transformation projects, though the manager views this as a timing rather than structural issue. Precious metals allocation has been increased back toward the 10-15% target range as a hedge against deficits and geopolitical uncertainty. The manager warns that growing economic dependence on AI creates fragility if adoption or returns disappoint.
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