WHG Global Equities Up 12% In Q1 With Gains On These Argentinian Energy Stocks

WHG Global LB Fund’s commentary for the month ended March 31, 2026.

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Performance

• March: -5.4%
• YTD: +12.4%
• ITD: +145.5%

Monthly Commentary

Positive Highlights:

• Software& AI: Artificial intelligence has increasingly consolidated less as a linear growth tailwind and more as a source of disruption, as OpenAI and Anthropic advanced into vertical solutions for financial services, government, healthcare, life sciences, education, nonprofits, customer support, and coding. The market shifted its preference toward businesses directly tied to infrastructure monetization over application-layer stories that still face debates regarding reinvestment, margins, and moat durability, as exemplified by Oracle’s results.
• Argentina: Performance was driven by the portfolio’s concentration in the energy sector and the single-name position in Vista (VIST). Oil-exposed assets, such as VIST (+29%), YPF (+29%), and Pampa Energía (+11%), tracked the commodity’s appreciation and the geographic isolation of Argentine production from conflicts in Iran. Other exposures remained flat or slightly down, as the country was less affected by passive or CTA outflows due to its absence from major global indices.