Zechariah Bin Zheng
4dartscapital.substack.com/p/quarterly-letter-q2-2026?r=2ptvta 📩 Q2 2026 Quarterly Letter is out The Q2 letter reviews a difficult relative quarter for the portfolio. The main focus is on why the portfolio lagged the $SPX500 S&P 500, especially with the market rally concentrated in AI, semiconductors, and large-cap US technology. It also covers current positioning across private credit, China, payments, shipping, cash, and selected low-valuation opportunities. I discuss what worked, what did not, where the portfolio had limited participation, and how each major area is being reviewed. The key process remains the same: review mistakes clearly, cut where the thesis is broken, hold where the thesis remains intact, and add only where risk-reward has improved. Please let me know if you have any questions.
Not investment advice. The author may have financial interests in the mentioned instruments.
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