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Minot Light Capital Partners, an investment management company, released its “Capital Appreciation Fund" Q1 2026 Investor Letter.
A copy of the letter can bedownloaded here.
The fund declined by 2.7% in the first quarter of 2026 due to a sharp macro-driven sector rotation following geopolitical tensions, which triggered inflation fears and rising interest rate expectations.
This scenario led to a shift in investor focus toward sectors such as energy, defense, and AI-linked stocks, while the fund’s core exposure to healthcare, consumer, and idiosyncratic industrials lagged.
Despite this setback, the firm maintains a constructive long-term outlook, suggesting that the current market volatility and consensus-driven market narratives are creating attractive opportunities in out-of-favor sectors where it continues to find compelling valuations and expects eventual mean reversion to drive future returns.
In addition, you can check the Fund’s top five holdings to determine its best picks for 2026.
In its first-quarter 2026 investor letter, Minot Light Capital Appreciation Fund highlighted stocks like ThredUp Inc.
(NASDAQ:TDUP) operates an online resale marketplace for secondhand apparel, footwear, and accessories.
(NASDAQ:TDUP) was 1.18% while its shares traded between $3.08 and $12.28 over the last 52 weeks.
(NASDAQ:TDUP) stock closed at approximately $4.29 per share, with a market capitalization of about $553.58 million.
Minot Light Capital Appreciation Fund stated the following regarding ThredUp Inc.
(NASDAQ:TDUP) in its Q1 2026 investor letter: "When we look at our other top detractors this quarters, you will hear a similar theme around former leading gainers becoming detractors after large-stock runs and quarterly results that disappointed the Street, such asThredUp (NASDAQ:TDUP), which we fully expect to be a leading gainer again.
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