Alphyn Capital Management, an investment management firm, released its second-quarter 2026 investor letter. The letter can be downloaded here. The fund’s Master Account returned 0.6% net in the quarter compared to 15.2% for the S&P500. As of June 30, 2026, the top ten positions comprised approximately 72% of the portfolio, and the portfolio held approximately 9% in cash and short-term treasuries. The portfolio experienced minimal gains in the quarter, despite a strong index performance, leading to disappointment in longer-term results. The author acknowledged prior management flaws, notably holding onto positions after their initial rationale changed. As a correction, every position now has a clear thesis, expected return, and exit strategy based on changes in metrics. The letter concluded that while early-stage analysis can be misleading, profitability consistency can identify successful long-term investments more effectively. Please review the Fund’s top five holdings to gain insights into their key selections for 2026.
In its second-quarter 2026 investor letter, Alphyn Capital Management highlighted Brookfield Corporation (NYSE:BN). Brookfield Corporation (NYSE:BN), a leading alternative asset manager and holding company, contributed 0.50% to the portfolio’s performance this quarter. On September 08, 2026, Brookfield Corporation (NYSE:BN) closed at $39.27 per share, reflecting a market capitalization of $87.79 billion. Brookfield Corporation (NYSE:BN) posted a one‑month return of -13.19%, while its shares lost 13.21% over the past 52 weeks.
Alphyn Capital Management stated the following regarding Brookfield Corporation (NYSE:BN) in its Q2 2026 investor letter:
“Brookfield Corporation (NYSE:BN) continues to compound intrinsic value through a widening base of permanent and semi-permanent capital. Fee-bearing capital rose to approximately $614 billion, and distributable earnings exceeded expectations, while two corporate actions advanced the simplification thesis. First, the Just Group acquisition closed in April, lifting insurance assets toward $180 billion. Second, management proposed a full combination of the corporation with its wealth-solutions entity, subject to a shareholder vote in July, which would place the permanent-capital base fully behind the insurance operations.
The company continued repurchasing shares at what it regards as roughly a 40% discount to intrinsic value and holds a record amount of deployable capital across a broad reinvestment runway. That opportunity became more tangible at quarter-end, when Brookfield’s asset-management arm expanded its financing framework with Bloom Energy from $5 billion to $25 billion to finance rapidly deployable onsite power for AI data centers. Brookfield’s capabilities across power and digital infrastructure leave it particularly well positioned for the investment required to expand AI capacity.”
