White Falcon's Q3 2026 letter reports 2.7% quarterly and 4.6% year-to-date net returns. The letter can be downloaded here. Management attributes the underperformance mainly to a sharp September pullback, rising interest rates, and zero energy exposure. The portfolio remains concentrated in contrarian, value-oriented holdings. White Falcon emphasizes reassessing investment theses as AI accelerates industry change, while maintaining conviction in businesses with durable advantages and attractive long-term risk-reward potential. Additionally, reviewing the Strategy's top five holdings provides insight into its best positions for 2026. In its Q3 2026 investor letter, White Falcon Capital Management highlighted CoStar Group, Inc. (NASDAQ:CSGP).
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