KNA Capital January 2026 Update

In January, the KNA Core Equity strategy posted a 1.7% gain. In the following letter, KNA Capital CIO Todd Wenning highlights the current market rotation, specifically the "AI is Eating Software" trend affecting legacy data providers like Morningstar.

The letter introduces a new position in Dick’s Sporting Goods (DKS), detailing its "unassailable" moat and growth runway driven by youth sports dynamics and the proprietary GameChanger app.