Dear valued investors,
We are pleased to report that Evergreen Capital Partners LP generated a net return of +7.4% for the first quarter of 2026, outperforming the blended benchmark return of +3.9%. Our assets under management stood at $412M as of the end of the quarter, with a net exposure of 82% long and 14% short.
The top positions in the portfolio as of quarter-end included NVTX at 9.1%, HELIO at 6.4%, CIRRA at 5.2%, TERRA at 4.8%, and MARLN at 4.1%, with respective returns of +31%, +18%, +11%, -6%, and +9% for the quarter.
In terms of attribution, the top contributors to our performance for the quarter were NVTX, which added +240 basis points, HELIO, which added +110 basis points, and CIRRA, which added +70 basis points. Conversely, the top detractors were TERRA, which subtracted -60 basis points, VANE, which subtracted -45 basis points, and our short book, which subtracted -30 basis points.
Looking ahead, we remain constructive on the outlook for AI infrastructure and are trimming into strength. We will continue to monitor market developments and adjust the portfolio as needed to optimize returns for our investors. As always, we recommend that you coordinate with your CPA or attorney to ensure that your tax and legal affairs are in order.
We appreciate your ongoing support and confidence in Evergreen Capital Partners LP. If you have any questions or would like to discuss the portfolio in more detail, please do not hesitate to contact us.
Sincerely,
Evergreen Capital Partners LP Management