Voss Capital on Its Core Long Position Sempra (SRE)

1 hour ago 1

Soumya Eswaran

Mon, June 1, 2026 astatine 11:13 AM CDT 3 min read

Voss Capital, LLC, an concern absorption company, released its first-quarter 2026 capitalist letter. A transcript of the missive tin beryllium downloaded here. Voss Capital’s funds, Voss Value Fund, LP, and the Voss Value Offshore Fund, Ltd returned -11.4% and -11.5%, respectively, to investors nett of fees and expenses, successful the archetypal 4th compared to a +0.9% instrumentality for the Russell 2000 Index, +5.0% instrumentality for the Russell 2000 Value Index, and -4.3% instrumentality for the S&P 500 Index. The Voss Value Master Fund’s full gross vulnerability stood astatine 183.2%, and the delta-adjusted vulnerability was 82.1% arsenic of March 31, 2026. In the archetypal quarter, the economical and governmental clime led to important fluctuations successful the banal market. Consumer sentiment remains debased contempt marketplace spot and precocious maturation expectations successful a K-shaped economy. Capital flows betwixt semiconductor, AI hardware, and different sectors person shifted marketplace momentum, with grounds implied volatility, creating a volatile and analyzable concern environment. In addition, you tin cheque the firm’s apical 5 holdings to find its champion picks for 2026.

In its first-quarter 2026 capitalist letter, Voss Capital highlighted stocks similar Sempra (NYSE:SRE). Sempra (NYSE:SRE) is simply a starring vigor infrastructure institution successful the United States and Mexico that operates done Sempra California, Sempra Texas Utilities, and Sempra Infrastructure segments. On May 29, 2026, Sempra (NYSE:SRE) closed astatine $89.13 per share. One-month instrumentality of Sempra (NYSE:SRE) was -6.60%, and its shares gained 12.98% implicit the past 52 weeks. Sempra (NYSE:SRE) has a marketplace capitalization of $57.62 billion.

Voss Capital stated the pursuing regarding Sempra (NYSE:SRE) successful its Q1 2026 capitalist letter:

"Voss has accumulated a important presumption successful Sempra (NYSE:SRE). SRE is simply a utilities conglomerate that we judge has the accidental to unlock important worth done simplification. Sempra’s existent nationalist structure, dominated by 2 California utilities that lend much than fractional of earnings, masks the rapidly compounding intrinsic worth of the fastest increasing and largest transmission & organisation (T&D) inferior successful North America: Oncor Electric successful Texas.

SRE trades astatine a 17.8x NTM P/E multiple, which is in-line with lower-growth regulated peers. This is consolidated valuation fails to relationship for the dramatically divergent paths of Sempra’s assets.

Oncor: A pure-play regulated ligament web operating nether a highly constructive Texas regulatory environment, wholly insulated from California authorities and wildfire liabilities. Oncor is experiencing unprecedented secular tailwinds from Permian Basin electrification, colonisation maturation successful D/FW and crossed cardinal Texas, and a important upgrade to the state’s transmission infrastructure...." (Click present to work the afloat text)

Read Entire Article