Rewey Asset Management's Q3 2026 letter reports a 7.16% decline for its RAM Smid composite during the quarter, compared to a 4.36% decline for the Russell 2500 Value Index; however, RAM remained ahead year-to-date with a 21.69% return versus 18.75% for the benchmark. The letter can be downloaded here. The firm attributes market weakness primarily to rising Treasury yields, driven by the Iran conflict, higher oil prices, federal borrowing, and heavy hyperscaler spending on AI infrastructure. The portfolio remains constructive on concentrated active investing, highlighting opportunities in oil services, data centers, aerospace, and defense.
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