Despite a volatile first half, our portfolio continues to outperform benchmarks year-to-date, powered by a mix of small-cap resilience and strategic exposure to secular growth trends, from AI to industrial reshoring to biotech tailwinds. While some names faced short-term pressure, the underlying business momentum across our holdings remains strong.
Our portfolio holdings are up 51.5% YTD vs. ~8% for the S&P 500. Across the board, we're seeing evidence that our strategy, anchored in under-the-radar growth and early-cycle positioning, is gaining traction. The companies we own are growing revenues, expanding margins, and deploying capital effectively. Most importantly, they’re setting up for even stronger results in the back half of the year.
Let’s dig into the names.