KNA Capital March 2026 Update

March was a challenging month for the markets and the Core Equity strategy (“Strategy”) in the face of acute geopolitical risks and a resulting energy price shock.

For the month, the Strategy declined 6.3% net of fees, underperforming the S&P 500’s loss of 4.9% (as measured by the SPY ETF). In this month’s letter, Todd discussed the challenges of holding onto stocks in steep drawdowns and how he determines whether the Strategy will buy more, continue to hold, or sell the holding.

Please review important disclaimers.