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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 Rave Restaurant Group, Inc.
(NASDAQ:RAVE) operates and franchises pizza restaurant brands focused on fast-casual dining and delivery services.
The one-month return of Rave Restaurant Group, Inc.
(NASDAQ:RAVE) was 18.22% while its shares traded between $2.2500 and $3.7500 over the last 52 weeks.
On May 12, 2026, Rave Restaurant Group, Inc.
(NASDAQ:RAVE) stock closed at approximately $2.79 per share, with a market capitalization of about $39.65 million.
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