Dear Partners, Fairlight Alpha Fund’s returns in the first quarter 2026 were 4.6% net of fees. This compares to a return of -4.4% for the S&P 500 Total Return index. Overall, since inception the fund has returned 950.7% net of fees and 39.3% on an annualized basis. These results are presented for informational purposes only and do not represent a solicitation or offer. Performance vs. the S&P 500 ...
Dear Partners, Fairlight Alpha Fund’s returns in the first quarter 2026 were 4.6% net of fees. This compares to a return of -4.4% for the S&P 500 Total Return index. Overall, since inception the fund has returned 950.7% net of fees and 39.3% on an annualized basis. These results are presented for informational purposes only and do not represent a solicitation or offer. Performance vs. the S&P 500 We track the net asset value of Fairlight Alpha Fund ((the “Fund”)) over time as calculated by our fund administrator based on our portfolio positions and prices over time on a dollar basis. The fund financials are also audited each year by an independent auditor with the assistance of the Fairlight management company and the fund administrator. The tables below show the S&P 500 total return and partnership net returns, after fees, for each year 2019-2026 (YTD), followed by the compounded returns and annualized gains over the same period. Annual Returns Year Fairlight Alpha Fund S&P 500 ((Total Return)) Difference 2019 1 ..... 38.1% 17.9% 20.1% 2020 ..... 26.3% 18.4% 7.9% 2021 ..... 146.5% 28.7% 117.8% 2022 ..... 15.8% -18.1% 33.9% 2023 ..... 6.9% 26.3% -19.4% 2024 ..... 13.6% 25.8% -12.2% 2025 ..... 66.2% 17.2% 49.1% 2026 (YTD) ..... 4.6% -4.4% 8.9% Click to enlarge Compounded Returns Year Fairlight Alpha Fund S&P 500 ((Total Return)) Difference 2019 1 ..... 38.1% 17.9% 20.1% 2020 ..... 74.4% 39.6% 34.7% 2021 ..... 329.9% 79.7% 250.2% 2022 ..... 397.9% 47.2% 350.7% 2023 ..... 432.2% 85.9% 346.4% 2024 ..... 504.6% 133.8% 370.8% 2025 ..... 904.9% 173.9% 731.0% 2026 (YTD) ..... 950.7% 162.0% 788.7% Annualized Gain ..... 39.3% 14.6% 24.8% Click to enlarge 1 The Fairlight Alpha Fund was launched on 01-Mar-2019 and so the 2019 performance and returns are presented for a 10-month period. (1) The S&P 500 returns represent the total return index, i.e., with dividend reinvestment included. Increases in value arise from stock price appreciation as well as dividend reinvestment. This ...
(RTTNews) - Asian stock markets are a sea of red on Friday, following the broadly negative cues from Wall Street overnight, amid renewed uncertainty and re-escalation of the Middle East conflict after Iran created a new agency to formalize its control over the Strait of Hormuz an
(RTTNews) - Asian stock markets are a sea of red on Friday, following the broadly negative cues from Wall Street overnight, amid renewed uncertainty and re-escalation of the Middle East conflict after Iran created a new agency to formalize its control over the Strait of Hormuz an
Sony Group Corp. projected profit this year largely in line with expectations as it pours further investment into its growing portfolio of intellectual property rights spanning music, movies and games. For the year through March 2027, the Tokyo-based company expects an operating profit of ¥1.6 trillion ($10.2 billion), roughly matching the average of analyst estimates. It reported worse-than-expec...
Sony Group Corp. projected profit this year largely in line with expectations as it pours further investment into its growing portfolio of intellectual property rights spanning music, movies and games. For the year through March 2027, the Tokyo-based company expects an operating profit of ¥1.6 trillion ($10.2 billion), roughly matching the average of analyst estimates. It reported worse-than-expected profit in its fiscal fourth quarter of ¥163.54 billion. Sony will buy back up to ¥500 billion of its shares, the company said in announcing its full-year fiscal results on Friday. It’ll cancel 3% of shares on May 29. The company is in the midst of an overhaul, casting off unprofitable hardware businesses and fixing its focus on expanding IP-led divisions. It’s close to securing a nearly $4 billion deal for a music catalog that includes the works of Justin Bieber and Neil Young , while earlier this year it surrendered majority control of its TV business to a joint venture with China’s TCL. Its solid outlook may reassure investors about the pace of Sony’s transition and signals confidence in the company’s resilience to macroeconomic risks. Sony’s shares are down 22% this year as escalating component costs erode margins across the consumer electronics industry. The core games division combines the burden of escalating hardware costs with promising software margins. The upcoming release of Grand Theft Auto VI in the fall a likely catalyst to bring in more users to Sony’s entertainment platform and online services.
This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. The deputy director of the Home Affairs Department and the former head of the Housing Bureau’s Independent Checking Unit (ICU) are the latest Hong Kong officials to testify at a public hearing on Friday into the city’s deadliest blaze in decades. Their cross-ex...
This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. The deputy director of the Home Affairs Department and the former head of the Housing Bureau’s Independent Checking Unit (ICU) are the latest Hong Kong officials to testify at a public hearing on Friday into the city’s deadliest blaze in decades. Their cross-examination will also conclude the fourth round of evidential hearings held by the...
Tom Werner/DigitalVision via Getty Images Stride, Inc. ( LRN ) had a messy stretch this fiscal year. The company rolled out a new curriculum platform last August that did not work as designed, and the rollout knocked an estimated 10,000 to 15,000 students out of the General Education segment in the opening weeks of the school year per the company's own subsequent disclosures. The stock fell from $...
