Overview
- O’Keeffe Stevens published its Q2 2026 investor letter explaining portfolio moves and investment posture after the quarter’s market swings.
- The firm framed Q2 as a strong rally with wide AI-driven dispersion, citing S&P and Nasdaq gains and volatile software flows that created uneven winners and losers.
- Sphere Entertainment was singled out for continued execution with Sphere Abu Dhabi reported on track and a new Rocky Horror immersive show planned to raise high-margin event capacity while the stock shows large 52-week gains and recent one-month weakness.
- Callaway was highlighted for post-TopGolf simplification, reporting stronger Q1 sales and margins, $79 million of share buybacks through April 30, and a $258 million convertible note settled in cash to leave the company net cash positive.
- The firm remains cautiously constructive, keeping cash and hedges as it adds to select durable positions, a stance that could limit upside in rallies but reduce downside risk for investors and change how shareholders and venue visitors see execution timelines and returns.