- TMT: it's dynamite Ophir Global Funds kept software and semiconductor weights near benchmark levels, avoiding concentrated bets on either side of the AI momentum trade. The managers argue that crowded hedge-fund positioning, stretched valuations and improving software results triggered a violent reversal, while idiosyncratic small-cap earnings remain their focus. August 2026 —
One letter so far. We collect each new one as Ophir Asset Management publishes it.
