In 2Q2026, most of our companies have knocked the ball out of the park clearing a relatively higher bar of top-line and bottom-line expectations. This was achieved even against the backdrop of the on-again and off-again peace effort in the middle east that had caused surging energy prices throughout the second quarter.

Year-to-date, the fund has turned sharply positive from the end of 1Q2026 (+16.12%) outpacing most major indices. The market has clearly demonstrated that its focus has shifted back to companies' fundamental results and away from geopolitical uncertainties.

We would like to highlight two noteworthy events in the quarter. Exiting 1Q2026, a profound debate came about in the memory space on the back of Google’s TurboQuant publication. TurboQuant is essentially a data compression technique that reduces memory capacity usage similar to how we zip (compress) files so we can send larger files over emails. The memory players were hit very hard and were down more than 30% in the span of just about three weeks. In the face of this development and volatility, we held our position in Micron and were duly rewarded with the astounding rally that ensued. Micron delivered a hefty 305% return in the 1H of 2026.

SaaSpocalypse’s fear continues to dominate headlines. Notwithstanding this ongoing concern, the  infrastructure and cybersecurity software companies that we held, DataDog, Snowflake & Crowdstrike, have all made a sharp turnarounds and have meaningfully contributed to the portfolio’s outperformance.

Some notable adjustments to the portfolio are as follows. Following the massive rally in Micron shares, we trimmed this position, but it remains the top holding in the fund . We exited LVMH after holding it for several years. We think that the capital can be more efficiently allocated elsewhere as the industry is undergoing profound structural changes such as the surge in luxuries secondary markets, shifting consumer preference to experiential spending and post pandemic overhang that is still plaguing this industry. We also exited Illumina locking in some handsome gain. We did not initiate a new name in 2Q but added to our positions in Zscaler, Snowflake and Adyen.

Looking ahead, we still feel very optimistic about the positioning of our portfolio. We expect second quarter earnings season to be good (the summer earnings seasons have historically been good, though a few worries keep circling back such as peak AI and data centre spending, high debt issuance by tech companies, and in general market peaking as many companies are going public with SpaceX being the recent most high-profile case.

The current environment is getting more volatile as the TurboQuant scare demonstrated: the market’s swing between optimism and pessimism are growing ever more extreme and rapid. The best way to navigate this is to be anchored in reality; grounded by deep fundamental research and a firm commitment to rational investment decision making.

Jun 2026