- Q2 2026 Commentary The Heptagon Kettle Hill US L/S Equity Fund increased net exposure after Iran-related dislocations, then reduced gross and net exposure following the rally as it judged risk-reward less favourable. It exited Wolfspeed after trimming into a semiconductor rally, sold Huntington Ingalls to fund more attractive industry exposures, and covered Leidos after identifying potential second-half catalysts. Q2 2026 HII $13BLDOS $18BWOLF $1.2B
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