KNA Capital April 2026 Update

In April, the Core Equity strategy (“Strategy”) gained 2.1% net of fees, underperforming the S&P 500’s gain of 10.5% (as measured by the SPY ETF). The Strategy’s lack of direct exposure to AI “hyperscalers” and semiconductor stocks, which rallied strongly as a group in April, was the primary cause for the month’s underperformance.

In this month’s letter, Todd discussed recent earnings from Markel, Spotify, and Medpace and a new investment in Tyler Technologies.

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