Highwood Value Partners H1 2026 Letter to Investors

Highwood Value Partners' H1 2026 letter reports a portfolio decline of 9.8%, bringing total return since inception to +58.7% net of fees in Canadian dollars, underperforming the MSCI Europe SMID Cap index (+83.2%). The letter focuses on the 'Big Bet' in AI infrastructure, noting that hyperscalers (Alphabet, Amazon, Microsoft, Meta) have spent $700bn over two years, plan $710bn in 2026, and guided to $1 trillion in 2027, with total investment projected at $5 trillion through 2030. The fund has avoided this bet. The author discusses changes to the investment process, portfolio updates, and major positions. The letter also highlights that hyperscalers hold compute-for-equity stakes in AI model developers like OpenAI and Anthropic.

First published Aug 4, 01:50 PM UTCUpdated Jul 20, 01:19 PM UTC1 reports · 1 sources

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Last updated: Jul 20, 01:19 PM UTCEditorial record as of Aug 4, 01:50 PM UTC

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Highwood Value Partners H1 2026 Letter to Investors

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Highwood Value Partners H1 2026 Letter to InvestorsAll Articles on Seeking AlphaWesternJul 20, 01:19 PM UTC

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