Tom Werner/DigitalVision via Getty Images Stride, Inc. ( LRN ) had a messy stretch this fiscal year. The company rolled out a new curriculum platform last August that did not work as designed, and the rollout knocked an estimated 10,000 to 15,000 students out of the General Education segment in the opening weeks of the school year per the company's own subsequent disclosures. The stock fell from $155 to $66 over a few weeks. A putative securities class action followed in November in the Eastern District of Virginia, alleging false statements about the platform's readiness. Pennsylvania, the state where LRN has its longest-tenured cyber-charter operations, enacted a virtual-school funding reform inside its FY2026 budget that lowered per-pupil tuition payments to cyber charters and tightened oversight rules. And Q4 FY2026 revenue will print below Q4 FY2025, the first year-over-year revenue decline since the current CEO took over. yCharts Run against that, the Q3 FY2026 print told a very different story underneath the headlines. Career Learning revenue grew +15.9% y/y in the quarter to $259.5M while enrollment in the segment grew only +11.6%. The four-percentage-point gap between revenue and enrollment growth is where the margin story lives, because the incremental career-learning student does not require a proportional incremental teacher, curriculum build, or platform fee. Stride does not break out segment-level operating margin, but it has stated repeatedly that Career Learning is the higher-margin half of the business. The segment now produces 44% of total revenue versus 40% twelve months ago, and on Q3's run rate it overtakes General Education as the larger of the two segments inside roughly two years. SA's quant model rates LRN A on EV/EBITDA TTM and A+ on EV/EBIT TTM despite a one-year price drawdown of -38%. At $93 per share the panic discount has substantially unwound, but the higher-margin segment is still compounding faster than the cash-cow segment is bleed...
bauwimauwi/iStock via Getty Images Introduction The last time I covered Celsius Holdings ( CELH ), I upgraded them to a Strong Buy, calling them “Deeply Undervalued While Growth Accelerates With Alani Nu And Rockstar,” highlighting their major recent deals, significant surge in free cash flow and aggressive debt repayments plan, while the valuation became even more compelling. Despite posting very...
bauwimauwi/iStock via Getty Images Introduction The last time I covered Celsius Holdings ( CELH ), I upgraded them to a Strong Buy, calling them “Deeply Undervalued While Growth Accelerates With Alani Nu And Rockstar,” highlighting their major recent deals, significant surge in free cash flow and aggressive debt repayments plan, while the valuation became even more compelling. Despite posting very solid Q1 performance, Celsius remains at a very compelling valuation, backing another Strong Buy rating, trading at levels that still imply a very solid margin of safety given the potential near-term macro headwinds, standing to benefit significantly from a potential re-pricing. Building a Powerhouse Celsius Holdings IR CELH reported a strong Q1 2026 report, beating the market’s top- and bottom-line estimates significantly , boosted by the strong performance of Alani Nu, with sales up 144% in North America and 55% internationally (6% for the Celsius brand) while setting a new record for Alani, helped by significant demand growth and benefits of moving it to PepsiCo’s ( PEP ) distribution network, highlighting the kind of synergies they can deliver if they plan on acquiring other brands in the future, as mentioned before. Celsius Holdings IR As a result of this strong performance and portfolio growth, Celsius is now the 6th beverage company by retail sales, delivering the second-highest growth rate in the group and highlighting their massive power in an industry that’s been dominated by these titans for decades, being responsible for 33% of the entire energy category's growth for yet another quarter, with the CEO stating highlighting during their Q1 Earnings Release : The first quarter of 2026 was a defining period for Celsius Holdings as we delivered record first-quarter revenue of $783 million, underscoring the power of our brands and the strength of our growth model. With CELSIUS, Alani Nu, and Rockstar Energy, we’re building a scaled Modern Energy portfolio with distinc...
PM Images/DigitalVision via Getty Images Thesis PennyMac Mortgage Investment Trust ( PMT ) is a mortgage REIT. The company just announced their Q1 2026 results on May 5, 2026. In today's article, we are going to discuss the latest financials and their impact on the company's 2030 9% baby bonds ( PMTW ). Latest financials The company did not have a brilliant quarter, with earnings per share of $0.1...
PM Images/DigitalVision via Getty Images Thesis PennyMac Mortgage Investment Trust ( PMT ) is a mortgage REIT. The company just announced their Q1 2026 results on May 5, 2026. In today's article, we are going to discuss the latest financials and their impact on the company's 2030 9% baby bonds ( PMTW ). Latest financials The company did not have a brilliant quarter, with earnings per share of $0.16, down quarter on quarter, but up versus the same period last year: Historical Earnings (Company Presentation) The main drivers for the earnings were the credit sensitive strategies and the aggregation and securitization business: Q1 2026 Results (Financials) The company did poorly in their interest rate sensitive strategies segment, a sector which contains mortgage servicing rights ('MSR'), Agency MBS holdings, and Non-Agency senior bonds. Please note how the interest rate hedge book did not perform, being a large detractor. In fact the company did very poorly in their overall hedging strategy which had the same directional move as the Agency MBS book. Let us compare the Q1 2026 results to the Q4 2025 results: Q4 2025 Results (Financials) We can see a massive underperformance in Q1 in the interest rate sensitive strategies segment, particularly when it comes to the hedging. While in Q4 2025 the interest rate hedges line cleanly offset the mark to market impact of the Agency MBS book, in Q1 2026 they had the same direction! Hedges are supposed to have different profit and loss signs in order to offset each other. If we do a pro-forma where the hedging works (i.e. the hedge line offsets the Agency MBS line) then PMT would have posted very similar returns to Q4 2025. Growing the segments where they excel The company is on track to increase the segments where they do well, namely the aggregation and securitization segment: Securitizations (Company Presentation) We can see an increase in the balances for securitizations throughout time, with jumbo loan securitizations increasi...