3 weeks ago
8
Soumya Eswaran
Wed, August 5, 2026 astatine 9:07 AM CDT 3 min read
Legacy Ridge Capital Management, a Colorado-based hedge fund, released its mid-2026 capitalist letter. A transcript of the missive tin beryllium downloaded here. The missive reports beardown performance, with a nett instrumentality of 15.7% successful the archetypal fractional of the year, noting subdued volatility contempt owning cyclical businesses. AI concerns and the Iran War drove marketplace narratives. Initially, concerns implicit AI threatening concern models negatively impacted assorted sectors, portion hard assets similar airlines and vigor infrastructure gained attention. The second communicative progressive the Iran War, which disrupted planetary lipid proviso but did not origin lipid prices to spike arsenic anticipated. The steadfast believes microeconomic signals are affirmative for astir portfolio holdings contempt marketplace noise. Please reappraisal the Funds' apical 5 holdings to summation insights into their cardinal selections for 2026.
In its Q2 2026 capitalist letter, Legacy Ridge Capital Management highlighted Summit Midstream Corporation (NYSE:SMC). Summit Midstream Corporation (NYSE:SMC) is simply a midstream vigor infrastructure assets company. On August 4, 2026, Summit Midstream Corporation (NYSE:SMC) closed astatine $30.38 per share, reflecting a marketplace capitalization of $419.67 million. Summit Midstream Corporation (NYSE:SMC) posted a one-month instrumentality of 2.19%, portion its shares gained 21.96% implicit the past 52 weeks.
Legacy Ridge Capital Management stated the following regarding Summit Midstream Corporation (NYSE:SMC) successful its Q2 2026 capitalist letter:
"We sold Summit Summit Midstream Corporation (NYSE:SMC) successful the archetypal fractional of the twelvemonth and reallocated the superior to an existing vigor position. SMC was a monolithic investing mistake I made each the mode backmost successful 2017 and adopted into the concern astatine its founding successful 2018. We begrudgingly held retired anticipation for extremist alteration up until aboriginal 2026. While the presumption became meaningfully smaller arsenic assets grew and its worth plummeted, the antagonistic interaction to show successful the aboriginal years inactive gives maine nightmares since it azygous handedly outgo maine (it was lone my wealth the archetypal 2-years thankfully) ~10% of my superior and flipped the partnership's archetypal twelvemonth show from a affirmative to a antagonistic return. The operation of maine reaching for yield, not focusing capable connected declining oil/gas accumulation successful a mates basins wherever they operated, and creeping leverage metrics, each led to a downward spiral successful currency travel that was hard to escape. To beryllium fair, alteration did hap passim the years, astir notably nether existent CEO Heath Deneke, who we inactive deliberation saved the institution and immoderate of our investment. But a much assertive and nonstop strategy to make shareholder worth ne'er materialized and present we consciousness similar determination are amended opportunities elsewhere."
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